Here are the 10-K annual reports from Black Stone Minerals, L.P. (BSM) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow BSM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BSM filings page.
Black Stone Minerals, L.P. is a large U.S. owner of oil and natural gas mineral and royalty interests, focused on leasing its acreage and collecting cost-free royalties rather than operating wells. It owns interests in about 16.9 million gross mineral acres, plus 1.8 million NPRI acres and 1.6 million ORRI acres, across 41 states and roughly 71,000 producing wells.
As of December 31, 2025, estimated proved reserves were 54,845 MBoe, about 30% oil and 70% natural gas, with 87.8% classified as proved developed. 2025 production averaged 34.6 MBoe per day, totaling 12,632 MBoe, with realized prices of $64.24 per barrel of oil and $3.41 per Mcf for natural gas and associated NGL revenue.
The portfolio is concentrated in key resource plays including Haynesville/Bossier, Bakken/Three Forks, the Midland and Delaware sub‑basins of the Permian, and the Eagle Ford. Joint exploration agreements in the Shelby Trough area with Aethon, Revenant, and Caturus set multi‑year drilling or lateral-foot commitments aimed at developing undeveloped acreage while limiting capital exposure through non‑operated working interests and farmouts. The partnership highlights extensive risk factors, including commodity price volatility, operator performance, environmental and climate regulation, and tax and governance considerations that can affect cash distributions.