📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Black Stone Minerals, L.P., together with its subsidiaries, owns and manages oil and natural gas mineral interests. It owns mineral interests in approximately 16.9 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.6 million gross acres located in 41 states in the United States. The company was founded in 1876 and is based in Houston, Texas.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Vague ↓ Deteriorating 4 quarters analysed

Q2 2025

Confident Specific

Management leads with positive developments (Revenant Energy agreement, Shelby Trough expansion, acquisition progress) and provides specific forward guidance (2026 production growth of 3,000-5,000 BOE/d), while acknowledging near-term headwinds (slower gas growth, distribution reduction).

Q3 2025

Confident Specific

Management used specific production, financial, and distribution figures, highlighted multiple development milestones with clear timelines, and expressed strong long-term confidence, while acknowledging current market uncertainty and unchanged near-term guidance, e.g., 'we had a successful third quarter', 'we remain confident', 'we continue to monitor activity levels'.

Q4 2025

Confident Specific

Management repeatedly used specific numbers (500,000 gross acres, 37 wells per year by 2031, $240 million invested) and stated 'great 2025', 'we see solid growth', 'optimistic about long-term growth'. They acknowledged headwinds but framed them as resolved, projecting a 'turning point' in 2026.

Q1 2026 latest

Confident Vague

Management repeatedly described the quarter as 'strong' and 'great', highlighted production growth and a constructive long-term outlook, but was non-committal on the impact of the well control incident and future production trends, using phrases like 'we don't know' and 'more to come'.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears largely unchanged but with a slight cloud of uncertainty. The strong Q1 production beat and continued operational momentum under multiple development agreements reinforce the growth story. However, the Revenant well control incident and lack of clarity on its impact introduce near-term risk, especially given the company's reluctance to adjust guidance or provide specifics. Investors should watch for updates on the incident investigation and any revision to 2026 production cadence. The positive long-term natural gas demand narrative remains intact, but near-term volatility in commodity prices and operator response could test the thesis. The next quarter will be critical to see if growth can be sustained despite these headwinds.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Vague ↓ Deteriorating 4 quarters Full tone analysis in Intelligence →

📊 MIXED Q1 production 35.9 MBOE/d (up 16% QoQ), net income $13.3M, EBITDA $87M

Revenue & Profitability

Net income for Q1 2026 was $13.3 million, adjusted EBITDA $87 million. Distributable cash flow was $76.5 million, supporting a distribution of $0.30 per unit (1.2x coverage). Production increased 16% from the prior quarter.

Outlook

Management has a constructive long-term view on natural gas, citing structural demand growth from LNG exports, data center load growth, and U.S. industrial activity. They also note potential incremental demand from Middle East supply disruptions. 2026 is expected to be a year of production growth versus 2025.

Growth Drivers

Key growth levers include increased activity in the Haynesville and Shelby Trough (13 active rigs across multiple operators), continued Permian leasing, and a new marketing project for ~300,000 gross acres in the Shelby Trough expansion area. Development agreements with Adamas, Caturus, Revenant, and others are progressing.

Balance Sheet & CapEx

During Q1 2026, the company acquired $12 million of mineral and royalty acreage, bringing total deployment under the Haynesville Expansion Acquisition Program to over $250 million since its 2023 inception. No specific CapEx guidance was provided.

Margins

Not discussed in this earnings call.

Key Risks

A loss of well control incident on one of Revenant's two spud wells is under investigation, with a potential impact on their first-year development program. Other risks include commodity price volatility (weather-driven gas price swings and geopolitical oil price movements) and operator reactions to pricing.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-04

Second quarter results featured strong oil production and higher prices, offsetting lower Haynesville gas volumes. Distribution increased 7% with 1.18x coverage, supported by robust cash flow and ongoing development. Nearly $40 million in acquisitions and new wells underpin a positive outlook.

Q1 2026 Q1 2026 2026-05-05

Strong Q1 results featured 16% sequential production growth, robust financials, and continued expansion in Haynesville and Shelby Trough. Management maintained 2026 guidance and remains optimistic despite commodity volatility and a well control incident under investigation.

Q4 2025 Q4 2025 2026-02-24

Strong commercial milestones and acquisitions in 2025 set the stage for material production growth in 2026, with robust development in the Shelby Trough, Haynesville, and Permian. Q4 net income was $72.2M, adjusted EBITDA $76.7M, and distribution coverage remains solid.

Q3 2025 Q3 2025 2025-11-04

Third quarter saw 5% sequential production growth, $91.7M net income, and strong Permian volumes. Ongoing acquisitions and development agreements in the Shelby Trough and Permian support a positive long-term outlook, with robust cash flow coverage and a constructive view on natural gas demand.

Q2 2025 Q2 2025 2025-08-05

Q2 saw $120M net income and $84.2M adjusted EBITDA, with production averaging 34,600 BOE/day. Slower 2025 gas growth led to a $0.30/unit distribution, but new development agreements and acquisitions set up for higher production and distributions in 2026.

📊 Analysis Methodology

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