Black Stone Minerals, L.P. (NYSE:BSM) Q3 2022 Results Conference Call November 1, 2022 10:00 AM ET

Company Participants

Evan Kiefer - VP, Finance and IR

Tom Carter - Chairman and CEO

Jeff Wood - President and CFO

Conference Call Participants

Derrick Whitfield - Stifel

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Black Stone Minerals Q3 2022 Earnings Release. At this time, all lines are currently in a listen-only mode. There will be a question-and-answer session at the end of the presentation. [Operator Instructions] As a reminder, this call is being recorded.

I would now like to turn the conference over to Evan Kiefer, Vice President of Finance and Investor Relations. Please go ahead.

Evan Kiefer

Thank you, and good morning to everyone. Thank you for joining us either by phone or online for the Black Stone Minerals third quarter 2022 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 our cautionary information about forward-looking statements in our press release from yesterday and the Risk Factors section in our 2021 10-K.

We refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. A 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 blackstoneminerals.com.

Joining me on the call from the Company are Tom Carter, Chairman and CEO; Jeff Wood, President and Chief Financial Officer; Steve Putman, Senior Vice President and General Counsel; Carrie Clark, Senior Vice President, Land and Commercial; 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

Thanks, Evan, and good morning, and thank you all for joining us. We have a lot of good news to report. We generated total production volumes for the quarter of 40,000 Boe per day, an increase of 19% over our second quarter volumes. All that increase was from royalty volumes, which were up 23% to 37,300 Boe per day. Our base production is trending up as development activity remains robust across our acreage and as our target development programs with operators in the Shelby Trough, Haynesville and East Texas, Austin Chalk continue taking shape, while growing and moving forward.