Black Stone Minerals (BSM) Misses Q4 EPS by 25c

Black Stone Minerals (NYSE: BSM) reported Q4 EPS of ($0.10), $0.25 worse than the analyst estimate of $0.15.

Highlights

• Full year 2016 production of 31.7 MBoe/d, at the high end of annual guidance.
• Reported 2016 net income of $20.2 million and Adjusted EBITDA of $262.3 million.
• Proved reserves at year-end 2016 totaled 63.4 MMBoe, an increase of 27% over prior year driven largely by development activity in the East Texas Haynesville/Bossier play, and were approximately 78% proved developed producing.
• Fourth quarter 2016 production, net loss, and Adjusted EBITDA of 29.8 MBoe/d, $7.3 million, and $58.3 million, respectively.
• Production for 2017 expected to average 35.0 – 37.0 MBoe/d, a 14% increase over 2016 average daily volumes at the mid-point of guidance.
• Entered into a farmout agreement in February 2017 that will substantially reduce Black Stone’s future working interest capital requirements and generate additional royalty income, while facilitating continued development of the Partnership’s East Texas Haynesville/Bossier acreage.

For earnings history and earnings-related data on Black Stone Minerals (BSM) click here.

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