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The latest update is out from Black Stone Minerals ( (BSM) ).
On February 23, 2026, Black Stone Minerals reported fourth-quarter 2025 mineral and royalty production of 30.9 MBoe/d and total production of 32.1 MBoe/d, alongside quarterly net income of $72.2 million and Adjusted EBITDA of $76.7 million. The Partnership declared a $0.30 per common unit distribution for the quarter, ended 2025 with $154 million of debt against a $580 million borrowing base, and maintained distribution coverage of 1.05x.
For full-year 2025, mineral and royalty volumes averaged 33.3 MBoe/d, down 9% from 2024, while net income reached $299.9 million and Adjusted EBITDA totaled $337.4 million, supporting cash distributions of $1.28 per common unit. Black Stone acquired $114.5 million of mineral and royalty interests and expanded its Haynesville footprint through new development agreements with Revenant Energy and Caturus Energy, which add minimum drilling commitments from 8 wells in 2026, ramping to 37 by 2031.
Management highlighted that 2025 production declines were anticipated due to reduced Shelby Trough activity since late 2023, but noted volumes finished at the high end of guidance and positioned the Partnership for a pivotal 2026. With Aethon planning 18 wells in 2026 and Revenant and Caturus expected to exceed minimum obligations over time, Black Stone anticipates a significant production rebound, underpinning long-term growth in output and cash distributions while preserving balance sheet discipline and ongoing grassroots mineral acquisitions.
The most recent analyst rating on (BSM) stock is a Buy with a $17.00 price target. To see the full list of analyst forecasts on Black Stone Minerals stock, see the BSM Stock Forecast page.
Spark’s Take on BSM Stock
According to Spark, TipRanks’ AI Analyst, BSM is a Outperform.
BSM scores well primarily due to strong financial quality (high margins, low leverage, and robust free cash flow) and supportive valuation (moderate P/E with a very high dividend yield). The score is held back by weak near-term technical momentum (below key moving averages with negative MACD) and cyclical/gas-differential risks noted on the earnings call despite a generally constructive outlook.
To see Spark’s full report on BSM stock, click here.
More about Black Stone Minerals
Black Stone Minerals, L.P., listed on the NYSE under ticker BSM, is a Houston-based partnership focused on owning and managing oil and natural gas mineral and royalty interests across U.S. basins. The Partnership generates revenue primarily from production on its mineral acreage and from leasing activity, with a significant exposure to natural gas, particularly in the Haynesville and Shelby Trough regions.
The company has also pursued a strategic mineral acquisition program and structured development agreements with operators to drive long-term production and cash flow growth. Its portfolio includes high-interest positions in areas such as the Permian and southern Delaware Basin, where it seeks to align with active operators to enhance drilling activity and support distribution growth for unitholders.
Average Trading Volume: 399,247
Technical Sentiment Signal: Buy
Current Market Cap: $3.14B
For detailed information about BSM stock, go to TipRanks’ Stock Analysis page.