Black Stone Minerals, L.P. Enters Into Agreement to Acquire Diverse Mineral Package for $102 Million; Schedules Earnings Call...
22 4월 2016 - 8:09AM
Business Wire
Black Stone Minerals, L.P. (NYSE:BSM) (“Black Stone Minerals” or
“the Partnership”) announced today it has entered into an agreement
with Freeport-McMoRan Oil & Gas and certain of its affiliates
to acquire a diverse oil and gas mineral asset package for $102
million. The Partnership also has scheduled its first quarter of
2016 earnings call.
Management Commentary
Thomas L. Carter, Jr., Black Stone Minerals’ President, Chief
Executive Officer, and Chairman commented, “This transaction is a
great example of the type of package that Black Stone likes to
acquire – a diverse set of mineral and royalty assets with existing
production, near-term development opportunities, and meaningful
exposure to attractive oil and gas provinces. The majority of this
acreage is in Texas, Louisiana, and Arkansas and is complementary
to our existing positions in those states. The package includes
acreage in both the Midland and Delaware basins that is well
positioned for the Wolfcamp and Spraberry intervals, as well as
acreage in other resource plays. These assets will benefit from our
focus on active minerals management and we’re confident that they
will be strong contributors to production and reserve growth in
future years.”
Transaction Overview
Black Stone Minerals has signed an agreement with
Freeport-McMoRan Oil & Gas and certain of its affiliates to
acquire a mineral package for $102 million. Highlights of the
transaction include the following:
- Approximately 1.2 million gross/126
thousand net mineral acres, 16 thousand net NPRI acres, and 11
thousand net ORRI acres in 20 states with significant
concentrations in Texas, Louisiana, and Arkansas;
- Bolsters the Partnership’s presence in
the Permian region and includes acreage with approximately 100
active permits in the Midland and Delaware basins;
- Estimated average daily production of
approximately 850 Boe/d for the fourth quarter of 2015; and
- Estimated proved developed producing
reserves of 2.0 MMBoe (43% oil) as of December 31, 2015.
The transaction will be funded with cash on hand and borrowings
under Black Stone Minerals’ credit facility. Closing is expected to
be completed by the end of the second quarter of 2016, subject to
customary closing conditions. The Partnership anticipates any
updates to guidance will be provided in conjunction with its first
quarter of 2016 earnings call.
First Quarter of 2016 Earnings Conference Call
Black Stone Minerals is scheduled to release details regarding
its earnings for the first quarter of 2016 after the close of
trading on May 9, 2016. A teleconference to discuss these results
is scheduled for May 10, 2016 at 9:00 a.m. Central time (10:00 a.m.
Eastern time). Dial-in information is provided below. A telephonic
replay of the call will be available approximately two hours after
the call through June 10, 2016.
Call Type Phone Number
Conference ID Domestic participant 1-877-447-4732 95276796
Domestic replay 1-855-859-2056 95276796 International participant
1-615-247-0077 95276796 International replay 1-404-537-3406
95276796
The conference call will be webcast live and can be accessed
through the Investor Relations section of Black Stone Mineral’s
website at www.blackstoneminerals.com. A recording of the
conference call will be available at that site through June 10,
2016.
About Black Stone Minerals, L.P.
Black Stone Minerals is one of the largest owners of oil and
natural gas mineral interests in the United States. The Partnership
owns mineral interests and royalty interests in over 40 states and
60 onshore basins in the continental United States. The
Partnership also owns and selectively participates as a
non-operating working partner in established development programs,
primarily on its mineral and royalty holdings. The Partnership
expects that its large, diversified asset base and long-lived,
non-cost-bearing mineral and royalty interests will result in
production and reserve growth, as well as increasing quarterly
distributions to its unitholders.
Forward-Looking Statements
This news release includes forward-looking statements. All
statements, other than statements of historical facts, included in
this news release that address activities, events or developments
that the Partnership expects, believes or anticipates will or may
occur in the future are forward-looking statements. Terminology
such as “will,” “may,” “should,” “expect,” “anticipate,” “plan,”
“project,” “intend,” “estimate,” “believe,” “target,” “continue,”
“potential,” the negative of such terms or other comparable
terminology often identify forward-looking statements. Except as
required by law, Black Stone Minerals undertakes no obligation and
does not intend to update these forward-looking statements to
reflect events or circumstances occurring after this news release.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
news release. All forward-looking statements are qualified in their
entirety by these cautionary statements. These forward-looking
statements involve risks and uncertainties, many of which are
beyond the control of Black Stone Minerals, which may cause the
Partnership’s actual results to differ materially from those
implied or expressed by the forward-looking statements. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include, but are not
limited to, those summarized below:
- the Partnership’s ability to identify,
complete, and integrate acquisitions;
- the Partnership’s ability to execute
its business strategies;
- the volatility of realized oil and
natural gas prices;
- the level of production on the
Partnership’s properties;
- regional supply and demand factors,
delays, or interruptions of production; and
- the Partnership’s ability to replace
its oil and natural gas reserves.
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version on businesswire.com: http://www.businesswire.com/news/home/20160421006813/en/
Black Stone Minerals, L.P.Brent Collins, 713-445-3200Vice
President, Investor
Relationsinvestorrelations@blackstoneminerals.com
Black Stone Minerals (NYSE:BSM)
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