Black Stone Minerals LP

Latest Results (20.05.2026):

Black Stone Minerals, L.P. — results for the quarter ended March 31, 2026 (Q1 2026): The Partnership reported revenue from contracts with customers of $123.9 million and, after a net loss on commodity derivatives of $64.6 million, reported total revenue of $59.4 million. Operating expenses were $42.7 million, yielding income from operations of $16.6 million and net income of $13.3 million for the quarter. After preferred distributions, net income attributable to the general partner and common unitholders was $5.9 million, or $0.03 per common unit (basic and diluted).

Top-line and derivative impact

Revenue from oil, gas and other contract sales was $123.9 million, but a $64.6 million loss on commodity derivative instruments reduced reported total revenue to $59.4 million for Q1 2026. The company’s open hedge positions produced a significant negative mark-to-market in the quarter.

Profitability and EPS

Net income was $13.3 million. After the $7.4 million distribution on Series B cumulative convertible preferred units, net income attributable to common unitholders was $5.9 million, producing earnings per common unit of $0.03 (basic and diluted) for Q1 2026.

Cash flow and liquidity

Operating cash flow was $62.6 million in the quarter. Cash and cash equivalents rose to $11.6 million at March 31, 2026 (from $1.5 million at year-end 2025). Investing cash used was approximately $12.0 million (including $11.5 million of acquisitions). Financing used $40.4 million (including $63.7 million of common distributions), offset by net borrowings under the credit facility.

Debt and credit facility

Total borrowings under the revolving Credit Facility were $187.0 million at March 31, 2026 (up from $154.0 million at year-end 2025). The borrowing base remains reaffirmed at $580.0 million and the Partnership reported compliance with all credit covenants as of March 31, 2026.

Distributions and equity activity

The Board approved a distribution of $0.30 per common unit for Q1 2026 (declared April 22, 2026; payable May 15, 2026). The Partnership paid $7.366 million to Series B preferred unitholders during the quarter and repurchased 162,066 common units for tax-withholding purposes at a cost of $2.335 million.

Derivative positions and balance‑sheet effect

As of March 31, 2026, commodity derivatives produced a net liability position (fair-value basis) and commodity derivative liabilities (gross less netting) were presented on the balance sheet (total net carrying value of derivative liabilities reported at $36.2 million). The quarter included $12.2 million of net cash paid on settlement of derivatives.

Other notable items

Capital activity included $11.5 million of cash acquisitions of primarily unproved mineral and royalty interests in East Texas. Total oil and natural gas properties, net, were $1,226.3 million. Series B cumulative convertible preferred units continued to be classified as mezzanine equity with a carrying value of $300.5 million (including accrued distributions of $7.4 million).