Black Stone Minerals, L.P. (BSM)
Black Stone Minerals, L.P. and its subsidiaries are primarily engaged in the ownership and active management of oil and natural gas mineral interests. The company possesses an extensive portfolio, encompassing approximately 16.8 million gross acres of mineral interests, 1.8 million gross acres of nonparticipating royalty interests, and 1.7 million gross acres of overriding royalty interests, distributed across 41 states within the United States. As of December 31, 2021, Black Stone Minerals reported estimated total proved oil and natural gas reserves equivalent to 59,824 barrels. This entity, founded in 1876, is headquartered in Houston, Texas.
Sector: Crude Petroleum & Natural Gas
Industry: Oil & Gas Exploration & Production
Black Stone Minerals, L.P.
NYSE:BSMEnergy · Oil & Gas Exploration & Production
+1.77%$14.97
AH Close$14.97+0.00%vs close
AH Close$14.97+0.00%vs close
Mkt Cap$3.18B
Float198.14M
O/S212.71M
Inst Own21.1%
SI1.4%
Div Yield8.15%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$422.33M
Net Income$299.93M
Total Assets$1.34B
Free Cash Flow$298.41M
Debt & Equity
Debt 10%
Equity 71%
Preferred 19%
Total Debt$154M
Total Equity$1.13B
Preferred Stock$300.48M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in BSM's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$1.34B
Liabilities$207.1M
Accounts Receivable$65.57M
Accounts Payable$2.82M
Inventory$0
PP&E (Net)$1.13M
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Revenue | $422.33M | $439.43M | $501.1M | $784.28M | $505.73M | $296.64M | $492.78M | $609.57M | $429.66M | $260.83M | $392.92M | $548.32M | $463.56M | $368.95M |
| YoY Growth | -3.9% | -12.3% | -36.1% | 55.1% | 70.5% | -39.8% | -19.2% | 41.9% | 64.7% | -33.6% | -28.3% | 18.3% | 25.6% | - |
| Cost of Revenue | $106.06M | $104.48M | $114.05M | $126.42M | $123.88M | $139.51M | $187.78M | $205.43M | $179.29M | $156.71M | $161.65M | $184.82M | $166.4M | $57.21M |
| Gross Profit | $316.27M | $334.95M | $387.05M | $657.87M | $381.85M | $157.13M | $304.99M | $404.14M | $250.37M | $104.13M | $231.28M | $363.5M | $297.16M | $311.75M |
| Gross Margin | 74.9% | 76.2% | 77.2% | 83.9% | 75.5% | 53.0% | 61.9% | 66.3% | 58.3% | 39.9% | 58.9% | 66.3% | 64.1% | 84.5% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $55.46M | $52.08M | $51.45M | $53.65M | $48.75M | $42.98M | $63.35M | $76.71M | $77.57M | $73.14M | $77.17M | $62.77M | $59.5M | $50.35M |
| Other | $0 | $9.76M | -$88M | $121.72M | $145.78M | -$17.96M | $6.47M | -$2.25M | $714K | -$390K | $910K | $959K | $407K | $0 |
| Total Operating Expenses | $55.46M | $61.84M | -$36.55M | $175.37M | $194.53M | $25.02M | $69.82M | $85.76M | $79.22M | $74.68M | $82.44M | $63.83M | $60.26M | $150.98M |
| Operating Income (EBIT) | $260.81M | $273.11M | $423.6M | $482.5M | $187.32M | $132.11M | $235.17M | $318.38M | $172.08M | $27.47M | -$95.86M | $181.71M | $179.81M | $159.94M |
| Operating Margin | 61.8% | 62.2% | 84.5% | 61.5% | 37.0% | 44.5% | 47.7% | 52.2% | 40.1% | 10.5% | -24.4% | 33.1% | 38.8% | 43.3% |
| Interest Expense | $8.93M | $3.11M | $2.75M | $6.29M | $5.64M | $10.41M | $21.43M | $20.76M | $15.69M | $7.55M | $6.42M | $13.51M | $11.34M | $0 |
| Interest Income | $237K | $1.67M | $1.87M | $53K | $1K | $35K | $159K | $183K | $49K | $656K | $58K | $28K | $90K | $8.96M |
| Other Income (Expense) | $39.13M | -$1.78M | -$1.05M | -$6.02M | -$5.34M | -$10.29M | -$20.8M | -$22.82M | -$14.93M | -$7.28M | -$5.45M | -$12.52M | -$10.85M | -$8.13M |
| Income Before Tax (EBT) | $299.93M | $271.33M | $422.55M | $476.48M | $181.99M | $121.82M | $214.37M | $295.56M | $157.15M | $20.19M | -$101.31M | $169.19M | $168.96M | $151.81M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$2.06M | $0 | $0 | $0 | $0 | $0 | $60.09M |
| Net Income | $299.93M | $271.33M | $422.55M | $476.48M | $181.99M | $121.82M | $214.37M | $295.54M | $157.19M | $20.2M | -$100.05M | $170.35M | $168.59M | $91.72M |
| Net Income Margin | 71.0% | 61.7% | 84.3% | 60.8% | 36.0% | 41.1% | 43.5% | 48.5% | 36.6% | 7.7% | -25.5% | 31.1% | 36.4% | 24.9% |
| Supplementary Data | ||||||||||||||
| EPS | 1.28 | 1.15 | 1.91 | 2.18 | 0.77 | 0.49 | 1.01 | 1.36 | 1.01 | 0.26 | -0.53 | 0.81 | 0.89 | 0.04 |
| Diluted EPS | 1.28 | 1.15 | 1.88 | 2.12 | 0.77 | 0.49 | 1.01 | 1.36 | 1.01 | 0.26 | -0.53 | 0.81 | 0.89 | 0.04 |
| Weighted Average OS | 211.67M | 210.68M | 209.97M | 209.38M | 208.18M | 206.71M | 205.97M | 217.61M | 192.55M | 191.21M | 191.24M | 187.01M | 190.27M | 2.15B |
| EBITDA | $345.75M | $319.63M | $470.99M | $530.57M | $248.64M | $214.25M | $345.39M | $438.97M | $287.38M | $130.22M | $8.44M | $294.66M | $282.75M | $327.59M |
| EBITDA Margin | 81.9% | 72.7% | 94.0% | 67.7% | 49.2% | 72.2% | 70.1% | 72.0% | 66.9% | 49.9% | 2.1% | 53.7% | 61.0% | 88.8% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $1.48M | $2.52M | $70.28M | $4.31M | $8.88M | $1.8M | $8.12M | $5.41M | $5.64M | $9.77M | $13.23M | $14.8M | $30.12M | $47.3M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $1.48M | $2.52M | $70.28M | $4.31M | $8.88M | $1.8M | $8.12M | $5.41M | $5.64M | $9.77M | $13.23M | $14.8M | $30.12M | $47.3M |
| Accounts Receivable | $65.57M | $71.09M | $82.25M | $135.7M | $97.14M | $61.91M | $78.21M | $113.15M | $80.69M | $68.18M | $41.25M | $74.09M | $91.09M | $68.87M |
| Inventory | $0 | $0 | $0 | $31.47M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.51M | $0 | $0 |
| Other Current Assets | $28.59M | $4.93M | $40.59M | $1.91M | $0 | $1.15M | $14.79M | $37.97M | $94K | $0 | $48.26M | $34.96M | $138K | $8.47M |
| Total Current Assets | $95.64M | $78.54M | $193.13M | $173.38M | $107.97M | $66.52M | $102.29M | $157.53M | $87.64M | $78.99M | $103.59M | $137.42M | $125.76M | $124.64M |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $1.13M | $1.13B | $1.07B | $1.09B | $1.13B | $1.17B | $1.43B | $1.58B | $1.48B | $1.04B | $938.59M | $1.19B | $1.32B | $1.07B |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $4.13M | $0 | $372K | $728K | $0 | $0 | $608K | $10.07M | $363K | $0 | $16.27M | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $1.23B | $6.32M | $7.88M | $8.73M | $6.61M | $5.32M | $8.08M | $6.64M | $7.12M | $5.17M | $2.97M | $2.53M | $3.62M | -$1.07B |
| Total Long-Term Assets | $1.24B | $1.14B | $1.07B | $1.1B | $1.14B | $1.18B | $1.44B | $1.59B | $1.49B | $1.05B | $957.84M | $1.19B | $1.32B | $1.07B |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.37M |
| Total Assets | $1.34B | $1.22B | $1.27B | $1.27B | $1.25B | $1.24B | $1.55B | $1.75B | $1.58B | $1.13B | $1.06B | $1.33B | $1.44B | $1.2B |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $2.82M | $5.95M | $6.27M | $6.77M | $5.94M | $3.41M | $5.31M | $4.15M | $2.46M | $4.14M | $5.04M | $5.43M | $30.72M | $34.2M |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $6.5M | $6.38M | $7.43M | $5.7M | $8.43M | $8.13M | $5.82M | $4.09M | $3.17M | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $518K | $3.26M | $0 | $0 | $0 |
| Other Current Liabilities | $13.98M | $16.12M | $5.15M | $4.39M | $54.46M | $20.97M | $3.81M | $33.47M | $33.35M | $33.49M | $17M | $52.91M | $53.88M | $98.82M |
| Total Current Liabilities | $24.62M | $30.42M | $25.84M | $30.73M | $77.14M | $39.95M | $29.8M | $64.77M | $59.73M | $71.33M | $63.04M | $98.57M | $97.81M | $133.02M |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $154M | $25M | $0 | $10M | $89M | $121M | $394M | $410M | $388M | $316M | $66M | $394M | $451M | $344M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $518K | $3.26M | $3.92M | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $28.48M | $34.04M | $23.7M | $20.54M | $18.15M | $24.06M | $24.6M | $72.73M | $38.17M | $15.32M | $18.49M | $15.91M | $17.81M | -$344M |
| Total Long-Term Liabilities | $182.47M | $59.04M | $23.7M | $30.54M | $107.15M | $145.06M | $418.6M | $482.73M | $426.17M | $331.83M | $87.74M | $413.83M | $468.81M | $344M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $234.13M |
| Total Liabilities | $207.1M | $89.47M | $49.54M | $61.27M | $184.29M | $185.01M | $448.4M | $547.5M | $485.91M | $403.17M | $150.78M | $512.4M | $566.62M | $711.14M |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $300.48M | $300.48M | $299.14M | $298.36M | $298.36M | $298.36M | $298.36M | $298.36M | $322.42M | $54.02M | $79.16M | $161.16M | $161.39M | $161.38M |
| Common Stock | $827.98M | $828.96M | $918.21M | $911.45M | $765.27M | $760.61M | $798.44M | $714.82M | $603.12M | $489.02M | $574.65M | $653.22M | $712.31M | $0 |
| Retained Earnings | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$904.26M | -$768.12M | $0 | $0 | $0 | $0 | $0 |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $189.44M | $164.14M | $181.6M | $255.7M | $0 | $0 | $0 |
| Other Stockholders' Equity | $297.24M | $300.48M | $299.14M | $298.36M | $298.36M | $298.36M | $298.36M | $1.39B | $1.25B | $235.62M | $334.86M | $161.16M | $161.39M | $160.22M |
| Total Equity | $1.13B | $1.13B | $1.22B | $1.21B | $1.06B | $1.06B | $1.1B | $1.2B | $1.09B | $724.64M | $909.51M | $814.38M | $873.71M | $160.22M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $867K | $1.02M | $1.14M | $2.62M | $4.09M | $327.82M |
| Total Liabilities and Equity | $1.33B | $1.22B | $1.27B | $1.27B | $1.25B | $1.24B | $1.55B | $1.75B | $1.58B | $1.13B | $1.06B | $1.33B | $1.44B | $871.37M |
| Supplementary Data | ||||||||||||||
| Total Debt | $154M | $25M | $0 | $10M | $89M | $121M | $394M | $410M | $388M | $316M | $66M | $394M | $451M | $0 |
| Net Debt | $152.52M | $22.48M | -$70.28M | $5.69M | $80.12M | $119.2M | $385.88M | $404.59M | $382.36M | $306.23M | $52.77M | $379.2M | $420.88M | -$47.3M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Operating Activities | ||||||||||||||
| Net Income | $299.93M | $271.33M | $422.55M | $476.48M | $181.99M | $121.82M | $214.37M | $295.56M | $157.15M | $20.19M | -$101.31M | $169.19M | $168.96M | $107.47M |
| Depreciation & Amortization | $36.89M | $45.2M | $45.68M | $47.8M | $61.02M | $82.02M | $109.58M | $122.65M | $114.53M | $102.49M | $104.3M | $111.96M | $102.44M | $167.65M |
| Deferred Income Tax | $0 | $0 | $0 | $0 | -$61.02M | -$82.02M | $0 | -$14.83M | -$27.83M | $38.45M | $154.41M | $0 | $0 | $0 |
| Stock-Based Compensation | $9.62M | $8.56M | $10.83M | $17.39M | $12.22M | $3.73M | $20.48M | $30.13M | $33.04M | $43.14M | $18M | $11.34M | $6.78M | $7.25M |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | $5.54M | $11.24M | $53.05M | -$39.51M | -$34.86M | $16.49M | $35.04M | -$31.53M | -$6.08M | -$29.76M | $33.59M | $17.21M | -$15.05M | $13.54M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $339K | -$177K | -$180K | $95K | $453K | -$1.22M | $0 |
| Accounts Payable | -$286K | $1.04M | -$3.83M | $3.01M | $2.65M | -$5.93M | -$1.19M | $11.47M | -$3.58M | -$23.03M | $11.22M | $8M | -$7.08M | $0 |
| Other Working Capital | -$7.39M | -$789K | -$414K | $51K | -$289K | -$500K | -$167K | -$129K | -$2.09M | -$870K | -$660K | -$2.59M | -$33K | $0 |
| Total Working Capital Change | -$2.13M | $11.5M | $48.81M | -$36.45M | -$32.49M | $10.06M | $33.69M | -$19.85M | -$11.93M | -$53.84M | $44.24M | $23.08M | -$23.39M | $13.54M |
| Other Non-Cash Items | -$34.14M | $52.46M | -$6.62M | -$80.24M | $95.17M | $146.2M | $34.6M | -$28.29M | $16.89M | $46.23M | $65.09M | $80.56M | $65.96M | $82.88M |
| Net Cash from Operating | $310.17M | $389.04M | $521.25M | $424.98M | $256.88M | $281.81M | $412.72M | $385.38M | $281.85M | $196.66M | $284.74M | $396.13M | $320.76M | $358M |
| Investing Activities | ||||||||||||||
| Capital Expenditures | -$11.76M | -$4.21M | -$19.81M | -$12.56M | -$14.63M | -$4.82M | -$111.3M | -$297.33M | -$484.52M | -$221.74M | -$116.7M | -$120.58M | -$195.71M | -$200.02M |
| Acquisitions | -$117.98M | $0 | $0 | $11.35M | $318K | $156.06M | $0 | $131.82M | $30.27M | $198K | $25.7M | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $11.46M | -$108.02M | $73K | $0 | $0 | $0 | $62.68M | $133.53M | $30.27M | $198K | $25.7M | $19.47M | $74K | $1.05M |
| Net Cash from Investing | -$118.27M | -$112.24M | -$19.74M | -$1.22M | -$14.32M | $151.25M | -$48.62M | -$163.8M | -$454.25M | -$221.54M | -$91M | -$101.11M | -$195.63M | -$198.97M |
| Financing Activities | ||||||||||||||
| Debt Repaid | -$129M | -$25M | $10M | $79M | $32M | $273M | $16M | -$22M | -$72M | -$250M | $328M | $57M | -$87.9M | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $40.54M | $325.93M | $0 | $399.09M | $0 | $191.61M | $0 |
| Common Stock Repurchases | -$3.78M | -$4.45M | -$5.5M | -$2.99M | -$1.96M | -$5.04M | -$16.97M | -$12.69M | -$27.89M | -$45.9M | -$43.76M | -$5.2M | -$118.11M | -$9.05M |
| Dividends Paid | -$285.65M | -$336.93M | -$398.82M | -$322.4M | -$176.92M | -$140.34M | -$307.42M | -$250.12M | -$194.8M | -$175.94M | -$207.47M | -$224.93M | -$225.7M | -$238.57M |
| Other Financing Activities | -$3.04M | -$64K | -$216K | -$2.94M | -$3.6M | $0 | $0 | -$3.16M | -$276.96M | -$18.81M | $39.16M | -$7.49M | $129.33M | $100.4M |
| Net Cash from Financing | -$192.93M | -$344.57M | -$435.54M | -$428.34M | -$235.48M | -$439.38M | -$361.39M | -$221.8M | $168.27M | $21.43M | -$195.31M | -$310.33M | -$142.31M | -$138.17M |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$1.04M | -$67.76M | $65.97M | -$4.57M | $7.08M | -$6.32M | $2.71M | -$228K | -$4.13M | -$3.46M | -$1.57M | -$15.32M | -$17.18M | $20.86M |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $310.17M | $389.04M | $521.25M | $424.98M | $256.88M | $281.81M | $412.72M | $385.38M | $281.85M | $196.66M | $284.74M | $396.13M | $320.76M | $358M |
| Capital Expenditure | -$11.76M | -$4.21M | -$19.81M | -$12.56M | -$14.63M | -$4.82M | -$111.3M | -$297.33M | -$484.52M | -$221.74M | -$116.7M | -$120.58M | -$195.71M | -$200.02M |
| Free Cash Flow | $298.41M | $384.83M | $501.44M | $412.42M | $242.25M | $276.99M | $301.42M | $88.04M | -$202.67M | -$25.08M | $168.03M | $275.55M | $125.06M | $157.98M |
| Cash at Beginning | $2.52M | $70.28M | $4.31M | $8.88M | $1.8M | $8.12M | $5.41M | $5.64M | $9.77M | $13.23M | $14.8M | $30.12M | $47.3M | $26.45M |
| Cash at End | $1.48M | $2.52M | $70.28M | $4.31M | $8.88M | $1.8M | $8.12M | $5.41M | $5.64M | $9.77M | $13.23M | $14.8M | $30.12M | $47.3M |