Revenue during the quarter dropped 27.62 percent to $99.17 million from $137.02 million in the previous year period. Total expenses were 60.36 percent of quarterly revenues, up from 60.08 percent for the same period last year. That has resulted in a contraction of 28 basis points in operating margin to 39.64 percent.

Operating income for the quarter was $39.32 million, compared with $54.70 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $74.22 million compared with $64.81 million in the prior year period. At the same time, adjusted EBITDA margin improved 2755 basis points in the quarter to 74.84 percent from 47.30 percent in the last year period.

Thomas L. Carter, Jr., Black Stone Minerals president, chief executive officer, and chairman commented, "Black Stone Minerals had a very strong third quarter and continues to be well positioned with high quality assets and a sound financial position. We posted a robust increase in production, which included continued growth in mineral and royalty volumes on a sequential basis. We also had solid lease bonus income in the quarter that was driven largely by areas in active development, namely the Marcellus/Utica and Permian Basin. Our borrowing base was recently increased by 11%, which reflects the quality and value of our asset base and bolsters our liquidity position."