Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone Minerals,”
“Black Stone,” or “the Company”) today announces its financial and
operating results for the fourth quarter and full year of 2020 and
provides guidance for 2021.
Fourth Quarter 2020 Highlights
- Mineral and royalty production for the fourth quarter of 2020
equaled 32.0 MBoe/d, an increase of 3% over the prior quarter;
total production, including working interest volumes, was 39.0
MBoe/d for the quarter.
- Net income and Adjusted EBITDA for the quarter was $30.3
million and $72.3 million, respectively.
- Distributable cash flow was $65.9 million for the fourth
quarter, resulting in distribution coverage for all units of 1.8x
based on the announced cash distribution of $0.175 per unit.
- Total debt at the end of the quarter was $121 million; total
debt to trailing twelve-month Adjusted EBITDA was 0.4x at
year-end.
Full Year Financial and Operational Highlights
- Achieved full year 2020 production of 41.6 MBoe/d; mineral and
royalty volumes in 2020 decreased 8% over the prior year to average
33.4 MBoe/d.
- Reported 2020 net income and Adjusted EBITDA of $121.8 million
and $281.3 million, respectively.
- Lowered total general and administrative expenses in 2020 by
32% over prior-year levels
- Reduced total debt outstanding by $273 million in 2020 through
a combination of retained cash flows and proceeds from asset
sales
Management Commentary
Thomas L. Carter, Jr., Black Stone Minerals’ Chief Executive
Officer and Chairman commented, “We navigated unprecedented
challenges in 2020 and have emerged as a leaner, more focused
company with even greater financial flexibility. We made
significant progress in our strategic priorities to attract
additional activity onto our existing acreage footprint and to
strengthen our balance sheet, both of which will drive long-term
value for our unitholders."
Quarterly Financial and Operating Results
Production
Black Stone Minerals reported mineral and royalty volume was
32.0 MBoe/d (71% natural gas) for the fourth quarter of 2020,
compared to 31.1 MBoe/d for the third quarter of 2020. Royalty
production was 35.1 MBoe/d for the fourth quarter of 2019.
Working interest production for the fourth quarter of 2020 was
7.0 MBoe/d, and represents an increase of 1% from the 6.9 MBoe/d
for the quarter ended September 30, 2020 and a decrease of 37% from
the 11.1 MBoe/d for the quarter ended December 31, 2019. The
year-over-year decline in working interest volumes is consistent
with the Company's decision to farm out its working-interest
participation to third-party capital providers.
Total reported production averaged 39.0 MBoe/d (82% mineral and
royalty, 75% natural gas) for the fourth quarter of 2020. Total
production was 37.9 MBoe/d and 46.2 MBoe/d for the quarters ended
September 30, 2020 and December 31, 2019, respectively.
Realized Prices, Revenues, and Net Income
The Company’s average realized price per Boe, excluding the
effect of derivative settlements, was $22.21 for the quarter ended
December 31, 2020. This is an increase of 22% from $18.18 per Boe
from the third quarter of 2020 and a 11% decrease compared to
$25.02 for the fourth quarter of 2019. Realized oil prices as a
percentage of the WTI benchmark price improved to 94% in the fourth
quarter of 2020 from 88% in the third quarter of 2020.
Black Stone reported oil and gas revenue of $79.7 million (46%
oil and condensate) for the fourth quarter of 2020, an increase of
26% from $63.4 million in the third quarter of 2020. Oil and gas
revenue in the fourth quarter of 2019 was $106.3 million.
The Company reported a loss on commodity derivative instruments
of $3.6 million for the fourth quarter of 2020, composed of a $14.6
million gain from realized settlements and a non-cash $18.2 million
unrealized loss due to the change in value of Black Stone’s
derivative positions during the quarter. Black Stone reported a
loss on commodity derivative instruments of $21.1 million and $17.2
million for the quarters ended September 30, 2020 and December 31,
2019, respectively.
Lease bonus and other income was $1.4 million for the fourth
quarter of 2020, primarily related to leasing activity in the
Haynesville and Permian plays. Lease bonus and other income for the
quarters ended September 30, 2020 and December 31, 2019 was $1.4
million and $14.0 million, respectively.
There was no impairment for the quarters ended December 31, 2020
and December 31, 2019.
The Company reported net income of $30.3 million for the quarter
ended December 31, 2020, compared to net income of $23.7 million in
the preceding quarter. For the quarter ended December 31, 2019, net
income was $40.0 million.
Adjusted EBITDA and Distributable Cash Flow
Adjusted EBITDA for the fourth quarter of 2020 was $72.3
million, which compares to $65.5 million in the third quarter of
2020 and $100.0 million in the fourth quarter of 2019.
Distributable cash flow for the quarter ended December 31, 2020 was
$65.9 million. For the quarters ended September 30, 2020 and
December 31, 2019, distributable cash flow was $58.8 million and
$90.2 million, respectively.
2020 Proved Reserves
Estimated proved oil and natural gas reserves at year-end 2020
were 56.0 MMBoe, a decrease of 18% from 68.5 MMBoe at year-end
2019, and were approximately 72% natural gas and 97% proved
developed producing. The standardized measure of discounted future
net cash flows was $493.5 million at the end of 2020 as compared to
$847.9 million at year-end 2019.
Netherland, Sewell and Associates, Inc., an independent,
third-party petroleum engineering firm, evaluated Black Stone
Minerals’ estimate of its proved reserves and PV-10 at December 31,
2020. These estimates were prepared using reference prices of
$39.54 per barrel of oil and $1.99 per MMBTU of natural gas in
accordance with the applicable rules of the Securities and Exchange
Commission (as compared to prompt month prices of $59.24 per barrel
of oil and $3.07 per MMBTU of natural gas as of February 19, 2021).
These prices were adjusted for quality and market differentials,
transportation fees, and in the case of natural gas, the value of
natural gas liquids. A reconciliation of proved reserves is
presented in the summary financial tables following this press
release.
Financial Position and Activities
As of December 31, 2020, Black Stone Minerals had $1.8 million
in cash and $121.0 million outstanding under its credit facility.
The Company paid down $26 million of debt during the fourth quarter
of 2020 and $273 million of debt during the full year. The ratio of
total debt at year-end to 2020 Adjusted EBITDA was 0.4x. The
Company’s borrowing base at December 31, 2020 was $400 million, and
the Company's next regularly scheduled borrowing base
redetermination is set for April 2021. Black Stone is in compliance
with all financial covenants associated with its credit
facility.
As of February 19, 2021, $99.0 million was outstanding under the
credit facility and the Company had $4.6 million in cash.
During the fourth quarter of 2020, the Company made no
repurchases of units under the Board-approved $75 million unit
repurchase program and issued no units under its at-the-market
offering program.
Fourth Quarter 2020 Distributions
As previously announced, the Board approved a cash distribution
of $0.175 for each common unit attributable to the fourth quarter
of 2020. The quarterly distribution coverage ratio attributable to
the fourth quarter of 2020 was approximately 1.8x. These
distributions will be paid on February 23, 2021 to unitholders of
record as of the close of business on February 16, 2021.
Activity Update
Rig Activity
As of December 31, 2020, Black Stone had 38 rigs operating
across its acreage position, a 31% increase to rig activity on the
Company's acreage as of September 30, 2020 and below the 95 rigs
operating on the Company's acreage as of December 31, 2019.
Shelby Trough Development Update
As announced in June 2020, Black Stone entered into an incentive
agreement with XTO Energy Inc. ("XTO"). The agreement allowed for
royalty relief on 13 existing drilled but uncompleted wells
("DUCs") in San Augustine County, Texas provided the wells were
turned to sales by March 31, 2021. As of January 18, 2021, XTO had
turned all 13 DUCs to sales. Black Stone is also working with XTO
on a mutually beneficial agreement that will help facilitate Black
Stone attracting another operator to develop its acreage in San
Augustine.
In Angelina County, Texas, Aethon Energy (“Aethon”) has
successfully spud the initial two program wells under the
development agreement signed in May of 2020. Under the terms of
that agreement, Aethon will drill a minimum of four wells on Black
Stone acreage in the first program year ending in September 2021,
escalating to a minimum of 15 wells per program year starting with
the third program year.
Austin Chalk Update
Black Stone is currently working with several operators to test
and develop areas of the Austin Chalk in East Texas where the
Company has significant acreage positions. Recent drilling results
have shown that advances in fracturing and other completion
techniques can dramatically improve well performance from the
Austin Chalk formation. In February of 2021, Black Stone entered
into an agreement with a large, publicly traded independent
operator by which the operator will undertake a program to drill,
test, and complete wells in the Austin Chalk formation on certain
of the Company’s acreage in East Texas. If successful, the operator
has the option to expand its drilling program over a significant
acreage position owned and controlled by the Company.
Black Stone is also working with existing operators across its
East Texas Austin Chalk position to encourage new development
utilizing current completion techniques.
Summary 2021 Guidance
Following are the key assumptions in Black Stone Minerals’ 2021
guidance, as well as comparable results for 2020:
FY 2020
Actual
FY 2021
Est.
Mineral and royalty production
(MBoe/d)
33.4
28 - 30
Working interest production (MBoe/d)
8.2
5.5 - 6.5
Total production (MBoe/d)
41.6
33.5 - 36.5
Percentage natural gas
74%
~76%
Percentage royalty interest
80%
~83%
Lease bonus and other income ($MM)
$9.1
~$10
Lease operating expense ($MM)
$14.0
$12 - $14
Production costs and ad valorem taxes (as
% of total pre-derivative O&G revenue)
15%
13% - 15%
G&A - cash ($MM)
$39.3
$31 - $33
G&A - non-cash ($MM)
$3.7
$10 - $12
G&A - TOTAL ($MM)
$43.0
$41 - $45
DD&A ($/Boe)
$5.39
$5.00 - $6.00
Production
Black Stone expects royalty production to decline by
approximately 13% in 2021, primarily due to continued lower levels
of drilling activity across its acreage. This expectation assumes:
(i) the rig count in the Permian Basin stays relatively flat to the
depressed levels of 2020, (ii) the natural decline in producing
wells in the Shelby Trough with limited new production volumes in
advance of the expected ramp in activity from the 2020 development
agreement with Aethon, (iii) little new drilling activity on the
Company’s Bakken Three Forks acreage, and (iv) a continuation of
the low activity levels across Black Stone’s remaining plays. The
production guidance also incorporates the full-year impact from the
Permian properties sold in July of 2020.
Working interest production is expected to decline by
approximately 27% in 2021 as a result of Black Stone's decision to
farm-out participation in its working interest opportunities.
Distributions
Under the current outlook for commodity prices and drilling
activity, management anticipates recommending quarterly
distributions for 2021 of approximately $0.175 per unit, or $0.70
per unit for the full year, consistent with the distribution
announced with respect to the fourth quarter of 2020.
Hedge Position
Black Stone has commodity derivative contracts in place covering
portions of its anticipated production for 2021. The Company's
hedge position as of December 31, 2020, is summarized in the
following tables:
Oil Hedge Position
Oil Swap
Weighted Avg
Oil Swap Price
Oil Costless
Collars
Weighted Avg
Collar Floor
Weighted Avg
Collar Ceiling
MBbl
$/Bbl
MBbl
$/Bbl
$/Bbl
4Q20
70
$56.43
$67.14
4Q20
210
$57.32
1Q21
660
$38.97
2Q21
660
$38.97
3Q21
660
$38.97
4Q21
660
$38.97
Gas Hedge Position
Gas Swap
Weighted Avg
Gas Swap Price
MMcf
$/Mcf
1Q21
9,900
$2.69
2Q21
10,010
$2.69
3Q21
10,120
$2.69
4Q21
10,120
$2.69
More detailed information about the Company's existing hedging
program can be found in the Annual Report on Form 10-K, which is
expected to be filed on February 23, 2021.
Conference Call
Black Stone Minerals will host a conference call and webcast for
investors and analysts to discuss its results for the fourth
quarter and full year of 2020 on Tuesday, February 23, 2021 at 9:00
a.m. Central Time. Black Stone recommends participants who do not
anticipate asking questions to listen to the call via the live
broadcast available at http://investor.blackstoneminerals.com. Analysts
and investors who wish to ask questions should dial should dial
(877) 447-4732 and use conference code 2856284. A recording of the
conference call will be available at that site through Black
Stone's website through March 25, 2021.
About Black Stone Minerals, L.P.
Black Stone Minerals is one of the largest owners of oil and
natural gas mineral interests in the United States. The Company
owns mineral interests and royalty interests in 41 states in the
continental United States. Black Stone believes its large,
diversified asset base and long-lived, non-cost-bearing mineral and
royalty interests provide for relatively stable production and
reserves over time, with minimal operating costs or capital
requirements, allowing the majority of generated cash flow to be
distributed to unitholders.
Forward-Looking Statements
This news release includes forward-looking statements. All
statements, other than statements of historical facts, included in
this news release that address activities, events or developments
that the Company expects, believes or anticipates will or may occur
in the future are forward-looking statements. Terminology such as
“will,” “may,” “should,” “expect,” “anticipate,” “plan,” “project,”
“intend,” “estimate,” “believe,” “target,” “continue,” “potential,”
the negative of such terms, or other comparable terminology often
identify forward-looking statements. Except as required by law,
Black Stone Minerals undertakes no obligation and does not intend
to update these forward-looking statements to reflect events or
circumstances occurring after this news release. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this news release. All
forward-looking statements are qualified in their entirety by these
cautionary statements. These forward-looking statements involve
risks and uncertainties, many of which are beyond the control of
Black Stone Minerals, which may cause the Company’s actual results
to differ materially from those implied or expressed by the
forward-looking statements. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements include, but are not limited to, those
summarized below:
- the Company’s ability to execute its business strategies;
- the scope and duration of the COVID-19 pandemic and actions
taken by government authorities and other parties in response to
the pandemic
- the volatility of realized oil and natural gas prices;
- the level of production on the Company’s properties;
- overall supply and demand for oil and natural gas, as well as
regional supply and demand factors, delays, or interruptions of
production;
- conservation measures, technological advances, and general
concern about the environmental impact of the production and use of
fossil fuels;
- the Company’s ability to replace its oil and natural gas
reserves;
- the Company’s ability to identify, complete, and integrate
acquisitions;
- general economic, business, or industry conditions;
- competition in the oil and natural gas industry; and
- the level of drilling activity by the Company's operators,
particularly in areas such as the Shelby Trough where the Company
has concentrated acreage positions.
BLACK STONE MINERALS,
L.P.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
(In thousands, except per unit
amounts)
Three Months Ended
December 31,
Year Ended December
31,
2020
2019
2020
2019
REVENUE
Oil and condensate sales
$
36,786
$
63,647
$
148,631
$
263,678
Natural gas and natural gas liquids
sales
42,866
42,643
138,926
199,265
Lease bonus and other income
1,414
13,987
9,083
29,833
Revenue from contracts with customers
81,066
120,277
296,640
492,776
Gain (loss) on commodity derivative
instruments
(3,640)
(17,249)
46,111
(4,955)
TOTAL REVENUE
77,426
103,028
342,751
487,821
OPERATING (INCOME) EXPENSE
Lease operating expense
3,742
4,168
14,022
17,665
Production costs and ad valorem taxes
11,637
15,614
43,473
60,533
Exploration expense
1
25
29
397
Depreciation, depletion, and
amortization
19,820
24,651
82,018
109,584
Impairment of oil and natural gas
properties
—
—
51,031
—
General and administrative
10,245
13,603
42,983
63,353
Accretion of asset retirement
obligations
295
288
1,131
1,117
(Gain) loss on sale of assets, net
—
—
(24,045)
—
TOTAL OPERATING EXPENSE
45,740
58,349
210,642
252,649
INCOME (LOSS) FROM OPERATIONS
31,686
44,679
132,109
235,172
OTHER INCOME (EXPENSE)
Interest and investment income
—
22
35
159
Interest expense
(1,353)
(4,863)
(10,408)
(21,435)
Other income (expense)
12
179
83
472
TOTAL OTHER EXPENSE
(1,341)
(4,662)
(10,290)
(20,804)
NET INCOME (LOSS)
30,345
40,017
121,819
214,368
Net (income) loss attributable to
noncontrolling interests
—
—
—
—
Distributions on Series A redeemable
preferred units
—
—
—
—
Distributions on Series B cumulative
convertible preferred units
(5,250)
(5,250)
(21,000)
(21,000)
NET INCOME (LOSS) ATTRIBUTABLE TO THE
GENERAL PARTNER AND COMMON AND SUBORDINATED UNITS
$
25,095
$
34,767
$
100,819
$
193,368
ALLOCATION OF NET INCOME (LOSS):
General partner interest
$
—
$
—
$
—
$
—
Common units
25,095
34,767
100,819
169,375
Subordinated units
—
—
—
23,993
$
25,095
$
34,767
$
100,819
$
193,368
NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED
PARTNERS PER COMMON AND SUBORDINATED UNIT:
Per common unit (basic)
$
0.12
$
0.17
$
0.49
$
1.01
Weighted average common units outstanding
(basic)
206,748
205,966
206,705
168,230
Per subordinated unit (basic)
$
—
$
—
$
—
$
0.64
Weighted average subordinated units
outstanding (basic)
—
—
—
37,740
Per common unit (diluted)
$
0.12
$
0.17
$
0.49
$
1.01
Weighted average common units outstanding
(diluted)
207,206
206,552
206,819
168,376
Per subordinated unit (diluted)
$
—
$
—
$
—
$
0.64
Weighted average subordinated units
outstanding (diluted)
—
—
—
37,740
The following table shows the Company’s
production, revenues, realized prices, and expenses for the periods
presented.
Three Months Ended
December 31,
Year Ended December
31,
2020
2019
2020
2019
(Unaudited)
(Dollars in thousands, except
for realized prices)
Production:
Oil and condensate (MBbls)
915
1,147
3,895
4,777
Natural gas (MMcf)1
16,023
18,611
67,945
77,635
Equivalents (MBoe)
3,586
4,249
15,219
17,716
Equivalents/day (MBoe)
39.0
46.2
41.6
48.5
Realized prices, without
derivatives:
Oil and condensate ($/Bbl)
$
40.20
$
55.49
$
38.16
$
55.20
Natural gas ($/Mcf)1
2.68
2.29
2.04
2.57
Equivalents ($/Boe)
$
22.21
$
25.02
$
18.89
$
26.13
Revenue:
Oil and condensate sales
$
36,786
$
63,647
$
148,631
$
263,678
Natural gas and natural gas liquids
sales1
42,866
42,643
138,926
199,265
Lease bonus and other income
1,414
13,987
9,083
29,833
Revenue from contracts with customers
81,066
120,277
296,640
492,776
Gain (loss) on commodity derivative
instruments
(3,640)
(17,249)
46,111
(4,955)
Total revenue
$
77,426
$
103,028
$
342,751
$
487,821
Operating expenses:
Lease operating expense
$
3,742
$
4,168
$
14,022
$
17,665
Production costs and ad valorem taxes
11,637
15,614
43,473
60,533
Exploration expense
1
25
29
397
Depreciation, depletion, and
amortization
19,820
24,651
82,018
109,584
Impairment of oil and natural gas
properties
—
—
51,031
—
General and administrative
10,245
13,603
42,983
63,353
Other expense:
Interest expense
1,353
4,863
10,408
21,435
Per Boe:
Lease operating expense (per working
interest Boe)
$
5.84
$
4.08
$
4.69
$
4.00
Production costs and ad valorem taxes
3.25
3.67
2.86
3.42
Depreciation, depletion, and
amortization
5.53
5.80
5.39
6.19
General and administrative
2.86
3.20
2.82
3.58
1
As a mineral-and-royalty-interest owner,
Black Stone Minerals is often provided insufficient and
inconsistent data on natural gas liquid ("NGL") volumes by its
operators. As a result, the Company is unable to reliably determine
the total volumes of NGLs associated with the production of natural
gas on its acreage. Accordingly, no NGL volumes are included in our
reported production; however, revenue attributable to NGLs is
included in natural gas revenue and the calculation of realized
prices for natural gas.
Non-GAAP Financial Measures
Adjusted EBITDA and distributable cash flow are supplemental
non-GAAP financial measures used by Black Stone's management and
external users of the Company's financial statements such as
investors, research analysts, and others, to assess the financial
performance of its assets and our ability to sustain distributions
over the long term without regard to financing methods, capital
structure, or historical cost basis.
The Company defines Adjusted EBITDA as net income (loss) before
interest expense, income taxes, and depreciation, depletion, and
amortization adjusted for impairment of oil and natural gas
properties, accretion of asset retirement obligations, unrealized
gains and losses on commodity derivative instruments, non-cash
equity-based compensation, and gains and losses on sales of assets.
Black Stone defines Distributable cash flow as Adjusted EBITDA plus
or minus amounts for certain non-cash operating activities,
estimated replacement capital expenditures during the subordination
period, cash interest expense, distributions to noncontrolling
interests and preferred unitholders, and restructuring charges.
Gains and losses on sales of assets were previously included in
Adjusted EBITDA and excluded from Distributable cash flows. Black
Stone believes this change to remove gains and losses on sales of
assets from the definition of Adjusted EBITDA more closely conforms
with peer company practice.
Adjusted EBITDA and Distributable cash flow should not be
considered an alternative to, or more meaningful than, net income
(loss), income (loss) from operations, cash flows from operating
activities, or any other measure of financial performance presented
in accordance with generally accepted accounting principles
("GAAP") in the United States as measures of the Company's
financial performance.
Adjusted EBITDA and Distributable cash flow have important
limitations as analytical tools because they exclude some but not
all items that affect net income (loss), the most directly
comparable U.S. GAAP financial measure. The Company's computation
of Adjusted EBITDA and distributable cash flow may differ from
computations of similarly titled measures of other companies.
Three Months Ended
December 31,
Year Ended
December 31,
2020
2019
2020
2019
(Unaudited)
(In thousands, except per unit
amounts)
Net income (loss)
$
30,345
$
40,017
$
121,819
$
214,368
Adjustments to reconcile to Adjusted
EBITDA:
Depreciation, depletion, and
amortization
19,820
24,651
82,018
109,584
Impairment of oil and natural gas
properties
—
—
51,031
—
Interest expense
1,353
4,863
10,408
21,435
Income tax expense (benefit)
1
(148)
8
(335)
Accretion of asset retirement
obligations
295
288
1,131
1,117
Equity-based compensation
2,322
3,578
3,727
20,484
Unrealized (gain) loss on commodity
derivative instruments
18,195
26,791
35,238
32,817
(Gain) loss on sale of assets, net
—
—
(24,045)
—
Adjusted EBITDA
72,331
100,040
281,335
399,470
Adjustments to reconcile to Distributable
cash flow:
Change in deferred revenue
(76)
15
(391)
42
Cash interest expense
(1,091)
(4,601)
(9,364)
(20,394)
Estimated replacement capital
expenditures1
—
—
—
(2,750)
Preferred unit distributions
(5,250)
(5,250)
(21,000)
(21,000)
Restructuring charges
—
—
4,815
—
Distributable cash flow
$
65,914
$
90,204
$
255,395
$
355,368
Total units outstanding2
207,266
205,944
Distributable cash flow per unit
0.318
0.438
1
The Board established a replacement
capital expenditure estimate of $11.0 million for the period of
April 1, 2018 to March 31, 2019. Due to the expiration of the
subordination period, we do not intend to establish a replacement
capital expenditure estimate for periods subsequent to March 31,
2019.
2
The distribution attributable to the
quarter ended December 31, 2020 is calculated using 207,266,383
common units as of the record date of February 16, 2021.
Distributions attributable to the quarter ended December 31, 2019
were calculated using 205,944,172 common units as of the record
date of February 17, 2020.
Proved Oil & Gas Reserve Quantities
A reconciliation of proved reserves is presented in the
following table:
Crude Oil
(MBbl)
Natural Gas
(MMcf)
Total
(MBoe)
Net proved reserves at December 31,
2019
17,050
308,958
68,543
Revisions of previous estimates
2,490
(22,337)
(1,233)
Sales of minerals in place
(1,262)
(3,132)
(1,784)
Extensions, discoveries, and other
additions
1,569
24,667
5,680
Production
(3,895)
(67,945)
(15,219)
Net proved reserves at December 31,
2020
15,952
240,211
55,987
Net Proved Developed Reserves
December 31, 2019
17,050
263,371
60,945
December 31, 2020
15,952
230,411
54,354
Net Proved Undeveloped Reserves
December 31, 2019
—
45,587
7,598
December 31, 2020
—
9,800
1,633
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210222005816/en/
Jeff Wood President and Chief Financial Officer Evan Kiefer Vice
President, Finance and Investor Relations Telephone: (713) 445-3200
investorrelations@blackstoneminerals.com
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