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EnerCom Oil and Gas Conference – Black Stone Minerals, L.P.

Black Stone Minerals, L.P. · Aug 13, 2019 · 15 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 Oil and Gas Conference – Black Stone Minerals, L.P. – slide 1
    The Oil & Gas Conference 2019 August 13, 2019
  2. EnerCom Oil and Gas 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. EnerCom Oil and Gas 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…
  4. EnerCom Oil and Gas Conference – Black Stone Minerals, L.P. – slide 4
    Benefits of Mineral Ownership Oil and gas exposure with no operating Represents perpetual call option on cost or capital spending requirements future oil & gas development activity Direct benefit from technology advances Scale…
  5. EnerCom Oil and Gas Conference – Black Stone Minerals, L.P. – slide 5
    Evolution of the Minerals Market Sponsors Continue to Ramp-Up Exposure Public Minerals Sector Expanding ( in billions) 18,000 DMLP 10.0 120 PSK 16,000 8.6 VNOM 14,000 Capitalization (M) 7.6 100 BSM 8.0 12,000 KRP 80 FLMN 80…
  6. EnerCom Oil and Gas Conference – Black Stone Minerals, L.P. – slide 6
    2Q19 Summary 2Q18 2Q19 Total Production (MBoe/d) 17% 44.7 52.2 Royalty Production (MBoe/d) 28% 31.1 39.7 Realized Price (/Boe, pre-hedge) 17% 32.22 26.90 Adjusted EBITDA (MM) 8% 100.3 108.3 Distributable Cash Flow…
  7. EnerCom Oil and Gas Conference – Black Stone Minerals, L.P. – slide 7
    Consistent Operational Activity Permitting Activity1 600 12.0% Black Stones diverse BSM % of US Hz Permits 500 10.0% asset footprint helps Gross Permits 400 8.0% moderate volatility of 300 6.0% industry activity 200…
  8. EnerCom Oil and Gas Conference – Black Stone Minerals, L.P. – slide 8
    Generating Returns to Shareholders Long history of returning cash to equity holders 10% distribution yield supported by coverage 3.3 billion returned to investors through distributions over the past 20 years 3x return on invested…
  9. EnerCom Oil and Gas Conference – Black Stone Minerals, L.P. – slide 9
    Acquisitions Over Time 1980 1992 2001 2010 IPO (2015) IPO - Present Gross Acres 210 635 6,250 16,500 17,000 20,850 (000s): BAKKEN/THREE FORKS MARCELLUS/UTICA POWDER RIVER BASIN DJ BASIN SCOOP/STACK PERMIAN BASIN…
  10. EnerCom Oil and Gas Conference – Black Stone Minerals, L.P. – slide 10
    Recent Acquisition History Black Stone has added to its core 2018 Acquisition Profile positions while opportunistically pursuing large, diversified mineral Haynesville packages 36% Permian 56% Diversified Acquisitions by…
  11. EnerCom Oil and Gas Conference – Black Stone Minerals, L.P. – slide 11
    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…
  12. EnerCom Oil and Gas Conference – Black Stone Minerals, L.P. – slide 12
    Active Management Opportunities Black Stone has leading positions in several of todays most active resource plays, as well as a perpetual call option across the lower 48 in dozens of prospective plays WILLISTON BASIN: BAKKEN…
  13. EnerCom Oil and Gas Conference – Black Stone Minerals, L.P. – slide 13
    Strong Balance Sheet Through Cycles Strategy: Maximize financing flexibility for new acquisition opportunities Funding sources Public markets Approx. 73 million issued through ATM since 2017 Private capital 300 million convertible…
  14. EnerCom Oil and Gas Conference – Black Stone Minerals, L.P. – slide 14
    High Quality Permian Position BSM and VNOM Permian Royalty Acreage Black Stone has meaningful exposure to the rapid development occurring in the Delaware Basin Midland and Delaware basins Permian acquisitions have been the largest…
  15. EnerCom Oil and Gas Conference – Black Stone Minerals, L.P. – slide 15
    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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