Black Stone Minerals, L.P.

Black Stone Minerals, L.P. is one of the largest owners and managers of oil and natural gas mineral interests in the United States. The company's main business is to maximize the value of its existing portfolio of mineral and royalty assets through active management. This involves marketing its mineral assets for lease and structuring lease terms to encourage and accelerate drilling activity. The company's large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests are intended to provide stable production and reserves over time, allowing most generated cash flow to be distributed to unitholders. Black Stone Minerals also explores the relevance of its assets in energy transition, including opportunities in renewable energy and carbon sequestration. The company owns mineral interests in approximately 16.9 million gross acres, with an average 43.4% ownership interest in that acreage. It also owns nonparticipating royalty interests in 1.8 million gross acres and overriding royalty interests in 1.6 million gross acres. These non-cost-bearing interests, collectively referred to as "mineral and royalty interests," include ownership in approximately 71,000 producing wells. These interests are located in 41 states in the continental U.S., covering all major onshore producing basins. Many interests are in active resource plays, such as the Haynesville/Bossier shales in East Texas/Western Louisiana, the Wolfcamp/Spraberry/Bone Springs in the Permian Basin, the Bakken/Three Forks in the Williston Basin, and the Eagle Ford shale in South Texas. Black Stone Minerals is a publicly traded Delaware limited partnership formed on September 16, 2014.