Black Stone Minerals LP (BSM) will raise its quarterly distribution by another 9.6 percent to $0.37 per unit in the fourth quarter of 2018. This marks the third consecutive year of distribution increases by the partnership.

The increased distribution will be payable on November 21, 2018 to unitholders of record on November 14, 2018. The new annualized distribution of $1.48 per unit yields 8.7% at a price of $16.92 for BSM.

Thomas L. Carter, Jr., Black Stone Minerals’ Chief Executive Officer and Chairman, commented, “We are pleased to announce another meaningful increase in our distribution to common and subordinated unitholders while maintaining a reasonable amount of distribution coverage. This increase is driven by continued robust performance in our business and a constructive commodity price environment, and we believe we will be able to further increase the distribution in coming periods. We look forward to discussing our quarterly results on the earnings call on November 6th.”

Black Stone Minerals, L.P. is an owner of oil and natural gas mineral interests in the United States. The Partnership owns mineral interests and royalty interests in 41 states and 64 onshore basins in the continental United States. The Partnership also owns and selectively participates as a nonoperating working interest partner in established development programs, primarily on its mineral and royalty holdings.