Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone,” “BSM,” or “the Company”) today announced that it had received notice that Aethon Energy (“Aethon”) was exercising the “time-out” provisions under its joint exploration agreements with the Company in Angelina and San Augustine counties in East Texas (the “Agreements”). When natural-gas prices fall below specified thresholds, those provisions allow Aethon to temporarily suspend its drilling obligations for up to 9 consecutive months and a maximum of 18 total months in any 48-month period. Aethon has not invoked the time-out provisions under the Agreements before now and has not indicated how long it expects to suspend its obligations under the respective Agreements.

Black Stone does not expect the invocation of the time-out to affect the approximately 30 Aethon wells in various stages of development. We expect those wells to be turned in line and begin producing on schedule. Accordingly, the Company does not expect the suspension to have a meaningful financial impact in the next twelve months and plans to issue 2024 guidance in late February 2024, consistent with past practice. Black Stone and Aethon are in active discussions to determine the plan for the time-out. Black Stone will continue to assess the effect of the notice but cannot currently estimate the longer-term effects of a protracted suspension without knowing how long drilling will be suspended.

Thomas L. Carter, Jr., the Company’s CEO, President, and Chairman, noted, “Aethon has been a great partner in our Shelby Trough development program. Low gas prices are obviously challenging for operators and royalty owners in the area, but we look forward to working with Aethon to minimize downtime and get the best possible results for the Company’s unitholders.”

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 Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.

Forward-Looking Statements

This news release includes forward-looking statements. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “may,” “should,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms, or other comparable terminology often identify forward-looking statements. Except as required by law, Black Stone Minerals undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by these cautionary statements. These forward-looking statements involve risks and uncertainties, many of which are beyond the control of Black Stone Minerals, which may cause the Company’s actual results to differ materially from those implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below:

• the Company’s ability to execute its business strategies;
• the volatility of realized oil and natural gas prices;
• the level of production on the Company’s properties;
• overall supply and demand for oil and natural gas, as well as regional supply and demand factors, delays, or interruptions of production;
• conservation measures, technological advances, and general concern about the environmental impact of the production and use of fossil fuels;
• the Company’s ability to replace its oil and natural gas reserves;
• general economic, business, or industry conditions;
• cybersecurity incidents, including data security breaches or computer viruses;
• competition in the oil and natural gas industry; and
• the availability, high cost, or shortages of rigs, equipment, raw materials, supplies, or personnel to develop and operate our properties; and
• the level of drilling activity by the Company's operators, particularly in areas such as the Shelby Trough where the Company has concentrated acreage positions.

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