Black Stone Minerals, L.P. Declares Distribution for Common & Subordinated Units, Confirms Conversion of Subordinated Units i...
April 25 2019 - 4:00PM
Business Wire
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.
Call Type
Phone
Number
Conference
ID
Domestic participant 1-877-447-4732 8405318 Domestic replay
1-855-859-2056 8405318 International participant 1-615-247-0077
8405318 International replay 1-404-537-3406 8405318
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190425006012/en/
Brent CollinsVice President, Investor RelationsTelephone: (713)
445-3200investorrelations@blackstoneminerals.com
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