Black Stone Minerals had a successful 2025 despite production and oil price challenges. They signed development agreements with Aethon Energy and Catena Resources, adding approximately 500,000 gross acres into development with significant drilling commitments. Aethon brought new wells online in the Shelby Trough, with more wells planned throughout 2026.

The company is expanding opportunities in the Haynesville expansion area and has entered into a Letter of Intent with a reputable operator in the Gulf Coast region. Since 2023, they have invested $240 million in mineral and royalty acreage acquisitions. Their focus remains on increasing production and driving value for unitholders.

Black Stone Minerals expects growth in production in 2026, starting flat but increasing throughout the year. They anticipate significant increases in natural gas production and distributions to unitholders. The company has strong hedges in place for natural gas, supporting their ability to fund distributions and grow throughout the year.

The company is conducting substantial 3D seismic surveys in the Shelby Trough and Haynesville expansion area to enhance subsurface evaluation and accelerate development. The seismic costs are primarily incurred in 2026 with completion targeted for early 2027. Black Stone Minerals is confident in the potential of their acreage and commercial strategy to deliver long-term value.

Read more at Yahoo Finance: Black Stone Minerals (BSM) Earnings Transcript