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Black Stone Minerals (BSM) investor relations material
Black Stone Minerals Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved 5% sequential growth in mineral and royalty production, reaching 34,700 BOE per day, with total production at 36,300 BOE per day for Q3 2025, driven by strong Permian Basin volumes.
Net income for Q3 2025 was $91.7 million; Adjusted EBITDA was $86.3 million; distributable cash flow was $76.8 million.
Announced leadership succession: Tom Carter to become Executive Chairman; Fowler Carter and Taylor DeWalch to become co-CEOs; Chris Bonner to be CFO effective January 1, 2026.
Lease bonus and other income more than doubled, driven by increased leasing activity in the Permian Basin and Haynesville/Bossier.
Continued focus on acquisitions and development agreements in the Shelby Trough, Haynesville, and Permian Basin.
Financial highlights
Oil and gas revenue for Q3 2025 was $100.2 million, down 2% sequentially and 1% year-over-year; total revenue for Q3 2025 was $132.5 million, down 1.8% year-over-year.
Oil and condensate sales declined 10.8% due to lower realized prices, while natural gas and NGL sales rose 16.3% on higher prices despite lower volumes.
Distributable cash flow for Q3 2025 was $76.8 million, with a coverage ratio of 1.21x; quarterly distribution per unit was $0.30.
Adjusted EBITDA for Q3 2025 was $86.3 million, nearly flat year-over-year.
For the nine months ended September 30, 2025, total revenue was $351.2 million, up 0.4% year-over-year; net income was $227.7 million, up 1.2% from the prior year.
Outlook and guidance
Production guidance for 2025 remains at 33,000-35,000 BOE per day; Permian Basin activity expected to generate meaningful liquids volumes in 2025 and beyond.
Anticipates more than doubling annual drilling rate in the expanded Shelby Trough over the next five years, with significant gas growth from over 50 wells drilled annually.
Aethon and Revenant Energy agreements require a minimum of 6 wells in 2026, increasing to 25 wells per year over five years.
Additional development opportunity being marketed, targeting 12 wells annually by 2030.
Constructive long-term outlook for natural gas demand, especially with proximity to LNG facilities.
Update on the 'yet another package' assembly
Permian gas differential impact on revenue?
Bridge 2025 production guidance to 5-year outlook
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Next Black Stone Minerals earnings date
Q4 202524 Feb, 2026
Next Black Stone Minerals earnings date
Q4 202524 Feb, 2026
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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.
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