Financial

Brief Overview on Company’s Performance: Black Stone Minerals, L.P. (NYSE: BSM)

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On Tuesday Black Stone Minerals, L.P. (NYSE: BSM) has shown positive move of +0.22% and ended the last trade at $18.31 . The trading volume was recorded to 83,084 shares as compared to average traded volume of 144,132 shares.

Black Stone Minerals, L.P. (NYSE: BSM) declared its financial and operating results for the first quarter of 2018 and recent developments after quarter-end.

Joint Venture reports quarterly production of 42.4 Mboe/d, a raise of 11% over the fourth quarter of 2017.

Stated oil and gas revenues of $126.2M and lease bonus and other income of $4.6M for the quarter.

Generated net income of $42.0M and Adjusted EBITDA of $95.0M.

Stated distributable cash flow of $83.4M, resulting in distribution coverage for all units of 1.6x.

Purchased $32.2M in mineral and royalty assets for cash during the quarter, led by a sizeable acquisition in the Midland Basin.

After quarter-end, borrowing base increased to $600M from $550M.

Quarterly Financial and Operating Results

 

Production

 

Black Stone stated average production of 42.4 MBoe/d (67% mineral and royalty, 69% natural gas) for the first quarter of 2018. This represents a raise of 19% over average production of 35.6 MBoe/d for the corresponding period in 2017 and is 11% higher than average daily production in the fourth quarter of 2017. Production for the period benefited from a particularly strong contribution from the Bakken/Three Forks program, where the Joint Venture is seeing increased industry activity over the last year.

Realized Prices, Revenues, and Net Income

The Joint Venture’s average realized price per Boe, not including the effect of derivative settlements, was $33.10 for the quarter ended March 31, 2018. This represents a 17% increase from the preceding quarter and is 20% higher than the $27.52 per Boe stated for the quarter ended March 31, 2017.

Black Stone stated oil and gas revenues of $126.2M (58% oil and condensate) for the first quarter of 2018, a raise of 43% from $88.2M for the first quarter of 2017. This increase in oil and gas revenue was driven by the aforementioned increases in stated production volumes and realized pricing. Oil and gas revenue in the fourth quarter of 2017 was $98.9M.

The Joint Venture recognized a loss on commodity derivative instruments of $16.3M in the first quarter of 2018, composed of a $4.3M loss from realized settlements and a $12.0M unrealized lossBecause of the change in value of the Joint Venture’s derivative positions during the quarter. In the first quarter of 2017, the Joint Venture stated a gain on commodity derivative instruments of $22.7M.

Black Stone recognized $4.6M in lease bonus and other income in the first quarter of 2018, the majority of which related to the Canyon Lime and other plays in the Mid-Continent. The Joint Venture stated $13.7M in lease bonus and other income in the same period in 2017.

The Joint Venture stated net income of $42.0M, which includes the non-cash derivative loss described above, for the quarter ended March 31, 2018, contrast to net income of $61.6M in the corresponding period in 2017.

Black Stone Minerals, L.P.’s (BSM) price volatility for a month noted as 1.82% however its price volatility for a week documented as 1.87%. The corporation holds 203.73 million outstanding shares and its 76.71 million shares were floated in the market. The stock established a negative trend of -2.45% in last week and indicated rise of 1.33% in previous month.

Adjusted EBITDA and Distributable Cash Flow

Black Stone stated Adjusted EBITDA of $95.0M for the first quarter of 2018, contrast to $77.9M for the corresponding quarter in 2017 and $79.5M in the fourth quarter of 2017. Distributable cash flow for the first quarter of 2018 was $83.4M, a raise of 22% from the $68.5M stated in the first quarter of 2017 and a 20% increase from the $69.4M in the fourth quarter of 2017. These results for the first quarter of 2018 are both quarterly records for the Joint Venture as a publicly traded joint venture.

 

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