Black Stone Minerals LP (BSM) 2024 Q3 法說會逐字稿

Hello, everyone. And thank you for joining us today for this Blackstone Minerals Q3, 2024 earnings conference call. (Operator instruction). I am pleased to turn the floor to Director of Finance, Mr. Mark Meaux. Please go ahead, sir.

大家好。感謝您今天參加 Blackstone Minerals 2024 年第三季財報電話會議。（操作員指令）。我很高興請財務總監馬克·莫克斯先生發言。先生，請繼續。

Thank you, operator. Good morning to everyone. Thank you for joining us either by phone or online for Blackstone Minerals third quarter, 2024 earnings conference call. Today's call is being recorded and will be available on our website along with the earnings release which was issued last night. Before we start I'd like to advise you that we will be making forward-looking statements during this call about our plans, expectations and assumptions regarding our future performance. These statements involve risks that may cause our actual results to differ materially from the results expressed or implied in our forward-looking statements.

謝謝您，接線生。大家早安。感謝您透過電話或線上方式參加 Blackstone Minerals 2024 年第三季財報電話會議。今天的電話會議正在錄音，並將與昨晚發布的收益報告一起發佈在我們的網站上。在我們開始之前，我想告訴您，我們將在本次電話會議中就我們未來業績的計劃、期望和假設做出前瞻性陳述。這些聲明涉及風險，可能導致我們的實際結果與我們的前瞻性聲明中表達或暗示的結果有重大差異。

For a discussion of these risks. You should refer to the cautionary information about forward-looking statements in our press release from yesterday and the risk factors section of our 2023, we may refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance, reconciliation of those measures to the most directly comparable GAAP measure.

討論這些風險。您應該參考我們昨天的新聞稿中關於前瞻性陳述的警示信息以及我們2023 年的風險因素部分，我們可能會參考我們認為在評估我們的業績、對這些業績進行調節時有用的某些非GAAP 財務指標。

And other information about these nonGAAP metrics are described in our earnings press release from yesterday, which can be found on our website at www.Blackstoneminerals.com. Joining me on the call from the company are Tom Carter, Chairman, CEO and President; Taylor DeWalch, Senior Vice President, Chief Financial Officer and Treasurer; Carrie Clark, Senior Vice President, Chief Commercial Officer; and Steve Putman, Senior Vice President and General Counsel.

有關這些非 GAAP 指標的其他資訊在我們昨天的收益新聞稿中有所描述，您可以在我們的網站 www.Blackstoneminerals.com 上找到。與我一起參加電話會議的還有公司董事長、執行長兼總裁湯姆卡特 (Tom Carter)； Taylor DeWalch，資深副總裁、財務長兼財務長；資深副總裁、商務長 Carrie Clark；以及資深副總裁兼總法律顧問史蒂夫普特曼 (Steve Putman)。

I'll now turn the call over to Tom.

我現在將電話轉給湯姆。

Thanks, Mark, good morning and thanks for joining us today. We had a successful third quarter and as previously announced, maintained our consistent distribution despite a decrease in production from last quarter driven by volatility in the natural gas area throughout the year. During the quarter, we progressed our minimal acquisition program and we continue working with our partners for long term development.

謝謝，馬克，早安，謝謝您今天加入我們。我們的第三季度取得了成功，正如先前宣布的那樣，儘管受全年天然氣領域波動影響，產量較上一季度有所下降，但我們仍保持了穩定的分銷。在本季度，我們推進了最低限度的收購計劃，並繼續與合作夥伴共同努力實現長期發展。

We remain confident in the outlook across our acreage position and are focused on our targeted acquisition strategy to further enhance our existing long runway of high interest development opportunities on the acquisition front. We continue to expand our asset footprint through the targeted grassroots acquisition program. We've previously discussed throughout the year during the quarter, we added about $15 million in minerals and royalty assets along with a substantial lease, all of which further build a contiguous asset for an operator for long term development.

我們對我們的土地使用前景充滿信心，並專注於我們的有針對性的收購策略，以進一步加強我們在收購方面的現有長期高利息開發機會。我們透過有針對性的基層收購計劃繼續擴大我們的資產足跡。我們之前已經討論過，在本季度，我們增加了約 1500 萬美元的礦產和特許權使用費資產以及大量租約，所有這些都為運營商的長期開發進一步構建了連續資產。

Thus far, we have acquired about $80 million in minerals and royalty interest since the fourth quarter of 2023 and plan to continue pursuing the creative opportunities which will ultimately drive long term value for our shareholders in East Texas and Louisiana.

到目前為止，自2023 年第四季以來，我們已收購了價值約8000 萬美元的礦產和特許權使用費權益，併計劃繼續尋求創造性機會，最終為東德克薩斯州和路易斯安那州的股東帶來長期價值。

We continue to work with multiple operators to promote development on our acreage while we also monitor the current commodity environment and prepare the anticipated improvements in the natural gas market and Shelby Trough and other three wells were brought online by Aon in the third quarter with initial production rates in the $20 to $25 million cubic feet per day range. We recently signed amendments to our existing joint exploration agreement and are currently looking at them operating one rig and fracing multiple wells in Angelina County on the Louisiana side of the play Comstock recently turned online multiple wells in the Toledo Bend area for about $25 million cubic feet per day.

我們繼續與多家營運商合作，促進我們土地的開發，同時我們也監測當前的商品環境，為天然氣市場的預期改善做好準備。實現了初步生產價格在每天2000萬至2500萬立方英尺之間。我們最近簽署了現有聯合勘探協議的修訂，目前正在考慮在路易斯安那州一側的安吉麗娜縣運營一個鑽井平台並壓裂多個井。井，價值約2500 萬立方英尺每天。

And we're excited about the ongoing activity in this area as we work with multiple operators to promote near term development overall, it was a successful quarter and we will continue to maintain our strategic objective of working with operators to achieve full development across all of our assets. With the goal of a creative production growth through this active asset management and targeted acquisitions with that. I'll turn it over to Taylor to walk through the financial details of the quarter.

我們對該領域正在進行的活動感到興奮，因為我們與多家營運商合作，全面促進近期發展，這是一個成功的季度，我們將繼續保持我們的策略目標，即與營運商合作，實現整個領域的全面發展。目標是透過積極的資產管理和有針對性的收購實現創造性的生產成長。我會把話題轉交給泰勒，讓他介紹本季的財務細節。

Thanks Tom and good morning everyone. As Tom pointed out, we had a successful quarter. Despite continued commodity price, volatility, mineral and royalty production was 35.3000 BOE per day in the third quarter. And total production volumes were 37.4000 BOE per day. Both of which were down a bit from last quarter. We maintained our updated guidance from the first quarter and continued to thoughtfully review current market dynamics net income was $92.7 million for the third quarter. With adjusted even being $86.4 million. 63% of oil and gas revenue in the quarter came from oil and county state production.

謝謝湯姆，大家早安。正如湯姆所指出的，我們度過了一個成功的季度。儘管大宗商品價格持續波動，但第三季礦產和特許權使用費產量仍達到每天 35.3000 桶油當量。總產量為每天37.4000桶油當量。兩者較上一季均略有下降。我們維持了第一季的最新指引，並繼續仔細審查當前市場動態，第三季淨收入為 9,270 萬美元。調整後仍為 8,640 萬美元。本季 63% 的石油和天然氣收入來自石油和縣州生產。

We maintained our distribution at 37.5¢ per unit for the quarter or a dollar 50¢ on an annualized basis. Distributable cash flow for the quarter was $78.6 million which represents approximately one times coverage for the quarter.

我們將本季的分配維持在每單位 37.5 美分，或以年率計算為 50 美分。本季可分配現金流為 7,860 萬美元，約為本季覆蓋率的 1 倍。

Our solid balance sheet and ample liquidity gives us flexibility through these dynamic market cycles. It provides the opportunity to focus on commercial opportunities in the short and long term. We appreciate working with our banking partners. And as of November 1st, our credit facility was reaffirmed at $580 million with total commitments remaining at $375 million and there are currently no outstanding borrowings on our revolver.

我們穩健的資產負債表和充足的流動性使我們能夠靈活地應對這些動態的市場週期。它提供了關注短期和長期商業機會的機會。我們很高興與我們的銀行合作夥伴合作。截至 11 月 1 日，我們的信貸額度已確認為 5.8 億美元，總承諾額仍為 3.75 億美元，目前我們的循環信貸中沒有未償還的借款。

As of the end of last week, we had approximately $43 million of cash. We are well hedged for the remainder of the year; our 2024 natural gas hedges are at approximately $3.55 per M and BTU. And comparing that to an average price of $2.16 for the third quarter, we've benefited with a gas settlement of approximately $15 million we have over 60% of our expected gas and oil volumes for the remainder of 2024. That will help insulate our cash flows for near term price volatility. We also have attractive hedges in place for 2025 and we'll maintain our strategy of adding on additional hedges for 2026.

截至上週末，我們擁有約 4,300 萬美元的現金。我們對今年剩餘時間的資金進行了充分的對沖；我們 2024 年的天然氣對沖價格約為每百萬英熱單位 3.55 美元。與第三季 2.16 美元的平均價格相比，我們受益於約 1500 萬美元的天然氣結算，2024 年剩餘時間我們的天然氣和石油產量預計超過 60%。這將有助於我們的現金流免受短期價格波動的影響。我們也為 2025 年制定了有吸引力的對沖，並將維持為 2026 年增加額外對沖的策略。

Again, we had a successful quarter and we'll continue to focus on generating long term value for our shareholders. With that. I'd like to open the call for questions.

我們再次度過了一個成功的季度，我們將繼續致力於為股東創造長期價值。就這樣。我想要開始提問。

Gentlemen. Thank you and to our audience joining today on the phones. (Operator instruction). We'll hear from Tim Rezvan with KeyBanc Capital market.

先生們。感謝大家以及今天透過電話收看節目的觀眾。（操作員指令）。我們將聽取 KeyBanc 資本市場 Tim Rezvan 的演講。

Good morning folks. And thank you for taking my question, I'd like to start first with the, the AON update that you provided. I know you kind of put some factual sort of terms around there. Can you step back and give us kind of an idea on how you see activity level, sort of sort of trending going forward? I think the market consternation was on how 2025 volumes would look if you could kind of just sort of step that picture and say, what is this amendment kind of, what sort of visibility do you have over the next couple of years on activity? Thank you.

大家早安。感謝您回答我的問題，我想先從您提供的 AON 更新開始。我知道您在那裡提到了一些事實術語。您能否退一步並向我們介紹一下您對活動水平以及未來趨勢的看法？我認為市場擔心的是 2025 年的交易量會是怎樣，如果您能大致了解這一情況並說說，這個修正案是什麼樣的，您對未來幾年的活動有什麼樣的預見性？謝謝。

Thanks, Tim, this is Taylor. I'll just start off and first, I just want to say, I appreciate your report last night this morning. So just generally speaking, I think taking a step back and looking at the entire macro picture, We're certainly being thoughtful and thinking about natural gas activity across the entire basin and we continue to work with our operators across all of Louisiana and East Texas, as mentioned in Tom's remarks a little bit earlier as it relates to Athon, we continue to work with them as well. And you know, certainly appreciate the activity in the current rig that they're running in the area and we'll continue to work with all of our partners.

謝謝，提姆，我是泰勒。首先，我想說，我感謝您昨晚和今天早上的報告。所以總的來說，我認為退一步來看整個宏觀形勢，我們當然會深思熟慮，考慮整個盆地的天然氣活動，我們將繼續與整個路易斯安那州和德克薩斯州東部的運營商合作正如湯姆之前在與Athon 相關的評論中提到的那樣，我們也將繼續與他們合作。你知道，我們當然讚賞他們目前在該地區進行的鑽井活動，我們將繼續與所有合作夥伴合作。

So I hope I hope that answers your question.

我希望這能回答你的問題。

So it is that a way of saying you think there's going to be one dedicated rig on, on the area of interest.

所以，這就是說，你認為在感興趣的區域上將會有一個專用的鑽孔機。

I, I'd say as far as exact rig activity, what I would say about a onn activity just in the hole is that we continue to see them being active in the area. And, as we've seen, historically, they're going to maintain a level of commitment, that, they've been working and we're going to continue to work with them in developing the Shelby Trough.

我想說的是，就確切的鑽機活動而言，關於鑽井平台活動，我想說的是，我們繼續看到他們在該地區活躍。而且，正如我們在歷史上所看到的，他們將保持一定的承諾，他們一直在努力，我們也將繼續與他們合作開發謝爾比海槽。

Okay. Okay. I appreciate that. And then, if I could pivot to the Gulf Coast area, another kind of measured quarter of acquisitions about $15 million and you talked about the progression. Is this cadence of acquisition, is that reflective of your ability to get deals done or are you trying to be measured about that? The spending like theoretically, could you spend $50 or $100 million if something came up next quarter, just trying to understand it sounds like there's a big opportunity set, but just trying to understand that the measured spending to date and maybe where you think you could take that. Thanks.

好的。好的。我很感激。然後，如果我可以轉向墨西哥灣沿岸地區，另一種衡量的季度收購金額約為 1500 萬美元，您談到了進展。這種收購節奏是否反映了您完成交易的能力，還是您想對此進行衡量？從理論上講，如果下個季度出現問題，你會花5000 萬美元還是1 億美元，只是想了解這聽起來像是一個巨大的機會，但只是想了解迄今為止衡量的支出，也許你認為你可以在哪裡拿著。謝謝。

Yeah, thanks. And that's a good question. And what I'd say is we're continuing to be thoughtful in the current market and our ability to acquire additional minerals in this area in the Gulf coast that we're looking at. I'd say that we've reached a cadence that we feel pretty comfortable about. But we continue to look on a, quarterly, monthly basis, at what opportunities there are and assess those on an individual basis.

是的，謝謝。這是個好問題。我想說的是，我們將繼續深思熟慮當前的市場以及我們在墨西哥灣沿岸地區獲取更多礦產的能力。我想說我們已經達到了令我們感到非常舒服的節奏。但我們將繼續按季度、按月觀察有哪些機會，並根據具體情況進行評估。

Thank you.

謝謝。

(Operator instruction). I'll turn it back to you for any additional or closing remarks.

（操作員指令）。如果您有任何補充或結束語，我將把話題轉回給您。

Okay. Well, thank you all. We don't have any additional questions and again, we thank you for joining us today and we look forward to talking with you next quarter.

好的。好吧，謝謝大家。我們沒有其他問題，再次感謝您今天的參與，我們期待下個季度與您交談。

Ladies and gentlemen, this does conclude today's Blackstone Minerals Conference call and we thank you all for your participation. You may now disconnect your lines.

女士們、先生們，今天的黑石礦業電話會議到此結束，我們感謝大家的參與。現在您可以斷開線路了。