Black Stone Minerals, L.P. Announces Fourth Quarter and Full Year 2020 Results; Provides Guidance for 2021
Black Stone Minerals, L.P. (BSM) announced its fourth quarter and full year 2020 results, showcasing a net income of $30.3 million and Adjusted EBITDA of $72.3 million for Q4. Production rose 3% to 32.0 MBoe/d, though the full year average declined by 8% to 33.4 MBoe/d. The company reduced total debt by $273 million throughout 2020, ending the year with a debt-to-Adjusted EBITDA ratio of 0.4x. For 2021, BSM anticipates a decrease in mineral and royalty production, forecasting 28-30 MBoe/d and maintaining quarterly distributions at $0.175 per unit.
- Net income for Q4 2020 was $30.3 million, up from $23.7 million in Q3 2020.
- Adjusted EBITDA for Q4 2020 increased to $72.3 million from $65.5 million in Q3 2020.
- Distributable cash flow for Q4 2020 was $65.9 million, resulting in a distribution coverage of 1.8x.
- Total debt reduced by $273 million in 2020, leading to a debt-to-Adjusted EBITDA ratio of 0.4x.
- 2020 mineral and royalty production decreased by 8% year-over-year, averaging 33.4 MBoe/d.
- Estimated proved reserves decreased 18% to 56.0 MMBoe from 68.5 MMBoe at year-end 2019.
- Royalty production in 2021 is expected to decline by approximately 13% due to lower drilling activity.
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$0.17 5 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 (
Working interest production for the fourth quarter of 2020 was 7.0 MBoe/d, and represents an increase of
Total reported production averaged 39.0 MBoe/d (
Realized Prices, Revenues, and Net Income
The Company’s average realized price per Boe, excluding the effect of derivative settlements, was
Black Stone reported oil and gas revenue of
The Company reported a loss on commodity derivative instruments of
Lease bonus and other income was
There was no impairment for the quarters ended December 31, 2020 and December 31, 2019.
The Company reported net income of
Adjusted EBITDA and Distributable Cash Flow
Adjusted EBITDA for the fourth quarter of 2020 was
2020 Proved Reserves
Estimated proved oil and natural gas reserves at year-end 2020 were 56.0 MMBoe, a decrease of
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
Financial Position and Activities
As of December 31, 2020, Black Stone Minerals had
As of February 19, 2021,
During the fourth quarter of 2020, the Company made no repurchases of units under the Board-approved
Fourth Quarter 2020 Distributions
As previously announced, the Board approved a cash distribution of
Activity Update
Rig Activity
As of December 31, 2020, Black Stone had 38 rigs operating across its acreage position, a
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 |
|
|
~ |
|||||
Percentage royalty interest |
|
|
~ |
|||||
|
|
|
|
|||||
Lease bonus and other income ($MM) |
|
|
~ |
|||||
|
|
|
|
|||||
Lease operating expense ($MM) |
|
|
|
|||||
Production costs and ad valorem taxes (as % of total pre-derivative O&G revenue) |
|
|
|
|||||
|
|
|
|
|||||
G&A - cash ($MM) |
|
|
|
|||||
G&A - non-cash ($MM) |
|
|
|
|||||
G&A - TOTAL ($MM) |
|
|
|
|||||
|
|
|
|
|||||
DD&A ($/Boe) |
|
|
|
Production
Black Stone expects royalty production to decline by approximately
Working interest production is expected to decline by approximately
Distributions
Under the current outlook for commodity prices and drilling activity, management anticipates recommending quarterly distributions for 2021 of approximately
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 |
|
|
4Q20 |
210 |
|
|
|
|
|
1Q21 |
660 |
|
|
|
|
|
2Q21 |
660 |
|
|
|
|
|
3Q21 |
660 |
|
|
|
|
|
4Q21 |
660 |
|
|
|
|
|
Gas Hedge Position |
|
|
|
|
Gas Swap |
Weighted Avg Gas Swap Price |
|
|
MMcf |
$/Mcf |
|
1Q21 |
9,900 |
|
|
2Q21 |
10,010 |
|
|
3Q21 |
10,120 |
|
|
4Q21 |
10,120 |
|
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 |
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/
FAQ
What were Black Stone Minerals' financial highlights for Q4 2020?
What is Black Stone Minerals' production outlook for 2021?
How much has Black Stone Minerals reduced its debt in 2020?
What is the current quarterly distribution from Black Stone Minerals?
