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Jun 30
Black Stone Minerals Q2 2025 Earnings Report
Black Stone Minerals posted strong net income in Q2 2025, aided by derivative gains, despite lower production volumes.
Key Takeaways
The company reported $159.5 million in total revenue and $120 million in net income, supported by a substantial gain on commodity derivatives. Production declined slightly, leading to a reduced distribution of $0.30 per unit.
Total production averaged 34.6 MBoe/d, down from 35.5 MBoe/d in Q1 2025.
Oil and gas revenue totaled $102 million, with oil contributing 55%.
Realized price per Boe was $32.40, up 8% year-over-year.
Net income surged to $120 million, boosted by a $52.8 million derivative gain.
Black Stone Minerals
Black Stone Minerals
Black Stone Minerals Revenue by Segment
Revenue by Segment
Oil & Condensate Revenue
CapyFin.comNatural Gas & NGL Revenue
CapyFin.comLease & Other Income Revenue
CapyFin.comCommodity Derivatives Revenue
CapyFin.com Forward Guidance
Production guidance was revised downward due to delayed natural gas activity; however, future growth is expected through new development agreements.
Positive Outlook
- New development agreement with Revenant Energy covers 270,000 acres.
- Line of sight to 180,000 more acres under evaluation.
- 22 gross wells planned for second half of 2025 in the Permian Basin.
- Production expected to grow in 2026 and beyond.
- Debt reduced from $99 million to $71 million by August 1.
Challenges Ahead
- Total production guidance lowered to 33–35 MBoe/d from 38–41 MBoe/d.
- Q2 distribution per unit decreased 20% to $0.30.
- Production continues to decline YoY.
- Lease bonus and other income declined from Q1 2025.
- Permian Basin activity is still under monitoring, not fully online yet.