Revenue during the quarter surged 93.51 percent to $124.58 million from $64.38 million in the previous year period. Total expenses were 47.81 percent of quarterly revenues, down from 81.97 percent for the same period last year. This has led to an improvement of 3415 basis points in operating margin to 52.19 percent.

Operating income for the quarter was $65.02 million, compared with $11.61 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $77.93 million compared with $55.74 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2403 basis points in the quarter to 62.55 percent from 86.58 percent in the last year period.

Thomas L. Carter, Jr., Black Stone Minerals’ President, Chief Executive Officer, and Chairman commented, "We are very pleased to begin 2017 hitting on all cylinders. We set several new quarterly records in the first quarter, including highs for production, net income, Adjusted EBITDA, and distributable cash flow. We are seeing robust activity in a number of our core areas and have already made several complementary acquisitions this year bolstering our strong positions in the Permian Basin and the East Texas Haynesville/Bossier plays. We believe this provides a clear path to sustained growth in our royalty production and underpins our long-term distribution growth objectives."