Black Stone Minerals Q2 net income $120M; cuts 2025 production guidance to 33-35 MBoe/d

Black Stone Minerals, L.P.

Q2 2025 net income $120.0M, Adjusted EBITDA $84.2M, distributable cash flow $74.8M.
Total production 34.6 MBoe/d (-14% YoY); mineral & royalty 33.2 MBoe/d.
Distribution cut to $0.30/unit (-20% QoQ); 1.18x coverage; payable Aug 14.
2025 production guidance lowered to 33-35 MBoe/d from 38-41 MBoe/d due to delayed nat gas growth.
New development agreement with Revenant Energy covering ~270k gross acres; marketing 180k additional acres.

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