Black Stone Minerals, L.P. Common Units (NYSE:BSM) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET

Corporate Participants

Mark Meaux - Director, Finance
Tom Carter - Chairman, Chief Executive Officer and President
Evan Kiefer - Senior Vice President, Chief Financial Officer and Treasurer

Conference Call Participants

Derrick Whitfield - Stifel
Jon Mardini - KeyBanc Capital Markets

Operator

Good day and welcome to the Black Stone Minerals First Quarter Earnings Call. At this time, all participants are in a listen-only mode.

Later, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [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 First Quarter 2024 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 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. 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 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, Chief Commercial Officer, and Steve Putman, Senior Vice President and General Counsel.

I'll now turn the call over to Tom.

Tom Carter

Thank you, Mark. Good morning, everyone, and thank you for joining us this morning to discuss the quarter.

We posted a good first quarter with net income of $63.9 million and adjusted EBITDA of $104.1 million. We generated total production volumes for the first quarter of 40.3 MBoe/d, a decrease of 2% from our fourth quarter of '23 volumes. Royalty volumes for the quarter were 38.9 MBoe/d. Oil volumes trended down in the Midland and Delaware Basins but were partially offset by an increase in the resilient Bakken area.