BSM
Black Stone Minerals, L.P.13.50
-0.60-4.26%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Details 2026 ramp, distribution confidence
Q&A fleshed out 2026 production cadence, starting flat from Q4 2025's 32,100 BOE/d before stepping up quarterly on Aethon wells and new developments, aligning with flat full-year guidance. Management stood firm on funding the $0.30 distribution amid sub-$3.50 Henry Hub, backed by minimum commitments and hedges. Permian nuggets included Coterra high-interest plus Southern Delaware scale-up, but broader activity modeled cautiously on pricing. Seismic expenses near $30M land mostly mid-2026, adjusted out of EBITDA as one-offs. New deal pipeline welcomes all operators. No walk-backs. Answers reaffirmed scripted growth story. Q&A adds color, not curveballs.
Key Stats
Market Cap
2.86BP/E (TTM)
11.64Basic EPS (TTM)
1.16Dividend Yield
0.09%Recent Filings
8-K
Q4 results, flat 2026 guidance
Black Stone Minerals reported Q4 2025 mineral and royalty production of 30.9 MBoe/d, down from 34.7 MBoe/d in Q3, with net income of $72.2 million and Adjusted EBITDA of $76.7 million. Full-year 2025 saw $299.9 million net income amid 9% production drop to 33.3 MBoe/d, offset by $114.5 million in acquisitions and new development deals adding 8-well minimums in 2026. Guidance projects flat 2026 royalty output at 32.5-34.5 MBoe/d, building via Shelby Trough activity. Debt stays low at $156 million.
10-K
FY2025 results
Black Stone Minerals posted FY2025 production of 12,632 MBoe, down 10% y/y from 14,103 MBoe amid natural declines, yet Q4 saw Haynesville/Bossier volumes hold at 15,571 Boe/d while Permian activity ramped with Coterra turning 5 gross wells online. Realized prices swung wildly—oil at $64.24/Bbl (-14% y/y), natgas at $3.41/Mcf (+36% y/y)—driving Adjusted EBITDA to $337M from $383M, but Distributable Cash Flow covered distributions handily. Q4 momentum built via Aethon rigs in Shelby Trough (7 wells to sales) and Revenant/Caturus JEAs locking multi-year drilling; credit facility extended to 2030 with $154M drawn. Reserves dipped to 54,845 MBoe (88% PDP), but PUDs grew on Haynesville/Permian extensions. Volatility of oil and natgas prices could stall quarterly momentum.
8-K
Appoints Anne Hamman to Board
8-K
Exec succession plan announced
Black Stone Minerals director William Mathis resigned October 30, 2025, with no disagreements. CEO Thomas L. Carter, Jr. shifts to Executive Chairman January 1, 2026; insiders Fowler Carter and Taylor DeWalch step up as co-CEOs and board members. Smooth handover. New finance roles filled internally, compensation pending.
8-K
Q3 results, leadership transition
Black Stone Minerals posted Q3 mineral/royalty production of 34.7 MBoe/d, up 5% sequentially, with net income at $91.7M and distributable cash flow of $76.8M covering the $0.30/unit distribution 1.21x. Leadership shifts ahead: Tom Carter to Executive Chairman on Jan 1, 2026; Fowler Carter and Taylor DeWalch named co-CEOs. Debt dropped to $73M by October end. Succession smooths continuity.
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