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BLACK STONE MINERALS Black Stone Minerals , L.P. Reports First Quarter Results and Announces Multiple New Development Agreements May 4 , 2021 HOUSTON -- ( BUSINESS WIRE ) -- May 4 , 2021-- Black Stone Minerals , L.P. ( NYSE : BSM ) ( " Black Stone Minerals , " " Black Stone , " or " the Company " ) today announces its financial and operating results for the first quarter of 2021 . Financial and Operational Highlights • Mineral and royalty production for the first quarter of 2021 equaled 31.1 MBoe / d , a decrease of 3 % over the prior quarter ; total production , including working interest volumes , was 36.8 MBoe / d for the quarter . • Net income and Adjusted EBITDA for the quarter totaled $ 16.2 million and $ 60.0 million , respectively . • Distributable cash flow was $ 53.8 million for the first quarter , resulting in distribution coverage for all units of 1.5x based on the announced cash distribution of $ 0.175 per unit . • Total debt at the end of the first quarter was $ 111.0 million ; total debt to trailing twelve - month Adjusted EBITDA was 0.4x at quarter - end . As of April 30 , 2021 , total debt had been reduced to $ 96.0 million . • Effective April 30 , 2021 , Black Stone's borrowing bas under its revolving credit facility was reaffirmed at $ 400 million . As part of the redetermination process , Black Stone and its lenders agreed to extend the maturity date of the facility to November 1 , 2024 . Strategic Highlights Subsequent to the end of the first quarter of 2021 , Black Stone : • Entered into an agreement with affiliates of Aethon Energy ( " Aethon " ) to develop certain of the Company's undeveloped Shelby Trough Haynesville and Bossier acreage in San Augustine County , Texas . • Entered into an agreement with a consortium of operators through which the operators will drill up to three test wells for the Austin Chalk formation on Black Stone acreage in East Texas using high - intensity , multi - stage completions ; the initial test well under the agreement was spud in April 2021 . • Entered into an agreement with a large , private independent operator to develop additional Black Stone acreage within the Austin Chalk formation in East Texas . • Agreed to acquire mineral and royalty properties in the northern Midland Basin for total consideration of $ 20.7 million in cash and BSM common units . Management Commentary Thomas L. Carter , Jr. , Black Stone Minerals ' Chief Executive Officer and Chairman commented , " We are encouraged by the rebound in commodity prices and increases in producer activity across our acreage , and by our successful efforts to attract operator capital to our large , contiguous , high - net positions in East Texas . The agreements signed over the past few months will help delineate over 200,000 gross Black Stone acres in the Austin Chalk formation alone , while retaining significant additional acreage in the area for further development deals . These organic projects , if successful , provide for years of high - quality drilling locations and , combined with our acquisition efforts , give us multiple avenues to drive accretive growth for our unitholders . " Quarterly Financial and Operating Results Production Black Stone Minerals reported mineral and royalty volume was 31.1 MBoe / d ( 73 % natural gas ) for the first quarter of 2021 , compared to 32.0 MBoe / d for the fourth quarter of 2020. Mineral and royalty production for the first quarter of 2020 was 36.7 MBoe / d . Working interest production for the first quarter of 2021 was 5.8 MBoe / d , and represents a decrease of 17 % from the levels generated in the quarter ended December 31 , 2020 and a decrease of 44 % from the quarter ended March 31 , 2020. The continued decline in working interest volumes is consistent with the Company's decision to farm out its working - interest participation to third - party capital providers . Total reported production averaged 36.8 MBoe / d ( 84 % mineral and royalty , 75 % natural gas ) for the first quarter of 2021. Total production was 39.0 MBoe / d and 46.9 MBoe / d for the quarters ended December 31 , 2020 and March 31 , 2020 , respectively . Realized Prices , Revenues , and Net Income The Company's average realized price per Boe , excluding the effect of derivative settlements , was $ 26.27 for the quarter ended March 31 , 2021. This