Black Stone Minerals LP

General's second quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again press star and one. I would now like to turn the call over to Mark Moe, Director of Finance. You may begin.

Thank you. Good morning to everyone. Thank you for joining us either by phone or online for Blackstone Minerals second quarter 2025 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 and the risk factor section of our 2024 10K. We may refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. Reconciliation of these 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 .blackstoneminerals.com. Joining me from the call or on the call from the company are Tom Carter, Chairman, CEO and President, Taylor DeWaltz, Senior Vice President, Chief Financial Officer, Steve Putman, Senior Vice President and General Counsel, Fowler Carter, Senior Vice President, Corporate Development and Chris Bonner, Vice President and Chief Accounting Officer. I'll now turn the call over to Tom.

Thank you Mark. Good morning and thanks to all for joining our quarterly earnings call. Before we discuss results for the second quarter, I'd like to highlight the excellent work done by the team over the last two years which ultimately has led to the recent announcements, announced development agreement with Revenant as well as ongoing marketing efforts in the Shelby Trough. Through our subsurface evaluation, we've determined that there will be substantial expansion of the Shelby Trough and extension towards the Western Hainesville. We're excited for Revenant to begin development and we're actively marketing in an additional 180,000 gross acre area to well-known and well-capitalized operators. These new developments coupled with our existing agreements are expected to more than double our drilling obligations in the area over the next five years, providing significant natural gas growth for the partnership amid a strong demand outlook in the region. Our grassroots acquisition program supporting these expansion areas also continues to progress well. We've added 31 million in minerals and royalty acquisitions during the quarter, bringing our total acquisitions since September of 23 to about 172 million. During the second half of 2025, we're confident that we will continue to identify and execute on accretive opportunities which enhance our existing asset position and add long-term value for our shareholders. We previously announced a distribution of 30 cents per unit for the quarter. The reduction was driven by slower natural gas production growth in 2025, primarily in the Hainesville-Bozier. However, we have line of sight to production growth in 2026 and beyond through our various development agreements and high interest activity growth as outlined in our earnings release. Ultimately, our expectation for increased activity combined with strong demand outlook provide a clear path to future distribution increases. We remain encouraged about the outlook for the partnership. Maintaining a clean balance sheet and ample liquidity enables us to continue our commercial strategy, including targeted grassroots acquisitions and working with operators to achieve full field development across our assets. The outlook for natural gas is constructive, reinforced by growing global demand for LNG. In addition, our robust oil portfolio across multiple basins provides a solid foundation for the long term as well. With that, I'll turn it over to Taylor to walk through the financial details of the quarter.