Black Stone Minerals reported its third-quarter 2024 financial and operating results, showing mineral and royalty volumes of 35.3 MBoe/d, a decrease from 38.2 MBoe/d in the second quarter of 2024. Total reported production averaged 37.4 MBoe/d, down from 40.4 MBoe/d in the prior quarter, reflecting a continued decline in overall production volumes.
Despite the production decrease, the company reported a net income of $92.7 million for the quarter, a notable increase from $68.3 million in the preceding quarter. This was partly driven by a significant gain on commodity derivative instruments of $31.7 million, which helped mitigate the impact of lower realized prices per Boe, which stood at $29.40.
Adjusted EBITDA for the quarter was $86.4 million, down from $100.2 million in Q2 2024, and distributable cash flow was $78.6 million, providing a distribution coverage ratio of approximately 1.00x. The company also continued its targeted mineral acquisition program, acquiring $14.7 million in interests during the quarter, and amended its joint exploration agreements with Aethon Energy, which included Aethon releasing 25,000 acres.
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