Black Stone Minerals LP (BSM) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Demi, I'll be your conference operator today. At this time, I would like to welcome everyone to the Black Stone Minerals first-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持。我叫黛米，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Black Stone Minerals 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Mark Meaux, Director of Finance. Please go ahead.

現在我想將會議交給財務長 Mark Meaux。請繼續。

Thank you, operator. Good morning to everyone. Thank you for joining us either by phone or online for Black Stone Minerals first-quarter 2025 earnings conference call. Today's call is being recorded and will be available on our website on with the earnings release which was issued last night.

謝謝您，接線生。大家早安。感謝您透過電話或線上參加 Black Stone Minerals 2025 年第一季財報電話會議。今天的電話會議已被錄音，並將與昨晚發布的收益報告一起發佈在我們的網站上。

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. 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 factor section of our 202510-K.

在我們開始之前，我想告訴大家，我們將在本次電話會議中就我們的計劃、期望和未來業績的假設做出前瞻性的陳述。這些聲明涉及的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。有關這些風險的討論，您應該參考我們昨天的新聞稿中有關前瞻性陳述的警示信息以及我們的 202510-K 的風險因素部分。

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 and other information about these non-GAAP metrics are described in our earnings press release from yesterday, which can be found on our website at www.blackstoneminerals.com.

我們可能會參考某些我們認為有助於評估我們績效的非公認會計準則財務指標。我們昨天發布的收益新聞稿中描述了這些指標與最直接可比較的 GAAP 指標的調節以及有關這些非 GAAP 指標的其他信息，您可以在我們的網站 www.blackstoneminerals.com 上找到該新聞稿。

Joining me on the call from the company are Taylor DeWalch, Senior Vice President, Chief Financial Officer, and Treasurer; Harry Clark, Senior Vice President, Chief Commercial Officer; Steve Putman, Senior Vice President and General Counsel; and Fowler Carter, Senior Vice President for Development. I'll now turn the call over to Taylor.

與我一起參加電話會議的公司人員包括高級副總裁、財務長兼財務主管 Taylor DeWalch、高級副總裁兼首席商務官 Harry Clark、高級副總裁兼總法律顧問 Steve Putman 和負責開發的高級副總裁 Fowler Carter。我現在將電話轉給泰勒。

Thanks, Mark. Good morning, everyone on the call, and thank you for joining us today to discuss our first quarter of 2025 results. Tom wishes he could join us this morning, but due to a prior family commitment, he's not able to be on the call today.

謝謝，馬克。大家早安，感謝你們今天加入我們討論 2025 年第一季的業績。湯姆希望他今天早上能加入我們，但由於之前有家庭事務，他今天無法參加電話會議。

We had another solid quarter and we'll be maintaining our quarterly distribution of $0.375 per unit despite the recent volatility in commodity prices and shifting global market dynamics. We continue to closely monitor activity levels across all of our assets, and we are encouraged by the strength in natural gas prices to drive additional near-term gas weighted activity. As mentioned in the press release, we also expect to continue to benefit from near-term development activity and production on certain high interest acreage in both oil and gas regions.

我們又度過了一個穩健的季度，儘管最近大宗商品價格波動且全球市場動態發生變化，我們仍將維持每單位 0.375 美元的季度分配。我們將繼續密切監測所有資產的活動水平，天然氣價格的強勢令我們感到鼓舞，這將推動近期天然氣加權活動的增加。正如新聞稿中所提到的，我們也預計將繼續受益於石油和天然氣地區某些高利益土地的近期開發活動和生產。

Mineral and royalty production was 34.2,000 Boe per day in the first quarter, and total production volumes were 35.5,000 BOE per day, both of which are about in line with the previous quarter. Net income was $15.9 million for the first quarter, with adjusted EBITDA of $82.2 million. As mentioned, we maintained our distribution for the quarter and $1.50 on an annualized basis.

第一季礦產及權利金產量為每天 34.2 萬桶油當量，總產量為每天 35.5 萬桶油當量，均與上一季基本持平。第一季淨收入為 1,590 萬美元，調整後 EBITDA 為 8,220 萬美元。如上所述，我們維持本季的分配額，按年率計算為 1.50 美元。

Distributable cash flow for the quarter was $73.7 million which represents 0.93 times coverage for the quarter. The slightly lower level of coverage was largely driven by a seismic license purchase that complements our robust subsurface evaluation of the expanded Shelby Trough area.

本季可分配現金流為 7,370 萬美元，相當於本季覆蓋率的 0.93 倍。覆蓋範圍略低主要是因為購買了地震許可證，這補充了我們對擴大的謝爾比海槽區域進行的強有力的地下評估。

Overall, given our strong financial position, asset outlook, and the unique nature of the seismic purchase, the Board approved maintaining our quarterly distribution for the quarter. However, we are always closely monitoring the commodity environment and activity trends across our portfolio and the near-term implications these trends imply for our business.

總體而言，鑑於我們強勁的財務狀況、資產前景以及地震採購的獨特性質，董事會批准維持本季的季度分配。然而，我們始終密切關注我們投資組合中的商品環境和活動趨勢以及這些趨勢對我們業務的近期影響。

In East Texas, we continue to work with multiple operators to promote development on our Shelby Trough acreage. Currently, Athon is operating 3 rigs on the company's acreage and it's already turned to sales 11 gross wells in 2025, with another 17 expected for the remainder of the year. Exco has also been active on the Shelby Trough acres during the quarter, running 1 rig and drilling two highest wells.

在德克薩斯州東部，我們繼續與多家營運商合作，促進謝爾比槽地土地的開發。目前，Athon 公司在自己的油田上營運 3 座鑽井平台，預計 2025 年將銷售 11 口總井，預計今年剩餘時間內還將銷售 17 口總井。本季度，Exco 也在 Shelby Trough 地區積極開展作業，運行了 1 台鑽機並鑽了兩口最高的井。

In addition, BSM continues to benefit from the accelerated drilling agreements in the Louisiana Haynesville with two incremental high interest wells turned to sales in March. This brings the total ADA wells in the Louisiana Haynesville to 4 while we continue to monitor the other wells in progress. As a reminder, under these agreements, the operators will provide near-term certainty and accelerated development on BSM's highest areas in exchange for a slightly reduced royalty burden.

此外，BSM 繼續受益於路易斯安那州海恩斯維爾的加速鑽井協議，其中兩口增量高利益井在 3 月轉為銷售。這使得路易斯安那州海恩斯維爾的 ADA 井總數達到 4 口，同時我們將繼續監測其他正在施工的井。提醒一下，根據這些協議，營運商將在 BSM 最高區域提供近期確定性和加速開發，以換取略微減少的特許權使用費負擔。

In our Permian position, we continue tracking activity across our acreage, including the previously mentioned large development in Culverson County. This development includes more than 35 gross wells on BSM acreage. Notably, 24 of these wells have been spud to date, and we anticipate 9 gross wells to turn to sales in the fourth quarter of 2025. We also continue to monitor several incremental large scale development projects across our Permian portfolio.

在我們的二疊紀位置，我們繼續追蹤我們土地上的活動，包括前面提到的卡爾弗森縣的大型開發項目。該開發案包括 BSM 土地上的 35 多個油井。值得注意的是，迄今已有 24 口油井開鑽，我們預計 2025 年第四季將有 9 口油井實現銷售。我們也將繼續監控二疊紀投資組合中的幾個增量大型開發項目。

Again, we had a solid quarter and remain confident in the long-term strategy and outlook across our assets and our ability to generate long-term value for our shareholders. With that, I would like to open the call for questions.

再次，我們度過了一個穩健的季度，並對我們的資產的長期策略和前景以及為股東創造長期價值的能力充滿信心。現在，我想開始提問。

(Operator Instructions)

（操作員指示）

John Annis, Texas Capital.

約翰‧安尼斯，德州首府。

Good morning, all, and thanks for taking my questions. For my first one building off your prepared remarks, I wanted to ask if you could share what you are seeing in terms of activity in the Haynesville just given the re-rate and natural gas prices. And then as it relates to Athon, could you give a sense of any visibility you have into their cadence of completing the remaining 17 gross wells in 2025?

大家早安，感謝您回答我的問題。首先，基於您準備好的發言，我想問您是否可以分享一下，考慮到重新定價和天然氣價格，您對海恩斯維爾的活動有何看法。然後，就 Athon 而言，您能否透露他們預計在 2025 年完成剩餘 17 口油井的節奏？

Thanks, John, this is Taylor. Appreciate the the questions. Yeah, I think when we look at the Haynesville activity, we're certainly encouraged by the continued strength in natural gas prices and looking forward to continued increase in activity levels across the basin. And when we specifically look at some of the high interest developments that we've called out, we continue to be encouraged that the majority of those are going to continue to happen this year.

謝謝，約翰，我是泰勒。感謝您提出的問題。是的，我認為，當我們觀察海恩斯維爾的活動時，我們肯定會受到天然氣價格持續走強的鼓舞，並期待整個盆地的活動水平持續提高。當我們特別關注我們所指出的一些高息事態發展時，我們仍然感到鼓舞，因為其中大多數將在今年繼續發生。

I think speaking specifically to Athon in your second question, we continue to track on schedule with our completions for those 17 wells throughout the remainder of this year, and just look forward to the ongoing development both from Athon and other operators in that area.

我想在您的第二個問題中特別提到 Athon，我們將繼續在今年剩餘時間內按計劃完成這 17 口井的完井工作，並期待 Athon 和該地區其他運營商的持續發展。

Terrific color. For my follow up, shifting over to acquisition activity. You have been active in inquiring over 160 million in minerals since September 2023, as you guys have noted, and continue to target the Shelby Trough. My question is, how do you view the current opportunity set and does the decrease in oil prices make acquisitions in oilier basins potentially an attractive countercyclical opportunity, or do you continue to focus on the Shelby Trough?

非常好看的顏色。為了跟進，我將轉向收購活動。正如你們所注意到的，自 2023 年 9 月以來，你們一直在積極探索價值超過 1.6 億美元的礦產資源，並繼續瞄準謝爾比海槽。我的問題是，您如何看待當前的機會？油價下跌是否會使在產油盆地的收購成為一個有吸引力的逆週期機會？還是您會繼續關注謝爾比海槽？

Thanks, that's a good question. We've been, as you mentioned, very active in our acquisitions and really see a lot of opportunity for long-term growth that ties into just long-term natural gas strategy, especially, with our beneficial location of those acquisitions and their proximity to the Gulf Coast and that demand center. I think as we look at our ongoing acquisition strategy, we continue to look across the market as it makes sense and as it fits our strategy and our portfolio so there may be opportunities that we'll continue to evaluate and look at but as of right now, you know, and as we have been historically looking over the last couple of years, certainly focused in one area.

謝謝，這是個好問題。正如您所說，我們一直非常積極地進行收購，並且確實看到了許多與長期天然氣策略相關的長期成長機會，特別是考慮到這些收購的地理位置優越，靠近墨西哥灣沿岸和需求中心。我認為，當我們審視我們正在進行的收購策略時，我們會繼續縱觀整個市場，因為它是合理的，並且符合我們的策略和投資組合，因此可能會有機會讓我們繼續評估和關注，但就目前而言，正如我們在過去幾年中一直在關注的那樣，我們肯定專注於一個領域。

That's it for me. I appreciate the time.

對我來說就是這樣。我很感激你抽出時間。

Thanks, John.

謝謝，約翰。

(Operator Instructions)

（操作員指示）

And that concludes our question-and-answer session. I'll hand the call back over to Taylor for any closing remarks.

我們的問答環節到此結束。我會將電話轉回泰勒，讓他做最後的總結發言。

Thank you, operator, and thank you all for calling in to our call this morning and we look forward to talking again next quarter.

謝謝接線員，也謝謝大家今天早上撥打我們的電話，我們期待下個季度再次通話。

This concludes today's conference call. Thank you all for joining and you may now disconnect.

今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。