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.
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.
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