Black Stone Minerals, L.p. BSM

What this company does

The company owns mineral interests in approximately 16.9 million gross acres, with an average 43.4% ownership interest in that acreage. When mineral rights are leased, the company typically receives an upfront cash payment, known as a lease bonus, and retains a royalty interest, which entitles it to a cost-free percentage, usually ranging from 20% to 25%, of production or revenue from production. The company also owns nonparticipating royalty interests in 1.8 million gross acres and overriding royalty interests in 1.6 million gross acres. The company's mineral and royalty interests include ownership in approximately 71,000 producing wells. The company's mineral and royalty interests are located in 41 states in the continental U.S., including all of the major onshore producing basins. Black Stone Management had 122 full-time employees and 7 contractors as of December 31, 2025. The company is a publicly traded Delaware limited partnership formed on September 16, 2014.

Written from the business description in Black Stone Minerals, L.P.'s annual report to the U.S. Securities and Exchange Commission, filed 24 February 2026. Every sentence was checked against that document before publication.