Black Stone Minerals, L.P. reported a total revenue of $469.9 million for the fiscal year ending December 31, 2025, marking an increase of 8.4% from $433.7 million in 2024. The growth in revenue was primarily driven by a 21.3% increase in natural gas and natural gas liquids sales, which reached $191.6 million, alongside a significant gain of $47.6 million on commodity derivative instruments, compared to a loss of $5.7 million in the previous year. However, oil and condensate sales decreased by 22.2% to $209.4 million, attributed to lower production volumes and realized prices. The average realized price for oil fell to $64.24 per barrel from $74.61, while natural gas prices increased to $3.41 per Mcf from $2.51.
In terms of operational performance, Black Stone's average daily production decreased by 10.1% to 34.6 MBoe/d in 2025, down from 38.5 MBoe/d in 2024. The company produced 3.3 million barrels of oil and 56.2 million cubic feet of natural gas during the year. The decline in production was primarily due to reduced output from the Austin Chalk, Bakken/Three Forks, and Permian Basin plays. The company’s total estimated proved reserves as of December 31, 2025, were 54.8 million Boe, a decrease from 57.4 million Boe in 2024, with 88% classified as proved developed reserves.
Strategically, Black Stone Minerals has been active in expanding its mineral and royalty interests, acquiring approximately $114.5 million in additional properties during 2025. The company has also entered into joint exploration agreements with operators such as Aethon and Revenant, which include commitments for future drilling activities. Aethon is expected to drill a minimum of 16 wells in the current program year, while Revenant has a commitment to drill at least six wells in 2026, with plans to increase that number in subsequent years.
Looking ahead, Black Stone Minerals anticipates continued volatility in oil and natural gas prices, which could impact future revenues and cash distributions. The company has implemented various derivative instruments to mitigate price fluctuations, but remains exposed to market conditions. The management has indicated a focus on maintaining a strong balance sheet while pursuing growth opportunities through acquisitions and strategic partnerships. The next semi-annual redetermination of the borrowing base under its credit facility is scheduled for April 2026, which will be closely monitored as it may affect the company’s liquidity and ability to fund future operations.
About Black Stone Minerals, L.P.
Black Stone Minerals, L.P. is a leading U.S. owner and manager of oil and natural gas mineral and royalty interests, holding approximately 16.8 million gross acres across major onshore basins. The company generates revenue primarily through leasing mineral rights and receiving royalties from production, focusing on non-cost-bearing interests. Its diversified portfolio spans key resource plays like Haynesville/Bossier, Permian, Bakken, and Eagle Ford, providing stable cash flow without direct operational costs.
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