Tearsheet

Black Stone Minerals (BSM)

Market Price (12/23/2025): $13.5 | Market Cap: $2.9 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Black Stone Minerals (BSM)

Market Price (12/23/2025): $13.5
Market Cap: $2.9 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

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

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 64%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -16%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 78%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 52%	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.
2	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include US Oilfield Technologies, and US LNG.

0	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 64%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 78%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 52%
2	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include US Oilfield Technologies, and US LNG.
3	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -16%
4	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 & Events

	12/23/25	2024	2023	2022	2021
Share Price CYE	$13.50	$13.22	$13.02	$12.30	$6.80
Market Cap CYE ($ Bil)	2.9	2.8	2.7	2.6	1.4
Total Debt ($ Bil)	0.1	0.0	0.0	0.0	0.1
Total Cash ($ Bil)	0.0	0.0	0.1	0.0	0.0
Enterprise Value ($ Bil)	3.0	2.8	2.7	2.6	1.5
Valuation Ratios
P/S TTM	-	7.0	6.7	4.5	4.3
P/EBIT TTM	-	11.2	7.9	7.3	11.5
P/E TTM	-	11.3	7.9	7.4	11.8
P/FCF TTM	-	11.2	6.7	8.6	8.9
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5	1.2	1.3
P/EBIT TTM (Sector)	7.5	6.7	5.6	4.0	4.4
P/E TTM (Sector)	11.0	10.3	8.3	5.2	4.1
P/FCF TTM (Sector)	6.9	6.9	7.3	4.8	5.2

	12/23/25	2024	2023
Share Price CYE	$13.50	$13.22	$13.02
Market Cap CYE ($ Bil)	2.9	2.8	2.7
Total Debt ($ Bil)	0.1	0.0	0.0
Total Cash ($ Bil)	0.0	0.0	0.1
Enterprise Value ($ Bil)	3.0	2.8	2.7
Valuation Ratios
P/S TTM	-	7.0	6.7
P/EBIT TTM	-	11.2	7.9
P/E TTM	-	11.3	7.9
P/FCF TTM	-	11.2	6.7
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5
P/EBIT TTM (Sector)	7.5	6.7	5.6
P/E TTM (Sector)	11.0	10.3	8.3
P/FCF TTM (Sector)	6.9	6.9	7.3

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Metric	Value	Date	Source
Mineral and Royalty Production	34.7 MBoe/d	9302025	Link
Total Production	36.3 MBoe/d	9302025	Link
Working-Interest Production	1.6 MBoe/d	9302025	Link
Gross Acres	20 million	9302025	Link
Net Acres	7.4 million	9302025	Link
Number of Productive Basins	60+	11032025	Link
Number of States with Assets	41	11032025	Link
Rig Count on Acreage	1	9302025	Link
Gross Wells Turned to Sales	5	9302025	Link
Net Wells Turned to Sales	0.18	9302025	Link

Upcoming
2/23/2026	Earnings Release	Rev: - EPS: -

BSM Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points for the stock movement of Black Stone Minerals (BSM) from August 31, 2025, to December 23, 2025:

1. Q3 2025 Earnings Beat Expectations: Black Stone Minerals reported robust financial results for the third quarter of 2025, surpassing both earnings per share (EPS) and revenue forecasts. The company posted an EPS of $0.40, exceeding the anticipated $0.30, and revenue reached $132.47 million, significantly higher than the forecasted $104.52 million. This strong performance, announced around November 4, 2025, led to a positive investor sentiment and an initial stock price increase of 1.6%.

2. Increased Production and Strategic Development: In Q3 2025, Black Stone Minerals saw a 5% quarter-over-quarter increase in mineral and royalty production, reaching 34.7 MBoe/d, and total production of 36.3 MBoe/d. This puts the company on track to meet or exceed its full-year guidance. Additionally, Black Stone signed a new development agreement (Kurth Lake Expansion) in the Shelby Trough and Haynesville Expansion, covering 220,000 gross acres, which is expected to contribute to longer-term production targets and growth.

Show more Here are the key points for the stock movement of Black Stone Minerals (BSM) from August 31, 2025, to December 23, 2025:

1. Q3 2025 Earnings Beat Expectations: Black Stone Minerals reported robust financial results for the third quarter of 2025, surpassing both earnings per share (EPS) and revenue forecasts. The company posted an EPS of $0.40, exceeding the anticipated $0.30, and revenue reached $132.47 million, significantly higher than the forecasted $104.52 million. This strong performance, announced around November 4, 2025, led to a positive investor sentiment and an initial stock price increase of 1.6%.

2. Increased Production and Strategic Development: In Q3 2025, Black Stone Minerals saw a 5% quarter-over-quarter increase in mineral and royalty production, reaching 34.7 MBoe/d, and total production of 36.3 MBoe/d. This puts the company on track to meet or exceed its full-year guidance. Additionally, Black Stone signed a new development agreement (Kurth Lake Expansion) in the Shelby Trough and Haynesville Expansion, covering 220,000 gross acres, which is expected to contribute to longer-term production targets and growth.

3. Consistent Distributions and Debt Management: Black Stone maintained a quarterly distribution of $0.30 per unit for Q3 2025, consistent with the prior quarter, demonstrating stable cash flow and commitment to unitholder returns. The company also managed its debt, with total debt at the end of Q3 2025 at $95.0 million, reducing to $73.0 million by October 31, 2025. It also extended the maturity of its credit facility from October 2027 to October 2030.

4. Acquisitions for Growth: During the third quarter of 2025, Black Stone acquired $20.3 million of additional, primarily non-producing, mineral and royalty interests. This contributed to a total of $193.2 million in mineral and royalty acquisitions from September 2023 through the end of October 2025, primarily in the expanding Shelby Trough area, indicating a focus on strategic growth.

5. Leadership Succession Plan: The company announced a leadership succession plan, effective January 2026, with Tom Carter transitioning to Executive Chairman and Fowler Carter and Taylor DeWalch assuming roles as co-CEOs. This forward-looking management change could be viewed positively by investors as a plan for continued leadership and strategic direction. Show less

Stock Movement Drivers

Fundamental Drivers

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Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
BSM	4.1%
Market (SPY)	2.7%	19.9%
Sector (XLE)	0.9%	52.1%

Fundamental Drivers

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Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
BSM	6.4%
Market (SPY)	14.4%	17.9%
Sector (XLE)	3.7%	51.5%

Fundamental Drivers

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Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
BSM	3.8%
Market (SPY)	16.9%	52.0%
Sector (XLE)	8.6%	71.1%

Fundamental Drivers

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Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
BSM	-2.9%
Market (SPY)	47.7%	43.7%
Sector (XLE)	10.2%	65.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BSM Return	-43%	67%	81%	6%	1%	�	�
Peers Return	�	�	�	�	90%	-18%	�
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
BSM Win Rate	50%	50%	75%	58%	50%	40%
Peers Win Rate	�	�	�	67%	67%	29%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
BSM Max Drawdown	-67%	0%	0%	-15%	-6%	-13%
Peers Max Drawdown	�	�	�	�	-6%	-25%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique Key	Event	BSM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-29.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	41.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-69.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	222.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	736 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-39.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	64.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	1,071 days	120 days

Compare to BSM, COP, CNQ, EOG, FANG

In The Past

Black Stone Minerals's stock fell -29.3% during the 2022 Inflation Shock from a high on 11/8/2022. A -29.3% loss requires a 41.4% gain to breakeven.

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About Black Stone Minerals (BSM)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Black Stone Minerals, L.P., together with its subsidiaries, owns and manages oil and natural gas mineral interests. It owns mineral interests in approximately 16.8 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.7 million gross acres located in 41 states in the United States. As of December 31, 2021, the company had a total estimated proved oil and natural gas reserves of 59,824 barrels of oil equivalent. Black Stone Minerals, L.P. was founded in 1876 and is based in Houston, Texas.

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1. Think of it as a real estate investment trust (REIT) for oil and gas mineral rights, collecting royalties instead of rent.

2. It's like the Franco-Nevada of the oil and gas industry, specializing in passive mineral rights ownership and royalty income.

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Oil and Natural Gas Royalties: Income received from the production and sale of oil and natural gas by third-party operators on properties where Black Stone Minerals holds mineral and royalty interests.
Leasing Bonus Payments: Upfront payments received from exploration and production companies for granting them the right to explore and develop Black Stone Minerals' mineral acreage.

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Black Stone Minerals (symbol: BSM) is a mineral and royalty company that owns a diverse portfolio of mineral and royalty interests. It does not engage in drilling or production operations itself. Instead, it leases its mineral rights to other companies, which then extract oil, natural gas, and natural gas liquids. BSM's revenue primarily comes from royalty payments, lease bonuses, and other fees paid by these operating companies. Therefore, Black Stone Minerals sells primarily to **other companies**. Its "major customers" in this context are the oil and natural gas exploration and production (E&P) companies that operate on its acreage and pay royalties. While BSM's revenue is diversified across a large number of operators, based on their financial filings and investor presentations, the following are some of the prominent E&P companies operating on Black Stone Minerals' acreage that contribute to its royalty revenue:

Chesapeake Energy Corporation (Symbol: CHK)
Comstock Resources, Inc. (Symbol: CRK)
XTO Energy Inc. (a subsidiary of ExxonMobil Corporation, Symbol: XOM)
Occidental Petroleum Corporation (Symbol: OXY)
Diamondback Energy, Inc. (Symbol: FANG)

Other significant operators mentioned in BSM's disclosures, which are privately held, include Aethon, Hilcorp Energy Company, and Mewbourne Oil Company. It's important to note that BSM's business model means it has a broad base of operators rather than a concentration of just a few traditional "major customers."

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Thomas L. Carter, Jr. Chairman and Chief Executive Officer

Mr. Carter has served as Chairman and Chief Executive Officer of Black Stone Minerals GP, L.L.C. since November 2014. He founded BSMC, Black Stone Minerals' predecessor, and served as President, Chief Executive Officer, and Chairman of Black Stone Natural Resources, L.L.C. (BSNR), the former general partner of BSMC, from 1998 to 2015. Mr. Carter also served as Managing General Partner of W.T. Carter & Bro. from 1987 to 1992 and founded Black Stone Energy Company in 1980, serving as its Managing General Partner from 1980 to present. Earlier in his career, he was a lending officer in the Energy Department of Texas Commerce Bank. He served as a director of Carrizo Oil & Gas Inc. from 2005 to 2019.

Taylor DeWalch Senior Vice President and Chief Financial Officer

Mr. DeWalch has served as Senior Vice President and Chief Financial Officer of Black Stone Minerals GP, L.L.C. since May 2024. Prior to this role, he was Vice President, Corporate Strategy and Development from March 2024 to May 2024, and Director, Strategy and Asset Development from 2023 to 2024. Before joining Black Stone Minerals in 2023, Mr. DeWalch accumulated 11 years of experience in various roles with increasing responsibility at both public and private oil and gas operators, including Callon, Unitex Oil and Gas, and Anadarko Petroleum.

Fowler Carter Senior Vice President, Corporate Development

Mr. Carter has served as Senior Vice President, Corporate Development since February 2025 and previously as Vice President, Business Development since March 2024. He has held various roles within Black Stone Minerals since joining the company in 2010. Before his tenure at Black Stone Minerals, Mr. Carter worked as an Associate in the Restructuring, Valuation, and Transactional Advisory practices at Opportune Consulting. He is the son of Thomas L. Carter, Jr.

Chris Bonner Vice President, Chief Accounting Officer

Mr. Bonner has served as Vice President, Chief Accounting Officer of Black Stone Minerals GP, L.L.C. since February 2025. He has been employed at the Partnership in various accounting capacities since 2018, including Director, Accounting from March 2022 until his appointment to Controller in 2024, Corporate Accounting Manager since March 2020, and SEC Reporting Manager since October 2018. Prior to joining Black Stone Minerals, he worked as an Audit Manager at BDO USA, LLP.

Steve Putman Senior Vice President, General Counsel, and Secretary

Mr. Putman has served as Senior Vice President, General Counsel, and Secretary of Black Stone Minerals GP, L.L.C. since November 2014. He previously held the same role for BSNR from 2013 to 2015. Before joining BSMC, Mr. Putman was Managing Director and General Counsel of Quintana Capital Group from 2008 to 2013, and Vice President, General Counsel, and Secretary of Quintana Maritime Limited from 2005 to 2008. His earlier experience includes working as an associate at Vinson & Elkins L.L.P. and Mayer Brown LLP.

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The key risks to Black Stone Minerals (BSM) primarily revolve around the inherent volatility of the energy sector and its operational dependencies:

Commodity Price Volatility: Black Stone Minerals' financial condition, results of operations, and cash distributions are significantly affected by the volatile prices of oil and natural gas, particularly natural gas. Sharp fluctuations in natural gas prices, such as a sustained dip below $3/MMBtu, can strain margins and have led to distribution cuts.
Operational Execution and Production Risks: The company faces challenges related to the operational execution and production levels in its key regions, particularly the Haynesville/Bossier and Shelby Trough plays. Risks include drilling delays, cost overruns, and lower-than-expected well productivity, which can lead to underperformance in natural gas production and consequently limit cash flow growth. BSM has revised its production guidance lower due to slower-than-expected output in these basins.
Dependence on Unaffiliated Operators: Black Stone Minerals relies heavily on third-party operators for the exploration, development, and production activities on its mineral and royalty interests. This dependency exposes BSM to risks associated with the operators' efficiency, timely royalty payments, and their ability to secure necessary capital or financing. A shift away from a single operator model means increased exposure to variations in partner performance and drilling discipline.

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The accelerating global energy transition, driven by rapid advancements and cost reductions in renewable energy technologies (solar, wind), increased adoption of electric vehicles, and significant investment in battery storage and smart grid infrastructure, coupled with growing governmental and corporate mandates to decarbonize economies. This structural shift threatens to reduce global demand for oil and natural gas production sooner and more profoundly than historically anticipated, thereby decreasing the long-term value of Black Stone Minerals' underlying mineral assets and royalty income streams.

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Black Stone Minerals (BSM) primarily operates by acquiring and managing oil and natural gas mineral and royalty interests across the United States. The company generates revenue through royalty payments from operators extracting resources and lease bonus payments for new leases.

The addressable market for Black Stone Minerals' main products and services is the U.S. oil and gas market, specifically the segment related to mineral and royalty interests. The overall U.S. oil and gas market exhibits significant size and projected growth:

In 2024, the U.S. oil and gas market was valued at approximately USD 453.2 billion. It is expected to reach USD 474.5 billion in 2025 and is projected to grow to USD 665.5 billion by 2033, with a compound annual growth rate (CAGR) of 4.7% from 2024 to 2033.
Another estimate places the U.S. oil and gas market size at USD 142.81 billion in 2025, with a projection to reach USD 178.91 billion by 2030, growing at a CAGR of 4.61% during the forecast period (2025-2030).
A separate analysis valued the U.S. oil and gas market size at USD 252.6 billion in 2024, with an estimated growth to USD 339.5 billion by 2033, showing a CAGR of 3.26% from 2025-2033.

The upstream sector, which includes exploration, development, and production of crude oil and natural gas, held a significant share of the U.S. oil and gas market, accounting for 58.5% in 2024 according to one report, and 72.3% of the share in 2024 according to another report. Private royalty income from oil and gas production in the continental United States was estimated at $21–22 billion in 2011 and 2012, with approximately 75% of total oil and natural gas production attributable to privately owned minerals in recent years.

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Here are 3-5 expected drivers of future revenue growth for Black Stone Minerals (BSM) over the next 2-3 years:

Strategic Acquisitions: Black Stone Minerals is actively pursuing and executing a targeted acquisition program to expand its mineral and royalty asset footprint. The company has acquired approximately $80 million in minerals and royalty interests since the fourth quarter of 2023 and plans to continue pursuing accretive opportunities to drive long-term value. This strategy aims to enhance its asset base and contribute to future revenue growth.
Organic Growth and Development of Existing Acreage: The company is focused on organic growth initiatives and active asset management across its extensive and diversified acreage position. Specific areas like the Shelby Trough and Haynesville Expansion ("HEX") are expected to provide material future growth. Furthermore, ongoing activity across Black Stone Minerals' acreage, including an increased number of rigs in regions like Haynesville and the Gulf Coast, is anticipated to drive meaningful near-term production.
Favorable Commodity Price Outlook and Hedging Strategy: While acknowledging commodity price volatility, Black Stone Minerals employs a robust hedging strategy to insulate cash flows and secure future revenues. The company maintains a constructive outlook on natural gas, which is seen as a solid foundation for future growth, supported by underlying demand trends. Hedging helps mitigate downside risk and provides a more predictable revenue stream.
Increased Production Volumes: Through a combination of strategic acquisitions and the active development of its existing mineral and royalty interests, Black Stone Minerals aims to increase its overall production volumes. The company's long-term strategy includes initiatives geared towards doubling production over the next decade. New wells coming online and better-than-expected results in key basins are expected to contribute to higher production.

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Share Repurchases

Black Stone Minerals repurchased $23 million in units since 2020.
As of June 30, 2025, the company had $150 million remaining in repurchase authorization.

Outbound Investments

From September 2023 through October 2025, Black Stone Minerals completed $193.2 million in mineral and royalty acquisitions, primarily in the expanding Shelby Trough area.
These acquisitions are part of a commercial strategy focused on meaningful, targeted mineral and royalty acquisitions to complement the Partnership's existing positions.
In May 2025, Black Stone Minerals entered into a development agreement with Revenant Energy for 270,000 gross acres across its Haynesville/Bossier acreage in the Shelby Trough region, which includes escalating annual well commitments over five years starting in 2026.

Capital Expenditures

Black Stone Minerals' business model is royalty-based, where drilling capital expenditures are borne by its customers.
The primary focus of Black Stone Minerals' capital allocation in this category is on acquiring additional mineral and royalty interests to expand its asset base.
The company plans to double its annual drilling rate in the Shelby Trough over the next five years, indicating a strategic focus on developing its natural gas assets.

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What You Pay
P/E	�	14.6	17.8	11.8	11.1	30.1	11.8	18.3	18.8	10.1	9.5
P/EBIT	�	11.9	10.1	8.7	9.4	16.9	8.7	12.3	10.7	7.7	5.8
What You Get
Rev Chg Q	1.9%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	-2.3%	-11.9%
Rev Chg LTM	-8.5%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	-5.0%	33.9%
Rev Chg 3Y Avg	-16.4%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	-7.6%	5.3%
FCF/Rev 3Y Avg	73.9%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.1%	22.0%

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0	DASHBOARDS
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2	BSM Dip Buy Analysis
3	Fundamental Metrics: ...

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Trade Ideas

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HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	29.1%	29.1%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-3.9%	-3.9%	-7.1%

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INSP	Inspire Medical Systems	2.9	-17.9%	-47.2%
PLAY	Dave & Buster's Entertainment	0.6	-17.9%	-45.0%
NKE	Nike	84.5	-15.6%	-22.6%
HPP	Hudson Pacific Properties	4.6	-14.9%	-51.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	168.4%
WVE	WAVE Life Sciences	2.9	166.0%	45.3%
LUNR	Intuitive Machines	2.0	107.3%	-8.1%
AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
RKLB	Rocket Lab	39.9	96.4%	204.5%
VERA	Vera Therapeutics	3.4	93.0%	27.2%
ANF	Abercrombie & Fitch	5.9	83.9%	-16.6%
PL	Planet Labs PBC	6.3	83.4%	409.9%
ARWR	Arrowhead Pharmaceuticals	9.6	81.1%	267.0%
FTRE	Fortrea	1.6	76.2%	-5.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-78.8%	-58.2%
TPL	Texas Pacific Land	7.0	-65.7%	-72.5%
JANX	Janux Therapeutics	0.9	-50.7%	-73.7%
FRMI	Fermi	6.2	-42.4%
LENZ	LENZ Therapeutics	0.5	-36.4%	-39.0%
GOGO	Gogo	0.6	-30.3%	-41.9%
UP	Wheels Up Experience	0.4	-27.4%	-62.1%
ACLX	Arcellx	3.7	-27.2%	-15.0%
ORIC	ORIC Pharmaceuticals	0.7	-26.8%	4.1%
KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Black Stone Minerals

Peers to compare with:

Financials

	BSM	TPL	VNOM	Median
Name	Black St.	Texas Pa.	Viper En.
Mkt Price	-	302.80	38.46	170.63
Mkt Cap	-	7.0	5.7	6.3
Rev LTM	431	772	1,189	772
Op Inc LTM	278	585	642	585
FCF LTM	224	236	-1,971	224
FCF 3Y Avg	371	323	-630	323
CFO LTM	336	559	812	559
CFO 3Y Avg	437	491	699	491

Growth & Margins

	BSM	TPL	VNOM	Median
Name	Black St.	Texas Pa.	Viper En.
Rev Chg LTM	-8.5%	12.5%	42.3%	12.5%
Rev Chg 3Y Avg	-16.4%	5.7%	14.4%	5.7%
Rev Chg Q	1.9%	17.0%	99.0%	17.0%
QoQ Delta Rev Chg LTM	0.5%	4.0%	21.2%	4.0%
Op Mgn LTM	64.3%	75.8%	54.0%	64.3%
Op Mgn 3Y Avg	66.2%	76.7%	66.3%	66.3%
QoQ Delta Op Mgn LTM	1.0%	-0.1%	-5.0%	-0.1%
CFO/Rev LTM	77.9%	72.3%	68.3%	72.3%
CFO/Rev 3Y Avg	88.7%	70.9%	74.4%	74.4%
FCF/Rev LTM	52.0%	30.5%	-165.8%	30.5%
FCF/Rev 3Y Avg	73.9%	47.9%	-51.8%	47.9%

Valuation

	BSM	TPL	VNOM	Median
Name	Black St.	Texas Pa.	Viper En.
Mkt Cap	-	7.0	5.7	6.3
P/S	-	9.0	4.8	6.9
P/EBIT	-	11.9	22.7	17.3
P/E	-	14.6	23.3	19.0
P/CFO	-	12.5	7.1	9.8
Total Yield	-	9.0%	10.0%	9.5%
Dividend Yield	-	2.1%	5.7%	3.9%
FCF Yield 3Y Avg	-	1.9%	-	1.9%
D/E	-	0.0	0.5	0.2
Net D/E	-	-0.1	0.4	0.2

Returns

	BSM	TPL	VNOM	Median
Name	Black St.	Texas Pa.	Viper En.
1M Rtn	-	-66.2%	6.9%	-29.6%
3M Rtn	-	-65.4%	4.6%	-30.4%
6M Rtn	-	-71.1%	2.4%	-34.3%
12M Rtn	-	-73.1%	-14.5%	-43.8%
3Y Rtn	-	-62.5%	-	-62.5%
1M Excs Rtn	-	-70.9%	2.1%	-34.4%
3M Excs Rtn	-	-70.8%	-1.9%	-36.3%
6M Excs Rtn	-	-84.2%	-10.3%	-47.3%
12M Excs Rtn	-	-89.8%	-32.7%	-61.3%
3Y Excs Rtn	-	-141.1%	-	-141.1%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/25/2025	2/20/2024	2/23/2023	2/22/2022	2/23/2021	2/25/2020
Key Financials
Total Revenue	431	439	501	784	506	297	493
EBITDA	320	320	471	531	249	214	345
Operating Income	278	279	332	603	331	113	240
Net Income	274	271	423	476	182	122	214
EPS	1.16	1.15	1.91	2.18	0.77	0.49	1.01
Growth Rates
Total Revenue Growth	-8.5%	-12.3%	-36.1%	55.1%	70.5%	-39.8%	-17.1%
EBITDA Growth	-23.9%	-32.1%	-11.2%	113.4%	16.1%	-38.0%	-21.3%
Operating Income Growth	-8.7%	-16.1%	-44.9%	82.3%	192.9%	-52.9%	-20.9%
Net Income Growth	-26.5%	-35.8%	-11.3%	161.8%	49.4%	-43.2%	-27.5%
Margins
EBITDA Margin	74.3%	72.7%	94.0%	67.7%	49.2%	72.2%	70.1%
Operating Income Margin	64.3%	63.5%	66.3%	76.9%	65.4%	38.1%	48.7%
Net Income Margin	63.5%	61.7%	84.3%	60.8%	36.0%	41.1%	43.5%
Cash & Debt
Total Cash	3	3	70	4	9	2	8
Total Debt	95	25	0	10	89	121	394
Net Debt / (Cash)	92	22	-70	6	80	119	386
Cash Flows
Net Cash from Operations	336	389	521	425	257	282	413
Free Cash from Operations	224	274	501	412	242	277	301
Returns to Shareholders
Dividends	301	365	420	343	198	161	328
Share Repurchases	4	4	5	3	2	5	17

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	8/5/2025	5/6/2025	2/25/2025	11/5/2024	8/6/2024	5/7/2024	2/20/2024	10/31/2023	8/1/2023	5/2/2023	2/23/2023
Key Financials Quarterly
Total Revenue	105	107	115	104	103	115	117	136	137	106	122	199
Ebitda	104	131	26	58	105	80	76	160	75	89	146	198
Operating Income	67	69	73	68	61	74	75	93	89	67	83	154
Net Income	92	120	16	46	93	68	64	148	62	78	134	183
EPS	0.40	0.53	0.04	0.19	0.41	0.29	0.27	0.67	0.27	0.35	0.62	0.85
Key Financials TTM
Total Revenue TTM	431	429	438	439	472	505	496	501	564	648	750	784
Ebitda TTM	320	321	270	320	421	392	401	471	509	616	672	531
Operating Income TTM	278	272	277	279	304	331	325	332	393	479	572	603
Net Income TTM	274	275	223	271	373	342	352	423	458	565	618	476
Growth Rates Quarterly
Total Revenue Growth	1.9%	-7.3%	-1.3%	-23.5%	-24.5%	9.0%	-4.5%	-31.5%	-38.2%	-49.1%	-21.8%	23.6%
EBITDA Growth	-0.6%	63.7%	-65.3%	-63.5%	39.5%	-10.2%	-48.0%	-19.2%	-58.8%	-38.3%	2757.2%	31.8%
Operating Income Growth	8.7%	-6.1%	-2.8%	-26.9%	-30.9%	9.8%	-9.2%	-39.3%	-49.2%	-57.9%	-27.4%	31.1%
Net Income Growth	-1.1%	75.7%	-75.1%	-68.6%	49.4%	-12.8%	-52.5%	-19.4%	-63.2%	-40.5%	2020.1%	36.5%
Margins Quarterly
EBITDA Margin	98.9%	123.2%	23.0%	56.0%	101.5%	69.7%	65.2%	117.4%	54.9%	84.6%	119.7%	99.5%
Operating Income Margin	63.5%	65.1%	63.5%	65.3%	59.6%	64.3%	64.4%	68.3%	65.0%	63.8%	67.8%	77.2%
Net Income Margin	87.2%	112.5%	13.8%	44.4%	89.9%	59.3%	54.7%	108.3%	45.4%	74.2%	109.9%	92.1%
Cash & Debt
Total Cash	3	3	2	3	21	27	40	70	56	47	19	4
Total Debt	95	99	63	25	0	0	0	0	0	0	0	10
Net Debt / (Cash)	92	96	61	22	-21	-27	-40	-70	-56	-47	-19	6
Cash Flows Quarterly
FCF from Operations	100	80	65	91	93	100	104	134	117	133	137	156
Cash Flows TTM
FCF from Operations TTM	336	330	349	389	432	456	489	521	544	535	480	425
Returns to Shareholders Quarterly
Dividends	64	79	79	79	79	79	100	100	100	100	100	94
Share Repurchases	0	-0	3	-0	-0	0	4	-0	-0	-0	5	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	290.1%	288.1%	483.1%	1211.5%	-	-	-	-	-	-	-	10789.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	301.3%	282.1%	456.8%	1240.3%	-	-	-	-	-	-	-	10594.8%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Sale of oil and natural gas, as well as lease bonus and other income that is derived from our oil	592
Gain (loss) on commodity derivative instruments		-121	-146	46	-5
Lease bonus and other income		13	14	9	30
Natural gas and natural gas liquids sales		435	256	139	199
Oil and condensate sales		336	236	149	264
Total	592	664	359	343	488

Price Behavior

Price Behavior

Market Price	$13.15
Market Cap ($ Bil)	2.8
First Trading Date	05/01/2015
Distance from 52W High	-7.8%
	50 Days	200 Days
DMA Price	$12.60	$12.91
DMA Trend	down	indeterminate
Distance from DMA	4.4%	1.8%
	3M	1YR
Volatility	21.4%	23.8%
Downside Capture	-21.73	40.08
Upside Capture	20.02	38.06
Correlation (SPY)	14.0%	50.9%

BSM Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-0.04	0.25	0.22	0.22	0.57	0.59
Up Beta	0.09	0.09	0.13	0.41	0.73	0.65
Down Beta	-0.13	0.71	0.72	0.26	0.67	0.69
Up Capture	-8%	19%	30%	12%	19%	15%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	2	14	25	57	118	386
Down Capture	-5%	5%	-23%	13%	51%	80%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	2	12	22	51	108	335

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of BSM With Other Asset Classes (Last 1Y)
	BSM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	3.5%	5.5%	14.7%	67.3%	6.8%	-0.5%	-16.6%
Annualized Volatility	23.6%	24.6%	19.7%	19.3%	15.2%	17.6%	35.4%
Sharpe Ratio	0.08	0.17	0.57	2.54	0.23	-0.18	-0.25
Correlation With Other Assets		71.2%	52.3%	8.9%	56.4%	45.3%	31.5%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of BSM With Other Asset Classes (Last 5Y)
	BSM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	25.6%	22.0%	15.0%	18.9%	11.8%	5.1%	35.8%
Annualized Volatility	28.1%	26.7%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.83	0.75	0.71	0.98	0.51	0.18	0.63
Correlation With Other Assets		63.8%	34.9%	10.2%	47.7%	26.0%	15.0%

Based On 10-Year Data

		Comparison of BSM With Other Asset Classes (Last 10Y)
	BSM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.5%	8.1%	14.9%	14.9%	6.7%	5.5%	69.9%
Annualized Volatility	32.6%	29.8%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.33	0.32	0.71	0.84	0.30	0.23	0.90
Correlation With Other Assets		58.4%	35.7%	4.6%	42.3%	30.2%	9.2%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	3,225,574
Short Interest: % Change Since 11152025	-2.3%
Average Daily Volume	372,321
Days-to-Cover Short Interest	8.66
Basic Shares Quantity	211,852,000
Short % of Basic Shares	1.5%

Returns Analyses

null

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/4/2025	0.0%	-1.4%	-1.4%
8/5/2025	-0.2%	-0.6%	-2.3%
5/6/2025	-2.7%	2.3%	-0.5%
2/25/2025	0.3%	-3.9%	1.6%
11/5/2024	1.4%	3.5%	3.7%
8/6/2024	-0.8%	0.9%	0.4%
5/7/2024	0.1%	-3.1%	-1.1%
2/20/2024	-2.0%	1.7%	3.7%
...
SUMMARY STATS
# Positive	11	13	13
# Negative	12	10	10
Median Positive	1.2%	3.2%	3.7%
Median Negative	-0.8%	-2.1%	-3.7%
Max Positive	6.3%	21.0%	28.8%
Max Negative	-3.4%	-4.1%	-48.9%

	Forward Returns
11/4/2025	0.0%	-1.4%	-1.4%
8/5/2025	-0.2%	-0.6%	-2.3%
5/6/2025	-2.7%	2.3%	-0.5%
2/25/2025	0.3%	-3.9%	1.6%
11/5/2024	1.4%	3.5%	3.7%
8/6/2024	-0.8%	0.9%	0.4%
5/7/2024	0.1%	-3.1%	-1.1%
2/20/2024	-2.0%	1.7%	3.7%
10/31/2023	0.5%	-0.2%	0.1%
8/1/2023	-0.6%	3.2%	1.7%
2/22/2023	-0.9%	0.1%	-6.2%
11/1/2022	1.2%	5.4%	0.6%
8/2/2022	-1.1%	-3.1%	6.9%
5/3/2022	2.1%	-4.1%	9.2%
2/22/2022	0.5%	4.2%	9.7%
11/2/2021	-0.2%	-1.5%	-9.4%
8/3/2021	-2.5%	0.7%	-1.3%
5/4/2021	2.4%	3.8%	0.3%
2/23/2021	6.3%	-0.8%	-5.9%
11/3/2020	4.3%	21.0%	22.7%
8/4/2020	-0.3%	1.1%	-5.0%
5/5/2020	-0.3%	8.3%	28.8%
2/25/2020	-3.4%	-2.8%	-48.9%
SUMMARY STATS
# Positive	11	13	13
# Negative	12	10	10
Median Positive	1.2%	3.2%	3.7%
Median Negative	-0.8%	-2.1%	-3.7%
Max Positive	6.3%	21.0%	28.8%
Max Negative	-3.4%	-4.1%	-48.9%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	2252025	10-K 12/31/2024
9302024	11052024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2202024	10-K 12/31/2023
9302023	10312023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	11012022	10-Q 9/30/2022
6302022	8022022	10-Q 6/30/2022
3312022	5032022	10-Q 3/31/2022
12312021	2222022	10-K 12/31/2021

Insider Activity

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Black Stone Minerals (BSM)

Market Price (12/23/2025): $13.5 | Market Cap: $2.9 BilSector: Energy | Industry: Oil & Gas Exploration & Production

Black Stone Minerals (BSM)

Market Price (12/23/2025): $13.5Market Cap: $2.9 BilSector: EnergyIndustry: Oil & Gas Exploration & Production

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

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BSM Stock

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Market Price (12/23/2025): $13.5 | Market Cap: $2.9 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Market Price (12/23/2025): $13.5
Market Cap: $2.9 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production