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2016 MLP Investor Conference – Black Stone Minerals, L.P.

Black Stone Minerals, L.P. · Jun 2, 2016 · 18 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 1
    2016 MLP Investor Conference Brock Morris Senior Vice President, Engineering and Geology June 2, 2016
  2. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 2
    Black Stone Minerals at a Glance Black Stone Minerals, L.P. is the largest publicly traded yield vehicle focused on mineral and royalty interests in the U.S. Headquarters. Houston, TX Common units outstanding(1). 96.5 MM…
  3. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 3
    Investment Highlights Growth potential from unique and diverse asset base Size and scale through 17 million mineral and royalty acres Durable competitive advantage; would be difficult to replicate our footprint Announced…
  4. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 4
    Strong Start to 2016 Production in first quarter was stronger than expected 1Q16 production of 30.3 MBoe/d outperformed our expectations Bakken/Three Forks, Eagle Ford, and Haynesville assets are leading the outperformance BSM…
  5. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 5
    How Mineral and Royalty Interests Work Mineral Revenue Generation 1 Unleased Minerals(1) 2 BSM issues a lease for an upfront cash bonus payment and Revenue Costs customarily a 20-25% royalty In return, BSM delivers the right to…
  6. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 6
    The Value of Mineral and Royalty Interests Operating Margin per Equity Barrel (/Boe) Illustrative Working Illustrative Royalty Interest Operator Owner Royalty production realizes higher margins Revenue 26.50 / Boe than working…
  7. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 7
    Long, Established Track Record Black Stone Minerals Timeline Participated in oil and natural gas exploration and mineral management Founded as a timber and lumber company 1876 1980s 1990s - Present 1968 Sold timber and…
  8. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 8
    Large, Diversified Acreage Position BSM Mineral and Royalty Acreage Approximately 17 million mineral and royalty acres Interests in over 40 states and 60 onshore basins Consistent with historical levels, more than 1,000…
  9. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 9
    Delivering Unitholder Value through Focus on Core Competencies Mineral Management Promote development of our acreage and generate lease bonus income Mineral Acquisition Working Interest Capture mineral and royalty positions…
  10. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 10
    Active Management of Mineral and Royalty Interests Black Stone Minerals actively markets ideas and prospects Promote BSM Acreage to industry BSM is not passively waiting for the phone to ring Getting acreage tested and in…
  11. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 11
    Managing the Assets Drive activity on to BSM mineral Mineral & Royalty (M&R) Volumes vs. Rig Count and royalty interests 2,000 25 Multiple levers are available to 1,800 incentivize operators, such as 1,600 20 amending lease…
  12. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 12
    Long History of Acquisitions Scalable Infrastructure for Acquisitions by Year(1) Future Acquisitions 300 Business Development: Reviewed hundreds of third-party acquisitions since the beginning of 250 2010, closing transactions…
  13. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 13
    Recently Announced Acquisitions Freeport-McMoRan Acquisition of diverse mineral package for 102 million Approximately 1.2 million gross/126 thousand net mineral acres, 16 thousand net NPRI acres, and 11 thousand net ORRI acres…
  14. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 14
    Working Interest Participation Option What is it How is it different Why do we do it Option to participate in drilling BSM does not participate in full-cycle Allows BSM to recapture some of the opportunities alongside operators…
  15. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 15
    Black Stone Minerals Compared to Other MLPs Cost-Free Growth Potential with Downside Protection At BSM, all undeveloped assets are already in the Partnership, creating embedded cost-free drop-downs Cost-Free Growth Potential Other…
  16. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 16
    Differentiated Distribution Structure Growing Common MQD Protected by Subordination Structure Growing MQD(1) Common units scheduled to receive an / unit 1.60 9% increasing MQD for 4 years from IPO, CAGR 1.35 growing at an…
  17. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 17
    Black Stone Minerals Compared to Peers BSM PSK CN DMLP VNOM Acres (000s) 17,000(1) 14,700 3,100 47 1Q16 Production (MBoe/d) 30.3 23.1 5.6 6.2 YE 2015 Proved Reserves 49.8 36.5(2) 13.9 26.3 (MMBoe) Yield %(3) 6.8 / 7.4(4) 4.4 4.6…
  18. 2016 MLP Investor Conference – Black Stone Minerals, L.P. – slide 18
    Key Takeaways Black Stone Minerals is a leading player in the mineral-and-royalty space Current environment is presenting acquisition opportunities for BSM Significant levels of development and exploration activity continue to…

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