Black Stone Minerals' first quarter 2026 production grew 4% year-over-year, supporting flat Adjusted EBITDA.

Black Stone Minerals reported first quarter 2026 revenue of $123.9 million and net income of $0.03 per common unit, as higher production volumes were offset by large derivative losses. Adjusted EBITDA was flat year-over-year at $87.0 million.

Key Highlights

• Total production increased 4% year-over-year to 37.0 thousand barrels of oil equivalent per day (MBoe/d), driven by a 16% sequential increase in mineral and royalty volumes.
• The partnership announced a distribution of $0.30 per unit for the quarter, representing a distribution coverage ratio of 1.20x.
• Management highlighted strong operational momentum from increased natural gas activity in the Haynesville and Shelby Trough and robust oil production in the Permian.