Black Stone Minerals Declares $0.30 Quarterly Distribution on 1.05x Coverage
Black Stone Minerals, L.P., a mineral and royalty interest partnership, announced a $0.30 per common unit distribution for the fourth quarter of 2025. The payout will be made February 25 to unitholders of record as of February 18.
Black Stone Minerals, L.P. (NYSE: BSM), a mineral and royalty interest partnership, announced a $0.30 per common unit distribution for the fourth quarter of 2025, matching its prior quarterly rate. The distribution coverage ratio for the quarter stood at 1.05x. Read more dividend announcements.
The payout will be made February 25, 2026 to unitholders of record as of the close of business on February 18, 2026. Full year 2025 distributions totaled $1.28 per common unit.
| Distribution Details | Amount/Date |
|---|---|
| Distribution Amount | $0.30 per unit |
| Record Date | February 18, 2026 |
| Payment Date | February 25, 2026 |
| Coverage Ratio | 1.05x |
Fourth Quarter Performance
Black Stone reported distributable cash flow of $66.8 million for the fourth quarter, sufficient to cover the distribution with a modest cushion. Net income for the quarter reached $72.2 million, while adjusted EBITDA totaled $76.7 million.
Mineral and royalty production for the quarter averaged 30.9 thousand barrels of oil equivalent per day. Total production, including working interest volumes, reached 32.1 MBoe/d.
Financial Position
The partnership ended the quarter with $154.0 million in debt outstanding under its credit facility and $1.5 million in cash. As of February 20, 2026, total debt had increased slightly to $156.0 million with $5.1 million in cash on hand.
Black Stone maintains a $580.0 million borrowing base under its credit facility, with total commitments of $375.0 million. The partnership remains in compliance with all financial covenants, and the next scheduled borrowing base redetermination is set for April 2026.
Full Year Results
For the full year 2025, Black Stone reported net income of $299.9 million and adjusted EBITDA of $337.4 million. Mineral and royalty volumes averaged 33.3 MBoe/d for the year, down 9% from the prior year.
The partnership acquired $114.5 million of mineral and royalty interests during 2025 and secured new development agreements with Revenant Energy and Caturus Energy. These agreements add minimum drilling commitments equivalent to 8 wells in 2026, ramping to 37 wells by 2031 across the Shelby Trough and Haynesville expansion areas.