Black Stone Minerals LP (BSM) financial statements: income statement, balance sheet and cash flow
Black Stone Minerals LP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Black Stone Minerals LP reported revenue of $469.9M (+8.4% year on year) and net income of $299.9M.
Income statement
Black Stone Minerals LP income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue from contracts with customers
$422.3M
$439.4M
$501.1M
$784.3M
Gain (loss) on commodity derivative instruments, net
$47.6M
($5.7M)
$91.1M
($120.7M)
TOTAL REVENUE
$469.9M
$433.7M
$592.2M
$663.6M
Lease operating expense
$10.1M
$9.7M
$11.4M
$12.4M
Production costs and ad valorem taxes
$39.0M
$49.6M
$57.0M
$66.2M
Exploration expense
$18.6M
$2.7M
$2.1M
$193.0K
Depreciation, depletion, and amortization
$36.9M
$45.2M
$45.7M
$47.8M
General and administrative
$55.5M
$52.1M
$51.5M
$53.7M
Accretion of asset retirement obligations
$1.4M
$1.3M
$1.0M
$861.0K
Gain on sale of assets, net
$0
$0
($73.0K)
($17.0K)
TOTAL OPERATING EXPENSE
$161.5M
$160.6M
$168.6M
$181.1M
INCOME FROM OPERATIONS
$308.4M
$273.1M
$423.6M
$482.5M
Interest and investment income
$237.0K
$1.7M
$1.9M
$53.0K
Interest expense
($8.9M)
($3.1M)
($2.8M)
($6.3M)
Other income (expense), net
$229.0K
($337.0K)
($160.0K)
$215.0K
TOTAL OTHER EXPENSE
($8.5M)
($1.8M)
($1.0M)
($6.0M)
NET INCOME
$299.9M
—
—
$476.5M
Distributions on Series B cumulative convertible preferred units
($29.5M)
($29.5M)
($21.8M)
($21.0M)
General partner interest
$0
$0
$0
$0
Common units
$270.5M
$241.9M
$400.8M
$455.5M
NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS
$270.5M
$241.9M
$400.8M
$455.5M
Per common unit (basic) (in dollars per share)
$1.28
$1.15
$1.91
$2.18
Per common unit (diluted) (in dollars per share)
$1.28
$1.15
$1.88
$2.12
Weighted average common units outstanding (basic) (in shares)
211.7M
210.7M
210.0M
209.4M
Weighted average common units outstanding (diluted) (in shares)
211.7M
210.8M
225.1M
224.4M
Black Stone Minerals LP income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue from contracts with customers
$122.1M
$123.9M
$105.2M
$106.7M
Gain (loss) on commodity derivative instruments, net
$26.9M
($64.5M)
$27.3M
$52.8M
TOTAL REVENUE
$149.0M
$59.4M
$132.5M
$159.5M
Lease operating expense
$2.1M
$1.9M
$2.8M
$3.0M
Production costs and ad valorem taxes
$6.1M
$9.2M
$10.9M
$9.0M
Exploration expense
$4.8M
$4.6M
$2.2M
$1.7M
Depreciation, depletion, and amortization
$9.4M
$9.8M
$9.9M
$9.2M
General and administrative
$16.1M
$16.8M
$12.3M
$13.9M
Accretion of asset retirement obligations
$393.0K
$389.0K
$344.0K
$337.0K
TOTAL OPERATING EXPENSE
$38.9M
$42.7M
$38.4M
$37.2M
INCOME FROM OPERATIONS
$110.1M
$16.6M
$94.1M
$122.3M
Interest and investment income
$57.0K
$32.0K
$62.0K
$56.0K
Interest expense
($3.8M)
($3.4M)
($2.4M)
($2.3M)
Other income (expense), net
$47.0K
($34.0K)
($7.0K)
($39.0K)
TOTAL OTHER EXPENSE
($3.7M)
($3.4M)
($2.4M)
($2.3M)
NET INCOME
$106.4M
$13.3M
$91.7M
$120.0M
Distributions on Series B cumulative convertible preferred units
($7.4M)
($7.4M)
($7.4M)
($7.4M)
General partner interest
$0
$0
$0
$0
Common units
$99.0M
$5.9M
$84.4M
$112.7M
NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS
$99.0M
$5.9M
$84.4M
$112.7M
Per common unit (basic) (in dollars per share)
$0.47
$0.03
$0.40
$0.53
Per common unit (diluted) (in dollars per share)
$0.47
$0.03
$0.40
$0.53
Weighted average common units outstanding (basic) (in shares)
212.6M
212.4M
211.9M
211.7M
Weighted average common units outstanding (diluted) (in shares)
212.6M
212.4M
211.9M
226.8M
Balance sheet
Black Stone Minerals LP balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$1.5M
$2.5M
$70.3M
$4.3M
Accrued revenue and accounts receivable
$65.6M
—
—
—
Commodity derivative assets, net
$18.9M
$1.8M
$38.3M
$31.5M
Prepaid expenses and other current assets
$9.7M
$3.1M
$2.3M
$1.9M
TOTAL CURRENT ASSETS
$95.6M
$78.5M
$193.1M
$173.4M
Oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of $1,063,709 and $973,028 at December 31, 2025 and 2024, respectively
$3.1B
$3.1B
$3.0B
$3.0B
Accumulated depreciation, depletion, amortization, and impairment
($1.9B)
($2.0B)
($2.0B)
($1.9B)
Oil and natural gas properties, net
$1.2B
$1.1B
$1.1B
$1.1B
Other property and equipment, net of accumulated depreciation of $15,768 and $14,511 at December 31, 2025 and 2024, respectively
$1.1M
$2.0M
$1.0M
$1.3M
NET PROPERTY AND EQUIPMENT
$1.2B
$1.1B
$1.1B
$1.1B
DEFERRED CHARGES AND OTHER LONG-TERM ASSETS
$14.8M
$6.3M
$8.3M
$9.5M
TOTAL ASSETS
$1.3B
$1.2B
$1.3B
$1.3B
Accounts payable
$2.8M
$5.9M
$6.3M
$6.8M
Accrued liabilities
$19.4M
$17.2M
$17.0M
$19.7M
Other current liabilities
$2.4M
$3.4M
$1.3M
$989.0K
TOTAL CURRENT LIABILITIES
$24.6M
$30.4M
$25.8M
$30.7M
Credit facility
$154.0M
$25.0M
$0
$10.0M
Accrued incentive compensation
$1.0M
$1.2M
$1.7M
$1.9M
Commodity derivative liabilities, net
$0
$3.9M
$1.2M
$3.2M
Asset retirement obligations
$22.7M
$19.3M
$19.0M
$15.0M
Other long-term liabilities
$4.7M
$1.9M
$2.9M
$3.6M
TOTAL LIABILITIES
$207.1M
$89.5M
$49.5M
$61.3M
Partners' equity — Series B cumulative convertible preferred units, 14,711 and 14,711 units outstanding at December 31, 2025 and 2024, respectively
$300.5M
$300.5M
$299.1M
$298.4M
Partners' equity — general partner interest
$0
$0
$0
$0
Partners' equity — common units, 211,873 and 210,695 units outstanding at December 31, 2025 and 2024, respectively
$828.0M
$829.0M
$918.2M
$911.5M
TOTAL EQUITY
$828.0M
$829.0M
$918.2M
$911.5M
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY
$1.3B
$1.2B
$1.3B
$1.3B
Black Stone Minerals LP balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$1.7M
$11.6M
$2.9M
$2.5M
Accrued revenue and accounts receivable
$71.1M
$75.4M
$64.4M
$80.0M
Commodity derivative assets, net
$9.8M
$1.8M
$8.5M
$2.1M
Prepaid expenses and other current assets
$6.4M
$6.9M
$6.1M
$8.7M
TOTAL CURRENT ASSETS
$89.0M
$95.7M
$85.2M
$93.4M
Oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of $1,099,220 and $1,063,709 at June 30, 2026 and December 31, 2025, respectively
$3.1B
$3.1B
$3.2B
$3.2B
Accumulated depreciation, depletion, amortization and impairment
($1.9B)
($1.9B)
($2.0B)
($2.0B)
Oil and natural gas properties, net
$1.3B
$1.2B
$1.2B
$1.2B
Other property and equipment, net of accumulated depreciation of $16,229 and $15,768 at June 30, 2026 and December 31, 2025, respectively
$1.0M
$993.0K
$1.3M
$1.5M
NET PROPERTY AND EQUIPMENT
$1.3B
$1.2B
$1.2B
$1.2B
DEFERRED CHARGES AND OTHER LONG-TERM ASSETS
$15.5M
$15.4M
$8.6M
$8.7M
TOTAL ASSETS
$1.4B
$1.3B
$1.3B
$1.3B
Accounts payable
$4.1M
$2.8M
$2.6M
$6.9M
Accrued liabilities
$12.1M
$7.9M
$13.9M
$12.5M
Commodity derivative liabilities, net
$5.8M
$27.6M
$122.0K
$7.1M
Other current liabilities
$1.6M
$2.7M
$2.9M
$2.5M
TOTAL CURRENT LIABILITIES
$23.7M
$41.0M
$19.5M
$29.0M
Credit facility
$196.0M
$187.0M
$95.0M
$99.0M
Accrued incentive compensation
$841.0K
$638.0K
$864.0K
$788.0K
Commodity derivative liabilities, net
$3.1M
$8.6M
$5.0M
$11.8M
Asset retirement obligations
$23.3M
$22.9M
$19.9M
$19.7M
Other long-term liabilities
$5.5M
$4.6M
$4.9M
$5.0M
TOTAL LIABILITIES
$252.4M
$264.7M
$145.2M
$165.3M
Partners' equity – Series B cumulative convertible preferred units, 14,711 units outstanding at June 30, 2026 and December 31, 2025, respectively
$300.5M
$300.5M
$300.5M
$300.5M
Partners' equity – general partner interest
$0
$0
$0
$0
Partners' equity – common units, 212,703 and 211,873 units outstanding at June 30, 2026 and December 31, 2025, respectively
$813.0M
$773.2M
$824.7M
$802.1M
TOTAL EQUITY
$813.0M
$773.2M
$824.7M
$802.1M
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY
$1.4B
$1.3B
$1.3B
$1.3B
Cash flow statement
Black Stone Minerals LP cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$299.9M
—
—
$476.5M
Depreciation, depletion, and amortization
$36.9M
$45.2M
$45.7M
$47.8M
Accretion of asset retirement obligations
$1.4M
$1.3M
$1.0M
$861.0K
Amortization of deferred charges
$1.1M
$1.1M
$1.0M
$2.0M
(Gain) loss on commodity derivative instruments
($47.6M)
$5.7M
($91.1M)
$120.7M
Net cash (paid) received on settlement of commodity derivative instruments
$11.0M
$45.2M
$82.7M
($203.2M)
Equity-based compensation
$9.6M
$8.6M
$10.8M
$17.4M
Gain on sale of assets, net
$0
$0
($73.0K)
($17.0K)
Accrued revenue and accounts receivable
$5.5M
—
—
—
Prepaid expenses and other current assets
($6.6M)
($789.0K)
($414.0K)
$51.0K
Accounts payable, accrued liabilities, and other
($286.0K)
$1.0M
($3.8M)
$3.0M
Settlement of asset retirement obligations
($774.0K)
($861.0K)
($236.0K)
($551.0K)
NET CASH PROVIDED BY OPERATING ACTIVITIES
$310.2M
$389.0M
$521.3M
$425.0M
Acquisitions of oil and natural gas properties
($107.1M)
($109.4M)
($14.6M)
($149.0K)
Additions to oil and natural gas properties
($640.0K)
($790.0K)
($4.2M)
($11.9M)
Additions to oil and natural gas properties leasehold costs
($11.1M)
($3.4M)
($545.0K)
($32.0K)
Purchases of other property and equipment
($298.0K)
($1.4M)
($450.0K)
($488.0K)
Proceeds from the sale of oil and natural gas properties
$834.0K
$2.8M
$73.0K
$17.0K
NET CASH USED IN INVESTING ACTIVITIES
($118.3M)
($112.2M)
($19.7M)
($1.2M)
Distributions to unitholders
($315.1M)
($365.1M)
($419.8M)
($343.4M)
Repurchases of common units
($3.8M)
($4.4M)
($5.5M)
($3.0M)
Borrowings under credit facility
$373.0M
$97.0M
$64.0M
$339.0M
Repayments under credit facility
($244.0M)
($72.0M)
($74.0M)
($418.0M)
Debt issuance costs and other
($3.0M)
($64.0K)
($216.0K)
($2.9M)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES
($192.9M)
($344.6M)
($435.5M)
($428.3M)
NET CHANGE IN CASH AND CASH EQUIVALENTS
($1.0M)
($67.8M)
$66.0M
($4.6M)
Cash and cash equivalents — beginning of the year
$2.5M
$70.3M
$4.3M
$8.9M
Cash and cash equivalents — end of the year
$1.5M
$2.5M
$70.3M
$4.3M
Interest paid
$7.4M
$2.0M
$1.7M
$4.3M
Common units issued for property acquisitions
$7.4M
—
—
—
Black Stone Minerals LP cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$119.6M
$13.3M
$227.7M
$136.0M
Depreciation, depletion, and amortization
$19.2M
$9.8M
$28.2M
$18.3M
Accretion of asset retirement obligations
$782.0K
$389.0K
$1.0M
$669.0K
Amortization of deferred charges
$525.0K
$262.0K
$830.0K
$550.0K
(Gain) loss on commodity derivative instruments, net
$37.7M
$64.5M
($24.1M)
$3.2M
Net cash (paid) received on settlement of commodity derivative instruments
($21.0M)
($12.2M)
$6.4M
($465.0K)
Equity-based compensation
$6.0M
$3.6M
$7.2M
$5.0M
Accrued revenue and accounts receivable
($5.5M)
($9.8M)
$6.7M
($8.9M)
Prepaid expenses and other current assets
$3.3M
$2.8M
($3.0M)
($5.6M)
Accounts payable, accrued liabilities, and other
($5.0M)
($9.9M)
($5.9M)
($3.3M)
Settlement of asset retirement obligations
($112.0K)
($102.0K)
($159.0K)
($100.0K)
NET CASH PROVIDED BY OPERATING ACTIVITIES
$155.5M
$62.6M
$245.1M
$145.3M
Acquisitions of oil and natural gas properties
($45.9M)
($11.5M)
($58.3M)
($38.0M)
Additions to oil and natural gas properties
($344.0K)
($175.0K)
($554.0K)
($326.0K)
Additions to oil and natural gas properties leasehold costs
($6.3M)
($236.0K)
($4.8M)
($4.6M)
Purchases of other property and equipment
($355.0K)
($150.0K)
($162.0K)
($151.0K)
Proceeds from the sale of oil and natural gas properties
$121.0K
$121.0K
$400.0K
$400.0K
NET CASH USED IN INVESTING ACTIVITIES
($52.8M)
($12.0M)
($63.4M)
($42.7M)
Distributions to unitholders
($142.2M)
($71.1M)
($244.2M)
($173.3M)
Repurchases of common units
($2.3M)
($2.3M)
($3.8M)
($3.3M)
Borrowings under credit facility
$179.0M
$82.0M
$251.0M
$179.0M
Repayments under credit facility
($137.0M)
($49.0M)
($181.0M)
($105.0M)
Debt issuance costs and other
($36.0K)
($36.0K)
($77.0K)
($62.0K)
NET CASH USED IN FINANCING ACTIVITIES
($102.6M)
($40.4M)
($178.0M)
($102.6M)
NET CHANGE IN CASH AND CASH EQUIVALENTS
$196.0K
$10.1M
$3.6M
$0
Cash and cash equivalents – beginning of the period