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Sep 30
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
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
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
- Natural gas prices remain relatively weak despite modest increase YoY