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Mineral and Royalty Conference – Black Stone Minerals, L.P.

Black Stone Minerals, L.P. · Apr 23, 2019 · 12 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. Mineral and Royalty Conference – Black Stone Minerals, L.P. – slide 1
    Mineral and Royalty Conference April 23, 2019
  2. Mineral and Royalty Conference – Black Stone Minerals, L.P. – slide 2
    Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the securities laws. All statements, other than statements of historical fact, included in this presentation that address activities,…
  3. Mineral and Royalty Conference – Black Stone Minerals, L.P. – slide 3
    Black Stone Minerals at a Glance Black Stone Minerals, L.P. is the largest pure-play oil and gas mineral and royalty owner in the United States Over 20 million mineral and royalty acres (7.4 million net) with interests in 41 states…
  4. Mineral and Royalty Conference – Black Stone Minerals, L.P. – slide 4
    2018 Year in Review 2017 2018 Total Production 25% 37.0 46.3 (MBoe/d) Royalty Production 45% 32.1 22.1 (MBoe/d) Adjusted EBITDA 35% 310 419 (MM) Distributable Cash Flow 35% 273 368 (MM) Common Distribution 13% 1.39 ( per…
  5. Mineral and Royalty Conference – Black Stone Minerals, L.P. – slide 5
    Generating Returns to Shareholders Long history of returning cash to equity holders 8% cash yield supported by growing free cash flows 3 billion returned to investors through distributions over the past 20 years 3x return on invested…
  6. Mineral and Royalty Conference – Black Stone Minerals, L.P. – slide 6
    The Black Stone Business Model 1 Continue to enhance scale with an emphasis on building up core positions 2 Unlock value of acquired properties through in- house Land, Engineering and Geology groups 3 Maintain low leverage…
  7. Mineral and Royalty Conference – Black Stone Minerals, L.P. – slide 7
    Acquisitions Over Time 1980 1992 2001 2010 IPO (2015) IPO - Present Gross Acres (000s): 210 635 6,250 16,500 17,000 20,850 BAKKEN/THREE FORKS MARCELLUS/UTICA POWDER RIVER BASIN DJ BASIN Acquisitions by Year (MM)…
  8. Mineral and Royalty Conference – Black Stone Minerals, L.P. – slide 8
    Active Management 20 million gross acres (7.4 million net) of opportunity leads to organic growth with no incremental capital requirements Black Stones team of landmen, engineers and geologists actively promote its acreage to industry…
  9. Mineral and Royalty Conference – Black Stone Minerals, L.P. – slide 9
    Mineral Management Shelby Trough In 2014, the southern portion of the Shelby Trough was relatively undeveloped compared to the rest of the Haynesville / Bossier play BSM invested with XTO to initiate activity and then structured…
  10. Mineral and Royalty Conference – Black Stone Minerals, L.P. – slide 10
    Strong Balance Sheet Through Cycles Strategy: Maximize financing flexibility for new acquisition opportunities Funding sources Public markets Approx. 73 million issued through ATM since through 2018 Private capital 300 million…
  11. Mineral and Royalty Conference – Black Stone Minerals, L.P. – slide 11
    Near Term Growth Drivers Haynesville/Bossier Permian Minerals position concentrated in Shelby Trough, which is delivering Black Stone has a high quality position in the core of the Midland and among the best economics across the entire…
  12. Mineral and Royalty Conference – Black Stone Minerals, L.P. – slide 12
    Key Messages Investors gain exposure to industry-leading minerals portfolio with significant exposure to two of the most active areas in the United States Upside exposure from increase in commodity prices, accelerated…

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