Black Stone Minerals Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance
Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone” or the “Partnership”) today announced its financial and operational results for the fourth quarter and full year 2025, along with guidance for 2026.
Fourth Quarter 2025 Highlights
- Mineral and royalty production: 30.9 MBoe/d; total production, including working interests: 32.1 MBoe/d
- Net income: $72.2 million
- Adjusted EBITDA: $76.7 million
- Distributable Cash Flow: $66.8 million
- Quarterly distribution: $0.30 per common unit; distribution coverage: 1.05x
- Total debt at year-end: $154.0 million (as of February 20, 2026: $156.0 million) with $5.1 million in cash
Full-Year 2025 Overview
- Average mineral and royalty production: 33.3 MBoe/d (9% decline from 2024)
- Total production: 34.6 MBoe/d
- Net income: $299.9 million; Adjusted EBITDA: $337.4 million
- Full-year distributions: $1.28 per common unit
- Mineral and royalty acquisitions: $114.5 million
- New development agreements with Revenant Energy and Caturus Energy in Shelby Trough and Haynesville areas, supporting minimum drilling of 8 wells in 2026, ramping to 37 wells by 2031
Management Commentary
Fowler Carter, Co-CEO and President, stated,
In 2025, Black Stone advanced its long-term growth through commercial initiatives and strategic acquisitions. Our development agreements, leasing activity, and Haynesville expansion position the Partnership for continued production growth.”
Taylor DeWalch, Co-CEO and President, added,
While 2025 production declined as anticipated, we expect 2026 to deliver significant growth driven by Shelby Trough, Haynesville, and Delaware Basin projects. We are maintaining financial discipline while building long-term value for unitholders.”
Operational and Financial Details
- Q4 2025 mineral and royalty production: 30.9 MBoe/d (74% natural gas)
- Working interest production: 1.2 MBoe/d
- Total production: 32.1 MBoe/d (96% mineral and royalty, 74% natural gas)
- Average realized price per Boe: $30.63
- Oil and gas revenue: $90.5 million
- Gain on commodity derivatives: $23.5 million
- Lease bonus and other income: $4.7 million
- Estimated proved reserves at year-end: 54.8 MMBoe (70% natural gas; 88% developed producing)
- PV-10 of proved reserves: $889.2 million
Development Activity
- Aethon Energy: 3 rigs in Shelby Trough; 6 wells spud in H2 2025; 18 wells planned in 2026
- Revenant Energy: 270,000 gross acres; minimum 6 wells in 2026, ramping to 25 by 2030
- Caturus Energy: 220,000 gross acres; 2 gross wells in 2026, ramping to 12 by 2031
- Permian Basin: Monitoring Coterra Energy developments in Culberson County and southern Delaware Basin
Acquisition Activity
- Q4 2025 acquisitions: $48.8 million in mineral and royalty interests
- Total acquisitions since September 2023: $239.5 million
- Focus: bolt-on acreage in Shelby Trough, Haynesville, and key Permian counties
2026 Guidance Highlights
| Metric | 2025 Actual | 2026 Estimate |
|---|---|---|
| Mineral & royalty production (MBoe/d) | 33.3 | 32.5 – 34.5 |
| Working interest production (MBoe/d) | 1.3 | 0.5 – 1.5 |
| Total production (MBoe/d) | 34.6 | 33 – 36 |
| % Natural gas | 74% | 77% |
| % Royalty interest | 96% | 97% |
| Lease bonus & other income ($MM) | 21.4 | 12 – 15 |
| Lease operating expense ($MM) | 10.1 | 7 – 9 |
| G&A total ($MM) | 55.5 | 62 – 65 |
| DD&A ($/Boe) | 2.92 | 2.90 – 3.10 |
Outlook: Royalty production is expected to remain flat for 2026 but build throughout the year, driven by activity in Shelby Trough, Haynesville, and Delaware Basin. Exploration and G&A costs are expected to rise due to seismic projects and expansion-related support activities.
Hedge Position
- Oil: 615 MBbl per quarter in 2026 at $64.39/Bbl; 330 MBbl per quarter in 2027 at $59.64/Bbl
- Natural gas: ~12,600 – 12,880 BBtu per quarter in 2026 at $3.73/MMBtu; ~6,300 – 6,440 BBtu per quarter in 2027 at $3.93/MMBtu
Conference Call
Black Stone will host a call on Tuesday, February 24, 2026, at 9:00 a.m. CT. Access via webcast at investor.blackstoneminerals.com or by phone: 800-715-9871 (domestic), 646-307-1963 (international), Conference ID: 8003975.
About Black Stone Minerals
Black Stone Minerals is among the largest owners and managers of oil and gas mineral interests in the U.S., with assets in 41 states. Its diversified, non-cost-bearing mineral and royalty interests support stable production and cash flows, enabling consistent distributions to unitholders.
