Black Stone Minerals, L.P. (NYSE:BSM) Q4 2023 Earnings Conference Call February 20, 2024 10:00 AM ET

Company Participants

Mark Meaux - Director, Finance

Tom Carter - Chairman, Chief Executive Officer and President

Evan Kiefer - Senior Vice President, Chief Financial Officer and Treasurer

Carrie Clark - Senior Vice President, Land and Commercial

Steve Putman - Senior Vice President and General Counsel

Conference Call Participants

Tim Rezvan - KeyBanc

Derrick Whitfield - Stifel

Operator

Good day and welcome to the Black Stone Minerals Fourth Quarter and Year End Earnings Call. [Operator Instructions] I’d now like to turn the call 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 fourth quarter and full year 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 2023 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 measures 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, CEO and President; Evan Kiefer, Senior Vice President, Chief Financial Officer and Treasurer; Carrie Clark, Senior Vice President, Land and Commercial; and Steve Putman, Senior Vice President and General Counsel. I’ll now turn the call over to Tom.

Tom Carter

Good morning to everyone on the call, and thank you for joining us today to discuss our fourth quarter and full year ‘23 results. We posted strong results with adjusted EBITDA of $125.5 million for the quarter, bringing us to $474.7 million in 2023. We generated total production volumes for the fourth quarter of 41,400 BOE per day, 2% above the upper end of our full year guidance range. Royalty volumes for the quarter were 38,900 BOE, where we saw oil volumes trend down in the Bakken and Eagle Ford, but were offset by an increase in Mid/Del.