Black Stone Minerals LP (NYSE: BSM) is an oil and natural gas minerals and royalties company that owns mineral interests and non-participating royalty interests in oil and natural gas properties across the United States. It makes money by collecting royalty payments and lease bonus payments from operators who drill and produce hydrocarbons on its acreage, without bearing the capital costs of drilling or production operations itself. As a non-operator, BSM receives revenue tied to commodity prices and production volumes on its acreage rather than deploying drilling capital. The partnership is structured as a master limited partnership (MLP), headquartered in Houston, Texas, and files annually with the SEC as a well-known seasoned issuer. The filing is a 10-K for the fiscal year ended December 31, 2025, filed February 24, 2026.

Revenue model

Royalty and mineral interest income: BSM collects royalty payments from operators producing oil and natural gas on its mineral acreage, plus lease bonus payments when acreage is leased for drilling. Delay rental payments are also received when lessees defer drilling obligations. As a non-operator, BSM bears no drilling or production capital costs.

Products and services

Mineral interests in oil and natural gas properties; non-participating royalty interests; leasing of mineral acreage to operators; royalty income from oil and natural gas production.

Customers and end markets

Oil and natural gas operators who lease BSM mineral acreage and pay royalties on production. End markets are crude oil and natural gas commodity markets.

Value-chain role

Upstream mineral rights owner and royalty interest holder. Non-operator position in the oil and gas value chain: owns the mineral estate, leases to operators, and collects royalties without participating in drilling or production operations.

Geographic exposure

United States oil and natural gas basins. Specific basin breakdown not supported by the filing excerpts provided.

Source: SEC 10-K, filed 2026-02-24

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