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Enercom Conference – Black Stone Minerals, L.P.

Black Stone Minerals, L.P. · Aug 17, 2016 · 23 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. Enercom Conference – Black Stone Minerals, L.P. – slide 1
    The Oil & Gas Conference Thomas L. Carter, Jr. President, CEO, and Chairman of the Board August 17, 2016
  2. Enercom 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 oil and gas mineral and royalty interests in the U.S. Mineral and royalties provide commodity exposure without the…
  3. Enercom Conference – Black Stone Minerals, L.P. – slide 3
    Large, Diversified Portfolio of Assets Black Stone Minerals Acreage Position The origins of Black Stone Minerals can be traced back to the 1870s in East Texas Focus on capturing minerals began in the 1980s Over the last four…
  4. Enercom Conference – Black Stone Minerals, L.P. – slide 4
    Differentiated Distribution Structure Growing Common Unit Distribution Protected by Subordination Structure Growing Common Distribution(1) Common units scheduled to receive an increasing minimum quarterly distribution 1.60 9%…
  5. Enercom Conference – Black Stone Minerals, L.P. – slide 5
    Strong Execution Post-IPO Rig Count since IPO Following May 2015 IPO, BSM faced declining industry activity and falling commodity prices 1000 900 Despite these headwinds, the Partnership 800 700 600 delivered strong results…
  6. Enercom Conference – Black Stone Minerals, L.P. – slide 6
    2016 Performance Monthly Well Additions 140 Average monthly well additions for 2016 inline with prior years despite 120 100 2015 avg: 79 softness of industry environment 80 60 2016 avg: 74 40 20 0 Increased 2016 production…
  7. Enercom Conference – Black Stone Minerals, L.P. – slide 7
    Solid Financial Position Senior credit facility is BSMs only Secured Credit Facility debt 500 285 million drawn on 450 million borrowing base at the end of 2Q16 450 Ample liquidity available 400 Debt to trailing-twelve-month…
  8. Enercom Conference – Black Stone Minerals, L.P. – slide 8
    Focus on Core Competencies Minerals Management Mineral Acquisition Working Interest Participation Generate lease bonus income Capture mineral and royalty Fundamentally different from by promoting prospects to positions that…
  9. Enercom Conference – Black Stone Minerals, L.P. – slide 9
    Managing the Mineral and Royalty Assets Drive activity on to BSM mineral Recent M&R Volumes vs. Rig Count and royalty (M&R) interests 2,000 25 Multiple levers are available to Production (MBoe/d) 20 1,500 incentivize…
  10. Enercom Conference – Black Stone Minerals, L.P. – slide 10
    Long History of Acquisitions Scalable Infrastructure for Acquisitions by Year Future Acquisitions 300 Business Development: Reviewed hundreds of third-party acquisitions since the beginning of 250 2010, closing transactions…
  11. Enercom Conference – Black Stone Minerals, L.P. – slide 11
    Working Interest Participation Option In many cases, Black Stone retains the ability to participate as a working interest owner along side our operators At our discretion, we can invest at a point when results are predictable, risks…
  12. Enercom Conference – Black Stone Minerals, L.P. – slide 12
    Large, Diversified Portfolio of Assets Black Stone Minerals Acreage Position Production by Play 31.6 MBoe/d Haynesville Other 32% 36% Bakken/TF Wilcox 13% 9% Eagle Ford 10% Production by Commodity 31.6 MBoe/d Oil…
  13. Enercom Conference – Black Stone Minerals, L.P. – slide 13
    Multiple Avenues of Growth with Free Options on New Discoveries Anadarko Basin Williston Basin Arkoma Basin Louisiana Mississippi Salt Basins Plays: Granite Wash, SCOOP, STACK, Plays: Bakken, Three Forks, Madison, Red Plays:…
  14. Enercom Conference – Black Stone Minerals, L.P. – slide 14
    Haynesville Shale Improved completion designs and favorable gas markets leading to renewed interest in the play Significant levels of investment being made in recent quarters by both public and private companies Vine, GeoSouthern,…
  15. Enercom Conference – Black Stone Minerals, L.P. – slide 15
    Eagle Ford Shale - BSM well - Active Permit on BSM - Well Waiting on Completion on BSM BSM exposed to some of the best parts of the play Approximately 5% of permits filed in play in 1H16 involved BSM acreage BLACK STONE…
  16. Enercom Conference – Black Stone Minerals, L.P. – slide 16
    Bakken/Three Forks Bakken/Three Forks continues to attract capital from major operators such as EOG, Continental, and Whiting Of permits filed in the play in the 1H16, nearly 25% involved BSM acreage - BSM well - Active…
  17. Enercom Conference – Black Stone Minerals, L.P. – slide 17
    Permian Black Stone has significantly expanded its Permian Basin footprint since its IPO Continuing to build position across the basin Approximately 20% of permits filed in 1H16 involved BSM acreage - BSM legacy acreage…
  18. Enercom Conference – Black Stone Minerals, L.P. – slide 18
    Investment Highlights Growth potential from unique and diverse asset base Size and scale through over 18 million mineral and royalty acres Durable competitive advantage; would be difficult to replicate our footprint Low capital…
  19. Enercom Conference – Black Stone Minerals, L.P. – slide 19
    Appendix BLACK STONE MINERALS, L.P. 20
  20. Enercom Conference – Black Stone Minerals, L.P. – slide 20
    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…
  21. Enercom Conference – Black Stone Minerals, L.P. – slide 21
    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…
  22. Enercom Conference – Black Stone Minerals, L.P. – slide 22
    Full Year 2016 Guidance Revised 2016 Guidance Average daily production (Mboe/d) 31.0 32.0 Percentage oil 30% Percentage royalty interest 65% Lease bonus and other income (MM) 30 Lease operating expense (/Boe) 1.65 1.85 Lease…
  23. Enercom Conference – Black Stone Minerals, L.P. – slide 23
    EBITDA, Adjusted EBITDA, and Distributable Cash Flow Reconciliation Three Months Ended June 30 2016 2015 (In thousands) Net loss (GAAP) (20,810 ) (122,766 ) Adjustments to reconcile to Adjusted EBITDA: Add: Depreciation, depletion…

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