Black Stone Minerals Q2 net income $106.4M, distribution raised 7% to $0.32/unit

Black Stone Minerals, L.P.

Net income $106.4M (Q1: $13.3M, Q2 2025: $120.0M); Adjusted EBITDA $91.3M.
Distribution increased 7% to $0.32/unit, payable Aug 13, record Aug 6; coverage 1.18x.
Mineral & royalty production 32.5 MBoe/d (-9% QoQ); realized price $37.82/Boe (+7% QoQ).
Acquisitions corrected to $37.2M for Q2 (not $48.7M); total $299.7M since Sep 2023.
Debt $196M at June 30, reduced to $168M by July 31; borrowing base reaffirmed at $580M.

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