Black Stone Minerals Reports $148.97 Million Revenue in Q2 2026, Down 6.6% Year-Over-Year

Black Stone Minerals, L.P. reported a total revenue of $148.97 million for the second quarter of 2026, a decrease of 6.6% compared to $159.49 million in the same quarter of 2025. The decline was primarily attributed to lower gains on commodity derivative instruments and decreased natural gas and natural gas liquids sales, which were partially offset by increased oil and condensate sales. Oil and condensate sales rose to $75.15 million, up 34.7% from $55.81 million a year earlier, driven by higher realized prices. The company’s net income for the quarter was $106.36 million, down from $120.03 million in the prior year, resulting in a net income attributable to common units of $98.99 million, or $0.47 per common unit, compared to $0.53 per common unit in the previous year.

For the first half of 2026, Black Stone Minerals reported total revenue of $208.33 million, a decrease of 4.8% from $218.75 million in the first half of 2025. The decrease was largely due to increased losses on commodity derivative instruments, which amounted to $37.70 million, compared to a loss of $3.22 million in the same period last year. Oil and condensate sales increased by 22.1% to $129.27 million, while natural gas and natural gas liquids sales remained relatively flat at $103.68 million. The company’s net income for the six months ended June 30, 2026, was $119.63 million, down from $135.98 million in the prior year.

In terms of operational developments, Black Stone Minerals continued its acquisition strategy, acquiring mineral and royalty interests primarily in East Texas for $48.7 million during the first half of 2026. This acquisition was funded through a combination of cash and equity. The company also reported a significant increase in exploration expenses, which rose to $9.45 million for the first half of 2026, reflecting ongoing seismic projects tied to development programs. The company’s total assets increased to $1.37 billion as of June 30, 2026, compared to $1.34 billion at the end of 2025, driven by the acquisition of oil and natural gas properties.

Black Stone Minerals has also been active in its development agreements, particularly in the Shelby Trough area, where it has partnered with operators to drill new wells. The company reported that Adamas Energy successfully turned to sales four gross wells in July 2026, with additional wells expected to come online later in the year. The company’s operational focus remains on maximizing the value of its mineral and royalty assets while exploring opportunities in renewable energy and carbon sequestration.

Looking ahead, Black Stone Minerals anticipates continued volatility in commodity prices, which could impact future revenues. The company has implemented various derivative instruments to mitigate price fluctuations and plans to maintain its focus on strategic acquisitions and development activities. The next semi-annual redetermination of its credit facility is scheduled for October 2026, and the company remains committed to managing its capital structure effectively while providing returns to its unitholders.