Black Stone Minerals, L.P. Reports Third Quarter Results

Taylor DeWalch, Co-CEO and President of Black Stone Minerals, L.P.

“We are pleased with another strong quarter, reflecting increased development activity and higher oil production and revenue. Continued leasing efforts and active portfolio management have helped promote further development of our oil acreage, providing additional cash flow in the current commodity price environment as our natural gas development programs continue to ramp. This performance supported our second consecutive quarterly distribution increase while allowing Black Stone to maintain prudent distribution coverage, financial flexibility, and a strong balance sheet. We also continue to execute on opportunities to enhance the long-term value of our asset base, highlighted by a successful marketing process and the significant expansion of our Caturus development agreement in the Shelby Trough. Together, these results reflect the strength of our current portfolio and continued execution of our long-term growth strategy as we work to drive development and increase returns for our unitholders.”

Fowler Carter, Co-CEO and President of Black Stone Minerals, L.P.

“The addition of two significant development areas and an associated long-term development program meaningfully expands our Caturus program and the development footprint within Black Stone’s expanded Shelby Trough position. Continued execution under our Adamas development agreement, progress on initial development under our Revenant agreement, and increasing activity from other operators across our broader Shelby Trough acreage further demonstrate the growing development opportunity across our position. We believe the scale of this inventory, combined with our ability to work with operators and capital providers to establish long-term development programs, positions Black Stone well as the industry prepares to meet anticipated growth in natural gas demand. LNG exports, power generation, and other sources of demand will require significant long-term natural gas supply, and we believe Black Stone is well positioned to help provide the drilling inventory needed to support that growth. Our strategy has been to assemble large, high-interest mineral positions in the expanded Shelby Trough, contiguous to our legacy assets, and place that acreage into structured development programs. The expanded Caturus agreement increases the acreage and long-term drilling inventory subject to structured development programs, further advancing development of Black Stone’s Shelby Trough position.”