Black Stone Minerals, L.P.

Listed Company

BSMCIK 0001621434NYSELarge AcceleratedCrude Petroleum & Natural GasDelawareFY ends Dec 31

Period

FY 2025

Revenue

$469.92M

Net Income

$299.93M

Total Assets

$1.34B

Equity

—

Shares Out

—

Op. Cash Flow

$310.17M

Business

Black Stone Minerals, L.P. is one of the largest owners and managers of oil and natural gas mineral interests in the United States, focused on maximizing the value of its mineral and royalty portfolio through active asset management. It offers mineral interests, nonparticipating royalty interests (NPRIs), overriding royalty interests (ORRIs), and non‑operated working interests, generating revenue from lease bonuses, royalties, and selective working‑interest participation. The business is organized around mineral and royalty interests, non‑operated working interests, farmout and joint development agreements, and internal land and technical functions. Its assets span roughly 16.8 million gross acres across 41 continental U.S. states, concentrated in major onshore producing basins and leased to numerous operators.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue from contracts with customers	422	439	501	784	506
Gain (loss) on commodity derivative instruments, net	48	−6	91	−121	−146
TOTAL REVENUE	470	434	592	664	359
Lease operating expense	10	10	11	12	13
Production costs and ad valorem taxes	39	50	57	66	50
Exploration expense	19	3	2	193,000	1
Depreciation, depletion, and amortization	37	45	46	48	61
General and administrative	55	52	51	54	49
Accretion of asset retirement obligations	1	1	1	861,000	1
Gain on sale of assets, net	0	0	−73,000	−17,000	−3
TOTAL OPERATING EXPENSE	162	161	169	181	172
INCOME FROM OPERATIONS	308	273	424	482	187
Interest and investment income	237,000	2	2	—	—
Interest expense	−9	−3	−3	−6	—
Other income (expense), net	229,000	−337,000	−160,000	215,000	299,000
TOTAL OTHER EXPENSE	−8	−2	−1	−6	−5
NET INCOME	300	271	423	476	182
Distributions on Series B cumulative convertible preferred units	−29	−29	−22	−21	−21
NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS	270	242	401	455	161
General partner interest	0	0	0	0	0
Common units	270	242	401	455	161
Per common unit (basic) (in dollars per share)	1.28	1.15	1.91	2.18	0.77
Per common unit (diluted) (in dollars per share)	1.28	1.15	1.88	2.12	0.77
Weighted average common units outstanding (basic) (in shares)	212	211	210	209	208
Weighted average common units outstanding (diluted) (in shares)	212	211	225	224	208

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1	3	70	4	9
Accrued revenue and accounts receivable	66	71	—	—	—
Commodity derivative assets, net	19	2	38	31	0
Prepaid expenses and other current assets	10	3	2	2	2
TOTAL CURRENT ASSETS	96	79	193	173	108
Oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of $1,063,709 and $973,028 at December 31, 2025 and 2024, respectively	3,079	3,105	3,026	3,004	3,002
Accumulated depreciation, depletion, amortization, and impairment	−1,855	−1,973	−1,962	−1,917	—
Oil and natural gas properties, net	1,224	1,132	1,064	1,087	1,132
Other property and equipment, net of accumulated depreciation of $15,768 and $14,511 at December 31, 2025 and 2024, respectively	1	2	1	1	1
NET PROPERTY AND EQUIPMENT	1,225	1,134	1,066	1,088	1,133
DEFERRED CHARGES AND OTHER LONG-TERM ASSETS	15	6	8	9	7
TOTAL ASSETS	1,336	1,219	1,267	1,271	1,248
Accounts payable	3	6	6	7	6
Accrued liabilities	19	17	17	20	18
Commodity derivative liabilities, net	0	4	1	3	52
Other current liabilities	2	3	1	989,000	2
TOTAL CURRENT LIABILITIES	25	30	26	31	77
Credit facility	154	25	0	10	89
Accrued incentive compensation	1	1	2	2	838,000
Commodity derivative liabilities, net	0	12	81,000	16,000	2
Asset retirement obligations	23	19	19	15	13
Other long-term liabilities	5	2	3	4	3
TOTAL LIABILITIES	207	89	50	61	184
COMMITMENTS AND CONTINGENCIES (Note 11)	—	—	—	—	—
Partners' equity general partner interest	0	0	0	0	0
TOTAL EQUITY	828	829	918	911	765
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	1,336	1,219	1,267	1,271	1,248

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred charges	1	1	1	2	2
Net cash (paid) received on settlement of commodity derivative instruments	11	45	83	−203	−113
Equity-based compensation	10	9	11	17	12
Accrued revenue and accounts receivable	6	11	53	—	—
Prepaid expenses and other current assets	−7	−789,000	−414,000	51,000	−289,000
Accounts payable, accrued liabilities, and other	−286,000	1	−4	3	3
Settlement of asset retirement obligations	−774,000	−861,000	−236,000	−551,000	−229,000
NET CASH PROVIDED BY OPERATING ACTIVITIES	310	389	521	425	257
Acquisitions of oil and natural gas properties	−107	−109	−15	−149,000	−10
Additions to oil and natural gas properties	−640,000	−790,000	−4	−12	−4
Additions to oil and natural gas properties leasehold costs	−11	−3	−545,000	−32,000	−98,000
Purchases of other property and equipment	−298,000	−1	−450,000	−488,000	−428,000
Proceeds from the sale of oil and natural gas properties	834,000	3	73,000	17,000	318,000
NET CASH USED IN INVESTING ACTIVITIES	−118	−112	−20	−1	−14
Borrowings under credit facility	373	97	64	339	212
Repayments under credit facility	−244	−72	−74	−418	−244
Debt issuance costs and other	−3	−64,000	−216,000	−3	−4
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	−193	−345	−436	−428	−235
NET CHANGE IN CASH AND CASH EQUIVALENTS	−1	−68	66	−5	7
Interest paid	7	2	2	4	4
Common units issued for property acquisitions	7	1	0	—	—

Filings

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