Black Stone Minerals, L.P.

Black Stone Minerals, L.P. owns and manages mineral and royalty interests across the U.S. onshore oil and gas basins, with interests in 41 states and ownership tied to roughly 71,000 producing wells. Its business is built around non-cost-bearing mineral and royalty assets, plus a smaller portfolio of non-operated working interests, which allows it to collect revenue without directly operating the wells. The company also earns lease bonus and delay rental income by leasing acreage to operators and structuring terms to encourage drilling activity. In addition to its traditional hydrocarbons portfolio, Black Stone Minerals has said it is evaluating opportunities in energy transition areas such as renewable energy and carbon sequestration.

73,5 %

63,8 %

+8,4 %

3.88

3.88

— Black Stone Minerals, L.P.
%
Mineral and royalty interests80% Non-cost-bearing ownership interests that generate royalty revenue from oil and gas production across multiple U.S. basins.
Non-operated working interests10% Minority working interests in wells where Black Stone participates in development costs but does not operate the assets.
Lease bonus and delay rentals5% Upfront and periodic payments received from operators for leasing acreage and maintaining lease rights.
Acquisition-driven portfolio growth5% Purchased mineral and royalty interests added to expand the asset base and future cash flow potential.

Black Stone Minerals does not sell to end consumers; its direct counterparties are oil and gas operators that lease...

  • Upstream oil and gas operatorsprimary

    Lease acreage, drill wells, and pay royalties on production from Black Stone's mineral interests.

  • Development partners and farmout counterpartiesprimary

    Operators such as Aethon and EXCO that execute drilling programs on Black Stone acreage and drive near-term revenue conversion.

  • Lease counterpartiessecondary

    Operators that pay lease bonuses and delay rentals to secure or maintain drilling rights on selected acreage.

  • Commodity purchaserssecondary

    Buyers of produced oil, gas, and NGLs whose payments ultimately fund the royalty stream through operator sales.

Black Stone Minerals' asset base is spread across 41 states in the continental United States, with exposure to all...

  • •Assets span 41 continental U.S. states across major onshore basins
  • •Core activity in East Texas and the Haynesville expansion area
  • •Shelby Trough acreage in Angelina, Nacogdoches, and San Augustine counties
  • •Louisiana activity in De Soto and Sabine Parishes under ADAs
  • •Geographic diversification lowers single-basin concentration risk
  • •Operator drilling plans determine where revenue is realized

Black Stone Minerals' strategy is to maximize value from its existing mineral and royalty portfolio by leasing acreage,...

01
Accelerate drilling on high-interest acreageshort-term

Earlier well turn-to-sales improves near-term revenue visibility and monetizes mineral positions faster.

02
Targeted mineral and royalty acquisitionsmedium-term

Acquisitions can add reserves and cash flow in areas that fit the existing portfolio and development profile.

03
Portfolio monetization through active lease managementmedium-term

Structuring leases and bonus terms helps convert acreage value into cash flow without operating wells directly.

04
Explore energy transition optionalitylong-term

Carbon sequestration and renewable-related uses could create incremental value from the land and mineral base.

Black Stone Minerals is exposed to commodity price volatility because its royalty cash flows ultimately depend on oil,...

high

Commodity price volatility

Royalty revenue is tied to oil, natural gas, and NGL prices received by operators, which are historically volatile.

Scope
Oil, natural gas, and NGL royalty streams
Materiality
high
high

Operator execution and drilling timing

Black Stone is a non-operator, so revenue depends on third-party drilling schedules, well completions, and production timing.

Scope
Aethon, EXCO, and other operator-led development programs
Materiality
high
medium

Acquisition valuation and title risk

Growth through mineral acquisitions can fail if reserve assumptions, title, or liabilities are misjudged.

Scope
Targeted mineral and royalty acquisitions
Materiality
high
medium

Derivative mark-to-market volatility

Commodity derivative changes are recognized in net income because the contracts are not designated as hedges.

Scope
Oil and gas price hedges
Materiality
medium
medium

Cybersecurity and systems disruption

The company relies on electronic systems and third-party infrastructure to manage assets and receive production data.

Scope
Operational data, revenue systems, and operator interfaces
Materiality
medium
Accrued revenue estimation
Can cause quarterly revenue and receivable volatility
Commodity derivative fair value
Can materially affect reported earnings without changing cash receipts immediately
Reserve sensitivity to commodity prices
Can influence depletion, impairment risk, and investor reserve assumptions
Acquisition accounting for mineral interests
Affects balance sheet carrying values and future earnings patterns

DORCHESTER MINERALS, L.P.

DMLP · Crude Petroleum & Natural Gas

SABINE ROYALTY TRUST

SBR · Oil Royalty Traders

Blackstone Inc.

BX · Investment Advice

Granite Ridge Resources, Inc.

GRNT · Crude Petroleum & Natural Gas

NORTHERN MINERALS & EXPLORATION LTD.

NMEX · Gold and Silver Ores

EVOLUTION PETROLEUM CORP

EPM · Crude Petroleum & Natural Gas

: 11/08/2026