NYSE$BSM
Black Stone Minerals LP · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Black Stone Minerals' financial performance decreased due to lower production volumes and realized prices, but the company maintained a strong balance sheet and distributable cash flow.
Black Stone Minerals reported a decrease in mineral and royalty production, totaling 33.6 MBoe/d, alongside a net income of $78.4 million and adjusted EBITDA of $109.2 million for the second quarter of 2023. Despite lower realized prices and revenues, the company maintained a strong financial position with zero outstanding debt and a distributable cash flow of $103.6 million.
- Mineral and royalty production decreased by 9% to 33.6 MBoe/d.
- Net income was reported at $78.4 million, with adjusted EBITDA totaling $109.2 million.
- Distributable cash flow remained strong at $103.6 million, marking the fifth consecutive quarter above $100 million.
- A distribution of $0.475 per unit was announced, representing a 13% increase over the previous year.
Headline financials
Revenue & EPS history
Black Stone Minerals · Revenue · Quarterly
$117M
Revenue by segment
Black Stone Minerals · $117M total across 4 segments · Q2 2023
- Oil & condensate sales$61.6M-34.7%52.6%
- Natural gas & NGL sales$41.6M-62.6%35.6%
- Derivative gains$11.3M+141.3%9.7%
- Lease bonus & other income$2.53M+12.6%2.2%
Forward guidance
The Company expects full-year 2023 production volumes to be within the original guidance range of 37 - 39 MBoe/d, driven by increased drilling activity in the Shelby Trough and Austin Chalk plays.
Tailwinds
- Full year 2023 production volumes expected to be within original guidance.
- Production volumes anticipated to ramp up throughout the year.
- Increase in drilling activity in the Shelby Trough.
- Increase in drilling activity in the Austin Chalk plays.
- Aethon continues to perform with drilling and completing wells according to development agreements.
Headwinds
- No specific negatives were mentioned in the provided report.
- No specific negatives were mentioned in the provided report.
- No specific negatives were mentioned in the provided report.
- No specific negatives were mentioned in the provided report.
- No specific negatives were mentioned in the provided report.
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 2023
+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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