Black Stone Minerals reports Q1 EPS 4c vs. 27c last year

Reports Q1 revenue $59.25M vs. $105.49M last year. Mineral and royalty production for Q1 was 34.2 MBoe/d; total production, including working-interest volumes, was 35.5 MBoe/d for the quarter. CEO Thomas Carter, Jr., commented, “Despite recent market volatility, our financial position and asset outlook remain strong, and we are maintaining our quarterly distribution of $0.375 per unit. Distribution coverage for the quarter was 0.93x; however, this lower level of coverage was partially driven by an expenditure related to a seismic license that further bolsters our subsurface evaluation and potential mineral acquisitions in the expanded Shelby Trough area. During the quarter, we continued to progress on our targeted mineral acquisitions and remain confident in the long-term growth opportunities that program provides for our unitholders. Finally, we are staying keenly aware of the current price environment and activity across all of our assets, and we expect to continue to benefit from near-term development activity and production on certain unique, high-interest acreage in both oil- and gas-focused regions.”