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BLACK STONE MINERALS Black Stone Minerals , L.P. Reports Third Quarter Results and Updates Full - Year 2021 Guidance November 1 , 2021 HOUSTON -- ( BUSINESS WIRE ) -- Nov . 1 , 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 third quarter of 2021 . Financial and Operational Highlights • Mineral and royalty production for the third quarter of 2021 equaled 33.0 MBoe / d , an increase of 2 % over the prior quarter ; total production , including working interest volumes , was 38.0 MBoe / d for the quarter . • Net income and Adjusted EBITDA for the quarter totaled $ 16.2 million and $ 76.5 million , respectively . • Distributable cash flow was $ 70.2 million for the third quarter , a decrease of 3 % relative to the second quarter of 2021 . • Announced a distribution of $ 0.25 per unit with respect to the third quarter of 2021. Distribution coverage for all units was 1.35x . • Total debt at the end of the third quarter was $ 99.0 million ; total debt to trailing twelve - month Adjusted EBITDA was 0.3x at quarter - end . As of October 29 , 2021 , total debt had been reduced to $ 86.0 million . Management Commentary Thomas L. Carter , Jr. , Black Stone Minerals ' Chief Executive Officer and Chairman commented , " Black Stone continues to benefit from the strong recovery in commodity prices and from incremental producer activity across the acreage position . We are seeing positive early results from operators in the East Texas Haynesville / Bossier and Austin Chalk , and we continue to focus on attracting capital to other high - net acreage in our portfolio . We posted another solid quarter with production levels well above our revised guidance , which contributed to our ability to raise our distribution for the third quarter by 25 % over our previous expectations . With our very strong balance sheet position , we intend to continue to prioritize returning cash flow to our unitholders . " Quarterly Financial and Operating Results Production Black Stone Minerals reported mineral and royalty volume of 33.0 MBoe / d ( 72 % natural gas ) for the third quarter of 2021 , compared to 32.5 MBoe / d for the second quarter of 2021. Mineral and royalty production for the third quarter of 2020 was 31.1 MBoe / d . Working interest production for the third quarter of 2021 was 5.1 MBoe / d , representing a decrease of 11 % from the levels generated in the quarter ended June 30 , 2021 and a decrease of 26 % from the quarter ended September 30 , 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 38.0 MBoe / d ( 87 % mineral and royalty , 74 % natural gas ) for the third quarter of 2021. Total production was 38.2 MBoe / d and 37.9 MBoe / d for the quarters ended June 30 , 2021 and September 30 , 2020 , respectively . Realized Prices , Revenues , and Net Income The Company's average realized price per Boe , excluding the effect of derivative settlements , was $ 38.60 for the quarter ended September 30 , 2021 . This is an increase of 21 % from $ 31.79 per Boe from the second quarter of 2021 and a 112 % increase compared to $ 18.18 for the third quarter of 2020 . Black Stone reported oil and gas revenue of $ 135.1 million ( 46 % oil and condensate ) for the third quarter of 2021 , an increase of 22 % from $ 110.4 million in the second quarter of 2021. Oil and gas revenue in the third quarter of 2020 was $ 63.4 million . The Company reported a loss on commodity derivative instruments of $ 77.6 million for the third quarter of 2021 , composed of a $ 34.1 million loss from realized settlements and a non - cash $ 43.5 million unrealized loss due to the change in value of Black Stone's derivative positions during the quarter . Black Stone reported losses of $ 59.5 million and $ 21.1 million on commodity derivative instruments for the quarters ended June 30 , 2021 and September 30 , 2020 , respectively . Lease bonus and other income was $ 2.3 million for the third quarter of 2021 , primarily related to leasing activity in the Haynesville Shale play and proceeds from surface use waivers on Black Stone's mineral acreage supporting solar development . Lease bonus and other income for the quarters ended June 30 , 2021 and September 30 , 2020 was $ 7.5 million and $ 1.4 million , respectively . There was no impairment for the quarters ended September 30 , 2021 , June 30 , 2021 , and September 30 , 2020 . The Company reported net income of $ 16.2 million for the quarter ended September 30 , 2021 , compared to net income of $ 15.4 million in the preceding quarter . For the quarter ended September 30 , 2020 , the Company reported net income of $ 23.7 million . Adjusted EBITDA and Distributable Cash Flow