Black Stone Minerals LP

Latest Results (25.02.2026):

Black Stone Minerals, L.P. reported results for the fourth quarter of 2025 and full year 2025. For Q4 2025 the Partnership produced 30.9 MBoe/d of mineral and royalty volumes (32.1 MBoe/d total), earned net income of $72.2 million, generated Adjusted EBITDA of $76.7 million and Distributable Cash Flow of $66.8 million, and declared a $0.30 per common unit distribution. Full year 2025 results included $299.9 million of net income, $337.4 million of Adjusted EBITDA and cash distributions of $1.28 per common unit; management provided 2026 guidance and updated development activity and hedge positions.

Production

Q4 2025 mineral & royalty production averaged 30.9 MBoe/d (74% natural gas); total production including working interest volumes averaged 32.1 MBoe/d. Full-year 2025 mineral & royalty average was 33.3 MBoe/d (total 34.6 MBoe/d). Management expects production to build through 2026 with total 2026 guidance of 33–36 MBoe/d and mineral & royalty 32.5–34.5 MBoe/d.

Quarterly financials

For the fourth quarter of 2025 Black Stone reported net income of $72.2 million, Adjusted EBITDA of $76.7 million and Distributable Cash Flow of $66.8 million. Realized price per Boe (ex-derivatives) was $30.63 in Q4.

Full-year results

Full year 2025 net income was $299.9 million, Adjusted EBITDA $337.4 million, and cash distributions totaled $1.28 per common unit for the year.

Distributions and coverage

The Board approved a Q4 2025 cash distribution of $0.30 per common unit; distribution coverage for the quarter was ~1.05x. The Q4 distribution was payable Feb 25, 2026 (record date Feb 18, 2026).

Balance sheet and liquidity

At 12/31/2025 Black Stone had $1.5 million cash and $154.0 million drawn under its credit facility (borrowing base $580.0 million; total commitments $375.0 million). As of Feb 20, 2026 outstanding debt was $156.0 million with $5.1 million cash. The Partnership is in compliance with covenants and has a borrowing base redetermination scheduled for April 2026.

Reserves

Estimated proved reserves at year-end 2025 were 54.8 MMBoe (≈70% natural gas), down 4% from year-end 2024; ~88% of proved reserves are proved developed producing. PV-10 (standardized discounted future net cash flows) was $889.2 million at 12/31/2025.

Operations, development agreements and acquisitions

Black Stone signed development agreements covering ~490,000 gross acres (notably with Revenant and Caturus) and reported $114.5 million of mineral & royalty acquisitions in 2025 (Q4 acquisitions were $48.8 million; total deployed since Sept 2023 $239.5 million). New agreements add minimum drilling commitments (equivalent to ~8 wells in 2026, ramping larger by 2030–31). Aethon, Revenant, Caturus and others are expected to drive the 2026 activity ramp, including Permian developments (Coterra, southern Delaware) that should add liquids volumes in 2026–2027.

2026 guidance and hedges

Key 2026 guidance highlights: mineral & royalty production 32.5–34.5 MBoe/d; total production 33–36 MBoe/d; gas mix ~77%; lease bonus $12–15M; exploration expense $28–32M (higher due to seismic); cash G&A $51–52M; DD&A $2.90–3.10/Bo e. Hedge position (as of Feb 20, 2026) includes 2026 oil swaps at ~$64.39/Bbl each quarter and gas swaps for 2026 averaging ~$3.73/MMBtu.