BSM - Black Stone Minerals misses Q3 top and bottom line estimates; raises FY23 outlook

2023-10-31 00:47:10 ET

• Black Stone Minerals press release ( NYSE: BSM ): Q3 GAAP EPS of $0.27 misses by $0.15 .
• Revenue of $109.8M (-49.3% Y/Y) misses by $31.67M .
• Mineral and royalty production for the third quarter of 2023 equaled 40.3 MBoe/d, an increase of 20% over the prior quarter; total production, including working-interest volumes, was 42.6 MBoe/d for the quarter.
• Adjusted EBITDA for the quarter totaled $130.0 million.
• Distributable cash flow was $124.4 million for the third quarter, making the sixth consecutive quarter above $100 million.
• Outlook: "With our existing development contracts and robust activity on our acreage, we now believe our production for the full year will come in at the upper end of our guidance range of 37 to 39 Mboe per day," said Chairman, CEO and President, Thomas L. Carter, Jr.
• The Company now expects total production for 2023 to be at the upper end of the guidance range of 37 to 39 Mboe/d.
• The Company expects lease operating expenses to be in line with the revised guidance range of $11 to $12 million and production costs as a percentage of oil and gas revenues to be in line with the revised guidance range of 10% to 12%.
• Black Stone expects cash G&A to be on the low end of the guidance range of $42 to $44 million. The Company expects non-cash G&A to be at the low end of the revised guidance range of $11 to $13 million.

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