Key Highlights

  • BSM's third-quarter 2026 profit was $52.4 million, down from $91.7 million a year ago.
  • Adjusted EBITDA reached $104.1 million, versus $88.1 million, while distributable Cash Flow hit $93.0 million compared with $78.6 million.
  • The quarter's payout is $0.35 per common unit, 9% above the previous quarter, with coverage at 1.25x.
  • Mineral and Royalty output averaged 34.5 MBoe/d, a 6% gain on the second quarter.
  • Borrowings were $195.0 million as of Sep 30, 2026, while the Facility base remained $580.0 million.

Per-Unit Payout Reaches $0.35 Backed by Higher Distributable Cash Flow

Black Stone Minerals (NYSE:BSM) reported its quarterly figures on Nov 2, 2026, for the period ended Sep 30, 2026. The board set the common unit distribution at $0.35, equal to $1.40 on an annualized basis, which is 9% over the prior quarter and 17% above the $0.30 paid in the first quarter. Holders of record on Nov 6, 2026 will receive it, with the Nov 13, 2026 payment date.

Distributable cash flow totaled $93.0 million, equal to $0.437 per unit, up 18.4% (calculated) from $78.6 million a year earlier. Adjusted EBITDA came in at $104.1 million against $88.1 million, an 18.1% gain (calculated). Black Stone ranks among the largest owners and managers of U.S. oil and Natural Gas mineral interests, spread across 41 states.

Commodity Derivative Charges Pull Profit Lower Despite a 22.5% Revenue Gain

Per-unit Net Income was $0.21 ($52.4 million in total), down from $0.40 ($91.7 million) a year earlier and from Q2's $106.4 million. Commodity Derivatives produced a $30.2 million loss: $29.8 million unrealized and non-cash, plus $0.4 million in realized settlements. Twelve months prior, the Partnership had a $27.3 million gain on derivatives.

Oil and gas receipts reached $122.7 million, against $100.2 million a year earlier, a 22.5% gain (calculated), and above the $115.4 million posted in Q2. Pre-derivative realized pricing averaged $37.44 per Boe, up from $30.01, while crude realized $86.95 a barrel, against $62.60. Overhead (G&A) moved up to $16.5 million, from $12.3 million, while interest costs reached $3.9 million, compared with $2.4 million.

Amended Shelby Trough Pact Adds 730,000 Acres and Two New Development Areas

Mineral and royalty output averaged 34.5 MBoe/d, of which 73% was natural gas. That is up from the prior quarter's 32.5 MBoe/d, though slightly below the 34.7 MBoe/d recorded twelve months ago. When working-interest barrels are counted, the total came to 35.6 MBoe/d, down from 36.3 MBoe/d. The company revised a current development contract in October 2026, extending it by 730,000 gross acres along with two more development areas that each begin with a pilot.

Other programs continue: one operator runs two rigs on Black Stone acreage, while another drills to satisfy a four-well 2026 obligation. Black Stone put $14.6 million into mineral and royalty interests during the quarter, and October outlays included $30.6 million in cash and $2.1 million in partnership units. Since September 2023, purchases have totaled $335.5 million.

Credit Line Capacity Stays at $580 Million Ahead of the April 2027 Review

Total borrowings reached $195.0 million through Sep 30, 2026, rising to $197.0 million by Oct 30, 2026, while the company held $5.4 million in cash and remained in covenant compliance. The borrowing base remains $580.0 million, and commitments sit at $375.0 million; the base will be revisited in April 2027. Hedge coverage runs from 2026 to 2028, with Q4 2026 gas swaps among them, covering 12,880 BBtu priced at $3.73 per MMBtu. Management will address the quarter on a call scheduled for Nov 3, 2026.