Black Stone Minerals (BSM) Company Report

Blackstone Minerals reported Q3 2025 net income of $91,700,000 and adjusted EBITDA of $86,300,000.
Mineral and royalty production increased 5% quarter-over-quarter to 34,700 BOE per day, driven by Permian Basin volumes, with 2025 production guidance maintained at 33,000 to 35,000 BOE per day.
The company declared a distribution of $0.30 per unit for the quarter, supported by distributable cash flow of $76,800,000, achieving 1.21 times coverage.
Blackstone Minerals added $20,000,000 in mineral and royalty acquisitions during the quarter, contributing to a total of approximately $193,000,000 since September 2023.
Significant development initiatives are underway, including Revenant's program starting in early 2026 and a progressing agreement for 220,000 gross acres in the Shelby Trough, which are expected to more than double the current annual drilling rate in the next five years.

Nov 4, 2025, 3:00 PM

Transcript

Black Stone Minerals Reports Q3 2025 Results and Announces Management Changes

BSM

Earnings

Management Change

New Projects/Investments

Black Stone Minerals reported net income of $91.7 million and Adjusted EBITDA of $86.3 million for Q3 2025. The company declared a distribution of $0.30 per unit, supported by $76.8 million in distributable cash flow and a 1.21x coverage ratio.
Mineral and royalty production increased 5% quarter-over-quarter to 34,700 BOE per day, with total production reaching 36,300 BOE per day. The 2025 production guidance remains unchanged at 33,000-35,000 BOE per day.
The company added $20 million in mineral and royalty acquisitions during the quarter, bringing the total since September 2023 to approximately $193 million. Black Stone Minerals is advancing Haynesville expansion, including a new development agreement for 220,000 gross acres and Revenant Energy's development starting in early 2026.
Upcoming promotions were announced for Fowler Carter, Taylor DeWalch, and Chris Bonner, with Tom Carter transitioning to the role of Executive Chair.

Nov 4, 2025, 3:00 PM

Transcript

Black Stone Minerals Reports Q3 2025 Results and Provides Operational Updates

BSM

Earnings

Management Change

New Projects/Investments

Black Stone Minerals reported Q3 2025 mineral and royalty production of 34.7 thousand BOE per day, a 5% increase over the prior quarter, with total production at 36.3 thousand BOE per day.
For Q3 2025, the company achieved net income of $91.7 million and Adjusted EBITDA of $86.3 million, declaring a distribution of $0.30 per unit.
The company added $20 million in mineral and royalty acquisitions during the quarter, bringing total acquisitions since September 2023 to approximately $193 million.
Black Stone Minerals is progressing a framework agreement for 220,000 gross acres in the Shelby Trough, which is expected to add the equivalent of 12 additional wells annually by 2030 and more than double the current annual drilling rate in the next five years.
Management announced upcoming promotions for Ballard Carter, Taylor DeWalch, and Chris Bonner, with Tom Carter transitioning to Executive Chair.

Nov 4, 2025, 3:00 PM

Transcript

Black Stone Minerals Reports Q3 2025 Results and Provides Operational Updates

BSM

Earnings

Guidance Update

New Projects/Investments

Black Stone Minerals reported net income of $91.7 million and Adjusted EBITDA of $86.3 million for Q3 2025.
Mineral and royalty production for Q3 2025 was 34.7 thousand BOE per day, an increase of 5% over the prior quarter, with total production volumes at 36.3 thousand BOE per day. The company's 2025 production guidance remains unchanged at 33-35 thousand BOE per day.
A distribution of $0.30 per unit was declared for the quarter, supported by distributable cash flow of $76.8 million, representing 1.21 times coverage.
The company added $20 million in mineral and royalty acquisitions during the quarter, bringing total acquisitions since September 2023 to approximately $193 million.
Black Stone Minerals is advancing development agreements in the Shelby Trough, expecting to more than double the current annual drilling rate in the next five years, and anticipates meaningful oil volume additions from Permian projects in the next 12 to 18 months.

Nov 4, 2025, 3:00 PM

Transcript

Black Stone Minerals, L.P. Reports Q3 2025 Results and Announces Leadership Succession

BSM

Earnings

Management Change

M&A

Black Stone Minerals, L.P. reported net income of $91.7 million, Adjusted EBITDA of $86.3 million, and Distributable cash flow of $76.8 million for the third quarter of 2025. Mineral and royalty production increased 5% from the prior quarter to 34.7 MBoe/d, and the company announced a $0.30 per unit distribution.
The company announced a leadership succession plan, effective January 1, 2026, promoting Fowler Carter and Taylor DeWalch to co-Chief Executive Officers and Chris Bonner to Senior Vice President and Chief Financial Officer, while Tom Carter will become Executive Chairman.
Black Stone extended its credit facility maturity to October 31, 2030, with the borrowing base reaffirmed at $580.0 million, and acquired $20.3 million of mineral and royalty interests in Q3 2025.

Nov 3, 2025, 11:54 PM

8-K

Black Stone Minerals Reports Strong Q3 Earnings and Announces New Co-CEOs

BSM

Earnings

Dividends

Management Change

Black Stone Minerals reported strong third-quarter 2025 financial results, with GAAP earnings per share of $0.40 beating estimates by $0.12 and revenue of $132.47 million surpassing expectations by 27%.
The company announced a $0.30 per share dividend, supported by a distribution coverage ratio of 1.21x, and achieved a 5% increase in mineral and royalty production compared to the prior quarter.
Effective January 1, 2026, Fowler Carter and Taylor DeWalch will assume roles as co-CEOs, and Chris Bonner will be promoted to CFO.
Black Stone Minerals maintains strong financial health, evidenced by a current ratio of 3.22, a debt-to-equity ratio of 0.09, and an Altman Z-Score of 11.27.

Nov 3, 2025, 11:44 PM

Morningstar

Black Stone Minerals Outlines Long-Term Growth Strategy and Financial Targets

BSM

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Black Stone Minerals projects its production to double to over 60,000 BOE per day by 2035 from the current 33,000 to 35,000 BOE per day, primarily driven by organic growth and extensive asset development in the expanding Shelby Trough.
The company anticipates growing distributions to greater than $2 per unit over the next 5 to 10 years, up from approximately $1.20 per unit LQA, while maintaining very conservative leverage.
Revenue is forecasted to increase from about $425 million in 2025 to over $650 million, with both oil and gas contributing significantly to this growth.
Black Stone Minerals maintains a strategy of low leverage, with $99 million borrowed against a $375 million borrowing base in Q2, and hedges 60% to 70% of volumes 1.5 to 2 years out to ensure stable cash flow.
The company highlights a substantial inventory with an estimated 20-plus years of life, including over 2,000 gross wells in the Shelby Trough, underpinning its long-term growth trajectory.

Sep 17, 2025, 2:00 PM

Transcript

Black Stone Minerals, L.P. Posts Updated Investor Presentation with Production and Distribution Growth Targets

BSM

Guidance Update

New Projects/Investments

Dividends

Black Stone Minerals, L.P. (BSM) filed an 8-K on September 17, 2025, announcing an updated investor presentation dated September 16, 2025, highlighting its strategic outlook.
For Q2 2025, BSM reported production of 34.6 MBoe/d and a distribution yield of approximately 10% as of September 15, 2025. The company also reported Distributable Cash Flow per Unit of $0.353 for the quarter.
BSM projects significant growth, with production expected to increase by over 80% from an estimated 33.0-35.0 MBoe/d in 2025 to 60.0+ MBoe/d by 2035. The company targets increasing annual distributions to $2+ per unit over the next 5-10 years.
The company maintains a conservative leverage ratio of 0.29x (Total Debt / LTM Adjusted EBITDA as of June 30, 2025). Growth is driven by organic production, a differentiated acquisition strategy, and development agreements in the Haynesville Basin, particularly the Shelby Trough and Haynesville Expansion.

Sep 16, 2025, 10:55 PM

8-K

Black Stone Minerals, L.P. Enters Unitholder Agreement with AP Basileia SPV, LLC

BSM

M&A

Proxy Vote Outcomes

Convertible Preferred Issuance

Black Stone Minerals, L.P. (BSM) entered into a Unitholder Agreement with AP Basileia SPV, LLC, the holder of 14,711,219 preferred units, on August 22, 2025.
Under the agreement, AP Basileia SPV, LLC will vote its preferred units in line with the Board of Directors' recommendations on ordinary course matters, and the Partnership has agreed not to redeem these preferred units.
The agreement, including a standstill provision for AP Basileia SPV, LLC, is effective until November 27, 2027, restricting the unitholder from increasing its stake above 11% (as-converted) or engaging in certain activist behaviors.