Black Stone Minerals Reports $132.5 Million Revenue in Q3 2025, Slight Decline Year-Over-Year

Black Stone Minerals, L.P. reported a total revenue of $132.5 million for the third quarter of 2025, a slight decrease of 1.8% compared to $134.9 million in the same period of 2024. The decline was primarily attributed to a decrease in oil and condensate sales, which fell to $57.1 million from $64.0 million year-over-year, reflecting lower realized prices despite an increase in production volumes. Conversely, natural gas and natural gas liquids sales increased by 16.3% to $43.1 million, driven by higher realized prices. For the nine months ended September 30, 2025, total revenue increased marginally to $351.2 million from $350.0 million in the prior year, supported by a significant rise in natural gas sales and lease bonus income.

The company’s net income for the third quarter was $91.7 million, slightly down from $92.7 million in the previous year. For the nine-month period, net income rose to $227.7 million from $225.0 million, reflecting improved performance in commodity derivative instruments, which yielded a gain of $24.1 million compared to $14.8 million in the prior year. The net income attributable to common units was $84.4 million, translating to earnings per common unit of $0.40, consistent with the previous year’s $0.41 per unit.

In terms of operational developments, Black Stone Minerals continued to expand its mineral and royalty interests, acquiring properties for $65.7 million during the nine months ended September 30, 2025. This included $58.3 million in cash and $7.4 million in equity. The company also engaged in asset exchange transactions to consolidate its acreage position in East Texas. As of September 30, 2025, the partnership's mineral and royalty interests spanned 41 states, encompassing approximately 71,000 producing wells.

The company’s financial position showed total assets of $1.27 billion as of September 30, 2025, up from $1.22 billion at the end of 2024. Current liabilities decreased significantly to $19.5 million from $30.4 million, while long-term liabilities increased to $145.2 million from $89.5 million, primarily due to increased borrowings under its credit facility, which stood at $95 million. The partnership maintained compliance with all financial covenants associated with its credit facility, which was reaffirmed at a borrowing base of $580 million in October 2025.

Looking ahead, Black Stone Minerals plans to continue leveraging its extensive asset base while exploring opportunities in renewable energy and carbon sequestration. The company remains focused on maximizing the value of its mineral and royalty assets through active management and strategic acquisitions, with expectations for continued revenue generation from its diverse portfolio.