Black Stone Minerals LP (BSM) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.297 Thank you for standing by and welcome to the Blackstone Minerals fourth quarter and full 00:00:04.297 -- 00:00:08.863 year 2025 earnings conference call. All lines have been placed on mute to prevent any 00:00:08.863 -- 00:00:13.289 background noise. After the speaker's remarks, there will be a question and answer session. 00:00:13.289 -- 00:00:16.534 If you'd like to ask a question during this time, simply press star followed by the number 00:00:16.534 -- 00:00:20.439 one in your telephone keypad. If you would like to withdraw your question, again, press 00:00:20.439 -- 00:00:25.687 star one. Thank you. I'd now like to turn the call over to Natalie Liddell, Vice President, 00:00:25.687 -- 00:00:27.249 Corporate Planning. You may begin. 00:00:27.249 -- 00:00:29.249 Thank 00:00:29.452 -- 00:00:34.360 you. Good morning, everyone. Thank you for joining us for the Blackstone Minerals fourth 00:00:34.360 -- 00:00:38.045 quarter and full year 2025 earnings conference call. 00:00:38.045 -- 00:00:42.411 Today's call is being recorded and will be available on our website along with the earnings 00:00:42.411 -- 00:00:46.557 release, which was issued last night. Before we start, I'd like to advise you that we 00:00:46.557 -- 00:00:51.124 will be making forward-looking statements during this call about our plans, expectations, 00:00:51.124 -- 00:00:53.988 and assumptions regarding our future performance. 00:00:53.988 -- 00:00:59.088 These statements involve risks that may cause our forward-looking our actual results 00:00:59.088 -- 00:01:04.375 to differ materially from the results expressed or implied in our forward-looking statements. 00:01:04.375 -- 00:01:08.921 For discussion of these risks, you should refer to the cautionary information a...