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Black Stone Minerals, L.P. — Third Quarter 2026 Earnings Summary

  • Adjusted EBITDA rose to $104.1 million (up from $91.3 million in Q2 2026 and $88.1 million in Q3 2025), while distributable cash flow increased to $93.0 million; however, net income declined to $52.4 million due to a $30.2 million loss on commodity derivatives.
  • The Board approved a Q3 2026 cash distribution of $0.35 per common unit, representing a 9% increase from the prior quarter and 17% from Q1 2026, supported by 1.25x distribution coverage.
  • Strategic expansion includes a $30.6 million acquisition of mineral interests and surface rights in October 2026, alongside an amended Caturus agreement expanding the contract area by 730,000 gross acres to 950,000 total acres.
  • Future outlook highlights continued growth in natural gas demand and development ramp-ups, with Caturus targeting 12 gross wells annually by 2034 and Revenant Energy on track to meet its 2026 drilling commitment of 4 wells.
  • The credit facility borrowing base was reaffirmed at $580.0 million with total commitments at $375.0 million, while total debt stood at $195.0 million as of September 30, 2026.
Company
BLACK STONE MINERALS LP
Sector
Energy
Industry
Oil & Gas E&P