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BSM · Black Stone Minerals, L.P.

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$14.36 -0.02 (-0.14%) At close · Aug 14
Market Cap
$3.27B
Shares
227.42M
All earnings calls

Earnings call · FY2026 Q2

Black Stone Minerals 2nd Quarter 2026 Earnings Conference Call

Black Stone Minerals 2nd Quarter 2026 Earnings Conference Call

Concluded Aug 4, 2026 Audio replay
Aug 4, 2026 4:47 11 turns
Period
FY2026 Q2
Runtime
4:47
Sources
4 artifacts

Executive readout · one minute

What matters this quarter

Black Stone Minerals reported Q2 2026 net income of $106.4 million and Adjusted EBITDA of $91.3 million, raised its quarterly distribution 7% to $0.32 per unit, while total production declined 9% quarter-over-quarter to 32.5 MBoe/d due to lower Haynesville natural gas volumes.

Shelby Trough Activity 8 Haynesville Gas Volumes 6 Resource Expansion & Leasing 6 Capital Scarcity / Future Demand 4 Oil Production Strength 3 Portfolio Diversity 3

Management tone

Confident

Net tone +62 · low hedging

Grounding quotes
  • “we are confident that that activity is going to turn into higher production”
  • “we're also encouraged by our medium to long-term outlook on gas there”

Research coverage

4 live sources

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Revenue $148.97M -6.6% YoY
Net income $106.36M -11.4% YoY

Research materials

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Key takeaways

What improved, and what deserves a closer read.

Constructive signals

  • Raised quarterly distribution 7% to $0.32 per unit ($1.28 annualized) with 1.18x coverage
  • Reported Q2 net income of $106.4 million and Adjusted EBITDA of $91.3 million
  • Shelby Trough rig count rose to roughly 19 rigs, supporting medium- to long-term gas production growth
  • Debt declined to $168.0 million as of July 31, 2026 from $196.0 million at quarter end

Risks & pressure points

  • Total production declined 9% quarter-over-quarter to 32.5 MBoe/d on lower Haynesville gas volumes
  • Q2 2026 mineral and royalty interest acquisitions were initially misreported as $48.7 million instead of the correct $37.2 million

Key moments

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Quarter detail

How the reported period landed and where the business moved.

Revenue · products & services

Oil Reserves$75.15M +34.7% YoY
Natural Gas Reserves$40.27M -12.8% YoY
Real Estate$6.70M +42% YoY

Capital returned

Dividend / share
$0.32
Full-screen source Call document