Black Stone Minerals LP

Hello, everyone. Thank you for joining us and welcome to the Blackstone Minerals second quarter 2026 earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Natalie Liddell, Vice President, Corporate Planning. Natalie, please go ahead.

Good morning. Thank you for joining us either by phone or online for Blackstone Minerals' second quarter 2026 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 Thank you for joining us today. 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 www.blackstoneminerals.com. Joining me on the call from the company are Taylor DeWalch, co-CEO and president, Fowler Carter, co-CEO and president, Steve Putman, Senior Vice President and General Counsel, and Chris Bonner, Senior Vice President, Chief Financial Officer and Treasurer. I'll now turn the call over to Taylor.

Thanks Natalie. Good morning and thank you for joining us. We made meaningful progress during the second quarter as we continue to execute our differentiated strategy. We advanced development activity across our Shelby Trough and Haynesville expansion position, remained active with mineral acquisitions, and continued creating value across our broader portfolio through leasing, marketing, and asset management efforts. We also announced a 7% increase in our quarterly distribution, reflecting the strength of our business and our commitment to delivering sustainable returns to unit holders. More broadly, activity across our core areas is moving in the right direction. Atomos continues to execute on its development program, Revenant progressed activity during the quarter, and Catarus has now begun operations on acreage covered by its agreement. We also see increasing operator activity throughout the Haynesville. At the same time, strong oil production from the Permian and Bakken coupled with higher oil pricing contributed meaningfully to our results during the quarter and further highlights the benefit of Blackstone's diversified portfolio. As we've stated previously, we believe 2026 represents an important inflection point for the partnership. While production dipped from the first quarter, We are encouraged by the activity underway across our acreage and remain focused on converting that activity into sustainable production, cash flow, and long-term value creation for our unit holders. With that, I'll turn it over to Fowler to discuss our commercial and operational activity.