Black Stone Minerals LP

Please stand by. Your conference is about to begin. Should you require operator assistance today, simply press star and zero. Hello, everyone, and thank you for joining us today for this Blackstone Minerals Q3 2024 earnings conference call. As a reminder, all phone participants are in a listen-only mode, but later you will have the opportunity to ask questions during our question-and-answer session. Today's session is also being recorded, and to get us started with opening remarks and introductions, I'm pleased to turn the floor to Director of Finance, Mr. Mark Moe. Please go ahead, sir.

Thank you, Operator. Good morning to everyone. Thank you for joining us either by phone or online for Blackstone Minerals' third quarter 2024 earnings conference call. Today's call is being recorded and will be available on our website along with the earnings release, which was issued last night. Before we start, I'd like to advise you that we will be making forward-looking statements during this call about our plans, expectations, and assumptions regarding our future performance. These statements involve risks that may cause our actual results to differ materially from the results expressed or implied in our forward-looking statements. For discussion of these risks, you should refer to the cautionary information about forward-looking statements in our press release from yesterday in the risk factors section of our 2023 10-K. We may refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. Reconciliation of those measures to the most directly comparable GAAP measure and other information about these non-GAAP metrics are described in our earnings press release from yesterday, which can be found on our website at www.blackstoneminerals.com. Joining me on the call from the company are Tom Carter, Chairman, CEO, and President of Taylor DeWalch, Senior Vice President, Chief Financial Officer and Treasurer, Kerry Clark, Senior Vice President, Chief Commercial Officer, and Steve Putman, Senior Vice President and General Counsel. I'll now turn the call over to Tom.

Thanks, Mark. Good morning, and thanks for joining us today. We had a successful third quarter, and as previously announced, maintained our consistent distribution despite a decrease in production from last quarter driven by volatility in the natural gas area. throughout the year. During the quarter, we progressed our Mineral Acquisition Program and we continue working with our partners for long-term development. We remain confident in the outlook across our acreage position and are focused on our targeted acquisition strategy to further enhance our existing long runway of high-interest development opportunities. On the acquisition front, We continue to expand our asset footprint through the targeted grassroots acquisition program we previously discussed throughout the year. During the quarter, we added about $15 million in minerals and royalty assets, along with a substantial lease, all of which further build a contiguous asset for an operator for long-term development. Thus far, we have acquired about $80 million in minerals and royalty interest since the fourth quarter, of 2023 and plan to continue pursuing accretive opportunities which will ultimately drive long-term value for our shareholders. In East Texas and Louisiana, we continue to work with multiple operators to promote development on our acreage while we also monitor the current commodity environment and prepare the anticipated improvements in the natural gas market. And Shelby Trough and other three wells were brought online by ATHON in the third quarter with initial production rates in the 20 to 25 million cubic feet per day range. We recently signed amendments to our existing joint exploration agreement and are currently looking at them operating one rig and fracking multiple wells in Angelina County. on the louisiana side of the play comstock recently turned online multiple wells in the toledo bend area for about 25 million cubic feet per day and we're excited about the ongoing activity in this area as we work with multiple operators to promote near-term development overall was a successful quarter and we will continue to maintain our strategic objectives of working with operators to achieve full development across all of our assets with the goal of accretive production growth through this active asset management and targeted acquisitions. With that, I'll turn it over to Taylor to walk through the financial details of the quarter.