Black Stone Minerals, L.P. (NYSE:BSM) Q2 2023 Earnings Conference Call August 1, 2023 10:00 AM ET

Company Participants

Mark Meaux – Director-Finance

Tom Carter – Chairman and Chief Executive Officer

Evan Kiefer – Interim Chief Financial Officer and Treasurer

Carrie Clark – Senior Vice President-Land and Commercial

Conference Call Participants

Tim Rezvan – KeyBanc Capital Markets

Derrick Whitfield – Stifel

Trafford Lamar – Raymond James

Operator

Good day, everyone, and welcome to today's Black Stone Minerals’ 2Q Earnings Conference Call. [Operator Instructions] Please note, this call may be recorded. [Operator Instructions] It is now my pleasure to turn the conference over to Mark Meaux, Director of Finance. Please go ahead.

Mark Meaux

Thank you. Good morning to everyone. Thank you for joining us either by phone or online for Black Stone Minerals’ second quarter 2023 earnings conference call. Today’s call is being recorded and will be available on our website along with the earnings release, which was issued last night.

Before we start, I’d like to advise you that we will be making forward-looking statements during this call about our plans, expectations and assumptions regarding our future performance. These statements involve risks that may cause our actual results to differ materially from the results expressed or implied in our forward-looking statements. For a discussion of these risks, you should refer to the cautionary information about forward-looking statements in our press release from yesterday and the Risk Factors section of our 2022 10-K.

We may refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. Reconciliation of those measures to the most directly comparable GAAP measure and other information about these non-GAAP metrics are described in our earnings press release from yesterday, which can be found on our website at www.blackstoneminerals.com.

Joining me on the call from the company are Tom Carter, Chairman and CEO; Evan Kiefer, Interim Chief Financial Officer and Treasurer; Carrie Clark, Senior Vice President, Land and Commercial; Garrett Gremillion, Vice President of Engineering and Geology; and Thad Montgomery, Vice President, Land.

I’ll now turn the call over to Tom.

Tom Carter

Thank you, Mark. Good morning to everyone on the call, and thank you for joining us today to discuss our second quarter of 2023.

We posted a solid quarter with adjusted EBITDA of $109 million for the second quarter, in line with the first quarter results. This is the fifth consecutive quarter where Black Stone has generated over a $100 million of adjusted EBITDA.