Black Stone Minerals, L.P. filings document the reporting obligations of a publicly traded oil and natural gas mineral and royalty partnership. Current reports on Form 8-K furnish quarterly and annual operating results, mineral and royalty production, working-interest volumes, net income, Adjusted EBITDA, distributable cash flow, cash distributions, distribution coverage, debt, and guidance.
Proxy materials describe annual limited partner voting matters, including elections to the Board of Directors of the partnership’s general partner. Other 8-K disclosures record governance and executive matters, including completed officer and director appointments, compensation arrangements, and amendments to prior material-event reports. Together, the filings cover operating performance, capital structure, unitholder distributions, governance, and risk-related public-company disclosure for BSM.
Black Stone Minerals, L.P. Executive Chairman Carter Thomas L Jr received a grant of 136,315 common units representing limited partner interests on February 24, 2026 at no cost, as settlement of performance units under the company’s Long-Term Incentive Plan.
On the same date, 53,641 common units were disposed of at $15.23 per unit to satisfy tax withholding obligations related to this award. After these transactions, he directly held 3,613,846 common units, with additional indirect holdings reported through various family trusts, a spouse, and Carter2221, Ltd.
Black Stone Minerals, L.P. Co-CEO and President Taylor DeWalch reported equity compensation activity involving common units representing limited partner interests. On February 24, 2026, DeWalch acquired 1,958 common units at no cost as settlement of performance units under the company’s Long-Term Incentive Plan. On the same date, 478 common units were disposed of at $15.23 per unit to satisfy tax withholding obligations related to this award. After these transactions, DeWalch directly held 141,369 common units.
Black Stone Minerals, L.P. insider Putman Luke Stevens, SVP, General Counsel and Secretary, reported equity compensation activity involving common units representing limited partner interests. On February 24, 2026, he acquired 68,853 common units as a grant or award, with no cash price per unit reported.
On the same date, he disposed of 25,302 common units in a tax-withholding transaction, where the units were valued at $15.23 each to satisfy tax liabilities tied to the performance unit settlement under the company’s Long-Term Incentive Plan. Following these transactions, he directly owned 791,693 common units.
Black Stone Minerals, L.P. director and Co-CEO Carter Fowler reported incentive-based equity activity in common units representing limited partner interests. He acquired 1,330 common units on February 24, 2026 as a grant or award, bringing his direct holdings to 125,704 units immediately after the grant. On the same date, 325 common units were disposed of to cover tax withholding obligations at a price of $15.23 per unit, resulting in direct ownership of 125,379 common units. The filing notes that these transactions represent settlement of performance units awarded under the company’s Long-Term Incentive Plan.
Black Stone Minerals, L.P. senior vice president, CFO, and treasurer Chris Bonner reported equity compensation activity in common units representing limited partner interests. He acquired 1,447 common units on February 24, 2026 as a grant or award, bringing his direct holdings to 51,108 units immediately after this acquisition. On the same date, 430 common units were disposed of at $15.23 per unit to cover tax withholding obligations tied to this equity award, leaving him with 50,678 common units held directly.
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.
Black Stone Minerals, L.P. reported solid fourth-quarter and full-year 2025 results and issued its 2026 outlook. For Q4 2025, total production averaged 32.1 MBoe/d and net income was $72.2 million, with Adjusted EBITDA of $76.7 million and Distributable Cash Flow of $66.8 million. For full year 2025, mineral and royalty volumes averaged 33.3 MBoe/d, down 9% from 2024, while total production averaged 34.6 MBoe/d. Net income was $299.9 million, Adjusted EBITDA was $337.4 million, and Distributable Cash Flow was $300.0 million. Cash distributions for 2025 totaled $1.28 per common unit, including a $0.30 distribution for Q4 with 1.05x coverage. Year-end 2025 proved reserves were 54.8 MMBoe, a 4% decline from 2024, and debt was $154.0 million against a $580.0 million borrowing base. The Partnership provided 2026 guidance calling for total production of 33–36 MBoe/d with flat royalty volumes, higher G&A and exploration spending to support growth projects, and detailed oil and gas hedge positions through 2027.
Black Stone Minerals, L.P. director Anne Lenoir Hamman filed an initial ownership report showing indirect control over 502,703 common units representing limited partner interests, held through a family limited partnership. She disclaims beneficial ownership of these securities beyond her pecuniary interest in the partnership.
Black Stone Minerals, L.P. reported that on February 4, 2026, the Board of Directors of its general partner appointed Anne Hamman as a director and as a member of the Audit Committee, effective immediately.
The company states there are no arrangements or understandings with other persons regarding her appointment, no family relationships with existing directors or executive officers, and no related-party transactions requiring disclosure. Ms. Hamman will receive the standard compensation provided to the general partner’s non-employee directors, as described in the Partnership’s proxy statement filed on April 30, 2025.
Black Stone Minerals, L.P. reported that Co-CEO and President Carter Fowler received 80,106 common units representing limited partner interests on February 4, 2026. These units are a restricted unit award under the 2025 Long-Term Incentive Plan and were granted at $0 per unit.
The award vests in three equal installments on January 7, 2027, January 7, 2028, and January 7, 2029, subject to his continued employment with the issuer, its general partner, or their affiliates through each vesting date. Following this grant, Fowler directly beneficially owns 124,374 common units.