Black Stone Minerals, L.P. (BSM) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Black Stone Minerals First Quarter 2026 Earnings Conference Call. (Operator Instructions) I will now hand the conference over to Natalie Liddell, Vice President, Corporate Planning. Natalie, please go ahead.

各位好。感謝各位加入，歡迎參加 Black Stone Minerals 2026 年第一季財報電話會議。(接線員指示) 現在我將把會議交給企業規劃副總裁 Natalie Liddell。Natalie，請開始。

Thank you. Good morning to everyone. Thank you for joining us for Black Stone Minerals first quarter 2026 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.

謝謝。各位早安。感謝各位參加 Black Stone Minerals 2026 年第一季財報電話會議。今天的電話會議將被錄音，並將與昨晚發布的財報新聞稿一同在我們的網站上提供。在開始之前，我想提醒各位，我們在本次電話會議中將就我們對未來表現的計畫、預期與假設發表前瞻性陳述。

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 Factors section of our 2025 10-K.

這些陳述涉及風險，可能導致我們的實際結果與前瞻性陳述中明示或暗示的結果存在重大差異。關於這些風險的討論，請參閱我們昨日新聞稿中有關前瞻性陳述的警示性資訊，以及我們 2025 年 10-K 的「風險因素」章節。

We may refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. Reconciliation of these 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.

我們可能會提及某些非 GAAP 財務衡量指標，我們認為這些指標有助於評估我們的表現。這些指標與最直接可比的 GAAP 指標之調節表，以及其他關於這些非 GAAP 指標的資訊，已載於我們昨日的財報新聞稿中；該新聞稿可於我們網站 www.blackstoneminerals.com 查閱。

Joining me on the call from the company are Tom Carter, Executive Chairman; Taylor DeWalch, Co-CEO and President; Fowler Carter, Co-CEO and President; Steve Putman, Senior Vice President and General Counsel; and Chris Bonner, Senior Vice President, Chief Financial Officer and Treasurer.

今天與我一同參與電話會議的公司代表包括：執行董事長 Tom Carter；共同執行長兼總裁 Taylor DeWalch；共同執行長兼總裁 Fowler Carter；資深副總裁兼總法律顧問 Steve Putman；以及資深副總裁、財務長兼司庫 Chris Bonner。

I'll now turn the call over to Taylor.

現在我把電話交給 Taylor。

Thanks, Natalie. Good morning, everybody, and thank you for joining us. As detailed in our earnings release last night, we delivered a strong first quarter, highlighted by higher production across our mineral position. Our performance was driven by increased natural gas activity in the Louisiana Haynesville and Shelby Trough, along with strong oil production in the Permian.

謝謝，Natalie。各位早安，感謝各位加入我們。如同昨晚財報新聞稿所詳述，我們第一季表現強勁，亮點在於我們礦權部位整體產量提升。我們的表現主要受路易斯安那州 Haynesville 與 Shelby Trough 天然氣活動增加所帶動，同時二疊紀盆地（Permian）的原油產量也表現強勁。

Looking ahead, we view 2026 as a year of production growth compared to 2025 as development across our core areas continues to ramp, and we maintain our production guidance outlined in February.

展望未來，我們認為 2026 年相較 2025 年將是產量成長的一年，因為我們核心區域的開發持續加速推進；我們也維持 2 月所提出的產量指引。

Our multiple development agreements in the Haynesville and Bossier expansion play are progressing well, and we remain positioned for meaningful production growth over time. We are seeing continued delineation and also increased activity across the broader Shelby Trough, which reinforces confidence in our long-term inventory profile and growth outlook.

我們在 Haynesville 與 Bossier 擴張資源區塊的多項開發協議進展順利，我們仍具備隨時間實現顯著產量成長的有利定位。我們持續看到更進一步的界定作業（delineation），以及 Shelby Trough 更廣泛區域的活動增加，這也強化了我們對長期庫存概況與成長展望的信心。

This outlook is bolstered by our constructive view on the long-term natural gas backdrop. We are witnessing the industry react to the structural demand growth, which is supported by accelerating LNG export growth, increasing power demand, including data center-driven load growth and continued strength in U.S. industrial activity.

此一展望也受到我們對天然氣長期基本面之建設性看法所支撐。我們看到產業正因結構性需求成長而做出反應；此需求成長受 LNG 出口加速成長、電力需求上升（包括資料中心帶動的負載成長），以及美國工業活動持續強勁所支持。

These demand drivers continue to highlight the Gulf Coast as a key market for natural gas, where we maintain a significant acreage position and development agreements with direct proximity to premium demand centers. Additionally, we continue to closely monitor the potential long-term implications of supply disruptions in the Middle East and how that could add incremental demand for secure U.S. molecules.

這些需求驅動因素持續凸顯墨西哥灣沿岸（Gulf Coast）作為天然氣關鍵市場的重要性；我們在該區維持可觀的土地（acreage）部位，並擁有開發協議，且與高價值需求中心距離相當接近。此外，我們也持續密切關注中東供應中斷在長期可能帶來的影響，以及這可能如何增加對安全可靠的美國天然氣分子（molecules）的額外需求。

We believe each of these drivers, coupled with premier natural gas assets in close proximity to the Gulf Coast and infrastructure projects to transport those molecules positions us well to benefit from the structural demand over time and provide significant value to our unitholders. With that, I'll turn it over to Fowler to walk through additional details on the commercial front.

我們相信，這些驅動因素加上鄰近墨西哥灣沿岸的一流天然氣資產，以及用以運輸這些天然氣分子的基礎建設專案，使我們能夠在時間推移中受惠於結構性需求，並為我們的單位持有人創造顯著價值。接下來我把電話交給 Fowler，請他進一步說明商務面的細節。

Thanks, Taylor. Well, it was a great quarter, and we executed across our commercial initiatives, building on the momentum established last year, including continued activity under our Haynesville expansion acquisition program. During the quarter, we acquired an additional $12 million of mineral and royalty acreage.

謝謝，Taylor。本季表現非常出色，我們在各項商務計畫上執行到位，延續去年建立的動能，包括我們 Haynesville 擴張收購計畫下的持續活動。本季我們額外收購了 1,200 萬美元的礦權與權利金土地（acreage）。

This brings total development -- excuse me, total deployment under the program since its inception in '23 to more than $250 million, further strengthening our positioning across the Haynesville and expanding Shelby Trough area. Operators under our development agreements in the Shelby Trough continued to advance multiple programs during the period.

這使得自 2023 年該計畫啟動以來的累計投入——抱歉，是累計部署——已超過 2.5 億美元，進一步強化我們在 Haynesville 以及擴大的 Shelby Trough 區域的布局。在 Shelby Trough 的開發協議之下，各營運商在本期間持續推進多項計畫。

Adamas spud 4 wells during the quarter and turned online seven wells. This included the Congo wells in Southern San Augustine County, which continued to push the historical extent of the Shelby Trough and delivered strong initial results, reaching 30 MMcf per day. Additionally, Caturus is preparing for their initial activity to begin in June with a pilot hole and several commitment wells. Revenant also spud two wells during the quarter.

Adamas 本季開鑽（spud）4 口井，並讓 7 口井上線投產。其中包括位於 San Augustine 郡南部的 Congo 井，持續推進 Shelby Trough 的歷史延伸範圍，且初期成果強勁，日產量達到 3,000 萬立方英尺（MMcf）。此外，Caturus 正準備於 6 月開始其初始作業，包括一口先導井（pilot hole）以及數口承諾井（commitment wells）。Revenant 也在本季開鑽兩口井。

And as mentioned in the press release last night, one of those wells experienced a loss of well control incident. We are assessing the potential impact on their first year development program. More broadly, we have continued to see an increase in activity within the legacy Shelby Trough area and the emerging Haynesville/Bossier expansion resource play, connecting the Shelby Trough to the Western Haynesville.

如同昨晚新聞稿所提，其中一口井發生失控（well control）事件。我們正在評估其對其第一年開發計畫的潛在影響。更廣泛而言，我們持續看到傳統 Shelby Trough 區域以及新興的 Haynesville/Bossier 擴張資源區塊活動增加，並將 Shelby Trough 與西部 Haynesville 連結起來。

Currently, there are 13 active rigs across Angelina, Nacogdoches and San Augustine counties under Adamas, Apex, EXCO and Rockliff. Expanse is also actively drilling in the Southern Anderson County area, while Comstock continues drilling throughout the Western Haynesville. Across the broader portfolio, we also saw strong leasing activity and remain encouraged by continued interest in the Permian.

目前在 Angelina、Nacogdoches 與 San Augustine 等郡，由 Adamas、Apex、EXCO 與 Rockliff 所運作的活躍鑽機共有 13 座。Expanse 也在 Anderson 郡南部地區積極鑽井，而 Comstock 則持續在西部 Haynesville 各地鑽井。在更廣泛的投資組合方面，我們也看到強勁的租賃活動，並對二疊紀盆地（Permian）持續的興趣感到鼓舞。

Building on that activity, we progressed the opportunity highlighted last quarter in our Shelby Trough expansion area, which includes another approximately 300,000 gross mineral acres. We are currently marketing this project to experienced Haynesville operators to secure an additional development agreement, which we believe would be comparable in scale to our other programs and provide meaningful incremental production growth over time. With that, I will turn the call over to Chris to cover the financial results.

在此活動基礎上，我們推進了上季在 Shelby Trough 擴張區域所提到的機會，該機會涵蓋另外約 30 萬英畝的總礦權面積（gross mineral acres）。我們目前正將此專案推向具經驗的 Haynesville 營運商，以爭取額外的開發協議；我們相信其規模可與我們其他計畫相當，並可在時間推移中帶來具意義的額外產量成長。接下來我把電話交給 Chris，請他說明財務結果。

Thanks, Fowler, and good morning. As highlighted earlier, we saw strong production in the first quarter with mineral and royalty production of 35.9 MBoe per day, which is up 16% from the prior quarter. Total production was 37.0 MBoe per day.

謝謝，Fowler，各位早安。如先前所強調，我們第一季產量強勁，礦權與權利金產量為每日 35.9 千桶油當量（MBoe），較前一季增加 16%。總產量為每日 37.0 千桶油當量（MBoe）。

The period was also marked by significant commodity price volatility. Natural gas pricing was impacted by extreme weather-driven swings, including Winter Storm Fern, which created regional pricing dislocations and temporarily pressured our realizations relative to Henry Hub in February before conditions moderated in March.

本期間也伴隨顯著的大宗商品價格波動。天然氣價格受到極端天氣所驅動的劇烈波動影響，包括冬季風暴 Fern，造成區域性價格錯位，並在 2 月使我們的實現價格相對於 Henry Hub 暫時承壓，之後在 3 月情況趨於緩和。

Oil pricing meanwhile reflected broader geopolitical developments that intensified later in the quarter to remain ongoing. As we navigate this environment, we are actively managing our hedge position as part of our broader risk management approach and monitoring pricing and operator activity across the portfolio. Turning to the quarter's financial results.

同時，油價反映了更廣泛的地緣政治發展，並在本季後段加劇且至今仍在持續。在我們因應此環境之際，我們正積極管理避險部位，作為整體風險管理方法的一部分，並監測整體投資組合的價格與營運商活動。接著說明本季的財務結果。

Net income was $13.3 million for the quarter with adjusted EBITDA of $87 million. 54% of our oil and gas revenue in the quarter came from natural gas and natural gas liquids. As previously announced, we declared a distribution of $0.30 for the quarter or $1.20 on an annualized basis. Distributable cash flow for the quarter was $76.5 million, which represents 1.2 times coverage for the period.

本季淨利為 1,330 萬美元，調整後 EBITDA 為 8,700 萬美元。本季我們油氣收入中有 54% 來自天然氣與天然氣液（NGL）。如先前公告，我們宣告本季每單位配息（distribution）0.30 美元，年化為 1.20 美元。本季可分配現金流（distributable cash flow）為 7,650 萬美元，期間覆蓋倍數為 1.2 倍。

In the first quarter, we continued to execute across the business, positioning the partnership well for the balance of 2026 and remain confident that our diversified portfolio across multiple basins, together with our commercial strategy and the extended Shelby Trough supports our ability to deliver sustainable long-term value for unitholders. With that, we'll open it up for questions.

在第一季，我們持續在各項業務上落實執行，使本合夥企業在2026年剩餘期間具備良好布局；我們也仍然有信心，憑藉我們橫跨多個盆地的多元化投資組合、我們的商業策略，以及延伸的 Shelby Trough，將支撐我們為單位持有人創造可持續的長期價值的能力。接下來，我們開放提問。

(Operator Instructions)

(接線員指示)

Tim Rezvan, KeyBanc Capital Markets.

Tim Rezvan，KeyBanc Capital Markets。

For my first question, I was hoping you could provide maybe a little more context on what exactly the outcome is with the loss of well control incident from one of a Revenant's wells. Does that well, once you get, like abandoned? Or is there still a hope of salvaging it?

我的第一個問題是，我希望你們能就 Revenant 其中一口井發生失去井控事件的結果究竟是什麼，提供更多背景說明。那口井在你們處理完之後會被，例如，廢棄嗎？還是仍有希望把它救回來？

And then when you talked about assessing the potential impact, can you talk about what that means? Does that mean some sort of like deferral or delay? Just any more context would be helpful.

另外，當你們提到正在評估潛在影響時，可以談談這代表什麼嗎？這是否意味著某種遞延或延後？任何更多背景都會很有幫助。

Tim, this is Fowler. I'll tackle that. Right now, it just happened. So the truth is we don't know. There is an investigation currently ongoing. Right now, I'd say there is potential for going back into that well and there may be potential for not going back into that well. We just don't know yet. It is too early to tell. And that's really it, man. I'm really sorry, I can't give you more color. But as we get information back, we will be updating folks.

Tim，我是 Fowler。我來回答這個問題。目前事情才剛發生。所以老實說，我們還不知道。目前正在進行調查。就現階段而言，有可能會回去重新進入那口井，也有可能不會回去。我們現在還不確定。現在判斷還太早。大概就是這樣。很抱歉，我沒辦法提供更多細節。但一旦我們拿到更多資訊，就會向大家更新。

Okay. Okay. I guess we'll stay tuned on that. And then as a follow-up, you had a very strong start to the year on the production front, and you laid out a pretty granular kind of cadence for your partnerships and their activity. So I know you're not a company that adjust guidance on a quarterly basis and you sort of reiterated it.

好的。好的。那我們就持續關注後續進展。接著作為追問，你們今年在產量方面開局非常強勁，而且你們也對合夥企業及其活動節奏做了相當細緻的說明。所以我知道你們不是那種每季都調整指引的公司，而你們也算是再次重申了指引。

But can you give us a little more color on maybe what the shape of 2026 production will look like? Does this Revenant potentially temper your enthusiasm on the outlook? I'm just trying to get a little more color on that.

但你們能否再多提供一些資訊，談談2026年產量的形狀大概會是什麼樣子？這起 Revenant 事件是否可能降低你們對前景的樂觀程度？我只是想多了解一些。

Sorry. I wouldn't say our enthusiasm is tempered in any way, shape or form. But again, since this just happened, we are actively discussing these things and what that profile will look like this year. And as you said, Tim, we don't adjust guidance quarter-to-quarter, but we will get back to you once we have something firmly in place and can understand the situation more clearly. Without putting anything of real substance out there, it might be a bit of a speed bump.

抱歉。我不會說我們的樂觀程度在任何方面、任何形式上受到影響。但同樣地，因為事情才剛發生，我們正在積極討論這些事項，以及今年的產量曲線會是什麼樣子。而如你所說，Tim，我們不會逐季調整指引；但一旦我們有明確方案、也能更清楚理解情況後，我們會再回覆你。在不提出任何實質內容的前提下，它可能會是一個小小的減速帶。

But over, I'm going to say, a two year period, you won't see any difference.

但若以兩年的期間來看，你不會看到任何差異。

Yes. Tim, this is Taylor. I'll just add to that a little bit. I think when we look back at our original guidance, which contemplated quite a bit of production growth kind of throughout the year, even if it was flat compared to 2025, certainly, starting out the year with a pretty nice production number helps.

是的。Tim，我是 Taylor。我再補充一點。我認為回頭看我們原先的指引，其中預期全年會有相當程度的產量成長；即便相較於2025年可能持平，但年初就有相當不錯的產量數字，確實有幫助。

And as we think about the rest of the year, I would go back to, kind of, what we thought from just a production growth standpoint, given we're getting these development programs off the ground and excited about what that means for production, especially as it looks to the end of 2026 and going into 2027.

而當我們思考今年剩餘期間時，我會回到我們對產量成長的原先看法：在我們把這些開發計畫推上軌道之際，我們對其對產量的意義感到振奮，特別是展望到2026年底並延伸至2027年。

I think the other piece of the equation that we're really trying to understand right now is, kind of, operators' reaction to pricing right now with, kind of, geopolitical events going on in the commodity strip. So I think more to come on that. Certainly, trying to guide within a pretty volatile environment can be difficult, but we're excited about where we think we're headed for the rest of the year.

我認為我們現在也正努力理解的另一個因素是，考量目前商品遠期曲線中受到地緣政治事件影響，營運商對當前價格的反應會是什麼。所以我想後續還會有更多資訊。當然，在相當波動的環境中提供指引可能會很困難，但我們對今年剩餘時間的發展方向感到樂觀。

(Operator Instructions)

(接線員指示)

Derrick Whitfield, Texas Capital.

Derrick Whitfield，Texas Capital。

With the change in ownership at Aethon and now Adamas Energy, could you speak to what changes, if any, you're seeing in behavior around the desire to grow?

隨著 Aethon 的所有權變更、以及現在的 Adamas Energy，你們能否談談你們在成長意願相關的行為上，是否看到任何變化？

Derrick, this is Taylor. I'll jump in first and just say, I think that given our contractual commitments there, we certainly have at least some expectations on their cadence of operations and excited about them continue to move forward in developing the area.

Derrick，我是 Taylor。我先回應一下：我認為鑑於我們在那裡的合約承諾，我們對他們的營運節奏確實至少有一些預期，也很期待他們持續推進該區域的開發。

I think to be determined on excess growth beyond the commitments, that's a conversation we're having, and we'll continue to, kind of, update as that becomes available. But overall, excited about the transaction and the team and continuing to move forward with our contract.

至於承諾之外的額外成長，還有待觀察；這是我們正在進行的對話，我們也會在資訊更明朗時持續更新。但整體而言，我們對這筆交易、對團隊，以及持續依照合約向前推進都感到振奮。

Great. And then with respect to the well control incident, and it feels like the market today is treating this as an issue that impacts a swath of your acreage. As I understand, this is more isolated in nature, is that a fair characterization?

很好。接著關於井控事件，感覺市場今天把這當作會影響你們一大片土地的問題。據我理解，這應該是較為局部、孤立的事件，這樣的描述公平嗎？

Yes. Yes. Thanks, Derrick. What I would say is when you look at that area and where the well is, it's fully surrounded by development by the likes of Adamas, EXCO and historically others. So I think that the area is pretty well delineated from a subsurface standpoint.

是的。是的。謝謝你，Derrick。我想說的是，當你看那個區域以及那口井的位置，它周邊完全被 Adamas、EXCO 以及過去其他業者的開發所包圍。因此我認為，從地下地質的角度來看，該區域的界定相當清楚。

And we certainly look forward to kind of further development in that overall area.

我們也非常期待該整體區域的進一步開發。

Great. And maybe just one last, if I could. So as you guys think about the broader expansion from Shelby Trough to Western Haynesville, could you speak to midstream egress for this region and if it's adequate to meet the needs of where you think growth is headed?

很好。如果可以的話，最後再問一個。當你們思考從 Shelby Trough 擴展到 Western Haynesville 的更廣泛擴張時，能否談談該區域的中游外運能力（egress）是否充足，以滿足你們認為成長將前往的方向之需求？

Good question. There's certainly plenty of -- there's quite a bit of infrastructure out there. But as you think about the area growing by potentially several more gross Bcf a day over the coming years, there's a number of other midstream projects that I think are in the queue and probably more to come on exactly what those projects look like. But I'd say there's existing plus additional infrastructure kind of underway.

好問題。那裡確實有很多——有相當多的基礎設施。但當你考量未來幾年該區域可能每天再增加數個總量 Bcf 的成長時，我認為有一些其他中游專案正在排隊中，且可能還會有更多；至於這些專案具體會長什麼樣子，後續應該會有更多資訊。但我會說，既有基礎設施加上正在推進的新增基礎設施。

There are no further questions at this time. I will now turn the call back to Taylor for closing remarks.

目前沒有其他問題。我現在把電話交回給 Taylor 做結語。

Thanks so much. Once again, thanks, everybody, for joining us this morning. It was a great quarter and look forward to the rest of 2026. Talk to you all again soon. Thanks.

非常感謝。再次感謝各位今天早上加入我們。這是一個很棒的季度，也期待2026年接下來的表現。我們很快再與各位交流。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。