Black Stone Minerals (BSM) Earnings Transcript

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Tuesday, Feb. 24, 2026 astatine 10 a.m. ET

• Executive Chairman — Tom Carter

• Co-Chief Executive Officer and President — H. Taylor DeWalch

• Co-Chief Executive Officer and President — Fowler Carter

• Senior Vice President, Chief Financial Officer, and Treasurer — Chris Bonner

• Senior Vice President and General Counsel — Steve Putman

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Joining maine connected the telephone from the institution are Tom Carter, Executive Chairman; H. Taylor DeWalch, Co-CEO and President; Fowler Carter, Co-CEO and President; Steve Putman, Senior Vice President and General Counsel; and Chris Bonner, Senior Vice President, Chief Financial Officer, and Treasurer. I volition present crook the telephone implicit to Fowler.

Fowler Carter: Thank you, Natalie. Good morning, everyone, and convey you for joining america connected our 4th fourth net call. If you look astatine our net merchandise from past night, you volition spot that we had a large 2025 contempt headwinds from accumulation and lipid prices. During the year, we achieved important commercialized milestones that volition payment our aboriginal accumulation for years to come. We successfully signed improvement agreements with Aethon Energy and Catena Resources. These deals spot astir 500,000 gross acres into development, with minimum drilling commitments ramping up to 37 gross wells per twelvemonth by 2031 from those programs, and including Aethon, a full of 50 gross wells implicit the aforesaid period.

Aethon besides precocious brought respective caller wells online successful the Shelby Trough astatine astir 25 to 30 MMcf per day, with different 5 wells expected to travel online successful the archetypal quarter. An further 18 wells are expected to beryllium drilled passim 2026. Also successful 2026, we expect that Aethon volition spud much than its minimum six-well commitment, and Catena plans to drill its archetypal wells, including a aviator well. We are besides seeing accrued enactment from others successful the Shelby Trough arsenic the manufacture moves towards disposable inventory to conscionable the increasing earthy state demand.

In summation to these developments, we are gathering different caller accidental successful our Haynesville enlargement country that we judge volition adhd important inventory and standard to the existent development. Based connected existing subsurface analysis, we judge we tin proceed to grow the Shelby Trough Haynesville Basin towards the Western Haynesville. With our continued absorption connected expanding accumulation from existing assets and driving semipermanent worth for our unitholders, we person besides entered into a LOI with a reputable relation with acquisition successful the Haynesville connected a meaningful magnitude of acreage successful the Gulf Coast portion extracurricular of our caller absorption areas. Our acquisition programme remains connected way arsenic well.