Brigham Minerals, Inc. (NYSE: MNRL) (“Brigham Minerals,”
“Brigham,” or the “Company”), a leading mineral and royalty
interest acquisition company, today announced record operational
and financial results for the quarter ended June 30, 2022 and
updated full year 2022 guidance.
RECORD SECOND QUARTER 2022 OPERATIONAL AND FINANCIAL
HIGHLIGHTS
- Record daily production volumes of 13,019 Boe/d (72%
liquids, 52% oil)
- Production up 8% sequentially from Q1 2022 including a 24%
increase in Permian Basin volumes
- Record royalty revenues of $90.4 million
- Up 29% sequentially from Q1 2022 driven by 8% higher volumes
and 18% higher realized prices
- Record Net income totaling $50.2 million
- Record Adjusted EBITDA(1) totaling $79.7 million up 31%
sequentially from Q1 2022
- Declared record Q2 2022 dividend of $0.77 per share of Class
A common stock(2)
- Base Dividend of $0.16 per share of Class A common stock
- Variable Dividend increased 39% sequentially to $0.61 per share
of Class A common stock
- Represents 75% payout ratio of Discretionary Cash Flow ex lease
bonus(1)
- 11.0 net (1,792 gross) activity wells comprised of 6.8 net
(1,008 gross) DUCs and 4.2 net (784 gross) permits
- 2.4 net DUCs converted to PDP during Q2 2022
- Record 253 gross wells spud during Q2 2022 (1.5 net
locations)
- Permian Basin activity wells totaling 6.7 net locations
- Generated divestiture proceeds totaling $67.3 million from
the sale of undeveloped Anadarko Basin assets
- Divested largely undeveloped minerals with anticipated Q3 2022
production of 200 Boe/d
- Asset monetization proceeds partially utilized to fund
accretive Permian Basin acquisitions and reduce Net Debt(1) to
approximately $49 million as of June 30, 2022
- Permian Basin now makes up 48% of net royalty acres and 68% of
net locations
- Acquired 885 net royalty acres deploying $33.2 million in
mineral acquisition capital
- 100% of capital deployed to Permian Basin comprised of 95% PDP,
DUC and permitted net locations with anticipated Q3 2022 production
of 400 Boe/d
- Locations to be converted by top tier operators including
Endeavor Energy Resources, Chevron Corporation and Marathon
Oil
- $24.1 million cash balance and undrawn revolver capacity of
$217.0 million as of June 30, 2022
- Conservative leverage at 0.2x last quarter annualized Adjusted
EBITDA(1)
FULL YEAR 2022 UPDATED GUIDANCE
- Updated full year 2022 production guidance of 12,300 to
13,000 Boe/d
- Production guidance raised 9% at the midpoint relative to
February 2022 guidance
- Mineral acquisition capital raised to $100 to
$120 million
- Includes impact of highly accretive Permian Basin acquisitions
entered into during the first half 2022
- See additional detail in Operational and Financial Guidance
Update table below
(1)
Non-GAAP measure. See “Non-GAAP Financial
Measures” below.
(2)
See Quarterly Cash Dividend section below
regarding Board approval of future dividends.
Robert M. (“Rob”) Roosa, Chief Executive Officer, commented,
“Our team once again generated record operational and financial
results during the quarter including record production, revenue,
EBITDA(1) and dividends. Our production volumes increased 8%
sequentially to a record 13,019 Boe/d driven by continued strong
DUC conversions, particularly conversions in the Permian Basin
where production volumes grew by 24% sequentially. We also saw
record drilling activity during the quarter with approximately 253
gross wells spud on our assets, and when combined with our
acquisition efforts, we were able to maintain an almost constant
DUC inventory level even with the aforementioned strong
conversions. In total, we ended the second quarter with 11.0 net
activity wells in inventory and anticipate our production volumes
for the full year 2022 to average between 12,300 and 13,000 Boe/d,
which represents a 9% increase relative to our original guidance
provided in February.”
Blake C. Williams, Chief Financial Officer, added, “Our results
continue to excel and highlight the benefits of our high margin
business model especially in the current inflationary environment.
Our EBITDA(1) grew 31% sequentially and is up 159% year over year,
leading to our $0.77 dividend at a 75% payout ratio. While many
companies are seeing higher cost, we instead saw an increased
EBITDA margin(1) due to our unhedged price realizations and largely
fixed cost structure. Our team also took advantage of the
supportive commodity price environment by successfully executing
our largest, single asset monetization to date generating proceeds
of approximately $67.3 million. The proceeds, along with our
retained cash flow, were utilized to fully fund our second quarter
ground game acquisitions as well as reduce our Net Debt(1)
outstanding at the end of the quarter to approximately $49 million.
With over $200 million of available liquidity, we plan to continue
creating value for our shareholders through accretive acquisitions
and our current and future return of capital program.”
(1)
Non-GAAP measure. See “Non-GAAP Financial
Measures” below.
OPERATIONAL UPDATE
Mineral and Royalty Interest Ownership Update
During the second quarter 2022, the Company executed twenty
transactions acquiring approximately 885 net royalty acres
(standardized to a 1/8th royalty interest) and deployed $33.2
million in capital. The Company deployed all of its mineral
acquisition capital in the second quarter to the Permian Basin.
Second quarter acquisitions are expected to deliver near-term
production and cash flow growth with the addition of 116 gross DUCs
(0.8 net) and 27 gross permits (0.2 net) to inventory counts. The
Company also divested 12,550 net royalty acres in the Anadarko
Basin generating approximately $67.3 million in cash proceeds, net
of customary closing adjustments.
The table below summarizes the Company’s approximate mineral and
royalty interest ownership as of the dates indicated.
Delaware
Midland
Anadarko
DJ
Williston
Total
Net Royalty Acres
June 30, 2022(1)
30,010
9,015
9,850
24,755
8,180
81,810
March 31, 2022
29,875
8,265
22,400
24,740
8,185
93,465
Acres Added and (Sold) Q/Q
135
750
(12,550)
15
(5)
(11,655)
% Added and (Sold) Q/Q
—%
9%
(56)%
—%
—%
(12)%
(1) June 30, 2022 NRA totals include
Division Order Interest adjustments relative to prior quarters
DUC Conversions Updates
During the second quarter 2022, the Company identified
approximately 223 gross (2.4 net) horizontal wells converted to
production, which represented 33% of its net DUC inventory as of
the first quarter 2022 (24% of gross DUCs). Well conversions to
proved developed producing during second quarter are summarized in
the table below:
Q2 2022 Wells Converted to
Proved Developed Producing
Gross
Net
DUCs
223
2.4
Acquired Wells Net of Divestitures
(238)
(1.6)
Converted Permitted and Other
15
—
Total
—
0.8
Drilling Activity Update
During the second quarter 2022, the Company identified a record
253 gross (1.5 net) wells spud on its mineral position, which
represents a 6% sequential increase from the first quarter 2022 on
a gross well basis. Brigham’s average quarterly gross and net wells
spud over 2019 to 2021 relative to the second quarter 2022 are
summarized in the table below:
2019(1)
2020(1)
2021(1)
Q1 22
Q2 22
Gross Wells Spud
219
95
164
238
253
Net Wells Spud
1.4
0.7
1.3
2.1
1.5
(1) Amounts represent average quarterly
numbers during the year.
DUC and Permit Inventory Update
The Company expects 2022 production volumes will be driven by
the continued conversion of its DUC and permit inventory. Brigham’s
gross and net DUC and permit inventory as of June 30, 2022 by basin
is outlined in the table below:
Development Inventory by
Basin(1)
Delaware
Midland
Anadarko
DJ
Williston
Total
Gross Inventory
DUCs
231
373
35
205
164
1,008
Permits
274
146
5
173
186
784
Net Inventory
DUCs
2.1
1.9
0.1
2.3
0.4
6.8
Permits
2.0
0.7
—
1.1
0.4
4.2
(1) Individual amounts may not add to
totals due to rounding.
FINANCIAL UPDATE
For the three months ended June 30, 2022, crude oil, natural gas
and NGL production volumes increased 8% to 13,019 Boe/d as compared
to the three months ended March 31, 2022 and increased 45% as
compared to the same prior-year period.
For the three months ended June 30, 2022, average realized
prices were $108.37 per barrel of oil, $6.95 per Mcf of natural
gas, and $42.31 per barrel of NGL, for a total equivalent price of
$76.31 per Boe. This represents a 18% increase relative to the
three months ended March 31, 2022 and a 69% increase relative to
the same prior-year period.
The Company's net income for the three months ended June 30,
2022 was $50.2 million, up 28% from the three months ended March
31, 2022 and up 227% relative to the same prior-year period.
Adjusted EBITDA was $79.7 million for the three months ended
June 30, 2022, up 31% from the three months ended March 31, 2022
and up 159% relative to the same prior-year period. Adjusted EBITDA
ex lease bonus was $79.2 million for the three months ended June
30, 2022, up 34% from the three months ended March 31, 2022 and up
164% from the same prior-year period. Adjusted EBITDA and Adjusted
EBITDA ex lease bonus are Non-GAAP financial measures. For a
definition of Adjusted EBITDA and Adjusted EBITDA ex lease bonus
and a reconciliation to our most directly comparable measure
calculated and presented in accordance with GAAP, please read
"Non-GAAP Financial Measures” below.
As of June 30, 2022, the Company had a cash balance of $24.1
million and $217.0 million of undrawn revolver capacity under its
credit facility, providing the Company with total liquidity of
$241.1 million.
Results of Operations
Unaudited Financial and Operational
Results
Three Months Ended
Six Months Ended
($ in thousands, except for realized
prices and unit expenses)
June 30, 2022
March 31, 2022
June 30, 2022
June 30, 2021
Operating Revenues
Oil sales
$
66,415
$
50,688
$
117,103
$
49,542
Natural gas sales
13,968
10,312
24,280
12,141
NGL sales
10,020
8,995
19,015
7,498
Total mineral and royalty revenue
$
90,403
$
69,995
$
160,398
$
69,181
Lease bonus and other revenue
476
1,433
1,909
2,403
Total Revenues
$
90,879
$
71,428
$
162,307
$
71,584
Production
Oil (MBbls)
612
552
1,164
834
Natural gas (MMcf)
2,011
1,868
3,879
2,916
NGLs (MBbls)
237
220
457
301
Equivalents (MBoe)
1,185
1,083
2,268
1,621
Equivalents per day (Boe/d)
13,019
12,031
12,528
8,959
Realized Prices ($/Boe)
Oil ($/Bbl)
$
108.37
$
91.90
$
100.57
$
59.39
Natural gas ($/Mcf)
6.95
5.52
6.26
4.16
NGLs ($/Bbl)
42.31
40.90
41.63
24.88
Average Realized Price
$
76.31
$
64.64
$
70.74
$
42.66
Operating Expenses
Gathering, transportation and
marketing
$
2,246
$
2,003
$
4,249
$
3,326
Severance and ad valorem taxes
5,361
4,331
9,692
4,133
Depreciation, depletion, and
amortization
13,449
12,313
25,762
18,447
General and administrative (before
share-based compensation)
3,587
4,428
8,015
6,284
Total operating expenses (before
share-based compensation)
$
24,643
$
23,075
$
47,718
$
32,190
General and administrative, share-based
compensation
1,959
1,481
3,440
4,855
Total Operating Expenses
$
26,602
$
24,556
$
51,158
$
37,045
Income from Operations
$
64,277
$
46,872
$
111,149
$
34,539
Other expenses:
Interest expense, net
(1,154
)
(914
)
(2,068
)
(654
)
Other income, net
14
20
34
15
Income Before Taxes
$
63,137
$
45,978
$
109,115
$
33,900
Income tax expense
12,957
6,913
19,870
6,503
Net Income
$
50,180
$
39,065
$
89,245
$
27,397
Less: Net income attributable to
non-controlling interest
(7,931
)
(8,083
)
(16,014
)
(7,613
)
Net income attributable to Brigham
Minerals, Inc. stockholders
$
42,249
$
30,982
$
73,231
$
19,784
Three Months Ended
Six Months Ended
Unit Expenses ($/Boe)
June 30, 2022
March 31, 2022
June 30, 2022
June 30, 2021
Gathering, transportation and
marketing
$
1.90
$
1.85
$
1.87
$
2.05
Severance and ad valorem taxes
4.52
4.00
4.27
2.55
Depreciation, depletion and
amortization
11.35
11.37
11.36
11.38
General and administrative (before
share-based compensation)
3.03
4.09
3.53
3.87
General and administrative, share-based
compensation
1.65
1.37
1.52
2.99
Interest expense, net
0.97
0.84
0.91
0.40
Quarterly Cash Dividend
The Company’s Board of Directors (the “Board”) has declared a
quarterly cash dividend incorporating results for the second
quarter 2022 of $0.77 per share of Class A common stock at a 75%
payout ratio. This represents a 28% increase in payout compared to
the dividend declared for the first quarter of 2022. The second
quarter dividend represents a base dividend of $0.16 per share and
a variable dividend of $0.61 per share and will be paid on August
26, 2022 to holders of record as of August 19, 2022. An amount
equal to the cash dividend per share will also be set aside for
each outstanding award granted under the long-term incentive plan
for payment upon the vesting of such awards in accordance with
their terms.
Future declarations of dividends are subject to approval by the
Board and to the Board’s continuing determination that the
declarations of dividends are in the best interests of the Company
and its shareholders. Future dividends may be adjusted at the
Board’s discretion based on market conditions and capital
availability.
OPERATIONAL AND FINANCIAL GUIDANCE UPDATE
Below is Brigham's updated guidance for the full year 2022:
Original
2022 Guidance
Updated
2022 Guidance
Change %
Guidance Ranges
Low
High
Low
High
Capital Allocation
Quarterly Base Dividend
(Annualized)(1)
$0.16 ($0.64)
$0.16 ($0.64)
Payout Ratio (Base + Variable
Dividend)
75%
—
80%
70%
—
80%
Daily Net Production (Boe/d)
11,300
—
12,000
12,300
—
13,000
+9%
Oil Cut (%)
48%
—
52%
48%
—
52%
Lease Bonus ($ millions)
$1.0
—
$3.0
$1.5
—
$3.5
+25%
Expenses
Cash G&A Expense ($ millions)
$13.3
—
13.8(2)
$15.3
—
15.8(2)
+15%
Cash G&A Expense Unit Cost ($/Boe)
$3.20 midpoint
$3.36 midpoint
+5%
Share Based Compensation Expense ($
millions)(2)
$9.2
—
$10.0(2)
$7.2
—
$8.0(2)
-21%
Total G&A Expense ($ millions)
$22.5
—
$23.8
$22.5
—
$23.8
0%
Total G&A Expense Unit Cost
($/Boe)
$5.44 midpoint
$5.01 midpoint
-8%
Gathering, Transportation, and Marketing
($/Boe)
$2.75
—
$3.25
$2.00
—
$2.50
-25%
Production Taxes (% of Revenue)
7%
—
9%
7%
—
9%
Taxes
Tax Depletion ($/Boe)
$11.50
—
$13.50
$11.50
—
$13.50
Percent of Dividend Expected to be Return
of Capital
20%
—
40%
20%
—
40%
Mineral Acquisition Capital
Ground Game Acquisition Budget ($
millions)
$60
—
$80
$100
—
$120
+57%
(1) Subject to future board approval
(2) Original 2022 Guidance modified in May
2022 to reflect subsequent implementation of short term incentive
plan, which re-allocated approximately $2 million from share based
compensation to cash G&A
Brigham Minerals Second Quarter 2022 Earnings Conference
Call
- Friday, August 5, 2022 at 9:00 a.m. Eastern Time (8:00 a.m.
Central Time)
- Pre-register by visiting:
https://ige.netroadshow.com/registration/q4inc/11359/brigham-minerals-second-quarter-2022-earnings-conference-call/
- Listen to a live audio webcast of the call by visiting the
Company’s website
- https://investors.brighamminerals.com
- A recording of the webcast will be available on the Company’s
website after the call
Non-GAAP Financial Measures
Adjusted EBITDA, Adjusted EBITDA ex lease bonus, Adjusted EBITDA
Margin, Discretionary Cash Flow, Discretionary Cash Flow ex lease
bonus, and Net Debt are non-GAAP supplemental financial measures
used by our management and by external users of our financial
statements such as investors, research analysts and others to
assess the financial performance of our assets and their ability to
sustain dividends over the long term without regard to financing
methods, capital structure or historical cost basis.
We define Adjusted EBITDA as Net Income before depreciation,
depletion and amortization, share-based compensation expense,
interest expense, and income tax expense, less other income. We
define Adjusted EBITDA ex lease bonus as Adjusted EBITDA further
adjusted to eliminate the impacts of lease bonus and other revenues
we receive due to the unpredictability of timing of the revenue. We
define Adjusted EBITDA Margin as Adjusted EBITDA divided by total
revenue. We define Discretionary Cash Flow as Adjusted EBITDA, less
cash interest expense and cash taxes. We define Discretionary Cash
Flow ex lease bonus as Discretionary Cash Flow further adjusted to
eliminate the impacts of lease bonus revenue. We define Net Debt as
total debt less cash and cash equivalents.
Adjusted EBITDA, Adjusted EBITDA ex lease bonus, Adjusted EBITDA
Margin, Discretionary Cash Flow, Discretionary Cash Flow ex lease
bonus, and Net Debt do not represent and should not be considered
alternatives to, or more meaningful than, net income or any other
measure of financial performance presented in accordance with GAAP
as measures of our financial performance. Adjusted EBITDA, Adjusted
EBITDA ex lease bonus, Adjusted EBITDA Margin, Discretionary Cash
Flow and Discretionary Cash Flow ex lease bonus have important
limitations as analytical tools because they exclude some but not
all items that affect net income, the most directly comparable GAAP
financial measure. Net Debt should not be considered an alternative
to, or more meaningful than, total debt, the most directly
comparable GAAP measure. Our computation of Adjusted EBITDA,
Adjusted EBITDA ex lease bonus, Adjusted EBITDA Margin,
Discretionary Cash Flow, Discretionary Cash Flow ex lease bonus,
and Net Debt may differ from computations of similarly titled
measures of other companies.
The following tables present a reconciliation of Adjusted
EBITDA, Adjusted EBITDA ex lease bonus, Adjusted EBITDA Margin,
Discretionary Cash Flow, Discretionary Cash Flow ex lease bonus,
and Net Debt to the most directly comparable GAAP financial measure
for the periods indicated.
SUPPLEMENTAL SCHEDULES
Reconciliation of Adjusted EBITDA,
Adjusted EBITDA ex Lease Bonus and Adjusted EBITDA Margin
Three Months Ended
Six Months Ended
($ In thousands)
June 30, 2022
March 31, 2022
June 30, 2021
June 30, 2022
June 30, 2021
Net Income
$
50,180
$
39,065
$
15,326
$
89,245
$
27,397
Add:
Depreciation, depletion, and
amortization
13,449
12,313
9,080
25,762
18,447
Share-based compensation expense
1,959
1,481
2,555
3,440
4,855
Interest expense, net
1,154
914
387
2,068
654
Income tax expense
12,957
6,913
3,430
19,870
6,503
Less:
Other income, net
14
20
2
34
15
Adjusted EBITDA
$
79,685
$
60,666
$
30,776
$
140,351
$
57,841
Less:
Lease bonus and other revenue
476
1,433
806
1,909
2,403
Adjusted EBITDA ex Lease Bonus
$
79,209
$
59,233
$
29,970
$
138,442
$
55,438
Memo: Adjusted EBITDA Margin
Revenue
$
90,879
$
71,428
$
37,811
$
162,307
$
71,584
Adjusted EBITDA
$
79,685
$
60,666
$
30,776
$
140,351
$
57,841
Adjusted EBITDA Margin
88
%
85
%
81
%
86
%
81
%
Reconciliation of Discretionary Cash
Flow and Discretionary Cash Flow ex Lease Bonus
Three Months Ended
($ In thousands, except per share
amounts)
June 30, 2022
March 31, 2022
June 30, 2021
Adjusted EBITDA(1)
$
79,685
$
60,666
$
30,776
Less:
Adjusted EBITDA attributable to
non-controlling interest
(8,869
)
(8,220
)
(6,315
)
Adjusted EBITDA attributable to Class A
common stock
$
70,816
$
52,446
$
24,461
Less:
Cash interest expense
989
694
178
Cash taxes
13,500
8,200
3,200
Dividend equivalent rights
887
647
616
Discretionary cash flow to Class A common
stock
$
55,440
$
42,905
$
20,467
Less:
Lease bonus
423
1,239
641
Discretionary cash flow ex lease bonus to
Class A common stock
$
55,017
$
41,666
$
19,826
Payout Ratio:
75
%
75
%
80
%
Distributed cash flow to Class A common
stock
$
41,263
$
31,250
$
15,861
Shares of Class A common stock
53,721
52,322
45,134
Distributed cash flow per share of
Class A common stock — Dividend
$
0.77
$
0.60
$
0.35
(1) Refer to Reconciliation of Adjusted
EBITDA from Net Income above.
Reconciliation of Net Debt
($ In thousands)
June 30, 2022
March 31, 2022
December 31, 2021
Total Debt
$
73,000
$
93,000
$
93,000
Less: Cash and Cash Equivalents
24,103
6,213
20,819
Net Debt
$
48,897
$
86,787
$
72,181
Condensed Consolidated Balance
Sheets
June 30,
December 31,
(In thousands, except share
amounts)
2022
2021
ASSETS
(Unaudited)
Current assets:
Cash and cash equivalents
$
24,103
$
20,819
Restricted cash
—
200
Accounts receivable
72,947
30,539
Prepaid expenses and other
4,967
3,145
Total current assets
102,017
54,703
Oil and gas properties, at cost, using the
full cost method of accounting:
Unevaluated property
307,451
338,613
Evaluated property
744,018
633,138
Less accumulated depreciation, depletion,
and amortization
(339,513
)
(239,612
)
Oil and gas properties, net
711,956
732,139
Other property and equipment
3,357
2,060
Less accumulated depreciation
(1,512
)
(1,280
)
Other property and equipment, net
1,845
780
Operating lease right-of-use asset
6,178
6,764
Deferred tax asset
37,918
25,308
Other assets, net
1,356
1,183
Total assets
$
861,270
$
820,877
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued
liabilities
$
18,990
$
20,473
Current operating lease liability
1,200
1,178
Total current liabilities
20,190
21,651
Long-term bank debt
73,000
93,000
Non-current operating lease liability
5,138
5,742
Other non-current liabilities
1,711
810
Equity:
Preferred stock, $0.01 par value;
50,000,000 authorized; no shares issued and outstanding at June 30,
2022 and December 31, 2021
—
—
Class A common stock, $0.01 par value;
400,000,000 authorized, 54,138,411 shares issued and 53,579,712
shares outstanding at June 30, 2022; 400,000,000 authorized,
48,796,518 shares issued and 48,359,888 shares outstanding at
December 31, 2021
541
488
Class B common stock, $0.01 par value;
150,000,000 authorized, 6,866,430 shares issued and outstanding at
June 30, 2022; 150,000,000 authorized, 11,371,517 shares issued and
outstanding at December 31, 2021
—
—
Additional paid-in capital
746,022
634,564
Accumulated deficit
(86,783
)
(105,096
)
Treasury stock, at cost; 558,699 shares at
June 30, 2022 and 436,630 shares at December 31, 2021
(6,338
)
(3,527
)
Total equity attributable to Brigham
Minerals, Inc.
653,442
526,429
Non-controlling interests
107,789
173,245
Total equity
$
761,231
$
699,674
Total liabilities and equity
$
861,270
$
820,877
Unaudited Condensed Consolidated
Statements of Operations
Three Months Ended June
30,
Six Months Ended June
30,
(In thousands, except per share
data)
2022
2021
2022
2021
REVENUES
Mineral and royalty revenues
$
90,403
$
37,005
$
160,398
$
69,181
Lease bonus and other revenues
476
806
1,909
2,403
Total revenues
90,879
37,811
162,307
71,584
OPERATING EXPENSES
Gathering, transportation and
marketing
2,246
1,593
4,249
3,326
Severance and ad valorem taxes
5,361
2,300
9,692
4,133
Depreciation, depletion, and
amortization
13,449
9,080
25,762
18,447
General and administrative
5,546
5,697
11,455
11,139
Total operating expenses
26,602
18,670
51,158
37,045
INCOME FROM OPERATIONS
64,277
19,141
111,149
34,539
Interest expense, net
(1,154
)
(387
)
(2,068
)
(654
)
Other income, net
14
2
34
15
Income before income taxes
63,137
18,756
109,115
33,900
Income tax expense
12,957
3,430
19,870
6,503
NET INCOME
$
50,180
$
15,326
$
89,245
$
27,397
Less: Net income attributable to
non-controlling interest
(7,931
)
(4,138
)
(16,014
)
(7,613
)
Net income attributable to Brigham
Minerals, Inc. stockholders
$
42,249
$
11,188
$
73,231
$
19,784
NET INCOME PER COMMON SHARE
Basic
$
0.80
$
0.25
$
1.45
$
0.45
Diluted
$
0.78
$
0.25
$
1.40
$
0.44
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
Basic
52,547
43,916
50,505
43,717
Diluted
54,398
45,281
52,205
45,091
Unaudited Condensed Consolidated
Statement of Cash Flows
Six Months Ended June
30,
(In thousands)
2022
2021
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income
$
89,245
$
27,397
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion and
amortization
25,762
18,447
Share-based compensation expense
3,440
4,855
Amortization of debt issuance costs
280
141
Deferred income tax expense
2,272
1,286
Credit losses
274
—
Changes in operating assets and
liabilities:
(Increase) in accounts receivable
(42,682
)
(8,040
)
(Increase) decrease in other current
assets
(1,818
)
581
Increase in accounts payable and accrued
liabilities
10,175
448
Increase in other long-term
liabilities
—
16
Net cash provided by operating
activities
$
86,948
$
45,131
CASH FLOWS FROM INVESTING
ACTIVITIES
Additions to oil and gas properties
(59,800
)
(36,331
)
Additions to other fixed assets
(1,229
)
(27
)
Proceeds from sale of oil and gas
properties, net
74,370
—
Net cash provided by (used in) investing
activities
$
13,341
$
(36,358
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Payments of long-term debt
(70,000
)
(4,000
)
Borrowing of long-term debt
50,000
27,000
Offering costs of Class A common stock
(78
)
—
Dividends paid
(55,768
)
(25,537
)
Distribution to holders of non-controlling
interest
(11,163
)
(7,809
)
Debt issuance costs
(453
)
(21
)
Payment of employee tax withholding for
settlement of equity compensation awards
(9,743
)
(1,136
)
Net cash used in financing activities
$
(97,205
)
$
(11,503
)
Change in cash and cash equivalents and
restricted cash
3,084
(2,730
)
Cash and cash equivalents and
restricted cash, beginning of period
21,019
9,144
Cash and cash equivalents and
restricted cash, end of period
$
24,103
$
6,414
Supplemental disclosure of non-cash
activity:
Accrued capital expenditures
$
62
$
100
Capitalized share-based compensation
cost
$
2,855
$
3,487
Issuance of Class A common stock for
acquisitions of oil and gas properties, net
$
17,629
$
—
Temporary equity cumulative adjustment to
carrying value
$
—
$
54,294
Supplemental cash flow
information:
Cash payments for loan commitment fees and
interest
$
(1,916
)
$
(437
)
Tax payments, net of refunds
$
(11,564
)
$
(2,881
)
ABOUT BRIGHAM MINERALS, INC.
Brigham Minerals is an Austin, Texas, based company that
acquires and actively manages a portfolio of mineral and royalty
interests in the core of some of the most active, highly economic,
liquids-rich resource basins across the continental United States.
Brigham Minerals’ assets are located in the Delaware and Midland
Basins in West Texas and New Mexico, the Anadarko Basin of
Oklahoma, the DJ Basin in Colorado and Wyoming, and the Williston
Basin in North Dakota. The Company’s primary business objective is
to maximize risk-adjusted total return to its shareholders by both
capturing organic growth in its existing assets as well as
leveraging its highly experienced technical evaluation team to
continue acquiring minerals.
Cautionary Statement Concerning Forward-Looking
Statements
This press release contains forward-looking statements. All
statements, other than statements of historical facts, included in
this press 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. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release specifically include the expectations of
plans, strategies, objectives and anticipated financial and
operating results of the Company, including production and other
guidance within this press release. These statements are based on
certain assumptions made by the Company based on management’s
experience and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be
appropriate. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company, which may cause actual results to differ
materially from those implied or expressed by the forward-looking
statements. These include, but are not limited to, operator capital
discipline and inflation impacts on their cash flows, the Company’s
ability to integrate acquisitions into its existing business,
changes in oil, natural gas and NGL prices, weather and
environmental conditions, the timing of planned capital
expenditures, availability of and competition for acquisitions,
operational factors affecting the commencement or maintenance of
producing wells on the Company’s properties, the condition of the
capital markets generally, as well as the Company’s ability to
access them, economic and competitive conditions, including those
resulting from the current conflict between Russia and Ukraine and
elevated inflation levels resulting from global supply and demand
imbalances, the proximity to and capacity of transportation,
uncertainties regarding environmental regulations or litigation,
global or national health events, including the ongoing spread and
economic effects of the ongoing COVID-19 pandemic, potential future
pandemics, the actions of the Organization of Petroleum Exporting
Countries and other significant producers and governments and the
ability of such producers to agree to and maintain oil price and
production controls and other legal or regulatory developments
affecting the Company’s business and other important factors. These
and other applicable uncertainties, factors and risks are described
more fully in the Company's filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2021, and any subsequently filed
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Should one or more of these risks or uncertainties occur, or should
underlying assumptions prove incorrect, the Company’s actual
results and plans could differ materially from those expressed in
any forward-looking statements.
Any forward-looking statement speaks only as of the date on
which such statement is made and the Company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise
except as required by applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220803006087/en/
At the Company: Brigham Minerals, Inc. Blake C. Williams Chief
Financial Officer (512) 220-1500
InvestorRelations@brighamminerals.com
Brigham Minerals (NYSE:MNRL)
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