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	Podcast:		Yet Another Value Podcast
	Episode:		Andrew Carreon from Emeth Value on Blackstone Minerals $BSM
	Category:		Business
	Duration:		00:54:23
	Publish Date:		2021-06-10 12:00:00
	Description:		Andrew Carreon, founder of Emeth Value, discusses his thesis on Blackstone Minerals (BSM). Key points include how some of the company's undeveloped acreage could be a massive call option, how rising commodity prices impact BSM's value, and how BSM compares to other loose peers. Side note: I had a puppy emergency for the last ten minutes of this podcast; you might see me glancing to the side a bit as my dog (Penny) tries to get my attention. I still think the conversation was great, but sorry for that! Emeth Value's website: https://www.emethvaluecapital.com/ Chapters 0:00 Intro 1:00 Blackstone Minerals (BSM) overview 4:40 How mineral rights work 7:15 Contrasting BSM versus TPL 11:50 How does BSM's acreage quality compare to TPL 15:10 BSM's LP structure versus traditional C-corps 18:55 Why BSM's NPV reserve calculation understates their value 23:25 What commodity prices are currently baked into BSM's share price? 31:30 Discussing BSM's GP 33:10 How their capex / farm out agreements work 37:45 Management's track record and pandemic performance 43:25 Drilling outlook for BSM's acreage 50:00 Diving into BSM's Austin Chalk acreage 53:15 Puppy emergency driven conclusion
	Total Play:		0