Black Stone Minerals LP

Thank you for standing by and welcome to the Blackstone Minerals fourth quarter and full year 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'd like to ask a question during this time, simply press star followed by the number one in your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. I'd now like to turn the call over to Natalie Liddell, Vice President, Corporate Planning. You may begin.

Thank you. Good morning, everyone. Thank you for joining us for the Blackstone Minerals fourth quarter and full year 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 forward-looking 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 factors section in our 2025 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 gap measure and other information about these non-gap metrics are described in our earnings press release from yesterday, which can be found on our website at www.blackstoneminerals.com. Join me on the call from the company are Tom Carter, Executive Chairman, Taylor DeWalch, Co-CEO and President, Fowler Carter, Co-CEO and President, Steve Putman, Senior Vice President and General Counsel, Chris Bonner, Senior Vice President, Chief Financial Officer, and Treasurer. I'll now turn the call over to Feller.

Thank you, Natalie. Good morning, everyone, and thank you for joining us on our fourth quarter earnings call. If you look at our earnings released from last night, you'll see that we had a great 2025, despite headwinds from production and oil prices. During the year, we achieved significant commercial milestones that will benefit our future production for years to come. We successfully signed development agreements with Revenant Energy and Cadres Energy. These deals place approximately 500,000 gross acres into development, with minimum drilling commitments ramping up to 37 gross wells per year by 2031 from those programs, and including Athon, a total of 50 gross wells over the same period. AFON also recently brought several new wells online in the Shelby Trough at about 25 to 30 MMCF a day, with another five wells expected to come online in the first quarter. An additional 18 wells are expected to be drilled throughout 2026. Also in 2026, we expect that Revenant will spend more than its minimum six-well commitment, and Catarist plans to drill its initial wells, including a pilot well. We are also seeing increased activity from others in the Shelby Trough as the industry moves towards available inventory to meet the growing natural gas demand. In addition to these developments, we are building another new opportunity in our Hainesville expansion area that we believe will add significant inventory and scale to the current development. Based on existing subsurface analysis, we believe we can continue to expand the Shelby Trough and Hainesville Basin towards the western Hainesville. With our continued focus of increasing production from existing assets and driving long-term value for our unit holders, we have also entered into a LOI with a reputable operator with experience in the Hainesville on a meaningful amount of acreage in the Gulf Coast region outside of our recent focus areas. Our acquisition program remains on track as well. Since launching the program in 23, we've invested about $240 million to add accretive mineral and royalty acreage across the Shelby Trough and Haynesville expansion area. We remain confident that the combination of these commercial initiatives will lead to significant growth and value for our unit holders. With that, I will hand the call over to Taylor.