Black Stone Minerals, L.p. · NYSE:BSM
Black Stone Minerals, L.p — Q1 2026 Earnings Presentation
23 slides from Black Stone Minerals, L.p's earnings presentation, May 5, 2026
Slide 1: Investor Presentation
Investor Presentation September 2025
Slide 2: Forward-Looking Statements
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, events, or developments that Black Stone Minerals, L.P. (“Bla
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures In addition to GAAP financial measures, this presentation includes non-GAAP measures, such as Adjusted EBITDA and Distributable Cash Flow. These measures are used by Black Stone’s management, investors, research analysts, and other external users of the Partnership’s fina
Slide 4: Black Stone Minerals Investment Thesis
Black Stone Minerals Investment Thesis Organic Production expected to double over the next 10 years from technical delineation, acquisitions, and development Production agreements in the expanding Haynesville Basin connecting Growth Shelby Trough to the Western Haynesville Unique Signed multiple hig
Slide 5: Black Stone Minerals is the Premier U.S. Diversified Upstream Minerals Company
Black Stone Minerals is the Premier U.S. Diversified Upstream Minerals Company Williston(3) ~500,000 Gross Acres BSM AT A GLANCE ~$2.7 B ~$3.1 B Equity Enterprise Value Value(1) ~10% ~11% Distribution DCF Yield(2) Yield(2) ~20+ Permian (3) Inventory ~632,000 Gross Acres Life (years) Haynesville (3)
Slide 6: Black Stone Minerals Strategy and Outlook
Black Stone Minerals Strategy and Outlook Production growth expected to increase distributions while maintaining conservative leverage Production (MBoe/d) ▲ Subsurface focus on delineating the connection between Shelby Trough and Western Haynesville leads to an estimated 700,000 gross acre 60.0+ dev
Slide 7: Embedded Upside from Natural Gas Demand
Embedded Upside from Natural Gas Demand Significant Position in Heart of U.S. Gas Growth Uniquely positioned to benefit from growing natural gas demand Acreage is close to drivers of gas demand growth: OK AR ▲ LNG Export Terminals ▲ Data Center Projects MS AL TX ▲ Industrial Hubs Differentiated orga
Slide 8: Active Management Across All Basins
Active Management Across All Basins 20 million gross acres(1) (7.4 million net) of opportunity leads to organic growth Black Stone’s team of landmen, engineers, and geologists actively delineates and promotes its acreage to operators in basins across the U.S. Leased Acreage ▲ Current cash flow ▲ Inf
Slide 9: Development Visibility through Line-of-Sight Pipeline
Development Visibility through Line-of-Sight (“LOS”) Pipeline Gross LOS Wells Gross U.S. Lower 48 Rig Count (1) 0 On average, BSM has ~10% of total 0 2 5 US rigs on acreage 2 2 252 00 0 0 5 5 5 20 5 5 200 2 5 0 5 0 0 2Q 2 Q 2 Q 2 Q 25 2Q 25 2Q 2 Q 2 Q 2 Q 25 2Q 25 Permit D C Total S Rigs BSM Rigs To
Slide 10: Haynesville Basin Primed for Growth
Haynesville Basin Primed for Growth Key Statistics ▲ Substantial remaining inventory across top operators throughout Haynesville Gross Mineral and Royalty Acres1 ~662,000 and expanding Shelby Trough Permits on BSM last 12 mos2 78 ▲ BSM acreage well positioned to benefit % Permits on BSM acreage last
Slide 11: Shelby Trough and Haynesville Expansion Expected to Provide Material Future Growth
Shelby Trough and Haynesville Expansion (“HEX”) Expected to Provide Material Future Growth Haynesville Expansion is an extension of the ongoing development in Shelby Trough geologically connecting to the Western Haynesville Large Scale Position ▲ Estimated 2,000+ Haynesville and Bossier locations wi
Slide 12: Recent Developments Continue to Bridge the Gap Between Shelby Trough and Western Haynesville
Recent Developments Continue to Bridge the Gap Between Shelby Trough and Western Haynesville Wells Brought Online Since 2020 Central Shelby Haynesville Play Shelby Trough Updip Shelby Trough Downdip Western Haynesville Smackover Shelf Shelby Trough Sabine P Western 1 Island Haynesville Continued exp
Slide 13: Shelby Trough and Expansion Development
Shelby Trough and Expansion Development ▲ Subsurface analysis, legacy mineral position, and bolt-on acquisitions lead Aethon Energy Revenant Energy KLX Area to significant, contractual development programs with high-net interest inventory and unique relationships with several operators Gross Acres 2
Slide 14: Permian Basin Position: Midland
Permian Basin Position: Midland Expected to Contribute Significant Oil Volumes Over the Next Decade ▲ Deep bench of inventory broadly distributed throughout the core of the Northwest basin Shelf ▲ Significant remaining inventory is anchored by Exxon and Diamondback, who have had a combined average o
Slide 15: Permian Basin Position: Delaware
Permian Basin Position: Delaware Expected to Contribute Significant Oil Volumes Over the Next Decade Key Statistics ▲ Significant exposure to operators of scale Northwest Gross Mineral and Royalty Acres1 ~181,000 ▲ ~60% of remaining inventory distributed Shelf Permits on BSM last 12 mos2 194 between
Slide 16: Williston Basin Position
Williston Basin Position Low-decline oil asset with opportunities to extend runway ▲ Williston position serves as steady, low- decline, oil-weighted cash-flow base ▲ Mostly concentrated in legacy, de-risked units operated by blue-chip public operators who are selectively pursuing upside through exte
Slide 17: Current Initiatives Expected to Drive Long-Term Growth
Current Initiatives Expected to Drive Long-Term Growth Projected Production (MBoe/d) Projected Revenue1 ($, millions) $650+ 60.0+ $550+ 50.0+ ~$4252 33.0 - 35.0 2 25 2 2 5 2 25 2 2 5 Est. Production Growth of 80%+ Est. Revenue Growth of 60%+ 2025E 2035E 2025E 2035E 15 12 1 12 2 1 2 1 1 1 2 2 2 15 1
Slide 18: Generating Returns to Unitholders
Generating Returns to Unitholders Consistent Distributions Across Commodity Cycles ▲ Long history of prioritizing capital return to unitholders ▲ ~$4.7 billion returned to investors through distributions over the past 25 years 0.50 50 Quarterly Distribution Payout Ratio 00 0.25 50 0 18
Slide 19: Historical Liquidity Position
Historical Liquidity Position Black Stone maintains a robust balance sheet, continuing to exercise disciplined capital allocation to ensure long-term stability and flexibility $ 00mm $ 00mm $ 00mm $ 5mm $ 5mm $ 5mm $2 mm ndrawn RBL $ mm $2 mm Drawn RBL $ 0mm $ 50mm $ 5mm $ 2 mm $ mm $ mm $25mm $ 0mm
Slide 20: Hedge Position Overview
Hedge Position Overview Black Stone maintains strategy of hedging 60-70% of volumes for 18-24 months ensuring steady cash flows amid a volatile commodity environment Current Oil Hedge Position Current Gas Hedge Position Average Hedge Price Average Hedge Price N MEX Oil N MEX Gas Hedge of N MEX Hedge
Slide 21: Key Takeaways
Key Takeaways Focus on long-term unitholder value and distribution growth while maintaining conservative leverage Organic production growth with differentiated acquisition strategy Multiple unique development agreements on high-interest acreage with long-term inventory Projected substantial remainin
Slide 22: Appendix
4 BLACK STONE Vv MINERALS
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures Three Months Ended Six Months Ended ($ in thousands) June 30, 2025 June 30, 2025 Net income (loss) $120,028 $135,976 Adjustments to reconcile to Adjusted EBITDA: Depreciation, depletion, and amortization 9,187 18,317 Interest expense 2,270 3,667 Income tax expense (benefi