Black Stone Minerals reports Q3 EPS 32c, consensus 29c
Reports Q3 revenue $137.37M, consensus $139.5M. Reported production of 49.0 MBoe/d for the third quarter of 2019, driven by a 14% year-over-year increase in royalty production. Thomas L. Carter, Jr., Black Stone Minerals' Chief Executive Officer and Chairman, commented, "The trend of strong royalty production growth continues to drive our business forward. Despite headwinds from weaker commodity pricing, Black Stone maintained its distribution at an annualized $1.48 per unit and utilized excess distribution coverage to reduce debt by over $20 million in the quarter. We continue to see strong permitting activity and well additions across our acreage, and we are on pace this year to exceed the almost 1,500 new wells added in 2018. Our solid balance sheet and large, diverse set of assets position us well to succeed in this challenging market."