Black Stone Minerals, L.P.

Forward-Looking Statements

This news release includes forward-looking statements. All statements, other than statements of historical facts, included in this news release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “may,” “should,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms, or other comparable terminology often identify forward-looking statements. Except as required by law, Black Stone Minerals undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by these cautionary statements. These forward-looking statements involve risks and uncertainties, many of which are beyond the control of Black Stone Minerals, which may cause the Partnership’s actual results to differ materially from those implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below, as well as the Risk Factors section in the Partnership's most recent annual report on Form 10-K:

•the Partnership’s ability to execute its business strategies;

•the volatility of realized oil and natural gas prices;

•the level of production on the Partnership’s properties;

•overall supply and demand for oil and natural gas, and regional supply and demand factors, delays, or interruptions of production;

•conservation measures and general concern about the environmental impact of the production and use of fossil fuels;

•the Partnership’s ability to replace its oil and natural gas reserves;

•general economic, business, or industry conditions including slowdowns, domestically and internationally, and volatility in the securities, capital, or credit markets;

•cybersecurity incidents, including data security breaches or computer viruses;

•competition in the oil and natural gas industry;

•the availability or cost of rigs, equipment, raw materials, supplies, oilfield services or personnel; and

•the level of drilling activity by the Partnership’s operators, particularly in areas such as the Shelby Trough where the Partnership has concentrated acreage positions.

Black Stone Minerals, L.P. Contact

Chris Bonner

Senior Vice President, Chief Financial Officer, and Treasurer

Telephone: (713) 445-3200

investorrelations@blackstoneminerals.com

BLACK STONE MINERALS, L.P. AND SUBSIDIARIES