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.

• 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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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.

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

1. 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.
2. 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.
3. 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.

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.

1. 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.
2. 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.
3. 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.
4. 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.

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.