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    Black Stone Minerals (BSM)

    Market Price (10/3/2026): $14.56 | Market Cap: $3.1 BilSector: Energy | Industry: Oil & Gas Exploration & Production

    Black Stone Minerals (BSM)

    Market Price (10/3/2026): $14.56
    Market Cap: $3.1 Bil
    Sector: Energy
    Industry: Oil & Gas Exploration & Production

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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    Megatrend and thematic drivers
    Megatrends include US Energy Independence. Themes include US Oilfield Technologies, and US LNG.

    Key risks
    BSM key risks include [1] production underperformance in its key Haynesville/Bossier plays and [2] a heavy dependence on the operational execution and drilling discipline of its unaffiliated third-party operators.

    0 Megatrend and thematic drivers
    Megatrends include US Energy Independence. Themes include US Oilfield Technologies, and US LNG.
    1 Key risks
    BSM key risks include [1] production underperformance in its key Haynesville/Bossier plays and [2] a heavy dependence on the operational execution and drilling discipline of its unaffiliated third-party operators.

    Valuation & Metrics

    FYE: 12/31BSM [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$446.4 Mil—
    FY 2026 Sales$467.7 Mil—
    FY 2027 Sales$491.1 Mil—
    FY 2026 Sales Growth4.8%—
    FY 2027 Sales Growth5.0%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$283.6 Mil—
    FY 2026 Net Income (Non-GAAP)$212.4 Mil—
    FY 2027 Net Income (Non-GAAP)$241.6 Mil—
    FY 2027 Net Income Growth13.7%18.2%
    FY 2026 EPS (Non-GAAP)$1.00—
    FY 2027 EPS (Non-GAAP)$1.14—
    FY 2027 EPS Growth14.0%—
    VALUATION
    FY 2026 P/S6.61.7
    FY 2027 P/S6.3—
    FY 2026 P/E14.67.8
    FY 2027 P/E12.8—

    [1] BSM forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Mineral and Royalty Production34.7 MBoe/d9302025Link
    Total Production36.3 MBoe/d9302025Link
    Working-Interest Production1.6 MBoe/d9302025Link
    Gross Acres20 million9302025Link
    Net Acres7.4 million9302025Link
    Number of Productive Basins60+11032025Link
    Number of States with Assets4111032025Link
    Rig Count on Acreage19302025Link
    Gross Wells Turned to Sales59302025Link
    Net Wells Turned to Sales0.189302025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    Black Stone Minerals (BSM) stock has gained about 5% since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Earnings Beat and Positive Outlook.

    Black Stone Minerals significantly surpassed analyst expectations for its fiscal second quarter of 2026 (ended June 30, 2026), reporting earnings per share (EPS) of $0.47 against an estimated $0.23, a 104% beat. Revenue also exceeded estimates, reaching $148.97 million compared to a $108.28 million consensus. The company highlighted robust oil production and higher prices, which contributed to a net income of $106.4 million and adjusted EBITDA of $91.3 million for the quarter. Management expressed a positive long-term outlook, particularly for natural gas demand and increased activity across its core development areas.

    2. Increased Cash Distribution to Unitholders.

    In July 2026, Black Stone Minerals announced a 7% increase in its cash distribution, approving $0.32 per common unit for fiscal Q2 2026. This distribution was payable in August 2026 and was supported by a coverage ratio of approximately 1.18x, signaling management's confidence in the partnership's ongoing financial performance and strong cash flow generation. The increase in distributions typically enhances investor appeal for income-oriented stocks.

    Show more
    Updated on 10/1/2026

    Black Stone Minerals (BSM) stock has gained about 5% since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Earnings Beat and Positive Outlook.

    Black Stone Minerals significantly surpassed analyst expectations for its fiscal second quarter of 2026 (ended June 30, 2026), reporting earnings per share (EPS) of $0.47 against an estimated $0.23, a 104% beat. Revenue also exceeded estimates, reaching $148.97 million compared to a $108.28 million consensus. The company highlighted robust oil production and higher prices, which contributed to a net income of $106.4 million and adjusted EBITDA of $91.3 million for the quarter. Management expressed a positive long-term outlook, particularly for natural gas demand and increased activity across its core development areas.

    2. Increased Cash Distribution to Unitholders.

    In July 2026, Black Stone Minerals announced a 7% increase in its cash distribution, approving $0.32 per common unit for fiscal Q2 2026. This distribution was payable in August 2026 and was supported by a coverage ratio of approximately 1.18x, signaling management's confidence in the partnership's ongoing financial performance and strong cash flow generation. The increase in distributions typically enhances investor appeal for income-oriented stocks.

    3. Favorable Crude Oil Price Environment.

    During the period, global crude oil prices experienced an upward trend, which positively impacted Black Stone Minerals. Brent crude oil prices rose to an average of $91 per barrel in August 2026, an increase of $7 per barrel from July, and even surpassed $100 per barrel in mid-September 2026. This constructive commodity price environment, characterized by rising oil prices, provided a tailwind for the company's revenue and profitability, contributing to the stock's appreciation.

    4. Continued Strategic Mineral and Royalty Acquisitions.

    Black Stone Minerals maintained its strategy of expanding its asset base through targeted mineral and royalty acquisitions. In fiscal Q2 2026 alone, the company acquired $37.2 million in additional mineral and royalty interests, primarily focusing on the expanding Shelby Trough area. This ongoing acquisition program supports future production growth and reinforces the partnership's long-term organic growth strategy, demonstrating continued investment in its core business.

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    Stock Movement Drivers

    Fundamental Drivers

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    Market Drivers

    6/30/2026 to 10/1/2026
    ReturnCorrelation
    BSM3.8% 
    Market (SPY)2.3%-31.3%
    Sector (XLE)18.1%62.3%

    Fundamental Drivers

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    Market Drivers

    3/31/2026 to 10/1/2026
    ReturnCorrelation
    BSM-1.9% 
    Market (SPY)17.8%-36.7%
    Sector (XLE)3.1%52.9%

    Fundamental Drivers

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    Market Drivers

    9/30/2025 to 10/1/2026
    ReturnCorrelation
    BSM17.8% 
    Market (SPY)15.6%-10.4%
    Sector (XLE)43.5%54.1%

    Fundamental Drivers

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    Market Drivers

    9/30/2023 to 10/1/2026
    ReturnCorrelation
    BSM10.5% 
    Market (SPY)84.9%27.1%
    Sector (XLE)51.6%60.9%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    BSM Return67%81%6%1%1%14%272%
    Peers Return73%91%-15%90%-19%11%380%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    BSM Win Rate50%75%58%50%42%62% 
    Peers Win Rate50%67%67%67%25%50% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    BSM Max Drawdown-19%-23%-15%-13%-20%-13% 
    Peers Max Drawdown-34%-23%-45%-26%-35%-29% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: TPL, VNOM.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/2/2026 (YTD)

    How Low Can It Go

    EventBSMS&P 500
    2025 US Tariff Shock
      % Loss-14.5%-18.8%
      % Gain to Breakeven16.9%23.1%
      Time to Breakeven237 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-12.9%-6.7%
      % Gain to Breakeven14.7%7.1%
      Time to Breakeven19 days31 days
    2020 COVID-19 Crash
      % Loss-59.5%-33.7%
      % Gain to Breakeven146.7%50.9%
      Time to Breakeven326 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-14.4%-19.2%
      % Gain to Breakeven16.9%23.8%
      Time to Breakeven43 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-23.7%-12.2%
      % Gain to Breakeven31.1%13.9%
      Time to Breakeven34 days62 days
    2014-2016 Oil Price Collapse
      % Loss-38.6%-6.8%
      % Gain to Breakeven63.0%7.3%
      Time to Breakeven205 days15 days

    Compare to TPL, VNOM

    In The Past

    Black Stone Minerals's stock fell -14.5% during the 2025 US Tariff Shock. Such a loss loss requires a 16.9% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventBSMS&P 500
    2020 COVID-19 Crash
      % Loss-59.5%-33.7%
      % Gain to Breakeven146.7%50.9%
      Time to Breakeven326 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-23.7%-12.2%
      % Gain to Breakeven31.1%13.9%
      Time to Breakeven34 days62 days
    2014-2016 Oil Price Collapse
      % Loss-38.6%-6.8%
      % Gain to Breakeven63.0%7.3%
      Time to Breakeven205 days15 days

    Compare to TPL, VNOM

    In The Past

    Black Stone Minerals's stock fell -14.5% during the 2025 US Tariff Shock. Such a loss loss requires a 16.9% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Black Stone Minerals (BSM)

    Black Stone Minerals, L.P. (BSM) is a leading owner and manager of oil and natural gas mineral interests across the United States. Unlike traditional energy producers that drill for resources, BSM operates as a mineral and royalty company. This means it holds the ownership rights to the oil and gas beneath large land areas and then leases these rights to other exploration and production (E&P) companies. In return, BSM receives royalty payments on the oil and natural gas produced from its extensive acreage.

    The company's primary business involves generating revenue from these royalty interests, effectively turning its vast mineral acreage into a continuous income stream. Its "products" are the royalty payments derived from crude oil, natural gas, and natural gas liquids produced by third-party operators. BSM's main customers are the various E&P companies that seek to develop and extract hydrocarbons from its mineral-rich properties. With mineral interests spanning approximately 16.8 million gross acres and additional royalty interests across 41 states, Black Stone Minerals serves the broad U.S. upstream oil and natural gas market, providing access to valuable resources for energy development.

    AI Analysis | Feedback

    1. Realty Income (O) for oil and gas mineral rights.

    2. Prologis (PLD) for subterranean oil and gas deposits.

    AI Analysis | Feedback

    • Oil and Natural Gas Royalties: Income derived from mineral, nonparticipating royalty, and overriding royalty interests in oil and natural gas production across various U.S. states.

    AI Analysis | Feedback

    Black Stone Minerals (BSM) sells primarily to other companies, specifically a diverse group of oil and natural gas operating (exploration and production, or E&P) companies that lease its mineral interests. The company generates revenue through royalty payments from these operators. Black Stone Minerals explicitly states in its financial filings that it does not have any single customer that accounted for 10% or more of its total revenue for the years ended December 31, 2022, 2021, or 2020. Therefore, there are no individually identifiable major customer companies to list by name and symbol. The customers are generally referred to as:
    • Oil and natural gas operating companies
    • Exploration and production (E&P) companies

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Thomas L. Carter, Jr. Executive Chairman of the Board

    Mr. Carter has served as Executive Chairman of the Board since January 2026. He previously served as Chairman and Chief Executive Officer of the General Partner from November 2014 to December 2025, and also held the position of President. Mr. Carter founded BSMC, Black Stone Minerals' predecessor, and was President, Chief Executive Officer, and Chairman of Black Stone Natural Resources, L.L.C., the former general partner of BSMC, from 1998 to 2015. He founded Black Stone Energy Company, BSMC's operating and exploration subsidiary, in 1980. Prior to that, he served as a lending officer in the Energy Department of Texas Commerce Bank from 1978 to 1980. Mr. Carter also served as a director of Carrizo Oil & Gas Inc. from 2005 to 2019.

    Fowler Carter Co-Chief Executive Officer and President

    Mr. Carter has served as Co-Chief Executive Officer and President since January 2026. He joined Black Stone Minerals in 2010 and has held various roles of increasing responsibility, including Senior Vice President, Corporate Development from February 2025 to December 2025, and Vice President, Business Development since March 2024. Before joining Black Stone Minerals, Mr. Carter was an Associate in the Restructuring, Valuation, and Transactional Advisory practices at Opportune Consulting. He is the son of Thomas L. Carter, Jr.

    H. Taylor DeWalch Co-Chief Executive Officer and President

    Mr. DeWalch has served as Co-Chief Executive Officer and President since January 2026. He previously served as Senior Vice President, Chief Financial Officer, and Treasurer from May 2024 to December 2025. Mr. DeWalch joined Black Stone Minerals in 2023, and prior to that, spent 11 years working in various roles with increasing responsibility at both public and private oil and gas operators, including Callon, Unitex Oil and Gas, and Anadarko Petroleum. He is the son of director Mark DeWalch.

    Chris R. Bonner Senior Vice President, Chief Financial Officer, and Treasurer

    Mr. Bonner assumed the role of Senior Vice President, Chief Financial Officer, and Treasurer in January 2026. He joined Black Stone Minerals in 2018 and has served in various accounting roles, including Director, Accounting from March 2022 until May 2024, and Controller from May 2024 until his current appointment. Before joining Black Stone Minerals, he worked in various audit-related capacities at BDO USA, LLP, a public accounting firm, where he started in 2012, most recently as Audit Manager. Mr. Bonner is a Certified Public Accountant.

    Erin Phillips Controller and Principal Accounting Officer

    Ms. Phillips has served as Controller and Principal Accounting Officer since January 2026. She joined Black Stone Minerals in July 2024. Prior to joining the company, she was a Consulting Manager with Arcus Advisors since 2022, providing contract accounting and audit-related services. From 2015 to 2022, she was an independent consultant providing public accounting services, and from 2007 to 2015, she worked as an Associate to Audit Manager with PKF of Texas.

    AI Analysis | Feedback

    The key risks to Black Stone Minerals (BSM) are:

    1. Volatility of Oil and Natural Gas Prices: Black Stone Minerals' financial condition and operational results are significantly affected by the inherent volatility of oil and natural gas prices. Fluctuations in these commodity markets can lead to unpredictable revenue streams and impact the company's ability to generate sufficient cash flow.
    2. Environmental Regulations and Climate Change Risks: The company faces ongoing risks related to evolving environmental regulations and the broader threat of climate change. Potential reductions in demand for oil and natural gas, driven by conservation measures, technological advancements, and increasing environmental concerns, could negatively impact Black Stone Minerals' operations and market position. Stricter regulations may also increase operational costs.
    3. Dependence on Third-Party Operators: Black Stone Minerals relies on unaffiliated third-party operators for the exploration, development, and production activities on its mineral interests. This dependence introduces risks concerning the efficiency and financial stability of these operators. Should these third parties scale back drilling activities across key basins, it could directly impact BSM's production volumes and ultimately its revenues.

    AI Analysis | Feedback

    The accelerating global transition to renewable energy sources and the increasing focus on decarbonization present an emerging threat to Black Stone Minerals. As demand for oil and natural gas potentially declines over the long term due to policy shifts, technological advancements in renewables, and changing consumer preferences, the value of BSM's core assets (oil and gas mineral interests) and the associated royalty revenues could be significantly diminished.

    AI Analysis | Feedback

    The addressable market for Black Stone Minerals' main products or services, which involve owning and managing oil and natural gas mineral interests, is the U.S. oil and gas upstream market. This market was valued at approximately USD 103.94 billion in 2025 in the United States. The upstream sector encompasses activities such as exploration, extraction, and production of oil and natural gas.

    AI Analysis | Feedback

    Here are the expected drivers of future revenue growth for Black Stone Minerals (BSM) over the next 2-3 years:
    1. Increased Production Volumes: Black Stone Minerals anticipates growth in its overall production volumes, with a particular emphasis on natural gas. Management expects production to increase materially throughout 2026, with full-year 2024 production forecast to be slightly up from 2023 levels. This growth is a key component of the company's plan to increase distributions by 2026.
    2. Favorable Natural Gas Prices Driven by LNG Demand: The company's outlook for 2025 and beyond is positively influenced by liquefied natural gas (LNG) demand, which is expected to drive higher natural gas prices. This favorable pricing environment is crucial, especially as production is anticipated to ramp up in gas-weighted areas.
    3. Increased Operator Activity and Development Agreements: Black Stone Minerals is poised for revenue growth due to significant drilling commitments and development agreements with third-party operators on its acreage. For example, new agreements with Revenant Energy and Caturus Energy, along with existing Aethon commitments, are expected to ramp up drilling activity to approximately 50 gross wells per year by 2031, with initial pilot activity from Caturus starting in 2026. This increased activity in key natural gas regions, such as the Shelby Trough and Haynesville, directly contributes to higher royalty volumes.
    4. Strategic Acquisitions of Mineral and Royalty Acreage: The company continues its strategy of targeted acquisitions of non-producing mineral and royalty interests. Black Stone Minerals has invested approximately $240 million since 2023 to add accretive acreage, particularly in the Shelby Trough and Haynesville expansion areas, which supports long-term growth and commercial initiatives. These acquisitions enhance their existing portfolio and provide new opportunities for future development.

    AI Analysis | Feedback

    Share Repurchases

    • Black Stone Minerals repurchased common units totaling approximately $3.29 million in Q1 2025, $4.38 million in Q1 2024, $5.50 million in Q1 2023, $2.99 million in Q1 2022, and $1.96 million in Q1 2021.
    • A board-approved $150 million unit repurchase program existed; however, no repurchases were made under this program during the fourth quarter of 2024.

    Outbound Investments

    • From September 2023 through Q1 2025, Black Stone Minerals completed approximately $160.6 million in mineral and royalty acquisitions.
    • In the first quarter of 2025 alone, the company acquired $14.2 million of additional mineral and royalty interests, primarily focusing on the Shelby Trough area.
    • The company's strategy involves expanding its asset base through targeted acquisitions of additional mineral and royalty interests.

    Capital Expenditures

    • Black Stone Minerals reported capital expenditures of approximately $119.11 million in fiscal year 2025, $115.03 million in fiscal year 2024, $19.81 million in fiscal year 2023, $12.56 million in fiscal year 2022, and $14.64 million in fiscal year 2021.
    • The company's business model as a mineral and royalty interest holder generally minimizes direct capital expenditure risk associated with drilling and operating wells.

    Peer Outperformance in Oil & Gas Exploration & Production

    null
    Share of Oil & Gas Exploration & Production constituents that BSM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    —
    insufficient peer history
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
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    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Black Stone Minerals Earnings Notes08/10/2025
    2BSM Dip Buy Analysis06/29/2025
    3Fundamental Metrics: ...06/19/2024
    Title
    0ARTICLES

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    Peer Comparisons

    Peers to compare with:

    Financials

    BSMTPLVNOMMedian
    NameBlack St.Texas Pa.Viper En. 
    Mkt Price-340.3040.65190.47
    Mkt Cap-23.57.915.7
    Rev LTM-8982,0361,467
    Op Inc LTM-6721,009841
    FCF LTM-76198137
    FCF 3Y Avg-197-388-96
    CFO LTM-6031,4951,049
    CFO 3Y Avg-530958744

    Growth & Margins

    BSMTPLVNOMMedian
    NameBlack St.Texas Pa.Viper En. 
    Rev Chg LTM-20.8%107.5%64.2%
    Rev Chg 3Y Avg-11.5%45.4%28.5%
    Rev Chg Q-31.2%126.6%78.9%
    QoQ Delta Rev Chg LTM-7.0%22.7%14.8%
    Op Inc Chg LTM-19.3%77.0%48.2%
    Op Inc Chg 3Y Avg-9.8%26.8%18.3%
    Op Mgn LTM-74.9%49.6%62.2%
    Op Mgn 3Y Avg-76.6%60.3%68.4%
    QoQ Delta Op Mgn LTM-0.5%6.4%3.5%
    CFO/Rev LTM-67.2%73.4%70.3%
    CFO/Rev 3Y Avg-68.9%72.8%70.9%
    FCF/Rev LTM-8.5%9.7%9.1%
    FCF/Rev 3Y Avg-27.9%-43.4%-7.7%

    Valuation

    BSMTPLVNOMMedian
    NameBlack St.Texas Pa.Viper En. 
    Mkt Cap-23.57.915.7
    P/S-26.23.915.0
    P/Op Inc-34.97.821.4
    P/EBIT-33.727.930.8
    P/E-43.4133.588.4
    P/CFO-38.95.322.1
    Total Yield-3.0%11.0%7.0%
    Dividend Yield-0.7%10.3%5.5%
    FCF Yield 3Y Avg-1.0%-8.8%-3.9%
    D/E-0.00.20.1
    Net D/E--0.00.20.1

    Returns

    BSMTPLVNOMMedian
    NameBlack St.Texas Pa.Viper En. 
    1M Rtn--8.0%-10.4%-9.2%
    3M Rtn--16.3%1.4%-7.5%
    6M Rtn--23.2%-9.9%-16.5%
    12M Rtn-7.2%11.1%9.2%
    3Y Rtn-80.9%54.8%67.9%
    1M Excs Rtn--8.5%-10.9%-9.7%
    3M Excs Rtn--18.8%-1.1%-9.9%
    6M Excs Rtn--39.1%-24.3%-31.7%
    12M Excs Rtn--4.8%-2.0%-3.4%
    3Y Excs Rtn--9.0%-24.5%-16.8%

    Comparison Analyses

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    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/4/20265/5/20262/24/202611/4/20258/5/20255/6/20252/25/202511/5/20248/6/20245/7/20242/20/202410/31/2023
    Key Financials Quarterly            
    Total Revenue12212495105107115104103115117136137
    Ebitda12026841041312658105807616075
    Operating Income838151676973686174759389
    Net Income106137292120164693686414862
    EPS0.470.030.310.400.530.040.190.410.290.270.670.27
    Key Financials TTM            
    Total Revenue TTM446431422431429438439472505496501564
    Ebitda TTM334346346320321270320421392401471509
    Operating Income TTM283269261278272277279304331325332393
    Net Income TTM284297300274275223271373342352423458
    Growth Rates Quarterly            
    Total Revenue Growth14.4%7.5%-8.7%1.9%-7.3%-1.3%-23.5%-24.5%9.0%-4.5%-31.5%-38.2%
    EBITDA Growth-9.1%-0.2%43.3%-0.6%63.7%-65.3%-63.5%39.5%-10.2%-48.0%-19.2%-58.8%
    Operating Income Growth19.7%11.0%-24.6%8.7%-6.1%-2.8%-26.9%-30.9%9.8%-9.2%-39.3%-49.2%
    Net Income Growth-11.4%-16.8%55.8%-1.1%75.7%-75.1%-68.6%49.4%-12.8%-52.5%-19.4%-63.2%
    Margins Quarterly            
    EBITDA Margin97.9%21.3%88.0%98.9%123.2%23.0%56.0%101.5%69.7%65.2%117.4%54.9%
    Operating Income Margin68.1%65.5%53.9%63.5%65.1%63.5%65.3%59.6%64.3%64.4%68.3%65.0%
    Net Income Margin87.1%10.7%75.9%87.2%112.5%13.8%44.4%89.9%59.3%54.7%108.3%45.4%
    Cash & Debt            
    Total Cash212133232127407056
    Total Debt1971881569599632600000
    Net Debt / (Cash)19517615592966123-21-27-40-70-56
    Cash Flows Quarterly            
    FCF from Operations93636510080659193100104134117
    Cash Flows TTM            
    FCF from Operations TTM320308310336330349389432456489521544
    Returns to Shareholders Quarterly            
    Dividends646464647979797979100100100
    Share Repurchases-0200-03-0-004-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC170.3%184.1%132.9%290.1%288.1%483.1%1174.3%-----
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM144.5%152.4%168.8%301.3%282.1%456.8%1202.2%-----

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Sale of oil and natural gas, as well as lease bonus and other income that is derived from our oil470434592664 
    Gain (loss) on commodity derivative instruments    -146
    Lease bonus and other income    14
    Natural gas and natural gas liquids sales    256
    Oil and condensate sales    236
    Total470434592664359


    Price Behavior

    Price Behavior
    Market Price$14.18 
    Market Cap ($ Bil)3.0 
    First Trading Date05/01/2015 
    Distance from 52W High-3.9% 
       50 Days200 Days
    DMA Price$13.80$13.53
    DMA Trendindeterminateup
    Distance from DMA2.8%4.8%
     3M1YR
    Volatility23.0%21.2%
    Downside Capture-112.50-28.02
    Upside Capture-23.48-2.28
    Correlation (SPY)-24.5%-9.7%
    BSM Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta�-0.10-0.30-0.50-0.150.35
    Up Beta�-0.36-0.46-0.68-0.480.47
    Down Beta�-0.26-0.47-0.610.100.51
    Up Capture0%-9%-11%-25%-1%4%
    Bmk +ve Days6162766132424
    Stock +ve Days011546115379
    Down Capture-0%20%-41%-58%-37%37%
    Bmk -ve Days16263760120328
    Stock -ve Days03114094317

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BSM
    BSM17.9%21.2%0.82-
    Sector ETF (XLE)43.7%22.0%1.5654.1%
    Equity (SPY)15.7%13.0%0.85-10.4%
    Gold (GLD)7.7%29.6%0.25-1.8%
    Commodities (DBC)45.6%20.8%1.6933.3%
    Real Estate (VNQ)1.2%13.6%-0.163.1%
    Bitcoin (BTCUSD)-25.7%44.5%-0.54-1.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BSM
    BSM16.1%26.0%0.58-
    Sector ETF (XLE)24.1%25.5%0.8366.5%
    Equity (SPY)13.0%17.2%0.5731.7%
    Gold (GLD)18.6%18.9%0.806.9%
    Commodities (DBC)10.6%19.6%0.4246.9%
    Real Estate (VNQ)0.4%18.9%-0.0825.1%
    Bitcoin (BTCUSD)13.6%52.3%0.4313.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with BSM
    BSM7.1%31.3%0.29-
    Sector ETF (XLE)10.6%29.6%0.3959.5%
    Equity (SPY)15.3%17.9%0.7234.9%
    Gold (GLD)11.6%16.4%0.584.6%
    Commodities (DBC)8.4%18.1%0.3841.4%
    Real Estate (VNQ)4.4%20.7%0.1730.8%
    Bitcoin (BTCUSD)64.2%66.2%1.0411.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity2.6 Mil
    Short Interest: % Change Since 8312026-7.8%
    Average Daily Volume0.4 Mil
    Days-to-Cover Short Interest6.9 days
    Basic Shares Quantity212.6 Mil
    Short % of Basic Shares1.2%

    Earnings Returns History

    Updated 6/11/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    11/4/20250.0%4.7%13.0%
    8/5/2025-0.2%-0.6%-2.3%
    5/6/2025-2.7%2.3%-0.5%
    2/25/20250.3%-3.9%1.6%
    11/5/20241.4%3.5%3.7%
    8/6/2024-0.8%0.9%0.4%
    5/7/20240.1%-3.1%-1.1%
    2/20/2024-2.0%1.7%3.7%
    ...
    SUMMARY STATS   
    # Positive121414
    # Negative1088
    Median Positive0.9%3.3%3.7%
    Median Negative-0.8%-2.3%-3.7%
    Max Positive6.3%21.0%22.7%
    Max Negative-2.7%-4.1%-9.4%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    11/4/20250.0%4.7%13.0%
    8/5/2025-0.2%-0.6%-2.3%
    5/6/2025-2.7%2.3%-0.5%
    2/25/20250.3%-3.9%1.6%
    11/5/20241.4%3.5%3.7%
    8/6/2024-0.8%0.9%0.4%
    5/7/20240.1%-3.1%-1.1%
    2/20/2024-2.0%1.7%3.7%
    10/31/20230.5%-0.2%0.1%
    8/1/2023-0.6%3.2%1.7%
    5/2/20230.5%3.6%4.8%
    2/22/2023-0.9%0.1%-6.2%
    11/1/20221.2%5.4%0.6%
    8/2/2022-1.1%-3.1%6.9%
    5/3/20222.1%-4.1%9.2%
    2/22/20220.5%4.2%9.7%
    11/2/2021-0.2%-1.5%-9.4%
    8/3/2021-2.5%0.7%-1.3%
    5/4/20212.4%3.8%0.3%
    2/23/20216.3%-0.8%-5.9%
    11/3/20204.3%21.0%22.7%
    8/4/2020-0.3%1.1%-5.0%
    SUMMARY STATS   
    # Positive121414
    # Negative1088
    Median Positive0.9%3.3%3.7%
    Median Negative-0.8%-2.3%-3.7%
    Max Positive6.3%21.0%22.7%
    Max Negative-2.7%-4.1%-9.4%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/04/202610-Q
    03/31/202605/05/202610-Q
    12/31/202502/24/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/06/202510-Q
    12/31/202402/25/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/07/202410-Q
    12/31/202302/20/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/01/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/23/202310-K
    09/30/202211/01/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/04/202610-Q
    03/31/202605/05/202610-Q
    12/31/202502/24/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/06/202510-Q
    12/31/202402/25/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/07/202410-Q
    12/31/202302/20/202410-K
    09/30/202310/31/202310-Q
    06/30/202308/01/202310-Q
    03/31/202305/02/202310-Q
    12/31/202202/23/202310-K
    09/30/202211/01/202210-Q
    06/30/202208/02/202210-Q
    03/31/202205/03/202210-Q
    12/31/202102/22/202210-K
    09/30/202111/02/202110-Q
    06/30/202108/03/202110-Q
    03/31/202105/04/202110-Q
    12/31/202002/23/202110-K
    09/30/202011/03/202010-Q
    06/30/202008/04/202010-Q
    03/31/202005/05/202010-Q
    12/31/201902/25/202010-K
    09/30/201911/05/201910-Q

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 10/1/2026