# Black Stone Minerals, L.P.

Summary updated: 2026-10-02T11:25:00.982214Z
Canonical: https://finbar.com/research/companies/black-stone-minerals-l-p

## Overview

Black Stone Minerals, L.P. is an upstream oil and gas company that owns and manages mineral and royalty interests, along with certain non-operated working interests. Its revenue-generating products include oil and condensate, natural gas, and natural gas liquids; it also receives lease bonuses and other income. The company describes its principal business objective as maximizing the value of its mineral and royalty portfolio. [1](https://app.finbar.com/go?id=P57844421)[2](https://app.finbar.com/go?id=P87842959)

Its assets are concentrated in the continental United States: at year-end 2025, the company reported interests spanning approximately 16.9 million gross acres and about 71,000 producing wells in 41 states. For 2025, it reported total revenue of approximately $469.9 million and 122 full-time employees, plus seven contractors. [3](https://app.finbar.com/go?id=P90924754)[4](https://app.finbar.com/go?id=T8446590)[5](https://www.sec.gov/Archives/edgar/data/1621434/000162143426000018/bsm-20251231.htm)
[1](https://app.finbar.com/go?id=P57844421)[2](https://app.finbar.com/go?id=P87842959)[3](https://app.finbar.com/go?id=P90924754)[4](https://app.finbar.com/go?id=T8446590)[5](https://www.sec.gov/Archives/edgar/data/1621434/000162143426000018/bsm-20251231.htm)[5](https://www.sec.gov/Archives/edgar/data/1621434/000162143426000018/bsm-20251231.htm)

## Products & services

Black Stone Minerals’ reported commodity products are oil and condensate, natural gas, and natural gas liquids (NGLs), produced by third-party operators on its properties. The partnership also holds non-operated working interests; as of June 30, 2026, its non-cost-bearing mineral and royalty interests covered approximately 71,000 producing wells across 41 states. [6](https://app.finbar.com/go?id=P146036282) Oil prices may be adjusted for quality and delivery location, while natural-gas prices are index-linked and may reflect delivery route, quality, heat content, and market conditions. [7](https://app.finbar.com/go?id=P112268703)

Its lease-related offerings include mineral leases to operators, which can generate upfront lease bonuses and other income such as delay rentals. Certain lease terms may also provide rights to participate as a non-operated working-interest owner; Black Stone may farm out or sell these rights and retain an overriding royalty interest. The company has also reported income from surface-use waivers for acreage supporting solar development. [8](https://app.finbar.com/go?id=P146036362)[9](https://app.finbar.com/go?id=P146036382)[2](https://app.finbar.com/go?id=P87842959) For FY2025, oil and condensate sales were $209.361 million (49.6% of revenue from contracts with customers), natural gas and NGL sales were $191.616 million (45.4%), and lease bonus and other income were $21.351 million (5.1%). Percentages are calculated from reported revenue and exclude commodity-derivative gains or losses. [10](https://app.finbar.com/go?id=T5909495)
[6](https://app.finbar.com/go?id=P146036282)[7](https://app.finbar.com/go?id=P112268703)[8](https://app.finbar.com/go?id=P146036362)[9](https://app.finbar.com/go?id=P146036382)[2](https://app.finbar.com/go?id=P87842959)[10](https://app.finbar.com/go?id=T5909495)[10](https://app.finbar.com/go?id=T5909495)[10](https://app.finbar.com/go?id=T5909495)[10](https://app.finbar.com/go?id=T5909495)

## Geographic presence

In its 2025 reporting, Black Stone Minerals described mineral interests across 41 continental U.S. states, spanning major onshore producing basins. Its named active plays include Haynesville/Bossier in East Texas and western Louisiana, the Wolfcamp, Spraberry and Bone Spring in the Permian, Bakken/Three Forks in the Williston Basin, and Eagle Ford in South Texas. The company groups its land interests into six regions: Gulf Coast, Southwestern U.S., Rocky Mountains, Eastern U.S., Mid-Continent and Western U.S. [3](https://app.finbar.com/go?id=P90924754)[11](https://app.finbar.com/go?id=P54166494)[12](https://app.finbar.com/go?id=P118055783)

The company’s principal executive offices are in Houston, Texas. Its official people page describes it as Houston-headquartered and reports more than 100 employees, but does not specify their distribution among locations. The company does not disclose revenue by state, basin or country in the cited annual reporting; its disclosed operating footprint is in the United States. [13](https://app.finbar.com/go?id=P146036063)[14](https://www.blackstoneminerals.com/about-us/our-people-and-principles)[7](https://app.finbar.com/go?id=P112268703)
[3](https://app.finbar.com/go?id=P90924754)[11](https://app.finbar.com/go?id=P54166494)[12](https://app.finbar.com/go?id=P118055783)[13](https://app.finbar.com/go?id=P146036063)[7](https://app.finbar.com/go?id=P112268703)[14](https://www.blackstoneminerals.com/about-us/our-people-and-principles)

## Business segments

Black Stone Minerals reports one operating segment and one reportable segment, representing 100% of the business on its reported segment basis. The segment covers activities and revenues from its oil and natural gas properties, including oil and gas sales and lease bonus and other income. The company does not report separate geographic or commodity segments. [15](https://app.finbar.com/go?id=P58118681)[16](https://app.finbar.com/go?id=P10797317)

Oil, natural gas and NGL sales, and lease bonus and other income are revenue streams within this single segment—not separately reported segments—so the company does not provide segment-by-segment contribution percentages. Its properties span major onshore producing basins in the continental United States. [15](https://app.finbar.com/go?id=P58118681)
[15](https://app.finbar.com/go?id=P58118681)[16](https://app.finbar.com/go?id=P10797317)

## Company history

Black Stone Minerals traces its roots to W.T. Carter & Bro., established as a lumber company in 1876. After selling its timber and lumber operations in 1968, the predecessor retained mineral and royalty interests. In 1998, the business shifted its focus to those interests and began an acquisition program; Thomas L. Carter, Jr. is identified as the founder of predecessor Black Stone Minerals Company, L.P. [17](https://www.blackstoneminerals.com/about-us/our-history/)[18](https://www.blackstoneminerals.com/about-us/our-management-team/)

From 2002 to 2010, Black Stone and affiliated funds invested about $1.2 billion in more than 20 transactions. In 2012, fund interests were consolidated through an exchange offer. [17](https://www.blackstoneminerals.com/about-us/our-history/) Black Stone Minerals began trading on the NYSE on May 1, 2015, and completed its IPO on May 6. [19](https://www.cnbc.com/2015/05/01/black-stone-minerals-rings-nyse-opening-bell.html)[20](https://www.sec.gov/Archives/edgar/data/1621434/000162828017002039/R7.htm) In 2017, it completed a $340 million acquisition of mineral and royalty interests from Noble Energy affiliates. [21](https://www.sec.gov/Archives/edgar/data/1621434/000162828018002529/R10.htm) Effective January 1, 2026, Thomas L. Carter became Executive Chairman, and Fowler T. Carter and H. Taylor DeWalch became co-CEOs. [22](https://app.finbar.com/go?id=P121095879)[23](https://app.finbar.com/go?id=P34519325)
[17](https://www.blackstoneminerals.com/about-us/our-history/)[18](https://www.blackstoneminerals.com/about-us/our-management-team/)[19](https://www.cnbc.com/2015/05/01/black-stone-minerals-rings-nyse-opening-bell.html)[20](https://www.sec.gov/Archives/edgar/data/1621434/000162828017002039/R7.htm)[21](https://www.sec.gov/Archives/edgar/data/1621434/000162828018002529/R10.htm)[22](https://app.finbar.com/go?id=P121095879)[23](https://app.finbar.com/go?id=P34519325)[17](https://www.blackstoneminerals.com/about-us/our-history/)[18](https://www.blackstoneminerals.com/about-us/our-management-team/)[19](https://www.cnbc.com/2015/05/01/black-stone-minerals-rings-nyse-opening-bell.html)[20](https://www.sec.gov/Archives/edgar/data/1621434/000162828017002039/R7.htm)[21](https://www.sec.gov/Archives/edgar/data/1621434/000162828018002529/R10.htm)

## Sources

1. [Black Stone Minerals, L.P. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P57844421)
2. [Black Stone Minerals, L.P. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P87842959)
3. [Black Stone Minerals, L.P. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P90924754)
4. [Black Stone Minerals, L.P. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T8446590)
5. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1621434/000162143426000018/bsm-20251231.htm)
6. [Black Stone Minerals, L.P. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P146036282)
7. [Black Stone Minerals, L.P. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P112268703)
8. [Black Stone Minerals, L.P. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P146036362)
9. [Black Stone Minerals, L.P. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P146036382)
10. [Black Stone Minerals, L.P. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T5909495)
11. [Black Stone Minerals, L.P. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P54166494)
12. [Black Stone Minerals, L.P. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P118055783)
13. [Black Stone Minerals, L.P. — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P146036063)
14. [www.blackstoneminerals.com](https://www.blackstoneminerals.com/about-us/our-people-and-principles)
15. [Black Stone Minerals, L.P. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P58118681)
16. [Black Stone Minerals, L.P. — Full financial report (2026 Q 1)](https://app.finbar.com/go?id=P10797317)
17. [www.blackstoneminerals.com](https://www.blackstoneminerals.com/about-us/our-history/)
18. [www.blackstoneminerals.com](https://www.blackstoneminerals.com/about-us/our-management-team/)
19. [www.cnbc.com](https://www.cnbc.com/2015/05/01/black-stone-minerals-rings-nyse-opening-bell.html)
20. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1621434/000162828017002039/R7.htm)
21. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1621434/000162828018002529/R10.htm)
22. [Black Stone Minerals, L.P. — Full financial report (2025 Q 3)](https://app.finbar.com/go?id=P121095879)
23. [Black Stone Minerals, L.P. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P34519325)

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