Black Stone Minerals

What Black Stone Minerals does

Black Stone Minerals, L.P. (NYSE: BSM) is a Houston-based master limited partnership and the largest publicly traded mineral and royalty company in the United States. The partnership owns fee mineral interests covering more than 20 million acres across over 40 states and 60 productive basins, a footprint the company characterizes as nearly impossible to replicate. Its origins trace to W.T. Carter & Bro., a lumber company founded in 1876; the business shifted to oil and gas in 1968, pivoted to a pure mineral and royalty model in the late 1990s, and has invested over $2 billion in acquisitions since 1992. The current entity completed its IPO in 2015.

The company's core product is the ownership, leasing, and active management of mineral and royalty acreage. It monetizes these assets through two primary mechanisms: (i) royalty payments from third-party exploration and production operators that drill on its acreage, and (ii) ongoing mineral and royalty acquisitions that expand its asset base. Supporting the operating model is an in-house geo-technical and engineering team that reviews seismic data and generates prospects for industry development, alongside an interactive Property Map and Shapefile Download service that lets operators and mineral owners search and download GIS-compatible data on individual tracts. The portfolio is approximately 76% gas-weighted, with strong oil production from the Permian Basin and gas-weighted exposure to the Haynesville and Shelby Trough. Q1 2026 production reached 35.9 MBoe/d (up 16% sequentially) and revenue of $117.5 million, generating $87 million of adjusted EBITDA and $76.5 million of distributable cash flow at 1.2x distribution coverage.

Black Stone Minerals serves two principal customer segments. Its primary operating customers are exploration and production companies — including Revenant Energy, Caturus Energy, Aethon Energy, Coterra Energy, and Adamas Energy — that develop its mineral interests under multi-year development agreements, some with contractual minimum drilling commitments. Its secondary customer base consists of individual and institutional mineral owners who sell or contribute mineral and royalty interests through the company's active acquisitions program. The MLP's publicly traded units (NYSE: BSM) provide a third stakeholder group: income-focused unitholders who receive a quarterly distribution of $0.30 per unit (approximately 9% yield). The business model is essentially passive at the operational level — third-party operators bear drilling and completion costs — which differentiates BSM from traditional E&P operators and reduces direct commodity-price exposure to development economics.

Name

Black Stone Minerals

Legal name

Black Stone Minerals, L.P.

Website

https://blackstoneminerals.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Black Stone Minerals, L.P. is a publicly traded MLP (NYSE: BSM) and the largest U.S. mineral and royalty company, owning over 20 million acres across 40+ states. It generates revenue through royalty payments from third-party E&P operators developing its acreage.

Ownership category

akta.pro rank

Product category

Mineral Rights and Royalty Management

NAICS

Mining, Quarrying, and Oil and Gas Extraction (21), Support Activities for Mining (2131)

SIC

Mineral Royalty Traders (6795), Oil Royalty Traders (6792)

akta.pro primary industry

Real Assets — Oil & Gas / Energy Royalties (Mineral Rights, Midstream Royalties) (FSAHAIAL)

akta.pro secondary industries

Mineral Rights, Leasing & Land Management (EUALAAAB), Mineral & Subsurface Rights Brokerage (Oil, Gas, Mining) (BPAJADAI)

Keywords

• Mineral rights ownership
• Oil and gas royalties
• Mineral leasing services
• Royalty asset management
• Mineral acreage acquisitions

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Royalty Payments: Black Stone Minerals generates revenue primarily through royalty payments from third-party operators who develop oil and gas on the company's mineral interests. The company owns fee mineral interests and receives royalty payments based on production volumes from operators across major U.S. basins including the Permian Basin, Haynesville, and Shelby Trough.
2. Mineral and Royalty Acquisitions: The company actively acquires mineral and royalty acreage to grow its asset base. In 2025, the company acquired $114.5 million of mineral and royalty interests. The cumulative program investment exceeded $250 million since 2023.

Pricing tiers

Go-to-market motion3 records

Distribution channels1 record

Marketing channels4 records

Core offering

Black Stone Minerals, L.P. owns and manages oil and natural gas fee mineral interests across more than 20 million acres spanning over 40 states and 60 productive basins in the United States. The company generates revenue primarily through royalty payments from third-party exploration and production operators that develop its acreage, and also actively acquires mineral and royalty assets and leases its acreage to operators.

Product overview

Black Stone Minerals operates as a single, unified mineral and royalty asset management business. The company owns and manages oil and natural gas mineral interests across over 20 million acres in over 40 states and 60 productive basins. Core offerings include an interactive Property Map for viewing and downloading property data, a Shapefile Download service for GIS software compatibility, Mineral Leasing services for third-party operators, and an active Mineral and Royalty Acquisitions program. The company generates revenue primarily through royalty payments from operators including Revenant Energy, Caturus Energy, Aethon Energy, and Coterra Energy developing its acreage.

Differentiator

Problem solved

Functional benefit

Products and services

• Mineral and Royalty Asset Management Core business of owning and managing oil and natural gas fee mineral interests across more than 20 million acres in over 40 states and 60 productive basins in the United States, generating revenue primarily through royalty payments from third-party operators that develop the acreage.
• Interactive Property Map Interactive online map tool that allows users to search and view Black Stone's property data by state and county, view individual mineral tracts, and request additional information about specific properties.
• Shapefile Download Service Credentialed download service that provides Black Stone's mineral property data as GIS shapefiles for use in mapping and geographic information systems software.
• Mineral Leasing Service that offers third-party exploration and production companies access to Black Stone's mineral acreage through lease agreements, with flexible terms, options, permits, and the ability to consider standard, creative, and innovative trade proposals.
• Mineral and Royalty Acquisitions Active acquisitions program focused on acquiring additional mineral and royalty interests from owners wishing to sell or merge their holdings, with over $2 billion invested across dozens of acquisitions since 1992 and $114.5 million deployed in 2025 alone.

Quantifiable outcome

• Q1 2026 production of 35.9 MBoe/d, up 16% from prior quarter
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Aethon EnergycoreStrategic or Co-development Partner · 24 February 2026Development agreement placing approximately 500,000 gross acres into development with minimum drilling commitments ramping up to 50 gross wells per year by 2031. Aethon is a major operator focused on increased activity in the Shelby Trough.
• Revenant EnergycoreStrategic or Co-development Partner · 23 February 2026Development agreement covering approximately 500,000 gross acres in the Shelby Trough and Haynesville expansion areas with minimum drilling commitments ramping to 37 gross wells per year by 2031. A loss of well control incident occurred at one of Revenant's wells during Q1 2026, which remains under investigation with potential for well abandonment.
• Caturus EnergycoreStrategic or Co-development Partner · 3 December 2025Multi-year drilling program to develop mineral interests in the Shelby Trough, Texas. Agreement allows Caturus to escalate drilling over six years, starting with two wells in 2026 and increasing activity to about 12 wells annually by the end of the period.
• Noble EnergycoreStrategic or Co-development Partner · 1 January 2017Black Stone made its largest acquisition in the Partnership's history with the purchase of mineral and royalty assets from affiliates of Noble Energy for $335 million. This acquisition significantly expanded the company's asset base.
• Coterra EnergyminorStrategic or Co-development PartnerDevelopment activity ongoing from operators including Coterra Energy. Coterra is one of several operators developing the company's mineral interests in key basins.
• Adamas EnergyminorStrategic or Co-development PartnerDevelopment activity ongoing from operators including Adamas Energy in the company's key operating regions.

Scale indicators15 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Sitio Royalties Corp. Sitio Royalties is a publicly traded mineral and royalty company formed through the merger of Brigham Minerals and Sitio Royalties. It directly competes with Black Stone Minerals in acquiring and managing oil and gas mineral and royalty interests, serving the same E&P operator customer base.
• Northern Oil and Gas, Inc. Northern Oil and Gas is a publicly traded non-operating working interest and mineral owner focused on U.S. shale basins. While more weighted to non-op WI than royalties, it is a comparable asset-light mineral owner serving the same E&P operator customer base.
• Sabine Royalty Trust: Sabine Royalty Trust is a publicly traded royalty trust that holds royalty and mineral interests in oil and gas properties across the U.S. It is a smaller-scale passive mineral and royalty owner with a similar business model and income-oriented investor base.
• Texas Pacific Land Corporation: Texas Pacific Land Corporation owns significant surface, mineral, and royalty interests in Texas, primarily in West Texas and the Permian Basin. It directly competes with Black Stone Minerals for mineral acquisitions and operator lease arrangements in overlapping Texas geographies.
• Dorchester Minerals, L.P. Dorchester Minerals is a publicly traded MLP that owns and manages oil and natural gas mineral and royalty interests across multiple U.S. basins. It operates the same passive mineral-and-royalty model with quarterly distributions to unitholders, directly comparable to Black Stone's MLP structure.
• Kimbell Royalty Partners: Kimbell Royalty Partners is a publicly traded mineral and royalty company that owns mineral, royalty, overriding royalty, and non-participating royalty interests in U.S. oil and gas basins. It is one of the closest direct comparables to Black Stone Minerals in scale, business model, and customer profile.
• Viper Energy, Inc. Viper Energy is a publicly traded mineral and royalty company majority-owned by Diamondback Energy. It acquires and holds mineral and royalty interests in the Permian Basin, overlapping significantly with Black Stone's Permian exposure and serving the same operator-driven royalty model.

Broad incumbents

• Franco-Nevada Corporation: Franco-Nevada is the largest publicly traded royalty and streaming company with a diversified portfolio of mining and energy royalties globally. While primarily precious-metals focused, its energy royalty segment uses the same passive asset-light model that defines Black Stone Minerals.
• Enerplus Corporation: Enerplus is a North American oil and gas producer focused on U.S. shale operations (Bakken, Marcellus). As an E&P operator customer of mineral owners like Black Stone, it provides perspective on the demand side of the royalty/lease market BSM serves.

Regional players

• Freehold Royalties Ltd. Freehold Royalties is a Canadian publicly traded mineral and royalty company primarily focused on Western Canadian Sedimentary Basin assets. It mirrors Black Stone's business model of passive mineral ownership and royalty streams, providing a regional comparator.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/blkstnminerals

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Black Stone Minerals