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Dec 31, 2025
Black Stone Minerals Q4 2025 Earnings Report
Black Stone Minerals reported fourth quarter 2025 results with lower production and revenue sequentially but higher net income driven by derivative gains.
Key Takeaways
Black Stone Minerals generated $118703000 in total revenue and $72227000 in net income for Q4 2025, supported by a $23521000 gain on commodity derivatives, while production declined year-over-year to 32.1 MBoe/d.
Total revenue was 118703000, including 23521000 of derivative gains.
Net income increased to 72227000 from 46346000 in Q4 2024.
Average production declined to 32.1 MBoe/d from 36.1 MBoe/d year-over-year.
Oil and condensate sales decreased to 46370000 from 59949000 year-over-year.
Revenue by Segment
Forward Guidance
For 2026, Black Stone expects relatively flat royalty production compared to 2025 with growth building throughout the year, driven by increased development activity in the Shelby Trough, Haynesville, and Delaware Basin.
Positive Outlook
- Total production guidance of 33 to 36 MBoe/d for 2026.
- Royalty interest percentage expected to increase to 97%.
- Projected increase in development activity in Shelby Trough.
- Anticipated production growth toward the end of 2026.
- Continued mineral and royalty acquisitions to support long-term growth.
Challenges Ahead
- Lease bonus and other income expected to decline to 12000000 to 15000000.
- Exploration expense projected to increase to 28000000 to 32000000.
- Higher general and administrative expenses expected in 2026.
- Production expected to remain relatively flat year-over-year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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