BSM News & Events

Reports Q4 revenue $118.7M vs. $83.7M last year. "Over the course of 2025, the Black Stone team executed across all commercial initiatives, advancing Black Stone's long-term growth," said Fowler Carter, Co-CEO and President. "We signed multiple development agreements covering 490,000 gross acres and have deployed $239.5 million through our acquisition program since September 2023 to build the Haynesville expansion asset, which extends around the Shelby Trough and towards the Western Haynesville. Across our other assets we had a strong leasing program in 2025, primarily focused in the Permian, and we anticipate another significant, high-interest development in the southern Delaware Basin in addition to the ongoing Coterra activity in Culberson County. In the Haynesville expansion area, we are looking forward to Revenant and Caturus initiating their development programs in 2026, where we expect Revenant will outperform its minimum obligation and Caturus will drill multiple wells, including a pilot well stepping further west towards Houston County. Aethon is also planning to drill 18 wells throughout 2026. In addition to these development programs, we are building new opportunities to further expand our asset base and add new development agreements in the Shelby Trough and Haynesville expansion area to further increase long-term growth for our unitholders."

Reports Q3 revenue $132.47M, consensus $103.99M. Carin Barth, BSM's lead director, remarked, "On behalf of the Board of Directors, I am excited to announce these promotions with full confidence in the continued stewardship of Black Stone and our strategy to focus on organic growth and to maintain financial discipline for the benefit of our unitholders. We are incredibly grateful to Tom for his visionary and steadfast leadership since Black Stone's founding and look forward to his continued guidance in his role as Executive Chairman. Fowler's and Taylor's complementary skill sets in the co-CEO role will undoubtedly provide unified leadership for BSM to maintain its strong track record as a leader in the oil and gas minerals industry. Finally, we are excited to appoint Chris to CFO, where Black Stone will continue to benefit from his leadership and commitment to excellence."