Every 10-Q that Black Stone Minerals, L.P. (BSM) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, 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. generated Q2 2026 net income of $106.4 million, down from $120.0 million a year earlier, as smaller gains on commodity derivatives outweighed higher oil realizations. Revenue from contracts with customers increased to $122.1 million, though total revenue including derivatives decreased to $148.9 million.
Production was stable at 3.1 million Boe, with oil volumes flat and natural gas modestly lower; realized oil prices rose to $87.08 per barrel. For the first half of 2026, net income was $119.6 million, Adjusted EBITDA $178.3 million, and Distributable Cash Flow $156.9 million. The partnership invested $48.7 million in East Texas mineral and royalty acquisitions, funded partly with its credit facility, which had $196.0 million drawn against a $580.0 million borrowing base. A quarterly common distribution of $0.32 per unit was approved for Q2 2026, while Series B preferred units continue to receive a 9.8% annual rate.
Black Stone Minerals reported essentially flat first-quarter 2026 results. Revenue from contracts with customers rose to $123.9 million from $115.3 million, driven by higher oil and natural gas volumes and prices, but a larger derivative loss of $64.6 million kept total revenue near prior-year levels.
Net income declined to $13.3 million from $15.9 million as interest expense increased with higher credit facility borrowings and hedge mark-to-market losses remained significant. Adjusted EBITDA held steady at $87.0 million, and Distributable Cash Flow slipped slightly to $76.5 million, supporting a quarterly common distribution of $0.30 per unit and preferred distributions of $7.4 million.
The partnership invested $11.5 million in additional East Texas mineral and royalty interests and ended the quarter with $187.0 million drawn on its credit facility and $188.0 million in remaining borrowing availability. Production grew 4.3% to 3,329 MBoe, supported by development in the Haynesville/Bossier and Permian Basin, while an extensive swap portfolio left it with a net derivative liability as prices moved.
Black Stone Minerals (BSM) reported steady Q3 2025 results. Total revenue was $132.5 million versus $134.9 million a year ago, with net income of $91.7 million versus $92.7 million. Oil sales decreased to $57.1 million, while natural gas and NGL sales rose to $43.1 million. Derivative gains were $27.3 million. Operating expenses declined to $38.4 million, supporting income from operations of $94.1 million.
Liquidity and capital remained solid. The Credit Facility maturity was extended to October 31, 2030, with the $580.0 million borrowing base reaffirmed and $375.0 million of elected commitments; $95.0 million was outstanding at quarter end. The Board declared a $0.30 per common unit distribution for Q3. Year-to-date, BSM acquired Gulf Coast mineral and royalty interests for $65.7 million (including $58.3 million cash and $7.4 million in equity). It also agreed to acquire unproved East Texas mineral interests for approximately $40 million, with $3.3 million in escrow as restricted cash. As of October 31, 2025, 211,862,412 common units and 14,711,219 Series B preferred units were outstanding.