Black Stone Minerals, L.P. Declares Distribution for Common and Subordinated Units, Confirms Conversion of Subordinated Units into Common Units, and Schedules Earnings Call to Discuss First Quarter 2019 Results
Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone Minerals,” “BSM,”
or “the Partnership”) today declares the distribution attributable to
the first quarter of 2019 and announces that the Board of Directors has
confirmed and approved that, upon payment of the distribution
attributable to the first quarter of 2019, the tests required for
conversion of all of the outstanding subordinated units into common
units on a one-for-one basis will be met. Additionally, the Partnership
announces the date of its first quarter of 2019 earnings call.
Common and Subordinated Distributions
The Board of Directors of the general partner (the "Board") has approved
cash distributions attributable to the first quarter of 2019 of $0.37
per unit for both common and subordinated units. Distributions will be
payable on May 23, 2019 to unitholders of record on May 16, 2019.
Conversion of Subordinated Units
The Partnership’s subordinated units will automatically convert into
common units on a one-for-one basis upon the expiration of the
Subordination Period (as defined in Black Stone Minerals’ First Amended
and Restated Agreement of Limited Partnership, as amended). The
Subordination Period will end on the first business day following the
payment of the distribution described above. Subordinated units are held
at American Stock Transfer & Trust Company (“AST”), the Partnership’s
transfer agent, and will automatically convert into an equal number of
common units, which will be deposited into common unit accounts at AST.
A common unit account will be created at AST in the event a subordinated
unitholder does not have a common unit account at AST. After AST has
processed the conversion, subordinated unitholders who have properly
executed a Non-Affiliate Representation Letter (the “NARL”) will be able
to transfer the common units to a brokerage of their choice. A copy of
the NARL is available in the “Investors” section of Black Stone
Minerals’ website (www.blackstoneminerals.com)
under “Frequently Asked Questions – ‘Can I transfer my units to my
brokerage account?’”
Earnings Conference Call
The Partnership is scheduled to release details regarding its results
for the first quarter of 2019 after the close of trading on May 6, 2019.
A conference call to discuss these results is scheduled for May 7, 2019
at 9:00 a.m. Central time (10:00 a.m. Eastern time). Dial-in information
is provided below. A telephonic replay of the conference call will be
available approximately two hours after the call through June 6, 2019.
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Call Type
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Phone Number
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Conference ID
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Domestic participant
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1-877-447-4732
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8405318
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Domestic replay
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1-855-859-2056
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8405318
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International participant
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1-615-247-0077
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8405318
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International replay
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1-404-537-3406
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8405318
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The conference call will be webcast live and can be accessed through the
Investors section of BSM’s website at www.blackstoneminerals.com.
About Black Stone Minerals, L.P.
Black Stone Minerals is one of the largest owners of oil and natural gas
mineral interests in the United States. The Partnership owns mineral
interests and royalty interests in 41 states and 64 onshore basins in
the continental United States. The Partnership also owns non-operating
working interests and selectively participates as a non-operating
working interest partner in established development programs, primarily
on its mineral and royalty holdings. The Partnership expects that its
large, diversified asset base and long-lived, non-cost-bearing mineral
and royalty interests will result in production and reserve growth, as
well as increasing quarterly distributions to its unitholders.
Information for Non-U.S. Investors
This press release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Although a portion of Black Stone
Minerals’ income may not be effectively connected income and may be
subject to alternative withholding procedures, brokers and nominees
should treat 100% of Black Stone Minerals’ distributions to non-U.S.
investors as being attributable to income that is effectively connected
with a United States trade or business. Accordingly, Black Stone
Minerals’ distributions to non-U.S. investors are subject to federal
income tax withholding at the highest marginal rate, currently 37.0% for
individuals.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190425006012/en/
Copyright Business Wire 2019
Source: Business Wire
(April 25, 2019 - 5:00 PM EDT)
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