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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Brigham Minerals Inc | NYSE:MNRL | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 32.50 | 0 | 00:00:00 |
From Mar 2022 to Mar 2025
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 September 30, 2022.
RECORD THIRD QUARTER 2022 OPERATIONAL AND FINANCIAL HIGHLIGHTS AND SUBSEQUENT EVENTS
(1)
Non-GAAP measure. See “Non-GAAP Financial Measures” below.
(2)
See "Quarterly Cash Dividend" section below regarding Board approval of future dividends.
PROPOSED MERGER WITH SITIO ROYALTIES
As previously announced, on September 6, 2022, Brigham and Sitio Royalties Corp. (“Sitio”) entered into a definitive merger agreement, pursuant to which Sitio will acquire Brigham in an all-stock transaction. Following the approval by the Brigham stockholders and the satisfaction of certain other closing conditions, the merger is expected to close during the first quarter of 2023.
In light of the pending merger with Sitio, Brigham has discontinued providing guidance and long-term outlook information regarding its results of operations and does not intend to update the previously issued guidance and long-term outlook information, including the guidance provided in the Company’s August 4, 2022 press release announcing its second quarter 2022 financial and operational results (“the second quarter earnings release”). Accordingly, investors are cautioned not to rely on historical forward-looking statements regarding guidance and long-term outlook information, including any such information provided in the second quarter earnings release, as those forward-looking statements were the estimates of management only as of the date provided, have not and will not be updated and were subject to the specific risks and uncertainties that accompanied such forward-looking statements. As a result of the pending merger, there will not be an investor conference call.
SUBSEQUENT EVENTS
Midland Acquisition
As previously announced, on August 22, 2022, Brigham LLC entered into a definitive purchase and sale agreement (the “Purchase Agreement”) with Avant Royalties, LP, Avant Royalties II, LP and Avant Royalties II Sidecar Fund, LP (collectively, the “Sellers”), pursuant to which Brigham LLC agreed to acquire certain mineral and royalty interests from the Sellers (the “Midland Acquisition”) for $132.5 million in cash, subject to customary closing adjustments. The Midland Acquisition was completed on October 21, 2022 and has an effective date of July 1, 2022. The Company financed the Midland Acquisition through a combination of cash on hand and borrowings under the Company’s revolving credit facility.
OPERATIONAL UPDATE
Mineral and Royalty Interest Ownership Update
During the third quarter 2022, the Company executed twelve transactions acquiring approximately 365 net royalty acres (standardized to a 1/8th royalty interest) and deployed $12.2 million in capital. The Company deployed substantially all of its mineral acquisition capital in the third quarter to the Permian Basin. Third quarter acquisitions are expected to deliver near-term production and cash flow growth with the addition of 26 gross DUCs (0.1 net) and 45 gross permits (0.2 net) to inventory counts.
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
September 30, 2022
30,150
9,235
9,850
24,755
8,185
82,175
June 30, 2022
30,010
9,015
9,850
24,755
8,180
81,810
Acres Added and (Sold) Q/Q
140
220
—
—
5
365
% Added and (Sold) Q/Q
—%
2%
—%
—%
—%
—%
DUC Conversions Updates
During the third quarter 2022, the Company identified 307 gross (1.9 net) horizontal wells converted to production, which represented 30% of its net DUC inventory as of the second quarter 2022 (28% of gross DUCs). Well conversions to proved developed producing during third quarter are summarized in the table below:
Q3 2022 Wells Converted to Proved Developed Producing
Gross
Net
DUCs
307
1.9
Acquired Wells Net of Divestitures
71
0.2
Converted Permitted and Other
3
(0.1)
Total
381
2.0
Drilling Activity Update
During the third quarter 2022, the Company identified 207 gross (1.7 net) wells spud on its mineral position, which represents a 13% sequential increase from the second quarter 2022 on a net well basis. Brigham’s average quarterly gross and net wells spud from 2019 through the second quarter 2022 relative to the third quarter 2022 are summarized in the table below:
2019(1)
2020(1)
2021(1)
Q1 22
Q2 22
Q3 22
Gross Wells Spud
219
95
164
238
253
207
Net Wells Spud
1.4
0.7
1.3
2.1
1.5
1.7
(1) Amounts represent average quarterly numbers during the year.
DUC and Permit Inventory Update
The Company expects future 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 September 30, 2022 by basin is outlined in the table below:
Development Inventory by Basin(1)
Delaware
Midland
Anadarko
DJ
Williston
Total
Gross Inventory
DUCs
207
368
18
166
170
929
Permits
355
149
5
149
199
857
Net Inventory
DUCs
2.5
1.8
0.1
2.0
0.4
6.7
Permits
2.0
0.7
—
0.9
0.4
4.1
(1) Individual amounts may not add to totals due to rounding.
FINANCIAL UPDATE
For the three months ended September 30, 2022, crude oil, natural gas and NGL production volumes increased 15% to 15,000 Boe/d as compared to the three months ended June 30, 2022 and increased 65% as compared to the same prior-year period. During the three months ended September 30, 2022, we collected revenues attributable to first payments received on production from numerous new wells turned-in-line at high initial flow rates on high-interest acreage in the Delaware and Midland basins. We typically receive first payment from an operator several months or longer after initial production, which typically covers multiple months of production, and as such, high-interest wells or wells with robust initial production rates can have a significant impact on revenues for the period in which first payments are collected.
For the three months ended September 30, 2022, average realized prices were $97.20 per barrel of oil, $7.09 per Mcf of natural gas, and $30.70 per barrel of NGL, for a total equivalent price of $67.21 per Boe. This represents a 12% decrease relative to the three months ended June 30, 2022 and a 39% increase relative to the same prior-year period.
The Company's net income for the three months ended September 30, 2022 was $44.4 million, inclusive of $7.8 million of merger related costs. Adjusted Net Income for three months ended September 30, 2022 was $52.2 million, excluding $7.8 million of merger related costs, up 4% from the three months ended June 30, 2022 and up 176% relative to the same prior-year period. Adjusted EBITDA was $82.1 million for the three months ended September 30, 2022, up 3% from the three months ended June 30, 2022 and up 135% relative to the same prior-year period. Adjusted EBITDA ex lease bonus was $80.7 million for the three months ended September 30, 2022, up 2% from the three months ended June 30, 2022 and up 141% from the same prior-year period. Adjusted Net Income, Adjusted EBITDA and Adjusted EBITDA ex lease bonus are Non-GAAP financial measures. For a definition of Adjusted Net Income, 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 September 30, 2022, the Company had a cash balance of $33.0 million and $217.0 million of undrawn revolver capacity under its credit facility, providing the Company with total liquidity of $250.0 million.
Results of Operations
Unaudited Financial and Operational Results
Three Months Ended
Nine Months Ended
($ in thousands, except for realized prices and unit expenses)
September 30, 2022
June 30, 2022
September 30, 2022
September 30, 2021
Operating Revenues
Oil sales
$
67,132
$
66,415
$
184,235
$
78,022
Natural gas sales
16,016
13,968
40,296
19,450
NGL sales
9,602
10,020
28,617
12,182
Total mineral and royalty revenue
$
92,750
$
90,403
$
253,148
$
109,654
Lease bonus and other revenue
1,456
476
3,365
3,894
Total Revenues
$
94,206
$
90,879
$
256,513
$
113,548
Production
Oil (MBbls)
691
612
1,855
1,245
Natural gas (MMcf)
2,259
2,011
6,138
4,441
NGLs (MBbls)
312
237
769
471
Equivalents (MBoe)
1,379
1,185
3,647
2,456
Equivalents per day (Boe/d)
15,000
13,019
13,361
8,996
Realized Prices ($/Boe)
Oil ($/Bbl)
$
97.20
$
108.37
$
99.32
$
62.68
Natural gas ($/Mcf)
7.09
6.95
6.56
4.38
NGLs ($/Bbl)
30.70
42.31
37.19
25.87
Average Realized Price
$
67.21
$
76.31
$
69.40
$
44.65
Operating Expenses
Gathering, transportation and marketing
$
2,962
$
2,246
$
7,211
$
4,967
Severance and ad valorem taxes
5,972
5,361
15,664
6,505
Depreciation, depletion, and amortization
14,964
13,449
40,726
27,129
General and administrative (before share-based compensation)
10,914
3,587
18,929
9,331
Total operating expenses (before share-based compensation)
$
34,812
$
24,643
$
82,530
$
47,932
General and administrative, share-based compensation
1,961
1,959
5,401
7,537
Total Operating Expenses
$
36,773
$
26,602
$
87,931
$
55,469
Income from Operations
$
57,433
$
64,277
$
168,582
$
58,079
Other expenses:
Interest expense, net
(1,046
)
(1,154
)
(3,114
)
(1,105
)
Other income, net
6
14
40
51
Income Before Taxes
$
56,393
$
63,137
$
165,508
$
57,025
Income tax expense
11,950
12,957
31,820
10,717
Net Income
$
44,443
$
50,180
$
133,688
$
46,308
Less: Net income attributable to non-controlling interest
(5,984
)
(7,931
)
(21,998
)
(12,311
)
Net income attributable to Brigham Minerals, Inc. stockholders
$
38,459
$
42,249
$
111,690
$
33,997
Three Months Ended
Nine Months Ended
Unit Expenses ($/Boe)
September 30, 2022
June 30, 2022
September 30, 2022
September 30, 2021
Gathering, transportation and marketing
$
2.15
$
1.90
$
1.98
$
2.02
Severance and ad valorem taxes
4.33
4.52
4.29
2.65
Depreciation, depletion and amortization
10.84
11.35
11.17
11.05
General and administrative (before share-based compensation) (1)
7.91
3.03
5.19
3.80
General and administrative, share-based compensation
1.42
1.65
1.48
3.07
Interest expense, net
0.76
0.97
0.85
0.45
(1)
General and administrative expenses (before share-based compensation) for the three months ended September 30, 2022 include costs related to the Mergers of $7.8 million, or $5.63 per Boe. General and administrative expenses (before share-based compensation) for the nine months ended September 30, 2022 include costs related to the Mergers of $7.8 million, or $2.13 per Boe.
Quarterly Cash Dividend
The Company’s Board of Directors (the “Board”) has declared a quarterly cash dividend incorporating results for the third quarter 2022 of $0.81 per share of Class A common stock at a 75% payout ratio. This represents a 5% increase compared to the dividend declared for the second quarter of 2022. The third quarter dividend represents a base dividend of $0.16 per share and a variable dividend of $0.65 per share and will be paid on November 25, 2022 to holders of record as of November 18, 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.
Non-GAAP Financial Measures
Adjusted Net Income, 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 Net Income as net income excluding the impacts of merger related costs. We define Adjusted EBITDA as Adjusted 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 and other revenues. We define Net Debt as total debt less cash and cash equivalents.
Adjusted Net Income, 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 Net Income, 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 Net Income, 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 Net Income, 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 Net Income, Adjusted EBITDA, Adjusted EBITDA ex Lease Bonus and Adjusted EBITDA Margin
Three Months Ended
Nine Months Ended
($ In thousands)
September 30, 2022
June 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
Net Income
$
44,443
$
50,180
$
18,911
$
133,688
$
46,308
Add:
Merger-related costs
7,769
—
—
7,769
—
Adjusted Net Income
$
52,212
$
50,180
$
18,911
$
141,457
$
46,308
Add:
Depreciation, depletion, and amortization
14,964
13,449
8,682
40,726
27,129
Share-based compensation expense
1,961
1,959
2,682
5,401
7,537
Interest expense, net
1,046
1,154
451
3,114
1,105
Income tax expense
11,950
12,957
4,214
31,820
10,717
Less:
Other income, net
6
14
36
40
51
Adjusted EBITDA
$
82,127
$
79,685
$
34,904
$
222,478
$
92,745
Less:
Lease bonus and other revenue
1,456
476
1,491
3,365
3,894
Adjusted EBITDA ex Lease Bonus
$
80,671
$
79,209
$
33,413
$
219,113
$
88,851
Memo: Adjusted EBITDA Margin
Revenue
$
94,206
$
90,879
$
41,964
$
256,513
$
113,548
Adjusted EBITDA
$
82,127
$
79,685
$
34,904
$
222,478
$
92,745
Adjusted EBITDA Margin
87
%
88
%
83
%
87
%
82
%
Reconciliation of Discretionary Cash Flow and Discretionary Cash Flow ex Lease Bonus
Three Months Ended
($ In thousands, except per share amounts)
September 30, 2022
June 30, 2022
September 30, 2021
Adjusted EBITDA(1)
$
82,127
$
79,685
$
34,904
Less:
Adjusted EBITDA attributable to non-controlling interest
(8,517
)
(8,869
)
(7,094
)
Adjusted EBITDA attributable to Class A common stock
$
73,610
$
70,816
$
27,810
Less:
Cash interest expense
782
989
368
Cash taxes
12,091
13,500
3,238
Dividend equivalent rights
1,119
887
645
Discretionary cash flow to Class A common stock
$
59,618
$
55,440
$
23,559
Less:
Lease bonus
1,305
423
1,188
Discretionary cash flow ex lease bonus to Class A common stock
$
58,313
$
55,017
$
22,371
Payout Ratio:
75
%
75
%
80
%
Distributed cash flow to Class A common stock
$
43,735
$
41,263
$
17,897
Shares of Class A common stock
54,175
53,721
45,245
Distributed cash flow per share of Class A common stock — Dividend
$
0.81
$
0.77
$
0.40
(1) Refer to Reconciliation of Adjusted EBITDA from Net Income above.
Reconciliation of Net Debt
($ In thousands)
September 30, 2022
June 30, 2022
December 31, 2021
Total Debt
$
73,000
$
73,000
$
93,000
Less: Cash and Cash Equivalents
32,995
24,103
20,819
Net Debt
$
40,005
$
48,897
$
72,181
Condensed Consolidated Balance Sheets
September 30,
December 31,
(In thousands, except share amounts)
2022
2021
ASSETS
(Unaudited)
Current assets:
Cash and cash equivalents
$
32,995
$
20,819
Restricted cash
6,629
200
Accounts receivable
63,317
30,539
Prepaid expenses and other
3,196
3,145
Total current assets
106,137
54,703
Oil and gas properties, at cost, using the full cost method of accounting:
Unevaluated property
310,783
338,613
Evaluated property
754,418
633,138
Less accumulated depreciation, depletion, and amortization
(354,361
)
(239,612
)
Oil and gas properties, net
710,840
732,139
Other property and equipment
3,559
2,060
Less accumulated depreciation
(1,629
)
(1,280
)
Other property and equipment, net
1,930
780
Operating lease right-of-use asset
5,883
6,764
Deferred tax asset
39,485
25,308
Other assets, net
1,202
1,183
Total assets
$
865,477
$
820,877
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$
21,923
$
20,473
Current operating lease liability
1,211
1,178
Total current liabilities
23,134
21,651
Long-term bank debt
73,000
93,000
Non-current operating lease liability
4,831
5,742
Other non-current liabilities
2,427
810
Equity:
Preferred stock, $0.01 par value; 50,000,000 authorized; no shares issued and outstanding at September 30, 2022 and December 31, 2021
—
—
Class A common stock, $0.01 par value; 400,000,000 authorized, 54,734,157 shares issued and 54,175,458 shares outstanding at September 30, 2022; 400,000,000 authorized, 48,796,518 shares issued and 48,359,888 shares outstanding at December 31, 2021
547
488
Class B common stock, $0.01 par value; 150,000,000 authorized, 6,270,684 shares issued and outstanding at September 30, 2022; 150,000,000 authorized, 11,371,517 shares issued and outstanding at December 31, 2021
—
—
Additional paid-in capital
760,879
634,564
Accumulated deficit
(91,218
)
(105,096
)
Treasury stock, at cost; 558,699 shares at September 30, 2022 and 436,630 shares at December 31, 2021
(6,338
)
(3,527
)
Total equity attributable to Brigham Minerals, Inc.
663,870
526,429
Non-controlling interests
98,215
173,245
Total equity
$
762,085
$
699,674
Total liabilities and equity
$
865,477
$
820,877
Unaudited Condensed Consolidated Statements of Operations
Three Months Ended September 30,
Nine Months Ended September 30,
(In thousands, except per share data)
2022
2021
2022
2021
REVENUES
Mineral and royalty revenues
$
92,750
$
40,473
$
253,148
$
109,654
Lease bonus and other revenues
1,456
1,491
3,365
3,894
Total revenues
94,206
41,964
256,513
113,548
OPERATING EXPENSES
Gathering, transportation and marketing
2,962
1,641
7,211
4,967
Severance and ad valorem taxes
5,972
2,372
15,664
6,505
Depreciation, depletion, and amortization
14,964
8,682
40,726
27,129
General and administrative
12,875
5,729
24,330
16,868
Total operating expenses
36,773
18,424
87,931
55,469
INCOME FROM OPERATIONS
57,433
23,540
168,582
58,079
Interest expense, net
(1,046
)
(451
)
(3,114
)
(1,105
)
Other income, net
6
36
40
51
Income before income taxes
56,393
23,125
165,508
57,025
Income tax expense
11,950
4,214
31,820
10,717
NET INCOME
$
44,443
$
18,911
$
133,688
$
46,308
Less: Net income attributable to non-controlling interest
(5,984
)
(4,698
)
(21,998
)
(12,311
)
Net income attributable to Brigham Minerals, Inc. stockholders
$
38,459
$
14,213
$
111,690
$
33,997
NET INCOME PER COMMON SHARE
Basic
$
0.71
$
0.31
$
2.16
$
0.77
Diluted
$
0.69
$
0.31
$
2.09
$
0.75
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic
53,943
45,198
51,663
44,216
Diluted
55,942
45,888
53,463
45,056
Unaudited Condensed Consolidated Statement of Cash Flows
Nine Months Ended September 30,
(In thousands)
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income
$
133,688
$
46,308
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization
40,726
27,129
Share-based compensation expense
5,401
7,537
Amortization of debt issuance costs
467
217
Deferred income tax expense
2,499
2,794
Credit losses
274
144
Changes in operating assets and liabilities:
(Increase) in accounts receivable
(33,052
)
(10,999
)
(Increase) in other current assets
(49
)
(1,753
)
Increase in accounts payable and accrued liabilities
12,773
968
Increase in other long-term liabilities
—
20
Net cash provided by operating activities
$
162,727
$
72,365
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to oil and gas properties
(71,748
)
(49,203
)
Additions to other fixed assets
(1,373
)
(28
)
Proceeds from sale of oil and gas properties, net
74,370
4,441
Net cash provided by (used in) investing activities
$
1,249
$
(44,790
)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of long-term debt
(70,000
)
(4,000
)
Borrowing of long-term debt
50,000
37,000
Offering costs of Class A common stock
(78
)
—
Dividends paid
(97,574
)
(41,374
)
Distribution to holders of non-controlling interest
(17,490
)
(12,668
)
Debt issuance costs
(486
)
(247
)
Payment of employee tax withholding for settlement of equity compensation awards
(9,743
)
(1,136
)
Net cash used in financing activities
$
(145,371
)
$
(22,425
)
Change in cash and cash equivalents and restricted cash
18,605
5,150
Cash and cash equivalents and restricted cash, beginning of period
21,019
9,144
Cash and cash equivalents and restricted cash, end of period
$
39,624
$
14,294
Supplemental disclosure of non-cash activity:
Accrued capital expenditures
$
284
$
36
Capitalized share-based compensation cost
$
4,476
$
5,475
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
$
(2,789
)
$
(898
)
Tax payments, net of refunds
$
(23,655
)
$
(6,481
)
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 statements pertaining to our pending merger with Sitio and 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, such as the 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/20221102006160/en/
At the Company: Brigham Minerals, Inc. Blake C. Williams Chief Financial Officer (512) 220-1500 InvestorRelations@brighamminerals.com
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