Black Stone Minerals L P : KeyBanc Capital Markets Minerals Spotlight

KeyBanc Capital Markets Minerals Spotlight

March 2024

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.

>7 Million net acre mineral and royalty asset base spanning all major basins with ~11% of US horizontal permits in Q4'23

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Pure-play oil and gas mineral and royalty owner in the United States with over 20 million mineral and royalty acres (7.4 million net) with interests in 41 states

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Concentrated positions in the Permian, Haynesville, and Bakken

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Diversified asset base well-positioned to benefit from increased activity

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Strategic focus on attracting development capital to existing acreage

Key Statistics

(in millions, except per share metrics)

Share Price (as of 12/31/23) $15.96

Total Common Units (as of 12/31/23)(1) 210.0

Market Cap (as of 12/31/23) $3,351

Net Debt / Liquidity(2)

$(70) / $445

Distribution Yield 11.90%

4Q'23 Net Income $147.6

4Q'23 Adjusted EBITDA $125.5

4Q'23 Distribution Per Unit $0.475

• 1. Excludes 14.7 million Series B Preferred units

  BSM Footprint

• 2. Liquidity based on $375 million of committed capital under the current line of credit. The Full borrowing base of $580 increases total liquidity to $650 million. Cash as of December 31,2023

Investment Thesis

Extensive inventory and balance sheet strength are the building blocks for long term organic growth with additional upside from expanding resource plays on high interest mineral acreage

Low-cost, high-margin mineral and royalty business model is sustainable across challenging industry cycles and insulated from inflationary cost pressuresClean balance sheet with ample liquidity to deploy on accretive projects to supplement existing organic initiatives

Extensive available inventory in existing mineral portfolio presents opportunity for organic volume growth for decades

Well-positioned to benefit from sustained recovery in natural gas with core positions in the Haynesville and Gulf Coast plays close to industrial demand and LNG exports

BSM delivered strong results during 2023 through active management and conservative financial policies

As Reported	As Reported	2023
4Q'23	YE'23	Guidance
Total Daily Production (Mboe/d)	41.1	39.8	37.0 - 39.0
Lease Bonus ($MM)	$3.8	$12.5	$10.0 - $12.0
Lease Operating Expenses ($MM)	$3.2	$11.4	$11.0 - $12.0
Production Costs (as a % of Revenues) 1	11.3%	11.7%	10.0% - 12.0%
Cash G&A ($MM)	$10.1	$40.6	$42.0 - 44.0
Non-Cash G&A ($MM)	$2.4	$10.9	$11.0 - $13.0

Production costs include production and ad valorem taxes; percentage reported represents costs as a percentage of pre-hedge oil and gas revenues.

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Oil and gas exposure with no operating	Represents perpetual call option on
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cost or capital spending requirements	future oil & gas development activity
Direct benefit from technology advances	Scale facilitates opportunities to
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to enhance recovery and well economics	partner with operators to initiate or
accelerate drilling

Illustrative Margin (Assuming $70 Bbl)

$41.60 / 59%Working Interest /

Operator

$60.10/ 86%Royalty/Mineral

Owner

% of PV10 to Royalty Owner

Operator Economics

(well-levelIRR(1))

50%

35%

20%

0%

10%

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

20%

30%

40%

50%

60%

70%

2021

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Capital spend remains limited due to uncertainty around demand recovery; Companies use higher commodity prices and cash flows to return capital to investors, reduce debt and/or buy back company equity

2022

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Demand recovery plus heightened geopolitical risks with Ukraine and Russia further shift the supply/demand imbalance, pushing WTI over $100 for the first time since 2014

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While capital expenditures increased by 47% year-over-year, operators remained focused on returning capital to shareholders

CAPEX($inBillions)

2023

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Building on strong capital expenditure growth in 2022, U.S. operators are expected to increase capex by another 19%, nearing pre-covid levels

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Inflationary pressures continue to build, curbing growth expectations as operators continue to fund programs out of cash flows

2024

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Operators are expected to ease on their growth of capital spending, increasing by 3% compared to 19% in 2024

Oil($/Bbl)

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This indicates that shale output pace may slow down in the US after record level production in 2023

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Capital spending in 2024 is expected to lean more towards the international market as producers are expected to increase spending by 5% globally

Source: Bloomberg

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Black Stone Minerals, with its significant exposure to the Haynesville / Bossier play, is well-positioned to benefit from increased LNG exports

4Q'23 Production Mix

4Q'23 Production Mix

Real World Environmentalism

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Replacing international coal supply with U.S.-sourced LNG could make the most meaningful impact to near-term CO2 reduction efforts

Under Construction

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8.0 Bcfd of additional capacity currently under construction that is expected to come online in 2024 and 2025

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3 planned projects comprise the majority of the additional capacity between 2024 and 2025 - Golden Pass, Corpus Christi stage III, and Plaquemines facilities

LNG Export Capacity

2018

2016

2017

2019

2020

2021

2022

2023E

2024E

2025E

2026E

Source: eia.gov

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20 million gross acres(1) (7.4 million net) of opportunity leads to organic growth with no incremental capital requirements

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Black Stone's team of landmen, engineers and geologists actively promote its acreage to industry operators

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Focus on active management with Aethon Energy has led to a notable increase in production from the Shelby Trough Haynesville/Bossier acreage in Angelina County and successful programs with multiple operators in the Austin Chalk

LeasedUnleased

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Current cash flow

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Infill and multi-zone development Acceleration opportunities

Unleased Acreage

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Lease bonus

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New production from emerging plays or technological advancements

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"Cost-free embedded drop-downs"

1) As of December 31, 2023; based on gross acres for all interest types

Powder River Basin: Sussex, Turner, Frontier,

Shannon, Mowry

SCOOP/STACK, Fayetteville, Granite Wash, Cleveland, Cottage Grove, Hogshooter, Marmaton, Springer, Atoka, Cromwell, Dunn,

Hale, Woodford

Midcontinent:

San Joaquin &

LA BasinsLouisiana Mississippi Salt Basins:

Tuscaloosa Marine Shale, Brown Dense, Cotton Valley, Hosston, Norphlet, Smackover

Permian Basin (Midland, Delaware, CBP):

Wolfcamp, Spraberry, Bone Spring, Avalon, Atoka,

Clear Fork, Strawn, Wichita Albany, San Andres

South Texas/Gulf Coast:

Eagle Ford, Austin Chalk, Wilcox, Frio, Yegua, Vicksburg, Eaglebine, Olmos

Other plays include:

DJ Basin: Niobrara and Codell

Southwestern Wyoming: Pinedale Anticline, Mesa Verde, Niobrara, and Wasatch

Palo Duro: Canyon Lime, Brown Dolomite, Canyon Wash, Cisco Sand, and Strawn Wash

East Texas/West Louisiana:

Haynesville, Bossier, Wilcox, Cotton Valley, Travis Peak, Woodbine, Bossier

Sand, Goodland Lime, James Lime,

Pettit, Smackover, Glen Rose, Buda

Bend Arch-Fort Worth Basin: Barnett Shale, Bend Conglomerate, Caddo, Marble Falls, and Mississippian Falls

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