Black Stone Minerals, L.p. · NYSE:BSM
Black Stone Minerals, L.p — Investor Presentation (September 2025)
23 slides from Black Stone Minerals, L.p's investor presentation, Sep 17, 2025
Slide 1: Investor Presentation September 2025
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 4 Organic Production Growth Production expected to double over the next 10 years from technical delineation, acquisitions, and development agreements in the expanding Haynesville Basin connecting Shelby Trough to the Western Haynesville Unique Development Agree
Slide 5: Black Stone Minerals is the Premier U.S. Diversified Upstream Minerals Company
~$2.7 B Equity Value ~$3.1 B Enterprise Value(1) ~10% Distribution Yield(2) Black Stone Minerals is the Premier U.S. Diversified Upstream Minerals Company 1) Based on unit price of $12.59 on September 15, 2025; Enterprise value includes preferred equity. 2) Distribution yield calculated by annualizi
Slide 6: Black Stone Minerals Strategy and Outlook
2 25 2 2 5 Black Stone Minerals Strategy and Outlook Production growth expected to increase distributions while maintaining conservative leverage ▲ Maintaining conservative, peer-leading leverage ratio through strategic shift in acquisition philosophy ▲ Historical acquisition capital of ~$800MM pre-
Slide 7: Robust return of capital driven by limited capital needs and prudent capital structure
Robust return of capital driven by limited capital needs and prudent capital structure TX OK AL MS AR LA Uniquely positioned to benefit from growing natural gas demand Differentiated organic growth strategy points to 20+ years of inventory Development agreements in the Shelby Trough limit uncertaint
Slide 8: Active Management Across All Basins
Leased Unleased ▲ Current cash flow ▲ Infill and multi-zone development ▲ Substantial remaining inventory Active Management Across All Basins 20 million gross acres(1) (7.4 million net) of opportunity leads to organic growth ▲ Growth opportunities as the industry looks for new supply to fulfill dema
Slide 9: Development Visibility through Line-of-Sight Pipeline
Gross LOS Wells Top Operators LOS Well Pipeline 0 5 5 5 5 0 0 20 0 00 2Q 2 Q 2 Q 2 Q 25 2Q 25 Total S Rigs BSM Rigs 0 5 2 5 200 0 5 2 2 252 2 5 0 2Q 2 Q 2 Q 2 Q 25 2Q 25 Permit D C On average, BSM has ~10% of total US rigs on acreage Development Visibility through Line-of-Sight (“LOS”) Pipeline Gros
Slide 10: Haynesville Basin Primed for Growth
16% 13% 7% 6% 23% 35% 28% 72% Haynesville Basin Primed for Growth 101) As of 06/30/25, inclusive of mineral interests, NPRIs, and ORRIs 2) Permit data sourced from IHS and represents permits filed through 6/30/2025 5,200 gross 8 7 9 6 7 7 8 7 0 2 4 6 8 10 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Ju
Slide 11: Shelby Trough and Haynesville Expansion Expected to Provide Material Future Growth
Sabine Island Shelby Trough Haynesville Play Smackover Shelf HEX Shelby Trough and Haynesville Expansion (“HEX”) Expected to Provide Material Future Growth 11 Haynesville Expansion is an extension of the ongoing development in Shelby Trough geologically connecting to the Western Haynesville Large Sc
Slide 12: Recent Developments Continue to Bridge the Gap Between Shelby Trough and Western Haynesville
12 ▲ The regional structure of the Shelby Trough and basin extension deepens to the southwest with increasing productivity following the same trend ▲ Activity in Shelby Trough and continued subsurface delineation has steadily extended the limits south and west towards the Western Haynesville ▲ Recen
Slide 13: Shelby Trough and Expansion Development
Shelby Trough Gross Well Spuds Shelby Trough and Expansion Development ▲ Subsurface analysis, legacy mineral position, and bolt-on acquisitions lead to significant, contractual development programs with high-net interest inventory and unique relationships with several operators ▲ Development agreeme
Slide 14: Permian Basin Position: Midland
12% 88% 8 8 7 6 6 6 10 10 9 12 7 7 9 14 15 8 20 26 17 21 21 30 39 27 0 5 10 15 20 25 30 35 40 45 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Diamondback ExxonMobil ConocoPhillips Occidental Petroleum APA Corp Others Central Basin Platform Northwest Shelf Delaware Basin Midland Basin 2025
Slide 15: Permian Basin Position: Delaware
10% 90% Central Basin Platform Northwest Shelf Delaware Basin Midland Basin 5 6 13 11 12 11 5 9 0 2 4 6 8 10 12 14 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Occidental Petroleum ConocoPhillips Chevron Devon Energy Coterra Energy Others 31% 38% 6% 6% 5% 14% 3,800 gross Estimated Delawar
Slide 16: Williston Basin Position
Estimated Bakken/Three Forks Locations 2025E Revenue 4 4 3 3 0 1 4 2 0 1 2 3 4 5 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 ConocoPhillips Chevron Chord Energy Continental Resources Others 17% 15% 14% 43% 11% Williston Basin Position Low-decline oil asset with opportunities to extend ru
Slide 17: Current Initiatives Expected to Drive Long-Term Growth
2035E 1 2 2 12 2035E Projected Revenue1 ($, millions)Projected Production (MBoe/d) 1 25 1 1 1 Current Initiatives Expected to Drive Long-Term Growth Remaining Play Trends Permian illiston Louisiana Haynesville Shelby Trough HEX LX 17 Est. Revenue Growth of 60%+ 2 25 2 2 52 25 2 2 5 Est. Production G
Slide 18: Generating Returns to Unitholders
Generating Returns to Unitholders Consistent Distributions Across Commodity Cycles ▲ Long history of prioritizing capital return to unitholders ▲ ~$4.7 billion returned to investors through distributions over the past 25 years 0 50 00 50 0.25 0.50 P a y o u t R a ti o Q u a rt e rl y D is tr ib u ti
Slide 19: Historical Liquidity Position
Historical Liquidity Position Liquidity Metrics ($ in millions) 2020 2021 2022 2023 2024 As of Q2’25 Cash and Cash Equivalents $1.8 $8.9 $4.3 $70.3 $2.5 $2.5 Total Debt $121.0 $89.0 $10.0 - $25.0 $99.0 Net Debt $119.2 $80.1 $5.7 $(70.3) $22.5 $60.6 Consolidated Debt Leverage Ratio (1) 0.43x 0.30x 0.
Slide 20: Hedge Position Overview
Hedge Position Overview 1) NYMEX pricing as of September 15, 2025 Black Stone maintains strategy of hedging 60-70% of volumes for 18-24 months ensuring steady cash flows amid a volatile commodity environment 20 $ . $ 2 . $ 2 . 2 $ 2 . 0 $ 2 . 5 $ 2 . 0 $ 0 $ 5 $50 $55 $ 0 $ 5 $ 0 $ 5 Q 25 Q 25 Q 2 Q
Slide 21: Key Takeaways
Expect doubling production will lead to $2.00+/unit distribution while maintaining conservative leverage Key Takeaways 21 33–35 MBoe/d 60+ MBoe/d 2025 2035 Focus on long-term unitholder value and distribution growth while maintaining conservative leverage Organic production growth with differentiate
Slide 22: Black Stone Minerals
4 BLACK STONE Vv MINERALS
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures ($ in thousands) Three Months Ended June 30, 2025 Six Months Ended 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
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