NYSE$BSM
Black Stone Minerals LP · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
Black Stone Minerals' financial and operating results were announced for the second quarter of 2022.
Black Stone Minerals reported a net income of $131.8 million for the second quarter of 2022. Mineral and royalty production averaged 30.3 MBoe/d, while total production reached 33.5 MBoe/d. The company's Adjusted EBITDA reached a record high of $112.8 million, and distributable cash flow also hit a record high at $106.6 million.
- Mineral and royalty production averaged 30.3 MBoe/d, a 2% increase over the prior quarter, while total production was 33.5 MBoe/d.
- Net income was $131.8 million, and Adjusted EBITDA reached a record high of $112.8 million, a 14% increase over the prior quarter.
- Distributable cash flow was $106.6 million, a 15% increase from the previous quarter and a record high for the Company.
- A distribution of $0.42 per unit was announced, representing a 5% increase from the prior quarter, with a distribution coverage of 1.21x.
Headline financials
Revenue & EPS history
Black Stone Minerals · Revenue · Quarterly
$180M
Revenue by segment
Black Stone Minerals · $180M total across 4 segments · Q2 2022
- Natural gas & NGL sales$111M+96.8%61.6%
- Oil & condensate sales$94.3M+74.8%52.3%
- Lease bonus & other income$2.24M-70.1%1.2%
- Derivative gains-$27.3M—-15.2%
Forward guidance
The Company now expects full year 2022 production volumes to be at the low end of the original guidance range of 34-37 MBoe/d. Management anticipates that production volumes will ramp up throughout 2023 and will approach 40 MBoe/d by the end of next year, driven primarily by the increases in drilling activity in the Shelby Trough and Austin Chalk plays.
Tailwinds
- Increased drilling activity expected in the Shelby Trough and Austin Chalk plays.
- Production volumes are anticipated to ramp up throughout 2023.
- Production volumes are expected to approach 40 MBoe/d by the end of next year.
- Aethon is on pace to meet or exceed its combined well commitments under the Shelby Trough development agreements.
- Black Stone anticipates up to 30 horizontal wells could be spud in the Austin Chalk area over the next twelve months.
Headwinds
- Full year 2022 production volumes are expected to be at the low end of the original guidance range of 34-37 MBoe/d.
- Increased cycle times for multiple well pads on high-interest acreage.
- Delays resulting from global supply chain interruptions, particularly as they impact smaller operators.
- Production results have varied on wells in the Austin Chalk area.
- Continued decline in working interest volumes
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2022
+0.4%
Avg return
Earnings day
+0.4%
Avg return
5 days after
-1.3%
Avg return
30 days after
56%
25 / 45 earnings
Positive
+7.2%
Q2 2018
Best reaction
-11.8%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.3% | -6.1% | -2.0% | |
| Q4 2025 | +0.7% | +1.6% | +3.1% | |
| Q3 2025 | +2.2% | +1.6% | +10.8% | |
| Q2 2025 | +1.1% | -3.2% | -3.6% | |
| Q1 2025 | -1.7% | -3.8% | -4.9% | |
| Q4 2024 | +1.1% | +0.1% | +2.3% | |
| Q3 2024 | +1.2% | +0.3% | +0.9% | |
| Q2 2024 | +2.2% | +0.4% | +0.7% | |
| Q1 2024 | -0.5% | -4.1% | -4.0% | |
| Q4 2023 | +0.1% | +1.2% | +3.4% | |
| Q3 2023 | +2.1% | +3.6% | -1.0% | |
| Q2 2023 | -2.8% | -0.5% | -2.2% | |
| Q1 2023 | -6.5% | -5.7% | -5.3% | |
| Q4 2022 | +0.5% | -0.4% | -5.8% | |
| Q3 2022 | +3.4% | +5.7% | +0.4% | |
| Q2 2022 | -0.3% | -1.7% | +2.2% | |
| Q1 2022 | -0.4% | -3.0% | +3.7% | |
| Q4 2021 | +0.5% | +4.8% | +11.7% | |
| Q3 2021 | -0.9% | -2.8% | -14.1% | |
| Q2 2021 | +0.2% | -0.2% | -3.4% | |
| Q1 2021 | +3.4% | +3.6% | -0.5% | |
| Q4 2020 | -1.4% | -5.5% | -7.2% | |
| Q3 2020 | -0.8% | +8.8% | +19.3% | |
| Q2 2020 | +3.4% | +4.6% | -3.7% | |
| Q1 2020 | +7.0% | +17.6% | +19.7% | |
| Q4 2019 | -11.8% | -12.5% | -54.9% | |
| Q3 2019 | +0.4% | +1.8% | -8.9% | |
| Q2 2019 | -2.3% | -3.2% | -5.2% | |
| Q1 2019 | +3.5% | -2.0% | -9.9% | |
| Q4 2018 | -2.1% | -2.8% | -3.7% | |
| Q3 2018 | +4.9% | +0.7% | -2.3% | |
| Q2 2018 | +7.2% | +11.1% | +7.7% | |
| Q1 2018 | +2.6% | +5.0% | +2.0% | |
| Q4 2017 | -3.5% | -4.1% | -8.9% | |
| Q3 2017 | -2.7% | -1.4% | -2.8% | |
| Q2 2017 | +0.5% | +4.0% | +6.6% | |
| Q1 2017 | +6.5% | +6.5% | +0.2% | |
| Q4 2016 | -0.5% | -1.0% | -7.6% | |
| Q3 2016 | +4.9% | +3.1% | +8.9% | |
| Q2 2016 | -1.9% | -4.2% | +6.2% | |
| Q1 2016 | -2.5% | — | — | |
| Q4 2015 | +4.2% | — | — | |
| Q3 2015 | -0.7% | — | — | |
| Q2 2015 | +1.3% | — | — | |
| Q1 2015 | -0.7% | — | — | |
| Q4 2014 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — |
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