Black Stone Minerals, L.P. Announces Fourth Quarter Cash Distribution

Black Stone Minerals, L.P. (NYSE:BSM) (“Black Stone Minerals”) today
announces that the Board of Directors of the general partner has
approved a cash distribution of $0.2625 per common unit and $0.18375 per
subordinated unit, attributable to the fourth quarter of 2015.
Distributions will be payable on February 26, 2016 to unitholders of
record at the close of business on February 19, 2016.

Thomas L. Carter, Jr., Black Stone Minerals’ President, Chief Executive
Officer, and Chairman commented, “The Board of Directors is committed to
maintaining the growing minimum quarterly distribution for common units
and expects to maintain the current minimum quarterly distribution of
$0.2625 per common unit and the scheduled increase to $0.2875 per common
unit set for the second quarter of 2016. We are also reducing the
distribution on subordinated units to $0.18375 per unit for the fourth
quarter of 2015, a 30% reduction from last quarter’s distribution. The
decision to reduce the subordinated distribution is not a decision we
made lightly. Indeed, management and the Board of Directors are
significant holders of subordinated units, so we clearly understand how
this affects legacy owners. However, the decision is consistent with the
two-class common and subordinated structure we implemented in our IPO in
May 2015, which gave owners of common units a clear view to a secure and
growing distribution with excellent coverage. This decision is also
consistent with our philosophy of maintaining strength in our balance
sheet. While we could have maintained the full minimum quarterly
distribution on the subordinated units in line with distributions in
prior quarters without borrowing, we have chosen to reduce the
distribution to the subordinated units in order to preserve liquidity
and keep cash in the business. We believe this is prudent and in the
best long-term interests of the partnership, particularly given the
opportunities we are seeing in the acquisition market. The Board of
Directors is prepared to adjust future distribution amounts for
subordinated units so that a total distribution coverage in excess of
1.0x can be maintained. We will continue to review subordinated
distributions on a quarterly basis in these times of price volatility,
looking for the best means to generate yield for our unitholders and
long-term growth opportunities for the partnership.”

About Black Stone Minerals, L.P.

Black Stone Minerals is one of the largest owners of oil and natural gas
mineral interests in the United States. The partnership owns mineral
interests and royalty interests in over 40 states and 60 onshore basins
in the continental United States. The partnership also owns and
selectively participates in non-operating working interests in
established development programs, primarily on its mineral and royalty
holdings. The partnership expects that its large, diversified asset base
and long-lived, non-cost-bearing mineral and royalty interests will
result in production and reserve growth, as well as increasing quarterly
distributions to its unitholders.

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. You 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:

• 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;
• regional supply and demand factors, delays, or interruptions of
  production;
• the partnership’s ability to replace its oil and natural gas reserves;
  and
• the partnership’s ability to identify, complete, and integrate
  acquisitions.

Information for Non-U.S. Investors

This press release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Although a portion of Black Stone
Minerals’ income may not be effectively connected income and may be
subject to alternative withholding procedures, brokers and nominees
should treat 100% of Black Stone Minerals’ distributions to non-U.S.
investors as being attributable to income that is effectively connected
with a United States trade or business. Accordingly, Black Stone
Minerals’ distributions to non-U.S. investors are subject to federal
income tax withholding at the highest marginal rate, currently 39.6% for
individuals.

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