Black Stone Minerals: The 11% Yield Appears Sustainable In Current Environment (BSM)


Oil pumps at the horizon.

Torsten Asmus

Black Stone Minerals, L.P. (NYSE:BSM) is expecting slightly higher production levels in 2H 2023, including higher oil cuts. This should allow it to achieve 1.1x distribution coverage during the second half of the year at current strip prices.

Type

Barrels/Mcf

Realized $ Per Barrel/Mcf

Revenue ($ Million)

Oil (Barrels)

1,973,216

$78.00

$154

Natural Gas [MCF]

30,443,904

$3.00

$91

Lease Bonus and Other Income

$5

Hedge Value

$38

Total

$288

$ Million

Lease Operating Expense

$6

Production Costs And Ad Valorem Taxes

$26

Cash G&A

$22

Cash Interest (Including Commitment Fees)

$1

Preferred Distributions

$13

Total Expenses

$68

Type

Barrels/Mcf

Realized $ Per Barrel/Mcf

Revenue ($ Million)

Oil (Barrels)

3,914,260

$75.00

$294

Natural Gas [MCF]

60,391,440

$3.60

$217

Lease Bonus and Other Income

$11

Hedge Value

-$12

Total

$510

$ Million

Lease Operating Expense

$12

Production Costs And Ad Valorem Taxes

$51

Cash G&A

$43

Cash Interest (Including Commitment Fees)

$1

Preferred Distributions

$29

Total Expenses

$136



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