7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 
      
                                               
      cash flows from operating activities
                                               
      net income
    91,729,000 120,028,000 15,948,000 46,346,000 92,731,000 68,322,000 63,927,000 147,647,000 62,067,000 78,392,000 134,443,000 183,219,000 168,475,000 131,788,000 -7,002,000 134,194,000 16,178,000 15,429,000 16,186,000 30,345,000 23,733,000 -8,371,000 76,112,000 40,017,000 70,247,000 95,087,000 9,017,000 164,138,000 60,775,000 28,690,000 41,957,000 19,360,000 22,036,000 54,174,000 61,583,000 -7,286,000 37,535,000 -20,810,000 10,749,000 -49,730,000 53,892,000 -122,766,000 17,299,000 
      adjustments to reconcile net income to net cash from operating activities:
                                               
      depreciation, depletion, and amortization
    9,900,000 9,187,000 9,130,000 10,943,000 11,258,000 11,356,000 11,639,000 11,748,000 12,367,000 10,421,000 11,147,000 12,786,000 12,208,000 11,893,000 10,917,000 14,666,000 14,925,000 15,796,000 15,632,000 19,820,000 19,823,000 19,193,000 23,182,000 24,651,000 27,375,000 29,725,000 27,833,000 34,518,000 29,273,000 30,292,000 28,570,000 30,051,000 29,204,000 28,900,000 26,379,000 22,833,000 28,731,000 29,202,000 21,721,000 20,884,000 23,288,000 32,235,000 27,891,000 
      accretion of asset retirement obligations
    344,000 337,000 332,000 336,000 324,000 321,000 317,000 293,000 254,000 250,000 245,000 245,000 209,000 205,000 202,000 210,000 273,000 298,000 292,000 295,000 286,000 278,000 272,000 288,000 275,000 277,000 277,000 283,000 278,000 273,000 269,000 266,000 260,000 253,000 247,000 212,000 206,000 200,000 274,000 270,000 265,000 269,000 271,000 
      amortization of deferred charges
    280,000 276,000 274,000 272,000 271,000 268,000 268,000 264,000 262,000 258,000 255,000 913,000 347,000 347,000 347,000 347,000 348,000 627,000 257,000 263,000 262,000 259,000 260,000 262,000 263,000 259,000 257,000 252,000 231,000 217,000 205,000 216,000 225,000 221,000 215,000 277,000 200,000 197,000 197,000 211,000 242,000 241,000 241,000 
      (gain) loss on commodity derivative instruments
    -27,287,000 -52,784,000 56,001,000 20,568,000 -31,675,000 5,547,000 11,290,000 -54,465,000 26,922,000 -11,303,000 -52,271,000 -31,415,000 4,726,000 27,349,000 120,020,000 -18,449,000 77,561,000 59,480,000 27,882,000 3,640,000 21,086,000 19,174,000 -90,011,000 17,249,000 -24,290,000 -29,187,000 41,183,000 -83,025,000 18,514,000 33,347,000 16,333,000 8,485,000 9,341,000 -22,003,000 -22,725,000 24,169,000 -7,812,000     18,627,000 -19,647,000 
      net cash (paid) received on settlement of commodity derivative instruments
    6,914,000 3,146,000 -3,611,000 8,734,000 10,864,000 11,819,000 13,797,000 17,065,000 24,189,000 28,184,000 13,285,000 -40,599,000 -68,871,000 -62,452,000 -31,244,000 -56,938,000 -34,140,000 -17,345,000 -4,523,000 14,555,000 21,288,000 36,552,000 8,954,000 9,542,000 13,646,000 2,931,000 1,743,000 -17,774,000 -9,796,000 -6,290,000 -4,375,000             
      equity-based compensation
    2,208,000 1,960,000 3,055,000 1,799,000 2,177,000 2,205,000 2,383,000 2,417,000 3,777,000 2,517,000 2,118,000 5,579,000 4,534,000 2,724,000 4,551,000 2,513,000 3,172,000 3,071,000 3,462,000 2,322,000 1,825,000 2,474,000 -2,894,000 3,578,000 3,867,000 3,816,000 9,223,000 5,187,000 9,597,000 9,124,000 6,226,000 14,430,000 7,675,000 6,278,000 4,661,000 10,018,000 7,981,000 19,239,000 5,900,000 4,948,000 5,690,000 6,119,000 1,243,000 
      changes in operating assets and liabilities:
                                               
      accrued revenue and accounts receivable
    15,686,000 -2,088,000 -6,860,000                                         
      prepaid expenses and other current assets
    2,600,000 -1,375,000 -4,248,000 -1,082,000 1,030,000 -517,000 -220,000 -340,000 641,000 -533,000 -182,000 332,000 220,000 -591,000 90,000 -454,000 613,000 -723,000 275,000 130,000 533,000 -336,000 -827,000 304,000 505,000 -435,000 -541,000 203,000 435,000 -168,000 -260,000 57,000 495,000 -644,000 -85,000 682,000 141,000 -807,000 -196,000 548,000 459,000 -547,000 -365,000 
      accounts payable, accrued liabilities, and other
    -2,559,000 1,848,000 -5,145,000 6,203,000 829,000 2,520,000 -8,510,000 4,608,000 1,648,000 3,250,000 -13,333,000 4,604,000 3,767,000 7,616,000 -12,975,000 6,198,000 1,701,000 2,094,000 -7,341,000 2,424,000 2,437,000 3,479,000 -14,269,000 3,981,000 2,233,000 1,117,000 -8,522,000 -7,041,000 15,689,000 3,391,000 -565,000             
      settlement of asset retirement obligations
    -59,000 -59,000 -41,000 -201,000 -292,000 -86,000 -282,000 -28,000 -13,000 -55,000 -140,000 -63,000 -51,000 -370,000 -67,000 -42,000 -27,000 -55,000 -105,000 -49,000 -83,000 -34,000 -53,000 -52,000 -29,000 -259,000 -40,000 -21,000 -51,000 -24,000 -33,000 -115,000 -24,000 -46,000 -43,000 -80,000 -110,000 -73,000 -54,000 -21,000 -17,000 -47,000 -58,000 
      net cash from operating activities
    99,756,000 80,476,000 64,835,000 90,956,000 93,242,000 100,385,000 104,460,000 134,116,000 116,710,000 133,270,000 137,155,000 156,433,000 108,411,000 77,563,000 82,576,000 73,454,000 57,847,000 69,893,000 55,686,000 60,395,000 63,445,000 86,519,000 71,450,000 106,410,000 105,334,000 110,802,000 90,174,000 95,659,000 113,393,000 99,852,000 76,474,000 70,186,000 72,502,000 75,210,000 63,954,000 55,097,000 58,015,000 57,638,000 25,906,000 67,570,000 73,081,000 69,725,000 74,359,000 
      capex
    -11,000 -108,000 -43,000 -1,111,000 -259,000 -16,000 -39,000 -92,000 -237,000 -99,000 -22,000 -438,000 -9,000 -10,000 -31,000 -354,000 -11,000 -61,000 -2,000 -6,000 -5,000 -8,000 -2,000 -36,000 -300,000 -116,000 -2,036,000 -6,000 -10,000 -5,000 -89,000 -3,000 -93,000 -420,000 -5,000 -85,000 -68,000 
      free cash flows
    99,745,000 80,368,000 64,792,000 89,845,000 92,983,000 100,369,000 104,421,000 134,024,000 116,473,000 133,171,000 137,133,000 155,995,000 108,402,000 77,553,000 82,545,000 73,100,000 57,836,000 69,832,000 55,684,000 60,389,000 63,440,000 86,511,000 71,448,000 106,374,000 105,034,000 110,686,000 88,138,000 95,653,000 113,383,000 99,852,000 76,469,000 70,097,000 72,502,000 75,207,000 63,861,000 54,677,000 58,015,000 57,638,000 25,901,000 67,485,000 73,013,000 69,725,000 74,359,000 
      cash flows from investing activities
                                               
      acquisitions of oil and natural gas properties
    -20,276,000 -27,731,000 -10,259,000 -45,213,000 -14,702,000 -26,512,000 -22,966,000 -13,673,000    -17,000    21,000   -28,000 -82,000 -2,293,000 -20,730,000 -19,946,000 -17,691,000 -50,321,000 -23,915,000 -32,154,000 -336,637,000 -22,529,000 -18,130,000 -48,371,000 -243,000 -4,553,000 -126,340,000 -10,000,000 -121,000 -52,583,000   
      additions to oil and natural gas properties
    -228,000 -197,000 -129,000 -102,000 -300,000 -103,000 -285,000 -493,000 -1,217,000 -571,000 -1,932,000 -83,000 -1,739,000 -6,414,000 -3,658,000 -94,000 -1,366,000 -2,415,000 -191,000 254,000 -77,000 -598,000 -3,548,000 -1,176,000 -13,485,000 -18,488,000 -31,633,000 -47,294,000 -46,001,000 -27,425,000 -46,250,000 -17,968,000 -6,777,000 -16,288,000 -17,615,000 -17,140,000 -26,329,000 -11,600,000 -25,110,000 -11,843,000 -9,582,000 -19,207,000 -13,612,000 
      additions to oil and natural gas properties leasehold costs
    -189,000 -1,584,000 -3,036,000 -1,583,000 -1,000 -1,086,000 -753,000 -536,000      -77,000 -21,000 -16,000   -47,000 -62,000 -637,000 -234,000 -1,624,000 -840,000 -3,275,000 -524,000             
      purchases of other property and equipment
    -11,000 -108,000 -43,000 -1,111,000 -259,000 -16,000 -39,000 -92,000 -237,000 -99,000 -22,000 -438,000 -9,000 -10,000 -31,000 -354,000 -11,000 -61,000 -2,000 -6,000 -5,000 -8,000 -2,000 -36,000 -300,000 -116,000 -2,036,000 -6,000 -10,000 -5,000 -89,000            
      proceeds from the sale of oil and natural gas properties
    400,000 2,716,000 79,000      1,000    351,000 150,247,000 1,266,000 624,000 230,000 318,000 2,000 619,000 7,135,000 503,000 752,000 4,348,000 4,621,000 140,000 1,993,000 21,000 144,000 33,000 25,273,000 26,000 406,000 
      net cash from investing activities
    -20,704,000 -29,620,000 -13,067,000 -48,009,000 -12,546,000 -27,717,000 -23,964,000 -14,794,000 -2,313,000 -679,000 -1,954,000 -538,000 -532,000 -49,000 -96,000 -426,000 -1,137,000 -12,540,000 -214,000 606,000 150,273,000 -1,024,000 1,391,000 210,000 -2,820,000 -21,634,000 -24,379,000 -20,079,000 -52,466,000 -31,093,000 -60,166,000 -337,767,000 -18,115,000 -34,281,000 -64,086,000 -17,782,000 -30,882,000 -137,796,000 -35,082,000 13,224,000 -62,207,000 -28,809,000 -13,206,000 
      cash flows from financing activities
                                               
      distributions to common unitholders
    -63,556,000 -79,363,000 -79,177,000 -79,010,000 -79,008,000 -79,014,000 -99,899,000 -99,746,000 -99,744,000 -99,734,000 -99,600,000  -87,949,000 -83,759,000 -56,462,000  -52,165,000 -36,321,000 -36,272,000                         
      distributions to series b cumulative convertible preferred unitholders
    -7,366,000 -7,367,000 -7,366,000 -7,367,000 -7,366,000 -7,367,000 -6,026,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000 -5,250,000               
      repurchases of common units
    -466,000 -3,289,000 -68,000 -4,381,000 -5,496,000  -2,991,000  -1,957,000  -6,000 -5,029,000                     
      borrowings under credit facility
    72,000,000 98,000,000 81,000,000 64,000,000 24,000,000 3,000,000 6,000,000 14,000,000 50,000,000 102,000,000 84,000,000 95,000,000 58,000,000 68,000,000 60,000,000 45,000,000 39,000,000 36,000,000 35,000,000 22,000,000 67,000,000 82,000,000 80,000,000 74,500,000 98,000,000 109,000,000 89,500,000 70,000,000 105,000,000             
      repayments under credit facility
    -76,000,000 -62,000,000 -43,000,000 -39,000,000 -24,000,000 -3,000,000 -6,000,000 -14,000,000 -60,000,000 -152,000,000 -110,000,000 -78,000,000 -78,000,000 -78,000,000 -57,000,000 -60,000,000 -49,000,000 -62,000,000 -211,000,000 -87,000,000 -73,000,000 -101,000,000 -103,000,000 -73,500,000 -73,000,000 -101,000,000 -108,500,000 -85,000,000 -57,000,000             
      debt issuance costs and other
    -15,000 -31,000 -31,000 -14,000 -28,000 -6,000 -16,000 -74,000 -39,000 -91,000 -12,000     -74,000           -488,000 1,000               
      net cash from financing activities
    -75,403,000 -50,761,000 -51,863,000 -61,391,000 -86,402,000 -86,455,000 -110,322,000 -105,070,000 -105,033,000 -105,075,000 -120,358,000 -152,426,000 -119,199,000 -72,009,000 -84,703,000 -67,416,000 -54,489,000 -60,099,000 -53,479,000 -62,262,000 -212,261,000 -86,935,000 -77,920,000 -100,467,000 -104,454,000 -89,509,000 -66,962,000 -74,607,000 -63,557,000 -67,985,000 -15,653,000 264,312,000 -52,963,000 -47,447,000 4,365,000 -32,391,000 -32,055,000 84,915,000 956,000 -73,131,000 -11,352,000 -43,236,000 -67,588,000 
      net change in cash, cash equivalents and restricted cash
                                               
      cash, cash equivalents and restricted cash – beginning of the period
                                               
      cash, cash equivalents and restricted cash – end of the period
                                               
      supplemental disclosure
                                               
      interest paid
    2,184,000 1,898,000 1,041,000 781,000 461,000 358,000 361,000 406,000 355,000 387,000 588,000 1,129,000 1,339,000 992,000 872,000 1,094,000 997,000 1,003,000 941,000 1,078,000 1,437,000 2,761,000 4,173,000 4,616,000 5,236,000 5,421,000 5,197,000 5,154,000 5,243,000 5,038,000 4,326,000 3,720,000 3,979,000 3,906,000 3,156,000 2,475,000 2,132,000 1,099,000 829,000 684,000 602,000 1,528,000 2,664,000 
      common units issued for property acquisitions
                                              
      net change in cash and cash equivalents
      -95,000 -18,444,000 -5,706,000 -13,787,000 -29,826,000 14,252,000 9,364,000 27,516,000 14,843,000 3,469,000 -11,320,000 5,505,000 -2,223,000 5,612,000 2,221,000 -2,746,000 1,993,000 -1,261,000 1,457,000 -1,440,000 -5,079,000 6,153,000 -1,940,000 -341,000 -1,167,000 973,000 -2,630,000 774,000 655,000 -3,269,000 1,424,000 -6,518,000 4,233,000 4,924,000 -4,922,000 4,757,000 -8,220,000 7,663,000 -478,000 -2,320,000 -6,435,000 
      cash and cash equivalents – beginning of the period
     2,519,000  70,282,000  4,307,000  8,876,000  1,796,000  8,119,000  5,414,000  5,642,000             
      cash and cash equivalents – end of the period
     95,000 2,424,000  -5,706,000 -13,787,000 40,456,000  9,364,000 27,516,000 19,150,000  -11,320,000 5,505,000 6,653,000  2,221,000 -2,746,000 3,789,000  1,457,000 -1,440,000 3,040,000  -1,940,000 -341,000 4,247,000  -2,630,000 774,000 6,297,000             
      (gain) loss on sale of assets
                          -1,000 -2,000 -7,000 -924,000         
      accounts receivable
       -2,962,000 5,725,000 -1,370,000 9,851,000 4,907,000 -15,331,000 21,889,000 41,588,000 20,832,000 -17,153,000 -40,929,000 -2,263,000 -8,790,000 -19,907,000 -8,779,000 2,620,000 -13,350,000 -3,700,000 13,851,000 19,693,000 6,590,000 11,242,000 7,472,000 9,740,000 -1,542,000 -12,074,000 -6,064,000 -11,851,000 -5,375,000 3,609,000 2,250,000 -6,568,000 -6,615,000 -16,559,000 -3,546,000 -3,039,000 11,101,000 2,604,000 -3,417,000 23,298,000 
      proceeds from farmouts of oil and natural gas properties
               1,380,000 6,358,000 3,593,000     23,000 108,000 364,000 3,703,000 927,000 13,090,000 18,019,000 29,468,000 45,917,000 37,571,000 23,019,000 18,015,000             
      cash and cash equivalents — beginning of the year
                                               
      cash and cash equivalents — end of the year
                                               
      exploratory dry hole expense
                   -1,000 1,049,000     -1,000 4,000 1,000 41,000               
      impairment of oil and natural gas properties
                       51,031,000             679,000 6,096,000 92,886,000 24,854,000 118,362,000 13,467,000 
      distributions to common and subordinated unitholders
                       -31,012,000 -31,011,000 -16,679,000 -61,641,000 -76,205,000 -76,204,000 -76,113,000 -75,917,000 -75,773,000 -68,563,000 -53,292,000 -52,493,000             
      repurchases of common and subordinated units
                           -13,000 -6,164,000 -10,752,000 -1,508,000 -630,000 -8,441,000 -340,000 -7,845,000  -20,495,000 -4,201,000     
      proceeds from issuance of common units, net of offering costs
                           -43,000 2,168,000 29,302,000 8,929,000 138,000             
      distributions equivalents paid
                                               
      deferred rent
                               481,000 481,000               
      distributions to series a redeemable preferred unitholders
                               -690,000             
      distributions to noncontrolling interests
                               -50,000 -47,000 -62,000 -52,000    -25,000 -28,000 -29,000 -21,000 -33,000 -41,000 -45,000   
      redemption of series a redeemable preferred units
                                               
      purchase of noncontrolling interests
                                               
      accounts receivable:
                                               
      revenues from contracts with customers
                                               
      other
                                               
      total accounts receivable
                                               
      distribution equivalents paid
                                              
      proceeds from issuance of series b cumulative convertible preferred units, net of offering costs
                                               
      redemptions of series a redeemable preferred units
                                -2,115,000             
      net cash received (paid) on settlement of commodity derivative instruments
                                           16,693,000 12,377,000 16,705,000 17,450,000 
      accounts payable and accrued liabilities
                                   355,000 -4,598,000 3,397,000 -2,739,000 6,034,000 2,796,000 -11,045,000 -20,814,000 7,547,000 5,947,000 4,347,000 -6,620,000 
      deferred revenue
                                   -416,000 -701,000 -644,000 -325,000 -695,000 -396,000 424,000 -203,000 -76,000 -94,000 -386,000 -104,000 
      proceeds from issuance of common units of black stone minerals, l.p., net of offering costs
                                           -307,000   
      proceeds from issuance of series b cumulative convertible preferred units of black stone minerals, l.p., net of offering costs
                                               
      distributions to predecessor unitholders
                                           -14,173,000   
      repurchases of predecessor units
                                              
      debt issuance costs
                                               
      non-cash activities
                                               
      accrued distributions payable to predecessor unitholders
                                               
      conversion of series a redeemable preferred units
                                               
      accrued distributions payable to series a redeemable preferred unitholders
                                               
      accrued distributions payable to series b cumulative convertible preferred unitholders
                                               
      additions to oil and natural gas properties financed through accounts payable and accrued liabilities
                                               
      public offering costs capitalized and offset against proceeds from initial public offering
                                              
      asset retirement obligations incurred and revisions in estimated costs
                                               
      accrued distribution equivalent rights
                                           6,000    
      net cash received on settlement of commodity derivative instruments
                                    4,980,000 3,081,000 4,278,000  5,302,000 13,337,000 20,581,000     
      proceeds from farmout of oil and gas properties
                                               
      borrowings under senior line of credit
                                    49,000,000 56,500,000 103,000,000 44,500,000 74,500,000 169,000,000 61,000,000     
      repayments of borrowings under senior line of credit
                                    -80,000,000 -51,500,000 -31,000,000  -60,500,000 -11,000,000     
      distributions to black stone minerals, l.p. common and subordinated unitholders
                                    -51,556,000 -45,615,000 -45,404,000 -45,060,000 -45,017,000 -43,002,000 -42,864,000 -50,201,000    
      distributions to redeemable preferred unitholders
                                    -659,000 -833,000 -1,619,000         
      distributions to non-controlling interests
                                    -24,000           
      proceeds from issuance of common units
                                    30,276,000           
      redemptions of redeemable preferred units
                                    -6,899,000 -12,742,000        
      loan origination fees
                                              
      cash and cash equivalents - beginning of the period
                                    9,772,000  13,233,000  14,803,000 
      cash and cash equivalents - end of the period
                                    1,424,000 -6,518,000 14,005,000  -4,922,000 4,757,000 5,013,000  -478,000 -2,320,000 8,368,000 
      purchase of other property and equipment
                                     -3,000 -93,000 -420,000 -5,000 -85,000 -68,000   
      payments for capitalized offering costs
                                               
      repayments under senior line of credit
                                               
      distributions to preferred unitholders
                                       -1,324,000 -1,310,000 -1,805,000 -1,946,000 -3,766,000    
      redemption of redeemable preferred units
                                               
      note receivable-officers
                                               
      repurchase of common and subordinate units
                                               
      cash and cash equivalents - beginning of the year
                                               
      cash and cash equivalents - end of the year
                                               
      accrued predecessor distributions payable
                                           -14,167,000   
      conversion of redeemable preferred units
                                           -17,000 -39,223,000 
      accrued distributions payable for redeemable preferred units
                                               
      property additions and acquisitions financed through accounts payable and accrued liabilities
                                           8,652,000 -7,869,000   
      asset retirement obligations incurred
                                           155,000 25,000 65,000 27,000 
      liabilities assumed as consideration for oil and natural gas properties acquired
                                               
      acquisition of oil and natural gas properties financed through issuance of predecessor units
                                               
      deferred revenue (settled) assumed through acquisition of oil and natural gas properties
                                               
      cash flows from operating activities:
                                               
      gain on sale of assets
                                        -92,000 -4,680,000     
      cash flows from investing activities:
                                               
      cash flows from financing activities:
                                               
      gain on commodity derivative instruments
                                          -10,626,000 -32,838,000    
      payments related to initial public offering costs
                                               
      net (repayments) borrowings under senior line of credit
                                             -383,000,000 -5,000,000 
      repayments of revolving credit facilities
                                               
      contributions from predecessor unitholders
                                               
      purchases of noncontrolling interests
                                               
      contributions through exchange of noncontrolling interests
                                               
      distributions—property
                                               
      net repayments under senior line of credit
                                               
      accrued distributions payable for preferred units
                                            32,000   
      acquisition of oil and natural gas properties financed through issuance of common units
                                               
      deferred revenue settled through acquisition of oil and natural gas properties
                                               
      gain on disposal of assets
                                             -17,000 -7,000 
      repurchase of common equity units
                                             -2,492,000 -523,000 
      dividends on preferred units
                                             -2,909,000 -3,962,000 
      accrued public offering costs and prior period costs incurred
                                               
      distributions to common equity owners
                                              -56,483,000 
      payments incurred for initial public offering
                                              -1,620,000 
      property additions financed through accounts payable and accrued liabilities
                                              15,512,000 
      accrued distributions payable
                                              -181,000 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.