MNRL - Earnings call transcript Q1 2022

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Operator

Good morning and thank you for attending today's Brigham Minerals First Quarter 2022 Earnings Conference Call. My name's Sam and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the cal with an opportunity for questions and answers at the end. [Operator Instructions] At this time, I'd like to turn the call over to our host Jacob Sexton, Investor Relations. Jacob, please proceed.

Jacob Sexton

good and operator, you, morning, everyone. Thank the Call. to Brigham Minerals Conference Earnings XXXX Quarter First Welcome

today Bud and us Founder Financial Joining are and Rob Executive Officer. Chief Roosa, Chairman; Executive Officer; Blake Chief Brigham, Williams, Founder and

forward-looking we risk. release that remarks, you discussion for questions, forward-looking a including to you refer these your our statements. to detailed begin, We I statements answers to Before associated like contain remind and would the the our of earnings

references make be to non-GAAP addition, earnings during we In gap also call, Reconciliations measures. can release. applicable found certain to this financial our measures in

We it on have investor our during the First event the titled download We Investor www.brighamminerals.com. the Quarter downloading conference recommend call. XXXX a new website, presentation for to Presentation refer available in presentation we

a call being would Brigham, website. to IR is today's webcast on audio the as I founder the executive reminder, is turn and over link to call to accessible chairman. our and Bud now like Lastly,

Bud Brigham

Jacob. current going succeed both that for to returns in supercycle. [well] inventory And conference call. Thank are positioned earnings joining shareholders activity XXXX stated XXXX inventory. our generate Specifically, optimally our More year-end this undeveloped I Brigham the uniquely that substantial that our was both conference given are XXXX thanks minerals and on companies energy for you, positioned I quarter, On indicated to first to everyone calls, us year, high-quality and

energy generate backfilled early remainder driven constrained [Shell] drilling as I in conversions, are in stages our still our inventory [indiscernible] production fundamental I to the that is and course, The believe results XXXX. incredibly midst and growth, quarterly of will the record including are entirely With my revenues, COVID short we was the were look see the our dividends, we by that moderating continue high-quality our macro quarter. of the during outperformance, reflect activity generated of a activity XXXX respect and in extended by almost into to including which China, record activity. well Our the production supply outperformance EBITDA to environment, drilling of exceptional performance despite U.S. team tubulars view there concerns and issues, is And supercycle. recent materials, from of labor supply. an supply no chain sand. current departure strong

continue [indiscernible] inventory also decline, mitigating the We ramp quickly supply. see U.S. ability industry's our up thereby to to

premium ours returns. I to gas that, longer of such companies these oil as others for our point Therefore, elevated of All factors that runway substantial continue Rob. strong and optimally a are the call positioned With and over economic to and shareholders. to prices with generate turn returns will will assets

Rob Roosa

Bud. Thanks,

EBITDA, almost again, Furthermore, the capital to Natural our outstanding team. Permian Endeavor an Pioneer deploying the on Our Basin record overall effort XXXX, revenues, on the emphasis and acquisitions Resources under activity. team quarter, during exceptional an in financial closed the results acquiring quarter Basin, of with entirety -- Midland production generated distributions, by during our of drilling $XX including approximately we and first operating the and dividend in million

were volumes an per production the of XXXX. quarter from record, oil of XX,XXX growing day, Our equivalent XX% all-time company fourth barrels

portfolio. from locations into context, [indiscernible] a during result converted was this wells quarter. Our diversified occurred production growth during top were net the embedded incredible Further, the conversions X.X assets four entirety record to quarter driven pre-XXXX, our the on acquired net mineral the during organic put by converted within our of PDP of To we to three XXXX. X.X horsepower that pointing

the end inventory those Permian XX% net locations with locations locations the net gross approximately in our have of a at the we reminder, quarter, and As an of in XXX undeveloped XX,XXX-plus first Basin. incremental over

[indiscernible] our conversions Importantly, our we backfill were during record first via almost drilling activity assets quarter. on the able the to entirely

than when X.X wells [indiscernible] During on saw the significantly gross running approximately wells and point also were drilling The during minerals. XXXX, our quarter, [indiscernible] and company XXX on horizontal organic net XX. conversions, wells an our asset is our from all-time to net X.X Similar XXX contributions record the assets to across any meaningful rates activity our at higher we our portfolio. lower is

PDC really approximately from XXXX. attributable was drilling were sound Furthermore, two acquisitions. in pre During we activity closed activity the DJ quarter, development recent immediately under required of organic that drilling we our Basin mix the assets contributions quarter. of large Overall, thirds by that a our in to the saw acquisition of fourth

we front, importance, acquisition sourcing evaluation pricing, commodity our be streamlined while opportunities regardless capital, the size. transaction. a deal including game ground attributable our previously maintaining to On announced which process, to extensive has attractive in which tough a million enabled Basin us deployed during source Midland on market, paramount continue quarter, and $XX the strong we Despite process approximately consider of to acquisition is first underwriting to of disciplined closing

opportunities We large the number come are mineral significant in market. seeing increase to of a

net said, to any value. term check DJ as deal to in boxes approved and asset large our we've multiple needs cash, terms accretive of near with As and transactions, well as being Midland the

balance prioritize in continue a transactions. to will sheet these We to endeavor healthy

approximately provide both burden DJ the funded reduces in transactions As with as balance our flexibility and future with significant to Basin on respect equity, it sheet acquisitions. a XX% reminder, our Midland we to

the our our uncompleted first our Oxy, strong majority represents We that combination PDC, despite in but flat permits first at versus at DUCS, Looking inventory, anticipate quarter, locations roughly quarter the and ahead, well drilled Chevron, activity end DUCs [aforementioned] net stayed extremely the our convert fourth will Pioneer, was quarter, end XX.X conversions. DUC net the DUC the inventory inventory. of net Diamondback the which of our locations, and or our the of of

XXXX. equivalent approximately we quarter, production anticipate Given first averaging both our our activity the for months end production nine per X,XXX QX's well equivalent full oil our substantial of day XX% represent XXXX, year strong of now remaining Relative XXXX. growth day, volumes volumes to the of per of barrels in would oil this at production barrels the increase inventory the over a for XX,XXX in

As a formally earnings plan August the with update call QX guidance XX for associated to XXXX months. next reminder, conference in our we

summary, Finally, to increase extremely X.XX dividend dividend Of pleased job were increase I'm by to X.XX. announce our again, dividend Blake. we dividend to X.XX the XX% now our XX%. base call a from from our to our are X.XX payout XX the while our and to XX% XX% reducing XX% over reducing while, cents ratio to variable just XX%. we turning variable to terrific Overall, X.XX team. ratio note, were from our increase In able increase in able a by to our cents we to payout in

So you summarize for can our financial you Blake. performance,

Blake Williams

Thank you, Rob.

up oil oil Our barrels per And daily XX% Basin. production day, remained was XX% for Permian sequentially. growth our of equivalent with the XX,XXX at a significant cut the quarter out of

per gas were barrel generated of portfolio for came $XX record a of quarter, production in barrel per the NGLs due barrel revenue pricing royalty Realized for NGL. in sequentially XX% realized pricing. quarter to up of million per Realized MCF XX% Our realized improvement was oil per at natural oil Individually, the of $XX.XX. pricing XX% a $XX.XX in realized volumes equivalent. was and and $XX.XX $X.XX increase

XX% or lease income million million, On the EBITDA XX.X quarter. the costs, $X.X in sequentially. We million. was bonus Record bonus quarter the roughly for BOE. quarter million. XX.X during for a EBITDA was excluding $XX.X up million also marketing the expenses which was lease $X And per transportation, Net and first adjusted gathering, were collected $X.XX adjusted was

expect in release Cash full and the of will results results Subsequent environment pay program, historic believe further change now line million, to cash taxes see in short-term our mineral moving incentives. updates with royalty service GPM compensation, revenue costs. our Severance at-risk with on the year February, G&A XXXX. expense G&A roughly compensation in of performance. We the compensation We of this and management's align [indiscernible] X.X during were continue, and million includes X.X to increase change we increase The which trend executive to current $X to was announced year-end operator X% stock-based in and slightly recent commentary the to up the levels. of million. higher and given

So million in midpoint compensation that our million X.X the midpoint sense, issued total based And year. million. cash XX.X $XX.X G&A X.X our share-based becomes that million, cash stock we compensation becomes change in the expense to February for and no with

quarter, G&A BOE our per on XX% quarter, this compared fourth basis, decreased scalability of In highlighting to a the corporate the as platform. total fact, unit

exit X.X the XX on times new of result $XX base be us bringing will a given million. the highly cash Moving of us earlier. million, finalized continue which with preliminary with to our as redetermination, of at to is opportunities million to net our expected an $X Rob million, provides We XXX spring revolving about increase results of million for and leverage Further liquidity agent sheet, another to credit of has drawn leverage balance to debt-to-last-quarter-annualized-adjusted-EBITDA. [indiscernible] our and to the total in our powder debt ample net a spoke facility liquidity, XX May, administrative add million end the which a prudent which accretive indication acquisition in our borrowing pursue of quarter profile XXX

A a pay dividend common cents of X% a per This of XX. our last dividend reduction on already XX represents is This of quarters. Rob bonus, declared lease excluding an Lastly, May May stock. of cash out which as of to incremental from discretionary share several the class flow is stated, payable $X.XX record as shareholders we XX%

a now with keeping Going up. this The call down to cash over to pay to Rob incremental business retained liquidity fund of the and to potential at reserves to it level or up out XX our to continue target in will a wrap I things forward, a grow expect turn move we per XX%. reinvestment in provides share. X%, our percentage to range back

Rob Roosa

XXXX Again, you our we call. first appreciate quarter joining conference

indicated end is of turn back over portion have the to during the our the to of now I remainder call of Operator, XXXX. begin conference question-and- and uniquely minerals call. positioned Brigham you I'll excel answer and bud As XXXX

Operator

Credit first [Operator Baker Chris Suisse. Instructions] We'll line take from our the of of question

Chris Bakera

here. itself. solid to on two want very think speaks I I quarter the since for picture just Congrats questions, a ask update bigger

just stellar maybe around you high is, The Brigham like should gross volumes. oil XQ XX your Like I could directionally about versus long-term we for how said, obviously just share and for should Lower but [gross] the first or organic portfolio? latest about teens think how Permian year, we organic think say one looks curious the thoughts a

Rob Roosa

portfolio well as up really quarter has in great When the highlight our about results, this call, record those on portfolio that spud think to you the Chris were performing no, when earnings press from prior tremendous, as to we I were point net wells X/X did, that release, -- really that, XXXX. the bring been our that to to X.X think affected made, Yes, wanted think as the that to drilling of development we organic acquisitions the sourced the it roughly wanted during conference comments organically quarter, everyone had you reiterate about earlier both

units when drilling Fox encapsulates unit. we bigger So [indiscernible] the look [indiscernible] unit, Patriot the our the unit, [indiscernible] at of Oxy some that

really assets. XXXX So contributions pre from nice

talked three Similarly of pre-XXXX on fact sourced largest net drilling seeing side, record And can acquisition so about near contributions. organic quarter mix X/X during when conversions kind of I there replicate we in and we're in terms X/X, conversions what hope, the four from given acquisitions. to the similarly more the our we that the that that term point conversion the I think potentially portfolio, for were of would just X.X

that And that St. so that conversion Basin the Delaware acquired at XXXX, Chevron when Delaware we you Delaware we unit, in [indiscernible] acquired in XXXX, look that also then the John’s the the and in the unit Chevron acquired Basin Basin, [indiscernible] in we was those, in ExxonMobil XXXX.

Basin. that roughly organic locations those And XXX are XX% so the inventory, reiterate locations XX,XXX gross have net there's -- in we to Permian in just really of

growth meaningful across going of DJ asset, we But Williston growth we're down Basins. in a growth of all break largely Basin, Basin, acquisition of as Anadarko quarter. organic the solid think to a hundred a I production had you and that When the Permian, in result largely see had XX% So of production from in portfolio. growth our fourth completed the result percent the production we also Basin the contributions we our

Williston when look the that So was at XX%. XX%, up you Anadarko, up Basin the was

of there Permian messaging there. So really Basin. almost look you those those in quarter when the XX% -- acquisitions, The thought were related Basins, was -- not at first [indiscernible] to

about Basins, So these other when it's powerful. you think contributions from

of of [indiscernible] able integration portfolio hopeful, so similar to going terms achieve we'll in be organic forward. I’m type And levels growth

Chris Bakera

sort on about a up, just inventory based high-quality And of Great. the with. XX context up ballpark a on of curious type Slide [cagr] Is additional single follow high of there a inventory as that spuds. XX to would growth [indiscernible] sort be great. -- to touch just there's if any four depth. I line or want years would I'm X talks that number, just digit

Blake Williams

I as -- of our in outperform we've to a Yes, given expect said quality, basket think the to the past we asset the operators. portfolio

the given as the and seen position. quality and, operating across operators you've to with of these back to as operators we outperform have the no -- that, So of growth of they’re in work quality asset quarter we continue to put this our the activity the kind low should

Rob Roosa

point Yes. the import we is of forward. page breakdown an inventory put presentations thing that work of XX on kind to And in- Chris, that to with of out going depth have one organic

So wells. Delaware again, And the Basin on gross of -- just the and locations outXX% to net the wells in of the that are Permian. XX% horizontal, part in slide, the of the XX% inventories on right, Basin in that approaching the so the Midland net point our left

So powerful portfolio of organic drive really terms what the going can forward. in

Chris Bakera

Okay, great.

think in to of the digits. is so years just that certainly XX So single clear, I I'm fair? a XX growth Is on trajectory the inventory

Blake Williams

Yes.

Chris Bakera

scenario. slot] [Full

Rob Roosa

think you balance. most year the I debt our is would of activity, When the about fact the to States, decrease. quarter, end Chris, throughout United that. we has the continued data from another think balance point, that expect to drilling about the not of No, Whereas the actually first the grew DUC the end

we from look So when locations. locations grew to roughly XXX our DUCs, at DUCs our XXX you

whereas the United there, growth decrease about by States, DUCs in tremendous So from overall locations. XXX

DUC draw in So our balance relative overall we're to an seeing growth down.

opportunistically So our inventory, that returns. operators, high you, it of points IRR organic towards development pointing to because

Chris Bakera

Appreciate All right, the answers. quarter. great. No, congrats the getting on

Operator

Next Kyle May question One. is from Kyle? of Capital

Kyle May

up were on first in you conversions strong you comments last able capitalize following Rob, on the making well the quarter. to were

discipline. stress hear to continue capital We producers

you're So balance seeing you levels for can any additional share conversions the how where activity thoughts the higher about think of about you and year?

Rob Roosa

importantly, that Midland the, were that the in sorry, these, outdo of seeing nice in unit in reiterate Basin they the you the very acquired the list we conversions Delaware, think . Basins, I Midland point organic converted We we the and And high think about a talked unit. Basins, then -- the the are had about. levels Basin, in by Pioneer the seeing Rogers conversion in Midland conversion DJ conversions all also were independence conversions, those -- some of the Wilson I Basin in they Chevron we when of DJ also, just December. had Basin, We To across our Basins.

board the across all conversions in units. seeing we're So of our

strong because been when relative the it best the best under we're along, generic I all our to just I operators. about have to so, going to Kyle, think operators, target conversions the has think thesis And rock

if -- done job, played which that think operators I rock. So those out we've best if you've their we've targeted -- proven best obviously that our that this and quarter has

record increase then our to drilling to subsequently going they're so deploy saw they're the to [indiscernible] deploy activity, you our through which the the in rigs, And and position.

saw with this conversions so that And we year. the

both percent I relative first by really facets, XX the that's in, growth resource seeing to Lower volumes borne out production plays. general in And the basket you're fourth outpace, the quarter quarter. XX-plus in of Soon our think us

levels seeing at nice looked April. activity in think about we as it, we as occurrences we're still So

oil then So, XX,XXX hence equipment remaining March guidance we we in barrels given looking year. looking nine of net locations remainder at strong XX.X or activity well the at sorry, of X,XXX and of the at net roughly that of -- inventory the the of year production that months us forward during us end the look for day -- we're have inventory, providing the per the potentially

are tremendous strong and such result we seeing a because on conversions asset. drilling So activity the really

Kyle May

color. Great, the mentioned the differences in M&A you've the the, bit appreciate transaction that more And the little slide is side. talked the past, based maybe a at looking additional And market difficult right you've M&A about on now.

any more seeing So just what thoughts kind recently you're landscape. M&A about current of in the

Rob Roosa

How market Yes. past talked -- game deals. ground of we've the in the about bifurcating terms

probably such deals that in the we've and hundred per the fact quarter, we that that deal this I done, deal to XX barrel so over thus the then that obviously made So we the when $XXX reservation deals biggest far less just sell, Basin Midland close roughly DJ I've quarter. the pricing. larger the XXX face transactions it's -- to headwind think the company, sellers closed Basin as oil historically right of in about those past. and are indicated now life the we the the as X,XXX the likely that fourth crude and And it, price, sellers a is approaching acre at

job calls, is reaching the out on different bigger game stay , than touch cetera reaching those letters, ground continually in folks. processes, out more constantly involved to being Our with deals in on to the et so ever, sellers

very efficiently rate hit larger the has know pricing oil couple the crude going. And the again, over prosecute last deals, smaller acquisition ground such to down quarters the deals we team gone so, or relates that of streamline as we we because both that rate can game and our it the

transcript that mentioned wise, on I flow we've disciplined efficient utmost So near-term-cash- of because deals evaluate to but being making to that of well for our doing value accretive obviously to do in are in just able as call much more basis, deals. is be we try sure being in and and to the create importance the terms what a [NAV] that is that, is we're process shareholders. got conference And analyze as job

So generating that returns for appropriate to that's in, one paramount. them shareholders. these we Number bid once goal we're deals come such that is

Operator

The next of question Barclays. from is Jeanine Wai

Unidentified Analyst

And This quarter. is [indiscernible] for on congrats Jeanine the Wai.

Rob Roosa

Thank you.

Unidentified Analyst

ratio balance free low So XX%, lower have flow priority on a with XX from you the XXtimes. the have to revolver question million of pay XX% and first on leverage the you for cash

down]? [pay do and forward, between prioritize how Going debt acquisition mineral

Rob Roosa

No, I appreciate the question.

messaged throughout of pretty minus we, ratio. growth, the XX% indicated X%, well X% now in stellar clearly that So tailwinds, that be that or production XX level. just plus as to payout the we've day, have we we'd to time the end pricing at as that given now reduced XX%. around we've , the the

So basis we on XX% cash flow see and distributions XX between basically, forward. an operating going

to And does, make a the is forward, think same the was as is going important one end year. it flexibility so as what the bit balance that debt million doing of provides $XX it about that acquisitions that I point quite we forward going of think at because

able acquisitions internally we of to basically upon our $XX balance cash flow. were the those because we quarter debt to in funded million first execute with change no by So acquisitions retaining

a think I build to transactions. So around trying XX that providing of to do highly to we're optionality creative XX%is of what lot range

And so Blake?

Blake Williams

these as well manage prices, objectives. all to goes flexibility balance to the certainly Yes, straight sheet acquisitions. where oil I'd prioritize $X.XX the as And say the on of [indiscernible] we're we'll continue our dollar plenty going bottom of have line, to management, to with levels and

consideration. you can of DJ we the stock our where some as evidence deals and see think this use of Midland I with

below and think, but one in environment, got keep all at to added it keep flexibility plan So we've sure make I one net and EBITDA below that we've times always we'll times. this we'll times, that realistically, half we a said

Unidentified Analyst

Can view million follow of the Okay. the And of you on working during the capital accounts capital further all some XX please you obviously transitory? remainder receivable as increasing of for you more that quarter this on whether the thoughts share perhaps form draw the your year, [indiscernible]in that. a working have do many or have companies as reported see of the up EMT level

Blake Williams

of We get function payment slight I think as see Yes, from given and It's prices. this, mineral company,. other that common pretty us a sources. for is usually increased data this production just a in we to delay the experience

a price So, check state. slow, before this -- be we we if and is to an operator so flatten expect from steady it'll and AR more see growth out, balance

just differences but prices see quarter and it's to nothing we quarter So production you headwind, But expected. that it's when think we this that a in occurs. is something

Operator

of Nate question Stifel. Next is from Pendleton

Nate Pendleton

Congrats on strong quarter. a

Rob Roosa

Yep. Thanks, it. Nate. Appreciate

Nate Pendleton

to question, my I From back want go first M&A. to

your going results diversification commentary different seeing to strong prior the from forward? Basins about Basins, deals your you're you can speak and most Given the for attractive

Rob Roosa

deals Nate, across the Basins, well Permian, the as we're DJ as Basin. attractive seeing Williston

we're to is of I've all -- working up process. disciplined the in -- the So actively indicated key Basins. just in is past deals be in those The

So of underwrite wells [indiscernible], making number development. horizons, sure soundly deals of from these we number the timeline for operator

really So Basins. in opportunistically a DJ nice that And think actively terms debt all and to fourth conversions million up we're immediately I, developments. results really that's we're quarter, $XX in these acquisition paying active in of very working the add deals

our DJ highly operators to throughput probably so evaluate. and Midland to think related that I of preponderance attractive or the -- to Basins, that just of be that in deals continue much be Basin there in deals deals. that both we would under will Williston Similarly, to larger deal the And in be our But the be time Permian will are active team's that Delaware a say will Basin -- Basin deals seems [indiscernible] those I continue throughput evaluation will time evaluate. Basins. also in there's will There

that at the that cash there. flow back returns via well highly generated able deal, about we accretion achieve as [NAV] are I think deals but accretion, the DJ And near-term economic When I there, to I when think so as some prosecuting we we're look deal. the

shareholder think ample I of So some Basins we'll be value significant there's those. these to opportunistic looking that generate all because all in opportunity at

Nate Pendleton

for back like nicely. up, quite the my outlook going any follow lease bonuses insight your bonus for the and And into drivers lease looked provide Can bounced you it we QX, there how thanks. see in Great, forward?

Rob Roosa

as was that both the composition DJ Nate, as Interestingly well [indiscernible]. Basin Delaware, of

So perpetuity. what these perpetual you hold -- talked in part of past, it’s just lights mineral option about the of we've the minerals into

currently is TPAs go it there the XXX, events given hold count forecasting So currently rig with to can't to acreage. rigs even XXX operators the approaching always all

And bonus so operators. I think see just to there generate There's you’ll that that us that's monitor lease potentially always continue going present something And we actively forward. to themselves. are opportunities going with and engage

And us -- respect so it’s I'm the see minerals. you’ll in to XX itself surprises hopeful lease with continue of of throughout upside presents remainder just of some that from the one terms to that bonus really, pleasant

Operator

is next Adkins Instructions] from [Operator question Grant James. of Raymond Our

Grant Adkins

on strong the quarter. Congrats

So cadence production is where going of standpoint. a to kind I'm from start

or but guided ramping could that? I you or [BOE] obviously, number, XX that? guess, year up to are additional We XX all, the you guess, had is the in just color remainder give of color the lumpier, I the flat is that there on any production kind additional you year, me around you I'd see closing appreciate. how but for So any, of more that expecting could we -- on

Rob Roosa

our DUCs. X so say I just forward. the Obviously to forecast we of would going to be most XX production how is going near next the kind to piece the so everybody months, term, impactful set, Yes, activity level understands to ramp in

net inventory. we X.X that DUCs have in the that's So

to the going kind next in permits Next, be months, think about to the that XX that's when XX inventory. you of are

net locations So that we that's in the have inventory. X.X

going the so driven largely And to our really nine it's or so be inventory. months by next is DUC

that more QX perfect in, early we'll it's have the terms based essence have better of could obviously more that that that seeing, data So in but to but part. it's kind data the of monitor being non-operated the insight, months always it and, front-end half the than it data, weighted perfect position, loaded could latter be be it half just of first could latter but production have be the nine on in of heavily towards have don't we'll growth. terms we and of as something It's of a the don't in part as we're very QX, , just comes information, these first than terms in

Grant Adkins

share question perspective say, going Perfect. from discussed are And is to you've related you that I all maintaining second $.XXX dividend but thinking more up kind follow targeting, the payout be as of mean, per as as the necessarily a I'm And can is that the ratio to, XX% dividend about do how payout remaining long guess. kind you cents higher Is it? we range, I or your XX that so all ratio think should in flexor? to of that

Blake Williams

I think really the us. ratio is of by payout is front driven opportunity in what set our

opportunities did with as up see. piece to cents. base plenty got the retained we've from we’ve can of flexibility But dividend that step of cents the we, saying, again, these the then $X.XX to So we cash acquisition variable opportunities those were and that and we we use top. in price environments $X.XX got on help some fund

XX of to effectively XX% our So flow. out just we’re paying cash discretionary

of to that but looking and to spend like variables after at return different capital capital we our the continue on kind see we'd obviously dividend So, to we’re quarter, of to grow, between quarter shareholders. all reinvestments have the continue

Grant Adkins

quarter. Awesome. Congrats on the

Operator

At for I'd this remarks. Rob call time, over to closing like hand any the back to

Rob Roosa

to on call quarter forward in appreciate Thanks we again again, back and joining. results. everybody with our as second- our look we together conference Now, August discuss first quarter for XXXX getting joining you us

Operator

your XXXX all First Thank for Call. you Earnings Brigham concludes That Quarter Minerals Conference participation. the

your disconnect now may You lines.

MNRL Sub (MNRL) 7 May 222022 Q1 Earnings call transcript