Black Stone Minerals (BSM) raises quarterly dividend

[dan_s]

Black Stone Minerals, L.P. (NYSE: BSM) declared the distribution attributable to the fourth quarter of 2020. It is an MLP.

Common Distribution

The Board of Directors of the general partner has approved a cash distribution for common units attributable to the fourth quarter of 2020 of $0.175 per unit. This represents an increase of approximately 17% over the common distribution paid with respect to the prior quarter. Distributions will be payable on February 23, 2021 to unitholders of record on February 16, 2021.

Thomas L. Carter, Jr., Black Stone Minerals’ Chief Executive Officer and Chairman, commented, "Among the benefits of our successful debt reduction efforts over the course of 2020 is the ability to return a higher percentage of our free cash flow to our unitholders. As such, we are pleased to announce this meaningful increase in our common distribution. As we move forward in 2021 and beyond, we look forward to working with our lessees to prudently manage and grow production in a responsible manner."

BSM is a minerals company in our High Yield Income Portfolio. It pays variable quarterly distributions. It is heavily weighted to natural gas and NGLs, so I expect their distributions to keep going up this year.