Black Stone Minerals, L.P. (NYSE:BSM) Q2 2022 Earnings Conference Call August 2, 2022 10:00 AM ET

Company Participants

Evan Kiefer - Vice President, Finance & Investor Relations.

Tom Carter - Chairman & Chief Executive Officer

Jeff Wood - President & Chief Financial Officer

Conference Call Participants

Trafford Lamar - Raymond James

Operator

Good morning and welcome to the Black Stone Minerals Second Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] And finally, I would like to advise all participants that this call is being recorded. Thank you.

I would like to hand over to Mr. Evan Kiefer, Vice President, Finance and Investor Relations.

Evan Kiefer

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

We may 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 also 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. Good morning to you all and thanks for joining our second quarter 2022 financial and operating results call. We generated over $112 million of adjusted EBITDA in the second quarter, which is an increase of 14% over the prior quarter that resulted in distributable cash flow for the quarter of $107 million. That's the highest level of cash flow in a quarter for Black Stone as a public company. And on the back of that record financial performance we were able to continue to increase the distribution to the unitholders.