\nBlack Stone Minerals, L.P. (NYSE: BSM) (“Black Stone Minerals,” “Black Stone,” or “the Partnership”) today announces its financial and operating results for the first quarter of 2026.<\/p>\n
Financial and Operational Highlights<\/b><\/p>\n Management Commentary<\/b><\/p>\n \n\u201cDuring the first quarter, we continued to execute across our commercial initiatives, building on the momentum established in 2025,\u201d said Fowler Carter, Co-CEO and President of Black Stone Minerals. \u201cSince inception, we have deployed over $250 million through our mineral acquisition program to enhance our long-term development position in the expanding Haynesville and Bossier play. In the Shelby Trough, operators under our development agreements continue to progress activity across multiple programs. Throughout the broader portfolio we had another strong quarter of leasing activity and remain encouraged by continued high-interest development in the Permian. As activity continues to ramp up across our core areas, we remain focused on execution and positioning the portfolio for sustained production and cash flow growth over time.\u201d<\/p>\n \nTaylor DeWalch, Co-CEO and President added \u201cWe delivered a strong first quarter, with production exceeding expectations. Production outperformance was driven primarily by increased natural gas activity in the Louisiana Haynesville and Shelby Trough and strong oil production in the Permian. Results reflected significant commodity price volatility, with natural gas realizations impacted by February regional pricing dislocations from Winter Storm Fern and oil pricing in March reflecting the onset of geopolitical uncertainty. While we are in the early innings of initiating development under multiple agreements in the Haynesville and Bossier expansion play, we remain on track for meaningful production growth through 2026 and beyond. The continued increase in activity across our core areas reinforces a constructive long-term outlook.\u201d<\/p>\n Quarterly Financial and Operating Results<\/b><\/p>\n Production<\/i><\/p>\n \nBlack Stone reported mineral and royalty volumes of 35.9 MBoe\/d (77% natural gas) for the first quarter of 2026, compared to 30.9 MBoe\/d for the fourth quarter of 2025 and 34.2 MBoe\/d for the first quarter of 2025.<\/p>\n \nWorking-interest production was 1.1 MBoe\/d for the first quarter of 2026, 1.2 MBoe\/d in the fourth quarter of 2025, and 1.3 MBoe\/d for the first quarter of 2025.<\/p>\n \nTotal reported production averaged 37.0 MBoe\/d (97% mineral and royalty, 76% natural gas) for the first quarter of 2026, compared to 32.1 MBoe\/d and 35.5 MBoe\/d for the fourth quarter of 2025 and the first quarter of 2025, respectively.<\/p>\n Realized Prices, Revenues, and Net Income<\/i><\/p>\n \nThe Partnership\u2019s average realized price per Boe, excluding the effect of derivative settlements, was $35.30 for the first quarter of 2026. This is an increase of 15% from $30.63 per Boe in the fourth quarter of 2025 and a 4% increase from $33.94 in the first quarter of 2025.<\/p>\n \nBlack Stone reported oil and gas revenue of $117.5 million (46% oil and condensate) for the first quarter of 2026, an increase of 30% from $90.5 million in the fourth quarter of 2025. Oil and gas revenue in the first quarter of 2025 was $108.3 million.<\/p>\n \nThe Partnership reported a loss on commodity derivative instruments of $64.6 million for the first quarter of 2026, composed of a $12.2 million loss from realized settlements and a non-cash $52.3 million unrealized loss due to the change in value of Black Stone\u2019s derivative positions during the quarter. Black Stone reported a gain of $23.5 million and a loss of $56.0 million on commodity derivative instruments for the fourth quarter of 2025 and the first quarter of 2025, respectively.<\/p>\n \nLease bonus and other income was $6.4 million for the first quarter of 2026. Lease bonus and other income for the fourth quarter of 2025 and the first quarter of 2025 was $4.7 million and $6.9 million, respectively.<\/p>\n \nThe Partnership reported net income of $13.3 million for the first quarter of 2026, compared to net income of $72.2 million in the preceding quarter. For the first quarter of 2025, the Partnership reported net income of $15.9 million.<\/p>\n Adjusted EBITDA and Distributable Cash Flow<\/i><\/p>\n \nAdjusted EBITDA for the first quarter of 2026 was $87.0 million, which compares to $76.7 million in the fourth quarter of 2025 and $87.0 million in the first quarter of 2025. Distributable cash flow for the first quarter of 2026 was $76.5 million. For the fourth quarter of 2025 and the first quarter of 2025, distributable cash flow was $66.8 million and $78.5 million, respectively.<\/p>\n Financial<\/i>Position and Activities<\/i><\/p>\n \nAs of March 31, 2026, Black Stone had $11.6 million in cash, with $187.0 million drawn under its credit facility. As of May 1, 2026, the Partnership had approximately $10.0 million in cash, with $164.0 million outstanding under the credit facility. Black Stone is in compliance with all financial covenants associated with its credit facility.<\/p>\n \nSubsequent to quarter-end, the borrowing base under the credit facility was reaffirmed at $580.0 million and the Partnership elected to maintain total commitments under the credit facility at $375.0 million. The Partnership’s next regularly scheduled borrowing base redetermination is set for October 2026.<\/p>\n First Quarter 2026 Distributions<\/i><\/p>\n \nAs previously announced, the Board approved a cash distribution of $0.30 for each common unit attributable to the first quarter of 2026, representing a distribution coverage ratio of approximately 1.20x. The distribution will be paid on May 15, 2026, to unitholders of record as of the close of business on May 8, 2026.<\/p>\n Activity Update<\/b><\/p>\n Development Activity<\/i><\/p>\n \nDuring the first quarter, Adamas Energy (formerly Aethon Energy) was operating three rigs on Black Stone’s Angelina and San Augustine acreage in the Shelby Trough. Adamas\u2019s development program remains on track, with 4 wells spud in the first quarter of 2026 as part of the current program year ending June 30, 2026, an additional 4 wells expected in the second quarter of 2026 to complete that program year, and 10 more wells expected in the second half of 2026 as part of the next program year. Adamas successfully turned to sales 7 gross (0.5 net) wells during the first quarter and expects to turn to sales 12 gross (1.2 net) wells during the remainder of 2026.<\/p>\n \nThe Partnership’s agreement with Revenant Energy covers 270,000 gross acres in which we currently control approximately 122,000 undeveloped net acres. Revenant is obligated to drill a minimum of 6 wells in 2026, increasing annually to a minimum of 25 wells per year by 2030. Black Stone also secured a non-operated working interest partner for the development. In November 2025, the agreement was amended to maintain the 6-well commitment for 2026 and convert future commitments to completed gross lateral-foot targets at one well per 7,000 lateral feet, allowing longer laterals while keeping overall development levels unchanged. Revenant spud 2 wells in the first quarter of 2026, one of which experienced a loss of well control incident in April 2026. Black Stone is currently assessing the potential impact of this incident on Revenant\u2019s first year development program and related well commitments.<\/p>\n \nIn November 2025, the Partnership entered into a 220,000 gross acre development agreement with Caturus Energy, which aims to push the Shelby Trough westward towards the Western Haynesville. Activity will begin with approximately 2 gross (0.2 net) wells in the second half of 2026 and ramp up to approximately 12 gross (0.8 net) wells annually by 2031, supported by minimum annual lateral-foot requirements, all net to our interest. In addition to the 2 gross wells in 2026, Caturus plans to drill a pilot well stepping out towards Houston County, consistent with the terms of the agreement.<\/p>\n \nIn the Permian Basin, Coterra Energy continues to develop Black Stone acreage in Culberson County, Texas. During the first quarter, 17 gross wells (0.6 net) associated with this development were turned to sales. A separate development by another Permian operator of 25 gross (1.9 net) wells in the southern Delaware Basin is expected to come online in the second half of 2026 and first half of 2027.<\/p>\n Acquisition Activity<\/i><\/p>\n \nThe Partnership continues to acquire bolt-on acreage in multiple contractual development programs with significant inventory at high net interests across San Augustine, Nacogdoches, Angelina, Cherokee, Houston, and Trinity counties.<\/p>\n \nIn the first quarter of 2026, Black Stone acquired $11.5 million of additional (primarily non-producing) mineral and royalty interests. From September 2023 through the end of April 2026, the Partnership has completed $251.0 million of mineral and royalty acquisitions, primarily in the expanding Shelby Trough area. Black Stone\u2019s commercial strategy going forward includes the continuation of meaningful, targeted mineral and royalty acquisitions to complement the Partnership’s existing positions.<\/p>\n Hedge Position<\/i><\/p>\n \nBlack Stone has commodity derivative contracts in place covering portions of its anticipated production for 2026, and 2027. The Partnership’s hedge position as of May 1, 2026, is summarized in the following tables:<\/p>\n\n
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