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VNOM - Black Stone Minerals Update: Attractive 10.6% Yield And Tons Of Valuable Acreage
Viper Energy Partners LP
I wrote up Black Stone Minerals (BSM) in January 2019 when the units traded around $16. Since then, gas prices have fallen 26% (from $2.94 to $2.17 using generic forward 1 month prices, NG1 on Bloomberg), causing weakness in BSM units as well as depressing the entire energy space. Slowing global demand, increased production in the US, and a warm winter have impacted gas prices and oil/NGL prices as well (which tend to be heavily correlated).
Despite that, I still am long BSM stock, and continue to find the risk reward compelling. The