Brigham Minerals, Inc. Announces Highly Accretive Acquisition of Midland Basin
AUSTIN, Texas, February 10, 2022–(BUSINESS WIRE)–Brigham Minerals Inc. (NYSE: MNRL) (“Brigham Minerals”, “Brigham” or the “Company”), today announced that it has entered into a definitive purchase and sale agreement to acquire certain mineral interests and royalties in the Basin. Midland for approximately $15 million in cash and approximately 800,000 Class A common shares subject to certain closing adjustments (the “Midland Acquisition”).
THE ACQUISITION OF MIDLAND CONTINUES THE MOMENTUM OF CONSOLIDATION AND VALUE CREATION
Robert M. (“Rob”) Roosa, Chairman and Chief Executive Officer, said, “I am delighted to announce a significant mineral acquisition in the Midland Basin, which once again checks all the boxes we need to significant transactions, including short-term cash flow by We remain extremely focused on capturing and creating value through consolidation and are pleased that our disciplined underwriting has been rewarded with acquisitions of over $120 million over the past three months.
(1) Non-GAAP measure. See “Non-GAAP Financial Measures” below.
Non-GAAP Financial Measures
EBITDA return is a supplemental non-GAAP financial measure used by our management and by external users of our financial statements such as investors, research analysts and others to assess the financial performance of our assets and their ability to sustain dividends over the long term regardless of financing methods, capital structure or historical cost basis.
We define EBITDA return as projected EBITDA divided by enterprise value.
EBITDA performance does not represent and should not be considered an alternative to or more meaningful than net income or any other measure of financial performance presented in accordance with GAAP as a measure of our financial performance. EBITDA performance has significant limitations as an analytical tool because it excludes some, but not all, items that affect net income, the most directly comparable GAAP financial measure. Our calculation of EBITDA performance may differ from calculations of similarly titled measures of other companies.
ABOUT BRIGHAM MINERALS, INC.
Brigham Minerals is an Austin, Texas-based company that actively acquires and manages a portfolio of mineral and royalty interests in the heart of some of the most active, economical and liquid-rich resource basins in the Americas. . Brigham Minerals assets are located in the Delaware and Midland Basins in West Texas and New Mexico, SCOOP and STACK play in the Anadarko Basin in Oklahoma, the DJ Basin in Colorado and the Wyoming and the Williston Basin in North Dakota. The Company’s primary business objective is to maximize risk-adjusted total return for its shareholders by capturing organic growth from its existing assets and leveraging its highly experienced technical evaluation team to continue to acquire minerals.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, the forward-looking statements contained in this press release specifically include expectations of the Company’s plans, strategies, objectives and expected financial and operating results, including production and other guidance contained in this press release. These statements are based on certain assumptions made by the Company based on management’s experience and its perception of historical trends, current conditions, expected future developments and other factors deemed appropriate. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, continued slowdowns or delays in the resumption of business by operators due to fluctuations in commodity prices, the Company’s ability to integrate acquisitions into its existing business, variations oil, natural gas and NGL prices, weather and environmental conditions, the timing of planned capital expenditures, the availability and competition for acquisitions, operational factors affecting the start-up or maintenance of producing wells on the Company’s properties, the state of financial markets generally, as well as the Company’s ability to access them, proximity and transportation capacity, uncertainties regarding environmental regulations or litigation, global health events or national, including the continued spread and economic effects of the ongoing COVID-19 pandemic, future pandemics ies, the actions of the Organization of the Petroleum Exporting Countries and other major producers and governments, and such producer’s ability to accept and maintain oil price and production controls and other legal or regulatory developments affecting the Company’s business and other important factors. These and other applicable uncertainties, factors and risks are more fully described in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and any quarterly reports subsequently filed on Form 10-Q and current reports on Form 8-K. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company’s actual results and plans could differ materially from those expressed in the forward-looking statements.
Any forward-looking statement speaks only as of the date such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, events future or otherwise, except as required by applicable law. law.
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Brigham Minerals Inc.
Blake C. Williams