Black Stone Minerals, L.P. reported a total revenue of $433.7 million for the fiscal year ending December 31, 2024, a decrease of 26.8% from $592.2 million in 2023. The decline in revenue was primarily attributed to lower sales from oil and natural gas, which fell by 6.7% and 21.2%, respectively. The company produced 14.1 million barrels of oil equivalent (MBoe) during the year, down from 14.5 MBoe in the previous year. The average realized price for oil was $74.61 per barrel, while natural gas was $2.51 per thousand cubic feet (Mcf), reflecting a decrease in commodity prices compared to the prior year.
In terms of operational changes, Black Stone Minerals continued to focus on its mineral and royalty interests, which span approximately 16.8 million gross acres across 41 states. The company has a significant presence in major resource plays, including the Haynesville/Bossier and Permian Basin. During 2024, the company entered into several Accelerated Drilling Agreements with operators to enhance development on high-interest areas, which is expected to yield additional production in the coming years. The company also reported a capital expenditure budget of approximately $2.3 million for 2025, primarily for workovers and recompletions of existing wells.
The company’s estimated proved reserves as of December 31, 2024, were 57.4 million Boe, with 94.6% classified as proved developed reserves. This represents a decrease from 64.5 million Boe in 2023, largely due to the conversion of proved undeveloped reserves to developed status and revisions in previous estimates. The company’s operational performance is closely tied to the activities of its operators, and any reduction in drilling activity could adversely affect future production and cash flows.
Black Stone Minerals also highlighted its financial position, with cash flows from operations amounting to $389 million, down from $521 million in 2023. The company maintained a strong liquidity position with a borrowing base of $580 million under its credit facility, reaffirmed in November 2024. However, the company noted that its ability to pay distributions to unitholders could be impacted by fluctuations in commodity prices and operational performance, as the board retains discretion over distribution levels.
Looking ahead, Black Stone Minerals anticipates continued volatility in oil and natural gas prices, which could affect its financial performance. The company plans to leverage its extensive asset base and strategic agreements with operators to maximize production and reserves while exploring opportunities in renewable energy and carbon sequestration as part of its long-term growth strategy.
About Black Stone Minerals, L.P.
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