Black Stone Minerals, L.P.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
BSM$13.74-1.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations F-
(in thousands, except per unit amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| REVENUE | |||
| Oil and condensate sales | $209,361 | $269,061 | $288,296 |
| Natural gas and natural gas liquids sales | 191,616 | 157,907 | 200,297 |
| Lease bonus and other income | 21,351 | 12,461 | 12,506 |
| Revenue from contracts with customers | 422,328 | 439,429 | 501,099 |
| Gain (loss) on commodity derivative instruments, net | 47,591 | (5,730) | 91,117 |
| TOTAL REVENUE | 469,919 | 433,699 | 592,216 |
| OPERATING (INCOME) EXPENSE | |||
| Lease operating expense | 10,141 | 9,705 | 11,386 |
| Production costs and ad valorem taxes | 39,024 | 49,577 | 56,979 |
| Exploration expense | 18,634 | 2,735 | 2,148 |
| Depreciation, depletion, and amortization | 36,887 | 45,196 | 45,683 |
| General and administrative | 55,463 | 52,082 | 51,455 |
| Accretion of asset retirement obligations | 1,374 | 1,298 | 1,042 |
| Gain on sale of assets, net | — | — | (73) |
| TOTAL OPERATING EXPENSE | 161,523 | 160,593 | 168,620 |
| INCOME FROM OPERATIONS | 308,396 | 273,106 | 423,596 |
| OTHER INCOME (EXPENSE) | |||
| Interest and investment income | 237 | 1,666 | 1,867 |
| Interest expense | (8,930) | (3,109) | (2,754) |
| Other income (expense), net | 229 | (337) | (160) |
| TOTAL OTHER EXPENSE | (8,464) | (1,780) | (1,047) |
| NET INCOME | 299,932 | 271,326 | 422,549 |
| Distributions on Series B cumulative convertible preferred units | (29,466) | (29,466) | (21,776) |
| NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS | $270,466 | $241,860 | $400,773 |
| ALLOCATION OF NET INCOME: | |||
| General partner interest | $— | $— | $— |
| Common units | 270,466 | 241,860 | 400,773 |
| $270,466 | $241,860 | $400,773 | |
| NET INCOME ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT: | |||
| Per common unit (basic) | $1.28 | $1.15 | $1.91 |
| Per common unit (diluted) | $1.28 | $1.15 | $1.88 |
| WEIGHTED AVERAGE COMMON UNITS OUTSTANDING: | |||
| Weighted average common units outstanding (basic) | 211,667 | 210,684 | 209,970 |
| Weighted average common units outstanding (diluted) | 211,729 | 210,780 | 225,105 |
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