Black Stone Minerals L P : Citi 2021 Global Energy & Utilities Virtual Conference

Citi 2021 Global Energy & Utilities Virtual Conference

May 2021

Forward-Looking Statements

This presentation contains "forward-looking statements" within the meaning of the securities laws. All statements, other than statements of historical fact, included in this presentation that address activities, events, or developments that Black Stone Minerals, L.P. ("Black Stone Minerals," "Black Stone," "the Partnership," or "BSM") expects, believes, or anticipates will or may occur in the future are forward-looking statements. The words "believe," "expect," "may," "estimates," "will," "anticipate," "plan," "intend," "foresee," "should," "would," "could," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. However, the absence of these words does not mean that the statements are not forward-looking.

These statements are based on certain assumptions made by Black Stone Minerals based on management's expectations and perception of historical trends, current conditions, anticipated future developments, and other factors believed to be appropriate. Although Black Stone Minerals believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, Black Stone Minerals cannot give assurance that it will achieve or accomplish these expectations, beliefs, or intentions. Such statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of Black Stone Minerals, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the "Risk Factors" and "Forward-Looking Statements" sections of the filings Black Stone Minerals has made with the Securities and Exchange Commission, including its annual report on Form 10-K and quarterly reports on Form 10-Q, as well as risks relating to financial performance and results, current economic conditions and resulting capital restraints, prices and demand for oil and natural gas, availability of drilling equipment and personnel, availability of sufficient capital to execute our business plan, impact of compliance with legislation and regulations, successful results from our operators' identified drilling locations, our operators' ability to efficiently develop and exploit the current reserves on our properties, our ability to acquire additional mineral interests, and other important factors that could cause actual results to differ materially from those projected. When considering the forward-looking statements, you should keep in mind the risk factors and other cautionary statements in filings Black Stone Minerals has made with the SEC.

You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which such statement is made, and Black Stone Minerals undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. All forward-looking statements attributable to Black Stone Minerals are qualified in their entirety by this cautionary statement.

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Black Stone Minerals at a Glance

• Black Stone Minerals, L.P. is the largest pure- play oil and gas mineral and royalty owner in the United States
• Over 20 million mineral and royalty acres (7.4 million net) with interests in 41 states
• • Concentrated positions in the Permian, Haynesville, and Bakken

Enterprise Value(1)		Current Yield(2)		1Q'21 Production		Inside Ownership
~$2.6 B		~6.6% (Distribution)		36.8 Mboe/d		> 25% Insiders
	~10% (DCF)			> 80% Legacy Owners

1)	Enterprise value includes pref. equity and assumes unit price of $10.57 per unit on May 6, 2021
2)	Distribution yield calculated by annualizing the common distribution for 1Q'21 of $0.175 per unit and DCF yield calculated by annualizing DCF per unit for 1Q'21 of $0.26;	3
	respective yields calculated using the unit price of $10.57 per unit on May 6, 2021

Differentiated by Scale and Diversity

• Black Stone benefits from the size and significant diversity of its mineral portfolio
• • Broad exposure to new discoveries and development activity
  • Acreage in every resource play, with large positions in several of the most active resource plays

1Q'2021 Production Mix

Net Royalty Acres (000s)(1)

			1,400
			1,200		Other
	Other		1,000
	20%	Shelby		Resource Play
Eagle Ford
	800
	Trough
2%
	37%
	Bakken	600
	14%		400
		LA	200
	Haynesville
	Mid/Del	18%	-
		Black Stone	Peer A	Peer B	Peer C
	9%

1Q'2021 Product Mix

Crude 25%

Natural

Gas 75%

Production (MBoe/d)

50.0
40.0	36.8
30.0		26.1
20.0			13.7
10.0				8.9
-
	Black Stone	Peer A	Peer B	Peer C

1. Net Royalty Acres represents leased acreage in resource and non-resource plays

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The Economic Benefit of Minerals

• Oil and gas exposure with no operating cost or capital spending requirements
• Direct benefit from technology advances to enhance recovery and well economics

• Represents perpetual call option on future oil & gas development activity
• Scale facilitates opportunities to partner with operators to initiate or accelerate drilling

Comparative Well Economics

Illustrative Margin (Assuming $50 Bbl)

$31.30 / 63%	$46.70/ 93%
Prod. & Ad Val. Taxes	Prod. & Ad Val. Taxes
~$3.30 / Bbl	$~3.30 / Bbl
Oper. & Trans. Costs
~$5.40 / Bbl
F&D Costs
~$10.00 / Bbl	Margin
	~$46.70/ Bbl
Margin
~$31.30 / Bbl
Working Interest	Royalty

% of PV10 to Royalty Owner

EconomicsOperator )IRRlevel-(well(1)							41%
50%
35%									49%
20%												67%
0%	10%	20%	30%	40%	50%	60%	70%

1) Illustrative well economics assuming 20% royalty; excluding royalty acquisition costs and operator leasing costs

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