Black Stone Minerals reported Q4 2025 net income of USD 72.2 million and Adjusted EBITDA of USD 76.7 million, with Distributable Cash Flow of USD 66.8 million. Oil and gas revenue was USD 90.5 million (51% oil and condensate), and the partnership recorded a USD 23.5 million gain on commodity derivative instruments. Q4 mineral and royalty production was 30.9 MBoe/d (74% natural gas) and total production was 32.1 MBoe/d. Black Stone declared a Q4 distribution of USD 0.30 per common unit, with distribution coverage of 1.05x, and ended the quarter with total debt of USD 154 million. For FY 2025, Black Stone posted net income of USD 299.9 million and Adjusted EBITDA of USD 337.4 million, while mineral and royalty volumes averaged 33.3 MBoe/d (-9%). The partnership said it acquired USD 114.5 million of mineral and royalty interests in 2025, including USD 48.8 million in Q4, and highlighted new development agreements with Revenant Energy and Caturus Energy in the Shelby Trough and Haynesville expansion areas, adding minimum drilling commitments equivalent to 8 wells in 2026 ramping to 37 wells by 2031. Management said it expects production to build through 2026, with Aethon planning 18 wells in 2026 and Revenant and Caturus initiating development programs. Black Stone guided FY 2026 mineral and royalty production at 32.5–34.5 MBoe/d and total production at 33–36 MBoe/d, with natural gas expected to be 77% of production.

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