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BSM

Black Stone Minerals, L.P.

BSM

Black Stone Minerals, L.P. • NYSE
$14.03 ▲ 0.43% (+0.06)
Market Cap $2.97 B
52w High $15.66
52w Low $11.78
Dividend Yield 1.35%
P/E 12.09
Volume 94.15K
Outstanding Shares 211.86M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $77.896M ▼ $12.287M ▲ $91.729M ▼ 117.758% ▲ $0.4 ▼ $104.399M ▼
Q2-2025 $106.71M ▼ $-36.774M ▼ $120.028M ▲ 112.481% ▲ $0.53 ▲ $131.485M ▲
Q1-2025 $115.253M ▲ $76.615M ▲ $15.948M ▼ 13.837% ▼ $0.041 ▼ $26.807M ▼
Q4-2024 $104.294M ▲ $32.856M ▲ $46.346M ▼ 44.438% ▼ $0.19 ▼ $58.755M ▼
Q3-2024 $103.181M $-15.988M $92.731M 89.872% $0.41 $104.713M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $6.168M ▲ $1.27B ▲ $145.167M ▼ $1.125B ▲
Q2-2025 $2.519M ▲ $1.268B ▲ $165.273M ▼ $1.103B ▲
Q1-2025 $2.424M ▼ $1.239B ▲ $173.87M ▲ $1.065B ▼
Q4-2024 $2.519M ▼ $1.219B ▲ $89.467M ▲ $1.129B ▼
Q3-2024 $20.963M $1.213B $44.516M $1.168B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $91.729M ▼ $99.756M ▲ $-20.704M ▲ $-75.403M ▼ $3.649M ▲ $99.745M ▲
Q2-2025 $120.028M ▲ $80.476M ▲ $-29.62M ▼ $-50.761M ▲ $95K ▲ $50.856M ▼
Q1-2025 $15.948M ▼ $64.835M ▼ $-13.067M ▲ $-51.863M ▲ $-95K ▲ $51.368M ▲
Q4-2024 $46.346M ▼ $90.956M ▼ $-48.009M ▼ $-61.391M ▲ $-18.444M ▼ $42.947M ▼
Q3-2024 $92.731M $93.242M $-12.546M $-86.402M $-5.706M $77.98M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Natural Gas
Natural Gas
 $80.00M ▲$60.00M ▼$50.00M ▼$40.00M ▼
Real Estate
Real Estate
 $10.00M ▲$10.00M ▲$0 ▼$10.00M ▲
Oil
Oil
 $130.00M ▲$50.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have clearly followed the commodity cycle. Results were weakest a few years ago, surged during the strong oil and gas pricing environment in the early 2020s, and have eased off from that peak more recently, though they remain healthier than in the downturn years. Profit margins are high for an energy business because the royalty model avoids drilling and operating costs. Earnings are sensitive to both commodity prices and development activity on the company’s acreage, so investors should expect some natural volatility over time even though the underlying business remains structurally profitable.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively steady over the past several years. Total assets have been fairly flat, reflecting a stable base of mineral interests rather than aggressive expansion. Debt is very low and has trended down compared with earlier years, which reduces financial risk and interest costs. Equity has inched up over time, indicating that value is being retained in the business even as cash is returned to unitholders. Overall, the company appears to be run with a cautious approach to leverage.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has consistently covered the modest capital spending needs with room to spare, because the royalty model requires very little direct investment in wells or infrastructure. Free cash flow closely tracks operating cash flow, which is unusual in capital‑intensive energy businesses and underscores the appeal of the royalty approach. The main swing factor is again commodity prices and operator activity rather than large capital projects, so cash flow can fluctuate with the cycle but tends to be high quality when volumes and prices cooperate.

Competitive Edge

Competitive Edge Black Stone benefits from a very large and geographically diverse mineral and royalty portfolio built over many decades, which would be extremely difficult for a new entrant to replicate. Its non‑operating, royalty‑focused model avoids drilling risk and capital intensity, giving it structurally higher margins than traditional exploration and production companies. Diversification across many basins and operators reduces reliance on any single play or partner. The flip side is dependence on third‑party operators to drill and complete wells, and continued exposure to commodity prices and regulatory trends, especially those affecting natural gas and onshore U.S. development.

Innovation and R&D

Innovation and R&D The company is not a technology developer in the classic sense, but it does apply technical expertise and data to manage and grow the value of its mineral portfolio. Its “innovation” is mainly in how it structures leases, targets acquisitions, and uses geological and engineering work to encourage drilling on its acreage. Strategically, it is leaning into natural gas opportunities in key basins tied to liquefied natural gas exports and emerging power demand from data centers. Management has also signaled interest in using its land position for potential energy‑transition uses such as carbon storage or renewables, though these ideas are still at an early, exploratory stage.

Summary

Black Stone Minerals combines a durable royalty business model with a large, long‑lived asset base, leading to high margins and strong free cash flow in favorable commodity environments. Its balance sheet is conservative, with low debt and a fairly stable asset base, which helps cushion downturns. The business is inherently tied to commodity prices and the drilling decisions of operating partners, so earnings and cash flow will remain cyclical even though the underlying assets are perpetual. Its scale, diversification, and focus on natural‑gas‑levered areas position it to participate in long‑term energy demand, while early exploration of energy‑transition uses for its acreage could add optionality over time. Overall, the story is one of steady, cash‑rich royalties with clear strengths in asset quality and financial discipline, balanced by the usual risks of commodity exposure and reliance on third‑party operators.

NEWS

November 3, 2025 · 5:30 PM UTC

Black Stone Minerals, L.P. Reports Third Quarter Results

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October 15, 2025 · 5:30 PM UTC

Black Stone Minerals, L.P. Announces Distribution and Schedules Earnings Call to Discuss Third Quarter 2025 Results

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September 10, 2025 · 10:00 AM UTC

Black Stone Minerals, L.P. Schedules September 2025 Investor Presentation

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