Black Stone Minerals (NYSE: BSM) reported Q4 EPS of $0.17, $0.10 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $103.03 million versus the consensus estimate of $127.23 million.

Management Commentary

Thomas L. Carter, Jr., Black Stone Minerals’ Chief Executive Officer and Chairman commented, “In an industry environment of challenging metrics, we are fortunate to have had another year of solid operational and financial performance in 2019. We delivered record royalty production and continued to strengthen the balance sheet by reducing total debt levels during the year. We are positioned to deal with the current difficult commodity price environment, which has resulted in slowing industry activity, and intend to continue to be conservative financially. In recognition of this, we lowered our distribution with respect to the fourth quarter. We have also taken significant steps to lower our cost structure in 2020 forward to better align our organization with current industry conditions. We made the difficult decision to reduce our headcount, and have lowered executive and Board compensation levels. We anticipate recommending to the Board a distribution of approximately $1.00 per common unit for the full year 2020, depending on actual commodity prices and producer activity on our acreage during the year, a move that we expect will further strengthen our balance sheet through debt reduction while preserving a meaningful return to our unitholders."

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