Black Stone Minerals Q4 2025 earnings: net income $72.2M, production down 11% QoQ, 2026 growth expected

Black Stone Minerals, L.P.

Net income Q4 2025 $72.2M vs $91.7M Q3 2025 and $46.3M Q4 2024; Adjusted EBITDA $76.7M vs $88.1M Q3.
Mineral & royalty production 30.9 MBoe/d, down 11% from Q3 2025 (34.7 MBoe/d) and from Q4 2024 (34.8 MBoe/d).
Q4 distribution $0.30/unit, coverage 1.05x; full year 2025 distribution $1.28/unit.
Acquired $114.5M mineral interests in 2025; debt $156M as of Feb 20, 2026 with $5.1M cash.
2026 guidance: expects production growth; new agreements with Revenant and Caturus add 8 wells in 2026, rising to 37 by 2031.

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