Black Stone Minerals reported its fourth-quarter 2024 results, with mineral and royalty volumes at 34.8 MBoe/d and total production averaging 36.1 MBoe/d, continuing a slight decline from previous quarters. For the full year 2024, total production was 38.5 MBoe/d, aligning with the company's guidance despite headwinds from lower natural gas pricing.
The company posted a net income of $46.3 million for Q4 2024, a decrease from $92.7 million in the prior quarter, and reported a loss of $20.6 million on commodity derivative instruments. Adjusted EBITDA for the quarter was $90.1 million, and distributable cash flow reached $81.9 million, resulting in a distribution coverage ratio of approximately 1.03x.
Black Stone Minerals provided 2025 guidance, forecasting total production between 38 and 41 MBoe/d, representing approximately 2% growth over 2024 levels. This anticipated growth is expected from increased activity in the Shelby Trough, Louisiana Haynesville, and Permian basins, with royalty production projected to increase by about 2%.
The company's estimated proved oil and natural gas reserves at year-end 2024 decreased by 11% to 57.4 MMBoe, with 70% natural gas and 88% proved developed producing. The standardized measure of discounted future net cash flows was $868.1 million, down from $1,019.5 million at year-end 2023.
Strategic acquisitions continued, with $45.2 million in mineral, royalty, and leasehold interests acquired in Q4 2024, bringing the total to $130.5 million since September 2023. Development activity includes Aethon turning to sales 11 gross wells in the Shelby Trough in 2025, 11 gross wells expected from Accelerated Drilling Agreements in the Louisiana Haynesville, and a large producer planning 37 gross wells in the Permian Basin with 8 wells anticipated to turn to sales in Q4 2025.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.