Black Stone Q3 net income $91.7M; distribution $0.30/unit; CEO succession to co-CEOs in Jan 2026

Black Stone Minerals, L.P.

Q3 net income $91.7M, Adjusted EBITDA $86.3M, distributable cash flow $76.8M; distribution $0.30/unit (1.21x coverage).
Mineral/royalty production 34.7 MBoe/d (+5% QoQ); oil & gas revenue $100.2M (-2% QoQ); avg realized price $30.01/Boe.
Credit facility amended, maturity extended to Oct 2030, borrowing base reaffirmed at $580M; debt reduced to $73M as of Oct 31.
Tom Carter becomes Executive Chairman; Fowler Carter and Taylor DeWalch co-CEOs effective Jan 1, 2026; Chris Bonner promoted to SVP/CFO.
Director Will Mathis resigned Oct 30 (not due to disagreement); Will Randall named Chair of Nominating & Governance Committee.

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