Black Stone Minerals, L.P.: management transactions · United States · SEC (Form 4)

About Black Stone Minerals, L.P.

Black Stone Minerals, L.P. (NYSE: BSM) is a U.S.-listed energy company headquartered in Houston, Texas, in the United States. The partnership is one of the largest owners of oil and natural gas mineral interests in the country, with a footprint that management says spans more than 20 million gross acres across 41 states and more than 60 productive basins. Its origins date back to 1876 through predecessor businesses, and over time it evolved into a publicly traded minerals-and-royalties platform focused on long-duration cash generation rather than conventional operated exploration and production. Black Stone’s business model is built around owning and managing mineral interests and royalty interests, primarily in oil and natural gas properties. The company earns revenue when third-party operators drill and produce on its acreage, which makes the business more asset-light than a traditional upstream operator. Its principal exposures include mineral interests, non-participating royalty interests, and overriding royalty interests, with a smaller contribution from working interests. This structure gives Black Stone direct leverage to commodity prices and activity levels, while avoiding much of the capital intensity and operating risk associated with drilling and field development. From a competitive standpoint, Black Stone occupies a strong position in the U.S. minerals space because of the scale and diversification of its asset base. The portfolio is spread across established and emerging plays, giving the company exposure to multiple basins and operator relationships rather than relying on a single region. That breadth is important in the mineral royalty industry, where acreage quality, operator activity, and development timing drive the pace of cash flow. Black Stone also continues to pursue targeted mineral acquisitions, which can supplement organic development and expand its long-term royalty potential. Recent company communications point to a disciplined strategy and a constructive medium-term outlook. In its 2025 quarterly updates, Black Stone highlighted continued development activity across key areas such as the Shelby Trough, the Louisiana Haynesville, and the Permian, along with a focus on grass-roots mineral acquisitions. Management also noted that lower near-term production growth reflected delayed natural gas-weighted activity, but expects production to improve as development ramps up. For investors, BSM offers a distinctive combination of income orientation, broad U.S. upstream asset exposure, and a royalty-driven model that can be attractive in a cyclical energy market.