Black Stone Minerals, L.P. Q3 2026 Earnings Recap

Blackstone Minerals’ results were mixed but broadly steady: the stock rose 1.0% after earnings. Production and cash flow increased from the prior quarter, while management emphasized that future growth depends on development programs progressing and said it continues to monitor commodity conditions and operator activity.

Key Takeaways

• Mineral and royalty production averaged 34.5 MBE/day, up 6% from the second quarter; total production averaged 35.6 MMBoe/day.
• Net income was approximately $52 million, including a noncash unrealized derivative loss of about $30 million. Adjusted EBITDA was $104 million and distributable cash flow was $93 million.
• The company declared a quarterly distribution of $0.35 per unit, or $1.40 annualized, with 1.25x coverage.
• Caturus, Adamas and Revenant agreements now cover approximately 1.4 million gross acres. Caturus has spud its first two development wells under the original agreement, with production expected in the first half of 2027.
• Management expects Shelby Trough development programs to support higher natural gas production and cash flow, but also said it is monitoring commodity conditions and their potential effect on operator activity and production outlook.