Black Stone Minerals (BSM) investor relations material

Executive summary

• Achieved significant commercial milestones in 2025, including new development agreements covering up to 500,000 gross acres and minimum drilling commitments ramping to 37 gross wells per year by 2031, with a total of 50 gross wells including Aethon.

• Fourth quarter 2025 net income was $72.2 million, with Adjusted EBITDA of $76.7 million and Distributable Cash Flow of $66.8 million.

• Full year 2025 net income reached $299.9 million and Adjusted EBITDA was $337.4 million.

• Acquisition program invested $240 million since 2023 to add mineral and royalty acreage in key areas, with $114.5 million acquired in 2025.

• Ended 2025 and began 2026 at about 32,000 BOE per day, with expectations for material production growth through 2026.

Financial highlights

• Q4 2025 mineral and royalty production was 30,900 BOE per day, down 11% sequentially; total production was 32,100 BOE per day.

• Oil and gas revenue for Q4 2025 was $90.5 million, down 10% sequentially and 12% year-over-year.

• Net income for Q4 was $72.2 million; adjusted EBITDA was $76.7 million; distributable cash flow for Q4 was $66.8 million, with a 1.05x coverage ratio.

• Distribution declared at $0.30 per unit for the quarter ($1.20 annualized); full year 2025 distributions totaled $1.28 per unit.

• 51% of oil and gas revenue in Q4 came from oil and condensate.

Outlook and guidance

• 2026 royalty production expected to remain flat versus 2025, with growth anticipated by Q4 2026.

• 2026 total production guidance: 33–36 MBoe/d, with 74–77% natural gas.

• Anticipates material production increases throughout 2026, driven by new development agreements and Permian activity.

• General and administrative expenses projected to rise in 2026 due to inflation, hiring, and software investments.

• Most seismic survey costs to be incurred in 2026, with completion targeted for early 2027; exploration costs expected to increase ~60% in 2026, mainly for seismic projects.