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Sep 30, 2025
Black Stone Minerals Q3 2025 Earnings Report
Black Stone Minerals reported steady Q3 2025 performance with strong net income and stable production volumes.
Key Takeaways
The company generated $132.47 million in total revenue and delivered $91.7 million in net income, driven by consistent oil and gas production and derivative gains. Adjusted EBITDA was $86.3 million, with free cash flow enabling a maintained $0.30 distribution.
Total production averaged 36.3 MBoe/d, with 73% from natural gas
Net income came in at $91.7 million, with EPS of $0.40
Revenue totaled $132.47 million, including $27.3 million in derivative gains
Distribution held steady at $0.30 per unit, with 1.21x coverage
Revenue by Segment
Forward Guidance
Management maintains a positive outlook with continued development and acquisitions focused on long-term growth and stable cash flows.
Positive Outlook
- Aethon's 15-well program progressing on track
- Permian operator spud 34 gross wells with 13 expected to turn to sales in Q4
- Shelby Trough expansion toward Western Haynesville under evaluation
- Continued bolt-on acquisitions in strategic basins
- Hedge portfolio in place through 2027 providing cash flow stability
Challenges Ahead
- Realized oil price dropped 7% from prior quarter
- Working-interest production remains a small contributor to total volumes
- Dependency on operator activity introduces timing uncertainty
- Production slightly lower YoY at 36.3 MBoe/d vs 37.4 MBoe/d
Historical Earnings Impact
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Avg. Return Before/After Earnings
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