Black Stone Minerals LP

At this time, I would like to welcome everyone to Blackstone Minerals' third quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker 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, press star one again. Thank you. I will now turn the call over to Mark Moe, Director of Finance, you may now begin, sir.

Thank you. Good morning to everyone. Thank you for joining us either by phone or online for Blackstone Minerals' third 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 a 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 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, Taylor DeWalsch, Senior Vice President, Chief Financial Officer and Treasurer, Steve Putman, Senior Vice President and General Counsel, Fowler Carter, Senior Vice President, Corporate Development, and Chris Vonner, Vice President, Chief Accounting Officer. I'll now turn the call over to Tom.

Thank you very much, Mark. Good morning, and thank you all for joining us on the third quarter earnings call. Before we discuss our financial and operating results, I'd like to congratulate Fowler Carter, Taylor DeWals, and Chris Bonner on their announced upcoming promotions. I'm excited for and confident in their leadership as we look to the continued growth and success of Blackstone for many years to come. Looking forward to my new role as executive chair as well, and will continue to provide strategic guidance to the management and lead the board. Thank you to all of our employees who continue to work very hard day in and day out to drive Blackstone success and position us for exciting for an exciting future. We continue to pursue acquisitions through the Haynesville expansion around Shelby Trough. And we're looking forward to Revenant's development getting underway in early 2026. We also continue to work towards solidifying another development agreement covering 220,000 gross acres in between Athon's development in the Shelby Trough and Expand's development in the Western Haynesville. Unscripted, I also add We are working on yet another package that we hope to assemble and market in the not too distant future. The recently announced Expand Energy Horizontal Well and Successful Pilot Well, in addition to the ongoing development throughout the western Hainesville, provide even further confidence in the Hainesville expansion play and long runway of inventory. As mentioned previously, we expect these development agreements to ultimately drive over 50 wells drilled in the expanded Shelby Trough per year, providing significant gas growth for the partnership and a constructive outlook for demand in the region. And this is in conjunction with ongoing great opportunities coming up in other areas in our properties. We remain focused on this significant growth opportunity that results in the increasing production and distribution outlook for years ahead. With that, I'll hand it over to Fowler to walk through the operational updates. Thank you, Tom, Deb, and good morning to everyone. During the quarter, we progressed our commercial initiatives across the expanded Shelby Trough, including working with Revenant Energy on their inaugural development program beginning early next year. Our marketing efforts on an additional 220,000 gross acres is progressing well with a framework agreement that would add the equivalent of 12 additional wells annually to our acreage by 2030. We expect these new developments, coupled with our existing agreements, to more than double the current annual drilling rate in the expanded Shelby Trough in the next five years. There is also the opportunity for our operating partners to exceed their annual well commitments and we are excited about the multiple decades of development inventory in this way. Our grassroots acquisition program also continues to progress well. We added $20 million in mineral and royalty acquisitions during the quarter, bringing our total acquisitions since September 2023 to roughly $193 million. We have line of sight to an additional accretive acquisition opportunities in the near term, which we expect to enhance our existing asset position in the Shelby Trough and to add long-term value for our unit holders. While 2025 development activity has slowed across the U.S., we are optimistic looking ahead to 2026, given our existing and pending development agreements across our high-interest acreage in the Shelby Trough. Turning to the Permian, the large project we're monitoring remains on track to add meaningful oil volumes to our production base. We're also tracking several new projects on our high-interest acreage there that are expected to add additional liquid volumes in the next 12 to 18 months. We believe that these projects, in addition to our agreements with Shelby Trough, provide Blackstone a path to increased production and, in turn, higher distributions. With all of that, I'll turn it over to Taylor to walk through the financial details of the quarter.