secwatch.observer — SEC 8-K summary
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Issuer:     Black Stone Minerals, L.P. (BSM)
CIK:        0001621434
Form:       8-K
Filed at:   2026-02-24T23:59:59+00:00
Accession:  0001621434-26-000015
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1621434/000162143426000015/0001621434-26-000015-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1621434/000162143426000015/bsm-20260223.htm
  HTML page:      https://secwatch.observer/filing/0001621434-26-000015

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer