John Annis

Timothy Rezvan

Tim Rezvan

- Black Stone Minerals projects its production to **double to over 60,000 BOE per day by 2035** from the current **33,000 to 35,000 BOE per day**, primarily driven by organic growth and extensive asset development in the expanding Shelby Trough.  **[1621434_2146222_1]** **[1621434_2146222_2]** **[1621434_2146222_7]** 
- The company anticipates growing distributions to **greater than $2 per unit** over the next 5 to 10 years, up from approximately **$1.20 per unit LQA**, while maintaining very conservative leverage.  **[1621434_2146222_1]** **[1621434_2146222_2]** **[1621434_2146222_7]** 
- Revenue is forecasted to increase from about **$425 million in 2025 to over $650 million**, with both oil and gas contributing significantly to this growth.  **[1621434_2146222_7]** 
- Black Stone Minerals maintains a strategy of **low leverage**, with **$99 million borrowed** against a **$375 million borrowing base** in Q2, and hedges **60% to 70% of volumes** 1.5 to 2 years out to ensure stable cash flow.  **[1621434_2146222_7]** 
- The company highlights a substantial inventory with an estimated **20-plus years of life**, including over **2,000 gross wells** in the Shelby Trough, underpinning its long-term growth trajectory.  **[1621434_2146222_1]** **[1621434_2146222_2]**

Black Stone Minerals Outlines Long-Term Growth Strategy and Financial Targets

- Black Stone Minerals, L.P. (BSM) filed an 8-K on **September 17, 2025**, announcing an **updated investor presentation dated September 16, 2025**, highlighting its strategic outlook.  **[1621434_0001621434-25-000126_bsm-20250916.htm:0]** **[1621434_0001621434-25-000126_bsm-20250916.htm:1]** **[1621434_0001621434-25-000126_a2025-09bsminvestorprese.htm:1]** 
- For **Q2 2025**, BSM reported **production of 34.6 MBoe/d** and a **distribution yield of approximately 10%** as of September 15, 2025.  **[1621434_0001621434-25-000126_a2025-09bsminvestorprese.htm:4]**  The company also reported **Distributable Cash Flow per Unit of $0.353** for the quarter.  **[1621434_0001621434-25-000126_a2025-09bsminvestorprese.htm:9]** 
- BSM projects significant growth, with **production expected to increase by over 80%** from an estimated **33.0-35.0 MBoe/d in 2025** to **60.0+ MBoe/d by 2035**.  **[1621434_0001621434-25-000126_a2025-09bsminvestorprese.htm:4]**   The company targets increasing annual distributions to **$2+ per unit over the next 5-10 years**.  **[1621434_0001621434-25-000126_a2025-09bsminvestorprese.htm:3]** 
- The company maintains a **conservative leverage ratio of 0.29x** (Total Debt / LTM Adjusted EBITDA as of June 30, 2025).  **[1621434_0001621434-25-000126_a2025-09bsminvestorprese.htm:4]**   Growth is driven by organic production, a differentiated acquisition strategy, and development agreements in the **Haynesville Basin**, particularly the Shelby Trough and Haynesville Expansion.  **[1621434_0001621434-25-000126_a2025-09bsminvestorprese.htm:3]** **[1621434_0001621434-25-000126_a2025-09bsminvestorprese.htm:5]** **[1621434_0001621434-25-000126_a2025-09bsminvestorprese.htm:9]**

Black Stone Minerals, L.P. Posts Updated Investor Presentation with Production and Distribution Growth Targets

- Black Stone Minerals, L.P. (BSM) entered into a Unitholder Agreement with **AP Basileia SPV, LLC**, the holder of **14,711,219 preferred units**, on **August 22, 2025**.  **[1621434_0001621434-25-000119_bsm-unitholderagreementxex.htm:0]** **[1621434_0001621434-25-000119_bsm-20250822.htm:1]** 
- Under the agreement, AP Basileia SPV, LLC will **vote its preferred units in line with the Board of Directors' recommendations** on ordinary course matters, and the Partnership has agreed **not to redeem these preferred units**.  **[1621434_0001621434-25-000119_bsm-20250822.htm:1]** **[1621434_0001621434-25-000119_bsm-unitholderagreementxex.htm:1]** 
- The agreement, including a **standstill provision** for AP Basileia SPV, LLC, is effective until **November 27, 2027**, restricting the unitholder from increasing its stake above 11% (as-converted) or engaging in certain activist behaviors.  **[1621434_0001621434-25-000119_bsm-20250822.htm:1]** **[1621434_0001621434-25-000119_bsm-unitholderagreementxex.htm:2]**

Black Stone Minerals (BSM)