Black Stone Minerals Q1 net income $15.9M, down 75% YoY; distribution held at $0.375/unit

Black Stone Minerals, L.P.

Net income of $15.9M vs $63.9M in Q1 2024 (down 75%); Adjusted EBITDA $82.2M vs $104.1M.
Revenue $108.3M, up 6% QoQ but down 4% YoY; average realized price $33.94/Boe (+10% YoY).
Production 35.5 MBoe/d (96% mineral/royalty), down from 40.3 MBoe/d Q1 2024.
Distribution of $0.375/unit declared, coverage 0.93x; $14.2M mineral acquisitions in Q1.
Borrowing base reaffirmed at $375M; total debt $63M, $4.3M cash as of May 2.

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