Company Quick10K Filing
Black Stone Minerals
Price1.00 EPS-338,489,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt-2 EBIT355
TEV-2 TEV/EBIT-0
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-08
10-Q 2015-09-30 Filed 2015-11-10
10-Q 2015-06-30 Filed 2015-08-13
10-Q 2015-03-31 Filed 2015-06-05
8-K 2020-08-03 Earnings, Regulation FD, Exhibits
8-K 2020-06-18
8-K 2020-05-04
8-K 2020-04-21
8-K 2020-03-06
8-K 2020-02-24
8-K 2020-02-24
8-K 2019-11-04
8-K 2019-08-05
8-K 2019-06-13
8-K 2019-05-17
8-K 2019-05-06
8-K 2019-02-25
8-K 2018-11-05
8-K 2018-08-06
8-K 2018-06-14
8-K 2018-06-14
8-K 2018-05-07
8-K 2018-02-26
8-K 2018-02-26
8-K 2018-02-26
8-K 2018-02-07

BSM 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Business and Basis of Presentation
Note 2 - Summary of Significant Accounting Policies
Note 3 - Oil and Natural Gas Properties
Note 4 - Commodity Derivative Financial Instruments
Note 5 - Fair Value Measurements
Note 6 - Credit Facility
Note 7 - Commitments and Contingencies
Note 8 - Incentive Compensation
Note 9 - Preferred Units
Note 10 - Earnings per Unit
Note 11 - Common and Subordinated Units
Note 12 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-31.1 bsm630202010-qex311.htm
EX-31.2 bsm630202010-qex312.htm
EX-32.1 bsm630202010-qex321.htm

Black Stone Minerals Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.81.41.10.70.40.02013201520172020
Assets, Equity
0.30.20.10.0-0.1-0.22013201520172020
Rev, G Profit, Net Income
0.30.20.0-0.1-0.3-0.42013201520172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
  
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period _______________ to _______________
Commission File Number: 001-37362
Black Stone Minerals, L.P.
(Exact name of registrant as specified in its charter)
 
Delaware 47-1846692
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
   
1001 Fannin Street, Suite 2020 77002
Houston,Texas
(Address of principal executive offices) (Zip code)

(713) 445-3200
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Units Representing Limited Partner InterestsBSMNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer Accelerated filer
Non-accelerated filer(Do not check if a smaller reporting company)Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  No 
As of July 31, 2020, there were 206,737,644 common units and 14,711,219 Series B cumulative convertible preferred units of the registrant outstanding.




TABLE OF CONTENTS
 
  Page
 
 
 
 
 
 




ii


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements 


BLACK STONE MINERALS, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
 June 30, 2020December 31, 2019
ASSETS  
CURRENT ASSETS  
Cash and cash equivalents$1,600  $8,119  
Accounts receivable45,480  78,214  
Commodity derivative assets45,522  14,790  
Assets held for sale126,491    
Prepaid expenses and other current assets2,329  1,168  
TOTAL CURRENT ASSETS221,422  102,291  
PROPERTY AND EQUIPMENT  
Oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of $946,232 and $1,073,447 at June 30, 2020 and December 31, 2019, respectively
3,156,657  3,302,340  
Accumulated depreciation, depletion, amortization, and impairment(1,947,455) (1,870,412) 
Oil and natural gas properties, net1,209,202  1,431,928  
Other property and equipment, net of accumulated depreciation of $11,963 and $11,622 at June 30, 2020 and December 31, 2019, respectively
1,969  2,300  
NET PROPERTY AND EQUIPMENT1,211,171  1,434,228  
DEFERRED CHARGES AND OTHER LONG-TERM ASSETS6,245  8,689  
TOTAL ASSETS$1,438,838  $1,545,208  
LIABILITIES, MEZZANINE EQUITY, AND EQUITY 
CURRENT LIABILITIES 
Accounts payable$2,870  $5,309  
Accrued liabilities10,337  22,702  
Commodity derivative liabilities311  159  
Other current liabilities1,634  1,633  
TOTAL CURRENT LIABILITIES15,152  29,803  
LONG–TERM LIABILITIES 
Credit facility323,000  394,000  
Accrued incentive compensation580  2,110  
Commodity derivative liabilities4,738  18  
Asset retirement obligations16,717  15,653  
Other long-term liabilities4,609  6,820  
TOTAL LIABILITIES364,796  448,404  
COMMITMENTS AND CONTINGENCIES (Note 7)
MEZZANINE EQUITY  
Partners' equity – Series B cumulative convertible preferred units, 14,711 units outstanding at June 30, 2020 and December 31, 2019
298,361  298,361  
EQUITY 
Partners' equity – general partner interest    
Partners' equity – common units, 206,709 and 205,960 units outstanding at June 30, 2020 and December 31, 2019, respectively
775,681  798,443  
TOTAL EQUITY775,681  798,443  
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY$1,438,838  $1,545,208  
The accompanying notes are an integral part of these unaudited consolidated financial statements.
1



BLACK STONE MINERALS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per unit amounts)

Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
REVENUE  
Oil and condensate sales$25,417  $74,072  $77,510  $131,776  
Natural gas and natural gas liquids sales30,311  53,642  66,953  115,282  
Lease bonus and other income1,975  6,717  6,283  12,362  
Revenue from contracts with customers57,703  134,431  150,746  259,420  
Gain (loss) on commodity derivative instruments(19,174) 29,187  70,837  (11,996) 
TOTAL REVENUE38,529  163,618  221,583  247,424  
OPERATING (INCOME) EXPENSE  
Lease operating expense3,293  3,849  7,120  9,141  
Production costs and ad valorem taxes9,555  14,450  21,931  29,042  
Exploration expense23  304  24  308  
Depreciation, depletion, and amortization19,193  29,725  42,375  57,558  
Impairment of oil and natural gas properties    51,031    
General and administrative11,501  14,347  23,357  35,561  
Accretion of asset retirement obligations278  277  550  554  
TOTAL OPERATING EXPENSE43,843  62,952  146,388  132,164  
INCOME (LOSS) FROM OPERATIONS(5,314) 100,666  75,195  115,260  
OTHER INCOME (EXPENSE) 
Interest and investment income3  47  34  93  
Interest expense(2,964) (5,652) (7,391) (11,177) 
Other income (expense)(96) 26  (97) (72) 
TOTAL OTHER EXPENSE(3,057) (5,579) (7,454) (11,156) 
NET INCOME (LOSS)(8,371) 95,087  67,741  104,104  
Distributions on Series B cumulative convertible preferred units(5,250) (5,250) (10,500) (10,500) 
NET INCOME (LOSS) ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON AND SUBORDINATED UNITS$(13,621) $89,837  $57,241  $93,604  
ALLOCATION OF NET INCOME (LOSS):   
General partner interest$  $  $  $  
Common units(13,621) 67,718  57,241  69,611  
Subordinated units  22,119    23,993  
 $(13,621) $89,837  $57,241  $93,604  
NET INCOME (LOSS) ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON AND SUBORDINATED UNIT:  
Per common unit (basic)$(0.07) $0.45  $0.28  $0.54  
Weighted average common units outstanding (basic)206,707  150,101  206,669  129,873  
Per subordinated unit (basic)$  $0.39  $  $0.32  
Weighted average subordinated units outstanding (basic)  56,104    76,105  
Per common unit (diluted)$(0.07) $0.44  $0.28  $0.54  
Weighted average common units outstanding (diluted)206,707  165,070  206,669  129,873  
Per subordinated unit (diluted)$  $0.39  $  $0.32  
Weighted average subordinated units outstanding (diluted)  56,104    76,105  
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
2



BLACK STONE MINERALS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands)
Common unitsPartners' equity — common unitsTotal equity
BALANCE AT DECEMBER 31, 2019205,960  $798,443  $798,443  
Repurchases of common units(503) (5,029) (5,029) 
Restricted units granted, net of forfeitures1,238  —  —  
Equity–based compensation—  1,159  1,159  
Distributions—  (61,641) (61,641) 
Charges to partners' equity for accrued distribution equivalent rights—  (68) (68) 
Distributions on Series B cumulative convertible preferred units—  (5,250) (5,250) 
Net income (loss)—  76,112  76,112  
BALANCE AT MARCH 31, 2020206,695  $803,726  $803,726  
Repurchases of common units  (6) (6) 
Restricted units granted, net of forfeitures14  —  —  
Equity–based compensation—  2,292  2,292  
Distributions—  (16,679) (16,679) 
Charges to partners' equity for accrued distribution equivalent rights—  (31) (31) 
Distributions on Series B cumulative convertible preferred units—  (5,250) (5,250) 
Net income (loss)—  (8,371) (8,371) 
BALANCE AT JUNE 30, 2020206,709  $775,681  $775,681  
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
3



BLACK STONE MINERALS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands)
Common unitsSubordinated unitsPartners' equity — common unitsPartners' equity — subordinated unitsTotal equity
BALANCE AT DECEMBER 31, 2018108,363  96,329  $714,823  $189,440  $904,263  
Repurchases of common units(588) —  (10,110) —  (10,110) 
Issuance of common units, net of offering costs—  —  (43) —  (43) 
Issuance of common units for property acquisitions57  —  943  —  943  
Restricted units granted, net of forfeitures1,545  —  —  —  —  
Equity–based compensation—  —  13,669  —  13,669  
Distributions—  —  (40,275) (35,642) (75,917) 
Charges to partners' equity for accrued distribution equivalent rights—  —  (1,044) —  (1,044) 
Distributions on Series B cumulative convertible preferred units—  —  (5,250) —  (5,250) 
Net income (loss)—  —  7,155  1,862  9,017  
BALANCE AT MARCH 31, 2019109,377  96,329  $679,868  $155,660  $835,528  
Conversion of subordinated units96,329  (96,329) 142,149  (142,149)   
Repurchases of common units(377) —  (6,164) —  (6,164) 
Restricted units granted, net of forfeitures627  —  —  —  —  
Equity–based compensation—  —  3,332  —  3,332  
Distributions—  —  (40,471) (35,642) (76,113) 
Charges to partners' equity for accrued distribution equivalent rights—  —  (766) —  (766) 
Distributions on Series B cumulative convertible preferred units—  —  (5,250) —  (5,250) 
Net income (loss)—  —  72,956  22,131  95,087  
BALANCE AT JUNE 30, 2019205,956    $845,654  $  $845,654  
The accompanying notes are an integral part of these unaudited consolidated financial statements.
4



BLACK STONE MINERALS, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

Six Months Ended June 30,
 20202019
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income (loss)$67,741  $104,104  
Adjustments to reconcile net income (loss) to net cash provided by operating activities: 
Depreciation, depletion, and amortization42,375  57,558  
Impairment of oil and natural gas properties51,031    
Accretion of asset retirement obligations550  554  
Amortization of deferred charges519  516  
(Gain) loss on commodity derivative instruments(70,837) 11,996  
Net cash (paid) received on settlement of commodity derivative instruments45,506  4,674  
Equity-based compensation(420) 13,039  
Exploratory dry hole expense  3  
Changes in operating assets and liabilities:
Accounts receivable33,544  17,212  
Prepaid expenses and other current assets(1,163) (976) 
Accounts payable, accrued liabilities, and other(10,790) (7,405) 
Settlement of asset retirement obligations(87) (299) 
NET CASH PROVIDED BY OPERATING ACTIVITIES157,969  200,976  
CASH FLOWS FROM INVESTING ACTIVITIES  
Acquisitions of oil and natural gas properties(28) (40,676) 
Additions to oil and natural gas properties(4,146) (50,121) 
Additions to oil and natural gas properties leasehold costs(782) (871) 
Purchases of other property and equipment(10) (2,152) 
Proceeds from the sale of oil and natural gas properties1,266  320  
Proceeds from farmouts of oil and natural gas properties4,067  47,487  
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES367  (46,013) 
CASH FLOWS FROM FINANCING ACTIVITIES  
Proceeds from issuance of common units, net of offering costs  (43) 
Distributions to common and subordinated unitholders(78,320) (152,030) 
Distributions to Series B cumulative convertible preferred unitholders(10,500) (10,500) 
Distribution equivalents paid  (2,982) 
Repurchases of common units(5,035) (16,916) 
Borrowings under credit facility89,000  172,500  
Repayments under credit facility(160,000) (146,500) 
NET CASH USED IN FINANCING ACTIVITIES(164,855) (156,471) 
NET CHANGE IN CASH AND CASH EQUIVALENTS(6,519) (1,508) 
CASH AND CASH EQUIVALENTS – beginning of the period8,119  5,414  
CASH AND CASH EQUIVALENTS – end of the period$1,600  $3,906  
SUPPLEMENTAL DISCLOSURE  
Interest paid$6,934  $10,618  
 The accompanying notes are an integral part of these unaudited consolidated financial statements.
5


BLACK STONE MINERALS, L.P. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1 - BUSINESS AND BASIS OF PRESENTATION
Description of the Business
Black Stone Minerals, L.P. (“BSM” or the “Partnership”) is a publicly traded Delaware limited partnership that owns oil and natural gas mineral interests, which make up the vast majority of the asset base. The Partnership's assets also include nonparticipating royalty interests and overriding royalty interests. These interests, which are substantially non-cost-bearing, are collectively referred to as “mineral and royalty interests.” The Partnership’s mineral and royalty interests are located in 41 states in the continental United States, including all of the major onshore producing basins. The Partnership also owns non-operated working interests in certain oil and natural gas properties. The Partnership's common units trade on the New York Stock Exchange under the symbol "BSM."
Basis of Presentation
The accompanying unaudited interim consolidated financial statements of the Partnership have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all disclosures required for financial statements prepared in conformity with GAAP. Accordingly, the accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the Partnership’s consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2019 ("2019 Annual Report on Form 10-K").
The unaudited interim consolidated financial statements include the consolidated results of the Partnership. The results of operations for the six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the full year.
In the opinion of management, all adjustments, which are of a normal and recurring nature, necessary for the fair presentation of the financial results for all periods presented have been reflected. All intercompany balances and transactions have been eliminated.
The Partnership evaluates the significant terms of its investments to determine the method of accounting to be applied to each respective investment. Investments in which the Partnership has less than a 20% ownership interest and does not have control or exercise significant influence are accounted for using fair value or cost minus impairment if fair value is not readily determinable. Investments in which the Partnership exercises control are consolidated, and the noncontrolling interests of such investments, which are not attributable directly or indirectly to the Partnership, are presented as a separate component of net income (loss) and equity.
The unaudited interim consolidated financial statements include undivided interests in oil and natural gas property rights. The Partnership accounts for its share of oil and natural gas property rights by reporting its proportionate share of assets, liabilities, revenues, costs, and cash flows within the relevant lines on the accompanying unaudited interim consolidated balance sheets, statements of operations, and statements of cash flows.
Segment Reporting
The Partnership operates in a single operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Partnership’s chief executive officer has been determined to be the chief operating decision maker and allocates resources and assesses performance based upon financial information at the consolidated level.
6


BLACK STONE MINERALS, L.P. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Significant Accounting Policies
Significant accounting policies are disclosed in the Partnership’s 2019 Annual Report on Form 10-K. There have been no changes in such policies or the application of such policies during the six months ended June 30, 2020.
Accounts Receivable

The following table presents information about the Partnership's accounts receivable:
June 30, 2020December 31, 2019
(in thousands)
Accounts receivable:
Revenues from contracts with customers$40,837  $71,022  
Other4,643  7,192  
Total accounts receivable$45,480  $78,214  
Recent Accounting Pronouncements
On January 1, 2020, the Partnership adopted Accounting Standards Update ("ASU") 2018-13, Fair Value Measurements (Topic 820), which removed, modified, and added certain required disclosures on fair value measurements. The adoption of this update had no impact on the Partnership's financial position, results of operations, or liquidity.
NOTE 3 - OIL AND NATURAL GAS PROPERTIES 
Assets Held for Sale
In June 2020, the Partnership announced it had entered into two separate agreements to sell certain mineral and royalty properties in the Permian Basin. These transactions subsequently closed in July 2020 for total proceeds, after closing adjustments, of $150.1 million.
One of these transactions, effective May 1, 2020, involved the sale of the Partnership's mineral and royalty interest in specific tracts in Midland County, Texas to a private buyer for gross proceeds of approximately $55 million ("Divestiture A"). The other transaction, effective July 1, 2020, involved the sale of an undivided interest across parts of the Partnership's Delaware Basin and Midland Basin positions to Pegasus Resources, LLC, a portfolio company of EnCap Investments, for gross proceeds of approximately $100 million ("Divestiture B"). The book value of the assets divested through these transactions are classified as held for sale in the consolidated balance sheet as of June 30, 2020.
Assets held for sale consisted of the following as of June 30, 2020:
Divestiture ADivestiture BTotal
(in thousands)
Accounts Receivable$227  $  $227  
Oil and natural gas properties
Unproved properties50,985  67,292  118,277  
Proved properties, net2,274  5,713  7,987  
Total Assets Held for Sale$53,486  $73,005  $126,491  
The assets held for sale as of June 30, 2020 do not qualify for discontinued operations as they do not represent a strategic shift that will have a major effect on the Partnership's operations or financial results.
7


BLACK STONE MINERALS, L.P. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Acquisitions

Acquisitions of proved oil and natural gas properties and working interests are generally considered business combinations and are recorded at their estimated fair value as of the acquisition date. Acquisitions that consist of all or substantially all unproved oil and natural gas properties are generally considered asset acquisitions and are recorded at cost.
2020 Acquisitions
The Partnership had no acquisition activity during the six months ended June 30, 2020.
2019 Acquisitions
During the year ended December 31, 2019, the Partnership closed on multiple acquisitions of mineral and royalty interests for total consideration of $44.0 million. Acquisitions that were considered business combinations were primarily located in the Permian Basin. These acquisitions were funded with borrowings under the Credit Facility (as defined in Note 6 - Credit Facility) and funds from operating activities. Acquisition related costs of less than $0.1 million were expensed and included in the General and administrative line item of the consolidated statement of operations for the year ended December 31, 2019. The following table summarizes these acquisitions:
Assets AcquiredConsideration Paid
ProvedUnprovedNet Working CapitalTotal Fair ValueCash
(in thousands)
February$173  $8,437  $1  $8,611