Black Stone Minerals, L.P. (NYSE:BSM) Q3 2023 Earnings Conference Call October 31, 2023 10:00 AM ET

Company Participants

Mark Meaux - Director, Finance

Tom Carter - Chairman, Chief Executive Officer and President

Evan Kiefer - Chief Financial Officer and Treasurer

Carrie Clark - Senior Vice President, Land and Commercial

Steve Putman - Senior Vice President and General Counsel

Thad Montgomery - Vice President

Conference Call Participants

Tim Rezvan - KeyBanc Capital Markets

Derrick Whitfield - Stifel

Operator

Good day, everyone and welcome to the Black Stone Minerals 3Q Earnings Conference Call. [Operator Instructions] Please note this call is being recorded. I will be standing by if you should need any assistance. At this time, it is my pleasure to turn the conference over to the Director of Finance, Mark Meaux. 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 third 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 today from the company are Tom Carter, Chairman, CEO and President; Evan Kiefer, Chief Financial Officer and Treasurer; Carrie Clark, Senior Vice President, Land and Commercial; Steve Putman, Senior Vice President and General Counsel; and Thad Montgomery, Vice President. I’ll now turn the call over to Tom.

Tom Carter

Thank you, Mark. Good morning and thanks for joining us for our third quarter ‘23 results. We posted a solid quarter with adjusted EBITDA of $130 million for the quarter, an increase of 19% compared to the second quarter. This is now the sixth consecutive quarter where Black Stone has generated over $100 million in adjusted EBITDA.