Black Stone Minerals L P : Credit Suisse 2020 Mineral Conference

Credit Suisse

Oil & Gas Royalty Mineral

Investor Day

September 2020

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 Value1	Current Yield2	2Q20 Production	Inside Ownership
~$1.8 B	~9.5% (Distribution)	42.6 Mboe/d	> 25% Insiders
~20% (DCF)	> 80% Legacy Owners

1)	Enterprise value includes pref. equity and assumes unit price of $6.32 per unit on September 14, 2020
2)	Distribution yield calculated by annualizing the common distribution for 2Q20 of $0.15 per unit and DCF yield calculated by annualizing DCF per unit for 2Q20 of $0.31; respective yields	3
	calculated using the unit price of $6.32 per unit on September 14, 2020

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

2Q'20 Production Mix

Net Royalty Acres (000s) (1)

			1,500
			1,250		Resource Play
	Other		1,000		Other
	25%
	Shelby
		750
Eagle Ford		Trough
	41%	500
3%
Bakken			250
6%
Mid/Del			-
		Black Stone	Peer A	Peer B	Peer C
11%		LA
		Haynesville
		14%

2Q'20 Product Mix

Crude

22%

Natural

Gas 78%

Production (MBoe/d)

50.0	42.6
40.0
30.0		24.5
20.0			14.1
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

4

Minerals Industry - A Natural Port in the Storm

• 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 $30 Bbl)

$12.80 / 43%	$28.20/ 94%
Prod. & Ad Val. Taxes	Prod. & Ad Val. Taxes
~$1.80 / Bbl	$~1.80 / Bbl
Oper. & Trans. Costs
~$5.40 / Bbl
F&D Costs
~$10.00 / Bbl	Margin
	~$28.20/ Bbl
Margin
~$12.80 / Bbl
Working Interest	Royalty

% of PV10 to Royalty Owner

EconomicsOperator	)IRRlevel-(well1							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

5

Early and Aggressive Response to Crisis

• In February, even before the impact of the coronavirus, Black Stone took significant steps to reduce its controllable costs
• • Reduced size of workforce by approximately 20%
  • Reduced executive compensation - total target executive compensation down 64% in 2020 compared to 2019
  • Reduced board compensation
• Total G&A costs expected to decline from ~$65 million to sub-$40 million run-rate

• Lowered distribution to direct significant free cash flow
  to further pay down debt balance
• Closed on two asset sales
  in July 2020 for net proceeds of ~$150 million

Outstanding Debt ($MM)

$500
$436
$413	$394	$388
$400
		$323
$300
$200		< $175

$100

$0

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

2Q'20 PF

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Operational Activity

• Black Stone's diverse asset footprint helps moderate volatility of industry activity
• Horizontal permitting in
  2Q'20 decreased significantly in response to the global pandemic while BSM's share of those permits remained in line with historical averages
• Net well additions have slowed across BSM's acreage as rig counts have dropped in the Lower 48

1) Permit counts exclude all Wyoming permits	7

Generating Returns to Shareholders

• Long history of returning cash to equity holders
• • Distribution yield supported by coverage
  • ~$3.6 billion returned to investors through distributions over the past 20 years
  • ~2.2x return on invested capital to date1
• Consistent return performance across commodity cycles

Return on Average Capital Employed2

25.0%								22.6%
20.0%					18.9%		18.6%	19.3%	20.0%	19.8%
				17.7%
			17.6% 17.1%		16.9%	17.6%
	15.6%			15.7%
			13.4%	16.3%				14.7%
15.0%			13.9%		14.9%
	12.8%							12.9%
10.0%
5.0%
0.0%
	3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

1. Return on Investment (ROI) calculated as (Cumulative Distributions + Adj. BSM Market Cap) / Capital Raised through December 31, 2019

2) ROACE calculated as the annualized quotient of quarterly EBIT (Adjusted EBITDA less DD&A) divided by average capital employed during the period; capital	8
employed is defined as the sum of long-term debt, preferred equity, and equity as reported on consolidated quarterly balance sheets

Active Management

• 20 million gross acres (7.4 million net) of opportunity leads to organic growth with noincremental capital requirements
• • Black Stone's team of landmen, engineers and geologists actively promote its acreage to industry operators
  • Most recent example is partnering with Aethon Energy to restart development of Shelby Trough Haynesville/Bossier acreage in Angelina County

~26%		Leased Acreage
▲	Current cash flow
	▲ Infill and multi-zone development
	▲	Acceleration opportunities

		Unleased Acreage
~74%	▲	Lease bonus
	▲ New production from emerging plays or
		technological advancements
Leased Unleased	▲	"Cost-free embedded drop-downs"

1) As of December 31, 2019; based on gross acres for all interest types

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Active Management - Opportunities

• Black Stone has leading positions in several of today's most active resource plays, as well as a perpetual call option across the lower 48 in dozens of prospective plays

					WILLISTON BASIN:
					BAKKEN/THREE FORKS,
								APPALACHIAN BASIN:
					MADISON, RED RIVER, RATCLIFF,
	POWDER RIVER BASIN:			DUPEROW, SPEARFISH, MISSION CANYON				MARCELLUS / UTICA,
	SUSSEX, TURNER, FRONTIER,							DEVONIAN, HURON, RHINESTREET
		SHANNON, MOWRY
					MIDCONTINENT:
					SCOOP/STACK, FAYETTEVILLE, GRANITE
					WASH, CLEVELAND, COTTAGE GROVE,
					HOGSHOOTER, MARMATON, SPRINGER,
				ATOKA, CROMWELL, DUNN, HALE, WOODFORD
								LOUISIANA MISSISSIPPI SALT BASINS:
								TUSCALOOSA MARINE SHALE, BROWN DENSE,
								COTTON VALLEY, HOSSTON, NORPHLET,
SAN JOAQUIN
							SMACKOVER
& LA BASINS

PERMIAN BASIN (MIDLAND, DELAWARE, CBP):
	EAST TEXAS / WEST LOUISIANA:
WOLFCAMP, SPRABERRY, BONE SPRING, AVALON, ATOKA,
	HAYNESVILLE, BOSSIER, WILCOX, COTTON VALLEY, TRAVIS PEAK,
CLEARFORK, STRAWN, WITCHITA ALBANY, SAN ANDRES
								WOODBINE, BOSSIER SAND, GOODLAND LIME, JAMES LIME, PETTIT,
								SMACKOVER, GLENROSE, BUDA
			- BSM Leased Acreage
			- BSM Unleased Acreage				SOUTH TEXAS / GULF COAST:
					EAGLE FORD, AUSTIN CHALK, WILCOX, FRIO, YEGUA, VICKSBURG, EAGLEBINE, OLMOS

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Strong Balance Sheet Through Cycles

Strategy: Maximize financing flexibility for new acquisition opportunities

• Funding sources
• • Public markets - Approx. $73 million issued through ATM since 2017
  • Private capital - $300 million convertible preferred issued in November 2017
  • Equity issued directly to sellers - Since beginning of 2017, approx. $95 million issued through 4Q19
  • Credit facility availability - BSM regularly maintains $100 to $200 million of dry powder
• BSM has maintained a strong balance sheet through cycles

Debt to TTM EBITDA

2.0x

1.5x

1.0x

0.5x

-

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Key Messages

• Black Stone responded decisively to industry downturn by strengthening balance sheet, enhancing liquidity and lowering cost structure
• Low-cost,high-margin mineral and royalty business model is a port in the storm during challenging times for broader energy industry
• Investors gain exposure to industry-leading minerals portfolio with significant exposure to two of the most active areas in the United States
  Black Stone is well-positioned to benefit from sustained recovery in natural gas with core
• positions in the Haynesville and other Gulf Coast plays with close proximity to industrial demand and LNG exports
• Black Stone has a long history of delivering solid returns on capital employed and returning strong cash flow yield to investors

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Appendix

Haynesville/Bossier Position

- BSM acreage

- Producing well

- Horizontal permit on BSM

BSM's Core Shelby

Trough Acreage

• Black Stone believes its Shelby Trough position in East Texas to be the best part of the Haynesville/Bossier play in terms of ultimate recoveries and economics
• • In May, 2020, entered into new agreement with Aethon Energy to restart development in Angelina County
  • In June 2020, XTO Energy agreed to complete and turn to sales 13 existing DUCs by March 31, 2021
• BSM is also significantly exposed to the Louisiana Haynesville/Bossier

Key Statistics			Active Operators
Gross Mineral and Royalty Acres1	~459,000
Net Royalty Acres1,2	~387,000
Permits on BSM last 12 mos3	60
% Permits on BSM acreage last 12 mos3	19%

1)	As of 12/31/19 and includes mineral interests, NPRIs, and ORRIs
2)	A net royalty acre is defined as one surface acre leased at a 1/8th royalty	14
3)	Permit data sourced from IHS and represents permits filed through 6/30/20

Permian Position

- BSM acreage

- Producing well

- Horizontal permit on BSM

Delaware Basin

CBP

Midland Basin

CBP

Key Statistics (Midland and Delaware only)

Gross Mineral and Royalty Acres1	~653,000
Net Royalty Acres1,2	~67,000
Permits on BSM last 12 mos3	1,067
% Permits on BSM acreage last 12 mos3	17%

• As of March 31, 2020, there were 47 drilling rigs operating on BSM interests in the Midland and Delaware basis
• Black Stone has aggregated a significant position in these basins since the IPO to complement its legacy position
• Black Stone has also expanded its position in the Central Basin Platform with exposure to emerging plays such as the horizontal San Andres, Wichita/ Albany, and Mississippian plays

Active Operators

1)	As of 12/31/19, inclusive of mineral interests, NPRIs, and ORRIs
2)	A net royalty acre is defined as one surface acre leased at a 1/8th royalty	15
3)	Permit data sourced from IHS and represents permits filed through 6/30/20

Bakken/Three Forks Position

- BSM acreage

- Producing well

- Horizontal permit on BSM

Key Statistics

Gross Mineral and Royalty Acres1	~450,000
Net Royalty Acres1,2	~99,000
Permits on BSM last 12 mos3	158
% Permits on BSM acreage last 12 mos3	15%

• Black Stone's concentration in the core, attractive pricing differentials, and improved completion designs continue to drive strong Bakken/Three Forks performance

Active Operators

1)	As of 12/31/19, inclusive of mineral interests, NPRIs, and ORRIs
2)	A net royalty acre is defined as one surface acre leased at a 1/8th royalty
3)	Permit data sourced from IHS and represents permits filed through 6/30/20	16

Eagle Ford Position

- BSM acreage

- Producing well

- Horizontal permit on BSM

Key Statistics

Gross Mineral and Royalty Acres1	~222,000
Net Royalty Acres1,2	~34,000
Permits on BSM last 12 mos3	49
% Permits on BSM acreage last 12 mos3	3%

• BSM exposed to some of the best parts of the Eagle Ford play

Active Operators

1)	As of 12/31/19, inclusive of mineral interests, NPRIs, and ORRIs
2)	A net royalty acre is defined as one surface acre leased at a 1/8th royalty	17
3)	Permit data sourced from IHS and represents permits filed through 6/30/20

Financial Summary

Financial Position

($ in millions)	As of 6/30/20	As of 9/1/20
Cash	$3	$1
Borrowing base	$460	$430
Borrowings under credit facility	323	168
Remaining availability	137	262
Liquidity	$139	$263
Debt to TTM EBITDAX	1.0x

Hedging Summary: Crude Oil (as of September 1, 2020)

	Oil Swap	Swap	Costless	Collar	Collar
	Price	Collars	Floor	Ceiling
	(MBbl)
	($/Bbl)	(MBbl)	($/Bbl)	($/Bbl)
3Q20	560	$57.32	210	$56.43	$67.14
4Q20	840	$57.32	210	$56.43	$67.14
1Q21	480	$36.18
2Q21	480	$36.18
3Q21	480	$36.18
4Q21	480	$36.18

Hedging Summary: Natural Gas (as of September 1, 2020)

	Gas Swap	Swap
	Price
	(MMcf)
	($/MMcf)
3Q20	3,300	$2.69
4Q20	10,120	$2.69
1Q21	9,000	$2.65
2Q21	9,100	$2.65
3Q21	9,200	$2.65
4Q21	9,200	$2.65

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