Black Stone Minerals Reports Q3 2026 Production Growth and Increased Distributions
Black Stone Minerals (BSM) reported strong third-quarter 2026 financial results, characterized by a sequential increase in mineral and royalty production to 34.5 MBoe/d. This growth was primarily driven by higher natural gas volumes in the Haynesville/Bossier region and increased oil volumes within the Permian Basin. Despite a non-cash unrealized derivative loss of $29.8 million, the company achieved an Adjusted EBITDA of $104.1 million. The company's distributable cash flow reached $93.0 million, allowing for a common unit distribution of $0.35 per unit—a 9% increase from the previous quarter. Management highlighted ongoing expansion through acquisition activity, including the expansion of the Caturus agreement and investments in the Shelby Trough area, as key drivers for long-term production scaling.