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Black Stone Minerals (BSM)
NYSE:BSM
Earnings Data
Report Date
May 04, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.29Last Year’s EPS
0.04Same Quarter Last Year
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a constructive long-term growth story driven by large development agreements, meaningful acreage acquisitions (~$240M since 2023), proprietary seismic investment covering ~360,000 acres, and maintained distributions supported by hedges. Near-term challenges include an 11% QoQ decline in mineral & royalty production, significant seismic expense accruing in 2026, modest distributable cash flow coverage (1.05x), and commodity price uncertainty (Henry Hub strip < $3.50 for much of the year). Management emphasized confidence in funding the $0.30 distribution and a material production ramp through 2026 as contracted wells come online, implying that the positives (contracted development, inventory, and financial results) outweigh the near-term headwinds.Company Guidance
Large-Scale Development Agreements
Signed development agreements with Revenant Energy and Caturus Energy placing ~500,000 gross acres into development with minimum drilling commitments ramping to 37 gross wells/year by 2031; including Aethon, total commitments of ~50 gross wells over the same period. Management expects Revenant to exceed its 6-well minimum and Caturus to drill initial and pilot wells in 2026.
Near-Term Production Additions from Aethon
Aethon brought several new wells online in the Shelby Trough producing ~25–30 MMcf/day, with another 5 wells expected online in Q1 and an additional ~18 wells expected to be drilled through 2026, supporting a material step-up in 2026 volumes.
Strong Financial Results and Maintained Distribution
Q4 net income of $72.2 million and adjusted EBITDA of $76.7 million. Distributable cash flow for the quarter was $66.8 million, providing 1.05x coverage, and the partnership declared a $0.30/unit quarterly distribution ($1.20 annualized).
Production Position and 2026 Cadence
Ended 2025 / began 2026 at ~32,000 BOE/day (total Q4 production reported at 32,100 BOE/day). Management expects production to be roughly flat year-over-year but to grow materially from Q4 2025 to Q4 2026 as contracted development ramps.
Strategic Acquisitions and Inventory Build
Since launching the acquisition program in 2023, the company has invested ~ $240 million to add accretive mineral and royalty acreage across the Shelby Trough and Haynesville expansion area, enhancing future development inventory and scale.
Proprietary Seismic Investment to Accelerate Development
Initiating two substantial 3D seismic surveys covering ~360,000 gross acres in the Shelby Trough and Haynesville expansion (proprietary data). Management expects this to enhance subsurface evaluation, accelerate development, and potentially generate licensing revenue over time.
Revenue Mix and Hedging
51% of oil & gas revenue in the quarter came from oil and condensate, and management notes strong natural gas hedges in place for 2026 to help support cash flow and distributions amid commodity price volatility.
BSM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
BSM Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 23, 2026 | $14.86 | $15.23 | +2.49% |
Nov 03, 2025 | $12.55 | $12.78 | +1.83% |
Aug 01, 2025 | $11.75 | $11.79 | +0.31% |
May 05, 2025 | $12.97 | $12.75 | -1.68% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Black Stone Minerals (BSM) report earnings?
Black Stone Minerals (BSM) is schdueled to report earning on May 04, 2026, After Close (Confirmed).
What is Black Stone Minerals (BSM) earnings time?
Black Stone Minerals (BSM) earnings time is at May 04, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BSM EPS forecast?
BSM EPS forecast for the fiscal quarter 2026 (Q1) is 0.29.