Andrew Carreon from Emeth Value on Blackstone Minerals $BSM

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/Chapters0:00 Intro1:00 Blackstone Minerals (BSM) overview4:40 How mineral rights work7:15 Contrasting BSM versus TPL11:50 How does BSM's acreage quality compare to TPL15:10 BSM's LP structure versus traditional C-corps18:55 Why BSM's NPV reserve calculation understates their value23:25 What commodity prices are currently baked into BSM's share price?31:30 Discussing BSM's GP33:10 How their capex / farm out agreements work37:45 Management's track record and pandemic performance43:25 Drilling outlook for BSM's acreage50:00 Diving into BSM's Austin Chalk acreage53:15 Puppy emergency driven conclusion