)
)
Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Black Stone Minerals
Black Stone Minerals (BSM) investor relations material
Black Stone Minerals Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 net income was $52.4 million, Adjusted EBITDA was $104.1 million, and distributable cash flow was $93.0 million; mineral and royalty volumes rose 6% QoQ to 34.5 MBoe/d.
Expanded Shelby Trough agreements supported development growth; the $0.35 quarterly distribution rose 9% QoQ, with 1.25x coverage.
Nine-month operating cash flow was $257.9 million, compared with $245.1 million a year earlier.
Financial highlights
Q3 revenue from customer contracts rose 23.5% YoY to $129.9 million; total revenue was $99.7 million after a $30.2 million net derivative loss, including $29.8 million non-cash unrealized loss.
Net income was $52.4 million versus $91.7 million in Q3 2025; net income attributable to common units was $45.0 million, and diluted EPS was $0.21 versus $0.40.
Oil and condensate sales rose 36.0% YoY to $77.6 million; natural gas and NGL sales rose 4.6% to $45.1 million, and lease bonus income rose 43.4% to $7.2 million.
Adjusted EBITDA was $104.1 million versus $88.1 million YoY; distributable cash flow was $93.0 million versus $78.6 million.
Nine-month total revenue declined 12.3% to $308.1 million, including $67.9 million of net derivative losses versus $24.1 million of gains in 9M 2025.
Outlook and guidance
Adamas had spud 6 of 17 wells planned for its program year ending June 2027; four prior-year wells were expected to turn to sales in Q4 2026.
Revenant was expected to meet its 2026 four-well commitment; two wells were expected online by year-end, and two more spud in October were expected to produce in mid-2027.
Caturus’s first additional development area could ramp to ~12 gross wells annually by 2034; the optional second area could ramp to ~12 annually by 2038, following pilot phases.
Blue Arrow had 15 gross wells remaining in its 25-well southern Delaware Basin program, expected online in Q4 2026 and H1 2027; management also cited Permian and Bakken DUC completions as potential oil-volume support, subject to operator activity and prices.
Expected gas-demand growth from LNG exports, power generation, and industrial uses supports development prospects; EIA forecast LNG exports of 18.2 Bcf/d for the rest of 2026 and 18.6 Bcf/d in 2027.
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.Research faster. Power your platform.
Latest events from Black Stone Minerals
- Q2 2026 net income reached $106.4M, with higher distributions and robust cash flow.BSM
Q2 2026 - All proposals, including director elections and auditor ratification, were approved by majority vote.BSMAGM 2026
- Q1 2026 saw 16% higher production, $13.3M net income, and a strong growth outlook despite volatility.BSMQ1 2026
- Virtual annual meeting to vote on directors, auditor, and executive pay on June 11, 2026.BSMProxy filing
- Proxy covers director elections, auditor ratification, executive pay, and governance priorities.BSMProxy filing
- 2025 net income reached $299.9 million, with 2026 production growth expected from new developments.BSMQ4 2025
- Q2 net income $68.3M, no debt, strong cash flow, and $50.5M in mineral acquisitions.BSMQ2 2024
- All agenda items, including board elections and auditor ratification, were approved by majority vote.BSMAGM 2024
- Q4 net income was $46.3M, with $43–45.2M in acquisitions and 2025 production set to rise.BSMQ4 2024
Next Black Stone Minerals earnings date
Q4 202623 Feb, 2027
Black Stone Minerals
Next Black Stone Minerals earnings date
Q4 202623 Feb, 2027
AI chat
Ask anything. Verify everything.
Ask across every event and document from public companies. Each answer links back to the exact line in the transcript, slide or filing it came from.Learn moreFind what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.)
Trust every finding
50m+ first-party documents. Every output traceable to its source.Find what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.Trust every finding
50m+ first-party documents. Every output traceable to its source.Automations
Zero in on what matters
Define the prompt once. It runs the moment a company publishes or on a schedule you set. Outputs map to the exact signals you choose.Learn more)
Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.)
Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Live audio & transcripts
Be first
Join any earnings call live in one click, with no manual registration. Follow the transcript as it happens and jump straight to the moments that matter.Learn more)
Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.)
Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Quartr MCP connects your AI environment to 17K+ public companies
Pull live transcripts, filings, and slides into Claude or Codex via MCP. Combine Quartr's global IR data with any other dataset. Run agentic research and monitoring.
Included with Quartr Pro at no extra cost.Learn more
Quartr's AI stands out because it only pulls clean, first-party data from public companies. In investing, that's everything.
Jamie Ross
Investment Manager, GAM Investments
GAM
GAM
Research that used to take hours now takes seconds with Quartr Pro. Tracking shifts in tone or extracting tables, it's as simple as typing a query.
Tom O'Hara
Investment Director
Ciena
Ciena
Before Quartr we spent hours manually compiling insights through the peer earnings cycle. Now, these tasks are done faster, with greater precision.
Gregg Lampf
VP of Investor Relations
Protean
Protean
Being able to ask specific questions across years of transcripts and reports and instantly get verified answers is a game-changer.
Pontus Dackmo
CEO & Investment Manager
)
)
Frequently asked questions
Black Stone Minerals, L.P. owns and manages oil and natural gas mineral interests throughout the United States. The primary business objective of Black Stone Minerals is to maximize the value of its mineral assets by driving stronger cash flows through current production and seasonal price realizations, and enhancing value through a focused leasing and exploration program. Black Stone Minerals is headquartered in Houston, Texas.