Black Stone Minerals, L.P. (NYSE:BSM) Q4 2022 Earnings Conference Call February 22, 2023 10:00 AM ET

Company Participants

Steve Putman - Senior Vice President and General Counsel

Tom Carter - Chairman and Chief Executive Officer

Evan Kiefer - Vice President, Finance, and Investor Relations

Conference Call Participants

Derrick Whitfield - Stifel

Tim Rezvan - KeyBanc

Monroe Helm - Clemensen Capital

Operator

Good day, everyone, and welcome to today's Black Stone Minerals Fourth Quarter and Earnings Release Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note, this call may be recorded, and I will be standing by if you should need any assistance.

It is now my pleasure to turn the conference over to Senior Vice President and General Counsel, Steve Putman.

Steve Putman

Thank you. Good morning to everyone. Thank you for joining us either by phone or online for Black Stone's fourth quarter and full-year 2022 earnings conference call. Today's call is being recorded and will be available on our website along with our 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 our cautionary information about forward-looking statements in our press release yesterday, the Risk Factors section of our 2022 10-K that we expect to file later today.

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 measures are described in our earnings press release from yesterday, which can be found on our website at blackstoneminerals.com.

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

I'll now turn the call over to Tom.

Tom Carter

Thank you, Steve. Good morning to everyone on the call. Thanks for joining us today to discuss our fourth quarter and full-year 2022 results. We posted a very strong quarter across the board and in fact set new records in production and cash flow. We generated total production volumes for the quarter of 42,000 BOE per day, an increase of 5% over our third quarter volumes. That increase was driven by higher royalty volumes, which totaled 40,000 BOE per day, up 7% from the last quarter and the highest level of royalty production in our history.