Black Stone Minerals Q3 adjusted core profit eases past estimates
BSM•Black Stone Minerals reported Q3 adjusted EBITDA of $104.1 million, above the $82.52 million consensus estimate, as oil and gas revenue rose year over year to $122.7 million. The company raised its quarterly distribution 9% from the prior quarter.
1. Quarterly results
Black Stone Minerals reported Q3 net income of $52.4 million and adjusted EBITDA of $104.1 million, beating the $82.52 million analyst estimate. Oil and gas revenue rose year over year to $122.7 million.
2. Production and outlook
Mineral and royalty production rose 6% from the prior quarter, driven by increased development activity and higher oil production. The company raised its quarterly distribution 9% from the prior quarter and expects continued growth in natural gas development programs to support future cash flow.
