BSM · Black Stone Minerals, L.P.
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Metrics snapshot
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AI Brief
Q2 FY26 earnings call · Aug 4, 2026TL;DR. BSM raised its quarterly distribution 7% to $0.32/unit on stronger oil pricing and 17% higher realized prices year-over-year, while mineral and royalty production declined 9% sequentially to 32.5 MBoe/d on lower Haynesville gas volumes. Management cited progress toward a new Shelby Trough development agreement but the Revenant deal was amended to cut the 2026 drilling commitment to 4 wells and release roughly 40,000 acres.
- + Raised quarterly distribution 7% to $0.32/unit, a 7% increase over the prior quarter.
- + Oil production benefited from price-driven activity as operators turned wells to sales.
- + Reported $106.4 million net income and $91.3 million Adjusted EBITDA for the quarter.
- + Made significant progress toward a new development agreement expanding Shelby Trough and Haynesville acreage opportunities.
- − Mineral and royalty production declined 9% sequentially to 32.5 MBoe/d due to lower Haynesville gas volumes.
- − Revenant development agreement was amended to cut the 2026 drilling commitment to 4 wells and release approximately 40,000 gross acres.
- − Oil and gas revenue declined 2% sequentially to $115.4 million.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Oil & Gas E&P — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
BSM
this stock
Black Stone Minerals, L.P.
|
$3.25B | +10.0% | +8.4% | 12.8 | 1.1% |
|
COP
Conocophillips
|
$150.96B | +38.2% | +7.7% | 16.6 | 1.3% |
|
CNQ
CANADIAN NATURAL RESOURCES Ltd
|
$98.26B | +42.1% | — | — | 8.9% |
|
EOG
Eog Resources Inc
|
$75.57B | +37.4% | -4.5% | 11.2 | 3.0% |
|
OXY
Occidental Petroleum Corp /De/
|
$58.19B | +41.9% | -1.9% | 8.9 | 2.2% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| BSM | +2.1% | -1.9% | +5.2% | +2.1% | +10.0% |
| SPY | +2.0% | +1.7% | +11.3% | +2.2% | +14.3% |
| vs SPY | +0.1% | -3.6% | -6.1% | -0.1% | -4.2% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.