|Over a month ago|
Black Stone Minerals enters new DUCs incentive agreement with XTO Energy » 17:0306/1106/11/20
Black Stone Minerals…
Black Stone Minerals announced it has entered into a new incentive agreement with XTO Energy with respect to certain drilled but uncompleted wells, or DUCs, in the company's Shelby Trough acreage in San Augustine County, Texas. The agreement allows for royalty relief on 13 existing DUCs if XTO completes and turns the wells to sales by March 31, 2021, and complements the recent development agreement with Aethon Energy covering the company's Shelby Trough acreage in Angelina County towards Black Stone's goal of reviving volume growth from the area. In addition to the agreement covering the DUCs, Black Stone is actively evaluating alternatives to encourage further development activity in the Shelby Trough in San Augustine through a combination of working with XTO and utilizing the company's available acreage position and contractual rights to bring in a second operating partner
Black Stone Minerals enters development agreement with Aethon for shale acreage » 07:4905/0505/05/20
Black Stone Minerals…
Black Stone Minerals announced that it has entered into a development agreement with affiliates of Aethon Energy with respect to the company's undeveloped Shelby Trough Haynesville and Bossier shale acreage in Angelina County, Texas. The agreement provides for minimum well commitments by Aethon in exchange for reduced royalty rates and exclusive access to Black Stone's mineral and leasehold acreage in the contract area. The agreement calls for a minimum of four wells to be drilled in the initial program year, which begins in Q3, increasing to a minimum of 15 wells per year beginning with the third program year.
Black Stone Minerals withdraws 2020 production, distribution guidance » 19:0605/0405/04/20
Given the broad…
Given the broad uncertainty in the energy industry caused by the COVID-19 pandemic, and in particular the upstream sector's evolving view on the extent to which development activity will be scaled-back and existing production may be shut-in, Black Stone is withdrawing the 2020 production and distribution guidance it originally issued on February 24, 2020. Black Stone will only update the original guidance at a later date if it believes market conditions have stabilized sufficiently to provide reliable guidance.
Black Stone Minerals board approved reduction in Q1 distribution » 19:0505/0405/04/20
The COVID-19 pandemic has…
The COVID-19 pandemic has adversely affected the global economy, disrupted global supply chains and created significant volatility in the financial markets. The pandemic has also negatively impacted the oil and natural gas business environment and has significantly reduced demand for and prices of oil, natural gas and natural gas liquids. In light of the challenging business environment and uncertainty caused by the pandemic, the Board of Directors of the Company's general partner (the "Board") approved a reduction in the quarterly distribution for the first quarter of 2020 to increase the amount of retained free cash flow for debt reduction and balance sheet protection. To protect the health and well-being of the Company's workforce in the wake of COVID-19, Black Stone has implemented remote work arrangements for all of its employees. The Company does not expect these arrangements to impact its ability to maintain operations. The Company will continue to prioritize the health and safety of its workforce when employees return to the office through frequent cleaning of common spaces, appropriate social distancing measures, and other best practices as recommended by state and local officials.
Black Stone Minerals reports Q1 EPS 34c, consensus 18c » 19:0505/0405/04/20
Reports Q1 revenue…
Reports Q1 revenue $183.05M, consensus $104.25M. Total mineral and royalty production for the first quarter of 2020 equaled 36.7 MBoe/d, an increase of 4.5% over the prior quarter; total production, including working interest volumes, were 46.9 MBoe/d for the quarter. Thomas L. Carter, Jr., Black Stone Minerals' Chief Executive Officer and Chairman commented, "Over the past several months, we have taken a number of decisive steps to protect our free cash flows and our balance sheet in a very difficult environment. We are seeing the cash savings from our cost reduction measures and continue to benefit from our extensive hedge portfolio. By retaining a higher percentage of our cash flows during this challenging time, we expect to meaningfully reduce our outstanding borrowings as we strive to understand the longer-term implications for the global economy from unprecedented events. When that picture is more clear and should circumstances merit, we look to make more robust distributions."
|Over a quarter ago|
Black Stone Minerals price target lowered to $6.50 from $16 at Citi » 06:2003/3003/30/20
Citi analyst Brian Downey…
Citi analyst Brian Downey lowered the firm's price target on Black Stone Minerals to $6.50 from $16 and keeps a Buy rating on the shares after taking over coverage of the name.
Black Stone Minerals downgraded to Sector Perform from Outperform at RBC Capital » 06:1002/2502/25/20
RBC Capital analyst TJ…
RBC Capital analyst TJ Schultz downgraded Black Stone Minerals to Sector Perform from Outperform with a price target of $12, down from $17. The analyst says the company's output declines have been bigger than expected as it is still unable to get "traction" for new producers in East TX. Schultz adds that while Black Stone's cost containment is prudent, a move to the sideline until visibility improves is warranted.
Black Stone Minerals downgraded to Sector Perform from Outperform at RBC Capital » 05:5202/2502/25/20
RBC Capital analyst TJ…
RBC Capital analyst TJ Schultz downgraded Black Stone Minerals to Sector Perform from Outperform with a $12 price target.
Fly Intel: After Hours Movers » 18:4502/2402/24/20
MMSI, RCII, PROS, KEYS, ITRI, HPQ, NLS, RTRX, XHR, INTU, MRNA, ACER, OFIX, PANW, SHAK, EVER, KTOS, CLVS, GH, TNDM, BSM, HTZ, HALO, EXAS, MA, UAL
UP AFTER EARNINGS: Merit…
UP AFTER EARNINGS: Merit Medical (MMSI) up 10.5%... Rent-a-Center (RCII) up 8.2%... ProSight Global (PROS) up 7.4%... Keysight Technologies (KEYS) up 7.1%.., Itron (ITRI) up 7.0%... HP Inc (HPQ) up 4.5%... Nautilus (NLS) up 4.4%... Retrophin (RTRX) up 2.7%... Xenia Hotels (XHR) up 2.7%... Intuit (INTU) up 2.7%. ALSO HIGHER: Moderna (MRNA) up 13.5% after disclosing shipment of mRNA vaccine for Phase 1 coronavirus study ... Acer Therapeutics (ACER) up 5.1% after urea cycle disorders trial data. DOWN AFTER EARNINGS: Orthofix Medical (OFIX) down 14.3%... Palo Alto Networks (PANW) down 13.9%... Shake Shack (SHAK) down 13.0%... EverQuote (EVER) down 12.9%... Kratos Defense (KTOS) down 11.4%... Clovis Oncology (CLVS) down 7.8%... Guardant Health (GH) down 7.5%... Tandem Diabetes (TNDM) down 6.4%... Black Stone Minerals (BSM) down 6.2%... Hertz Global (HTZ) down 3.8%... Halozyme (HALO) down 1.5%. ALSO LOWER: Exact Sciences (EXAS) down 7.4% after convertible debt offering... MasterCard (MA) down 2.4% after cutting Q1 revenue growth view on coronavirus impact... United Airlines (UAL) down 0.7% after pulling FY20 guidance due to coronavirus. Movers as of 18:30ET.
Black Stone Minerals sees FY20 production 40.5-43.5 MBoe/d 17:0902/2402/24/20