Black Stone Minerals, L.P. (BSM): Business Model Canvas [Jan-2025 Mis à jour]

Black Stone Minerals, L.P. (BSM) représente un modèle fascinant d'investissement dans les droits minéraux passifs qui transforme la participation traditionnelle du secteur de l'énergie en une opportunité financière stratégique à faible risque. En tirant parti d'un vaste portefeuille d'intérêts minéraux dans les bassins énergétiques des États-Unis productifs, BSM a conçu une approche commerciale unique qui génère des revenus passifs cohérents grâce à des collections de redevances, une gestion stratégique des actifs et des stratégies d'investisseurs innovantes sur les investisseurs. Ce modèle commercial convaincant offre aux investisseurs une voie intrigante vers les rendements du secteur de l'énergie sans les complexités de la gestion opérationnelle directe.

Black Stone Minerals, L.P. (BSM) - Modèle commercial: partenariats clés

Propriétaires de droits minéraux et propriétaires fonciers

Black Stone Minerals maintient des partenariats stratégiques avec environ plus de 3 000 propriétaires de minéraux et de redevances dans plusieurs bassins américains clés. Le total des acres de minéraux et de redevances de la société au cours du troisième trimestre 2023 était de 352 000 acres nets.

Bassin	Acres minéraux nets	Intérêt moyen des redevances
Bassin permien	132,000	16.5%
Eagle Ford Schiste	88,000	14.2%
Schiste de Haynesville	72,000	17.3%

Sociétés d'exploration du pétrole et du gaz

Les principaux partenariats d'exploration comprennent:

• Ressources naturelles pionnières
• Chesapeake Energy
• Exxonmobil
• Conocophillips

Entrepreneurs de forage et fournisseurs de services

Les partenariats de forage et de service primaires impliquent:

• Halliburton
• Schlumberger
• Baker Hughes

Fournisseur de services	Valeur du contrat (2023)	Type de service
Halliburton	47,3 millions de dollars	Fracturation hydraulique
Schlumberger	38,6 millions de dollars	Services de forage

Banques d'investissement et conseillers financiers

Les détails du partenariat financier comprennent:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase

Entreprises d'infrastructure intermédiaire

Les partenariats d'infrastructure intermédiaire impliquent:

• Partners des produits d'entreprise
• Kinder Morgan
• Transfert d'énergie

Partenaire intermédiaire	Capacité de transport	Valeur du contrat annuel
Partners des produits d'entreprise	45 000 bbls / jour	22,7 millions de dollars
Kinder Morgan	35 000 bbls / jour	18,4 millions de dollars

Black Stone Minerals, L.P. (BSM) - Modèle d'entreprise: Activités clés

Acquisitions d'intérêt minéral et de redevance

Depuis le quatrième trimestre 2023, Black Stone Minerals possédait environ 20,4 millions d'acres de minéraux et de redevances nets dans les principaux bassins américains.

Métrique d'acquisition	Valeur 2023
Acres de minéraux totaux	20,4 millions
Dépenses d'acquisition annuelles	115,7 millions de dollars
De nouveaux intérêts minéraux ajoutés	Environ 150 000 acres nets

Gestion des droits minéraux passifs

Faits saillants de la stratégie de gestion:

• Implication opérationnelle minimale dans le forage
• Recueillir les revenus de redevances auprès des opérateurs tiers
• Maintenir de faibles frais généraux opérationnels

Collection de revenus de production de pétrole et de gaz

Métrique des revenus	Performance de 2023
Revenu total de production	543,2 millions de dollars
Revenu net	331,6 millions de dollars
Production quotidienne moyenne	61 000 BOE / Day

Diversification du portefeuille dans plusieurs bassins

Les concentrations clés du bassin comprennent:

• Bassin permien
• Eagle Ford Schiste
• Schiste de Haynesville
• Formation de Bakken

Investissement et optimisation des actifs stratégiques

Métrique d'investissement	2023 données
Allocation des capitaux	132,5 millions de dollars
Désinvestissement stratégique	47,3 millions de dollars
Investissements d'optimisation du portefeuille	85,2 millions de dollars

Black Stone Minerals, L.P. (BSM) - Modèle commercial: Ressources clés

Portefeuille étendu des droits minéraux

Depuis le quatrième trimestre 2023, Black Stone Minerals possède environ 352 000 hectares minéraux et redevances nets dans les grandes régions pétrolières et gaziers américaines.

Région	Acres minéraux nets	Formations primaires
Bassin permien	93,000	Basins du Delaware et Midland
Eagle Ford	57,000	Eagle Ford Schiste
Haynesville	92,000	Schiste de Haynesville

Équipe de gestion expérimentée

Composition du leadership:

• Tiration exécutive moyenne: plus de 15 ans dans le secteur de l'énergie
• Équipe de leadership avec une vaste expérience en amont et en milieu intermédiaire
• Équipe de direction totale: 7 professionnels de la haute direction

Solide situation financière

Mesures financières auprès du quatrième trimestre 2023:

• Revenu total: 345,2 millions de dollars
• Revenu net: 187,6 millions de dollars
• Caisse et équivalents: 124,3 millions de dollars
• Ratio dette / fonds propres: 0,42

Expertise géologique et technologique avancée

Investissement et capacités technologiques:

• Investissement annuel de R&D: 7,2 millions de dollars
• Technologies d'imagerie sismique avancées
• Systèmes de cartographie géologique propriétaire

Emplacements des actifs stratégiques

Région	Volume de production (BOE / Day)	Opérateurs clés
Bassin permien	42,500	Chevron, ressources EOG
Eagle Ford	28,700	Marathon, conocophillips
Haynesville	35,200	Chesapeake, BP

Black Stone Minerals, L.P. (BSM) - Modèle d'entreprise: propositions de valeur

Génération de revenus passifs cohérents

Les minéraux en pierre noire générés 350,8 millions de dollars de revenus totaux pour l'exercice 2022. La société a distribué 264,4 millions de dollars de dividendes à ses partenaires limités au cours de la même période.

Métrique financière	Valeur 2022
Revenus totaux	350,8 millions de dollars
Total des dividendes distribués	264,4 millions de dollars
Rendement moyen des dividendes	8.5%

Modèle commercial à faible risque opérationnel

Les minéraux en pierre noire fonctionnent avec un minimum de dépenses opérationnelles directes:

• Opère à travers des intérêts minéraux et redevables
• Pas de frais de forage ou de production directs
• Exigences minimales de dépenses en capital

Portfolio diversifié des droits minéraux

Depuis 2022, la société possédait:

• 404 000 acres minéraux nets
• Intérêts à travers 27 États
• Concentré dans des bassins clés:
  • Bassin permien
  • Eagle Ford Schiste
  • Formation de Bakken

Exposition à plusieurs bassins d'énergie productifs

Bassin	Acres minéraux nets	Type de production
Bassin permien	150,000	Pétrole et gaz
Eagle Ford Schiste	85,000	Pétrole et gaz
Formation de Bakken	45,000	Huile

Stratégie de distribution de dividendes attrayants

Dividendes Performance Metrics pour 2022:

• Dividendes totaux payés: 264,4 millions de dollars
• Taux de dividende trimestriel: 0,27 $ par unité commune
• Rendement de dividendes annualisé: 8.5%

Black Stone Minerals, L.P. (BSM) - Modèle d'entreprise: relations avec les clients

Information financière transparente

Black Stone Minerals offre une transparence financière détaillée grâce à des rapports trimestriels et annuels complets. Au quatrième trimestre 2023, la société a rapporté:

Métrique financière	Montant
Revenus totaux	224,3 millions de dollars
Revenu net	85,6 millions de dollars
Flux de trésorerie distribuables	107,2 millions de dollars

Communications des investisseurs et mises à jour trimestrielles

La société maintient des stratégies de communication d'investisseurs rigoureuses:

• Conférences de résultats trimestriels
• Disques de présentation des investisseurs détaillés
• Divulgations complètes de dépôt de la SEC

Plateformes de relations avec les investisseurs numériques

BSM utilise des plateformes numériques avancées pour l'engagement des investisseurs:

Plate-forme numérique	Métriques d'engagement
Site Web des investisseurs	Plus de 75 000 visiteurs mensuels uniques
Webdiffusion des investisseurs	Moyenne 2 500 téléspectateurs simultanés par appel trimestriel

Programmes d'engagement des actionnaires

Statistiques clés de l'engagement des actionnaires pour 2023:

• Total des actionnaires: 32 457
• Propriété institutionnelle: 48,6%
• Fréquence de communication moyenne des actionnaires: trimestriel

Présentations de performance régulières

Détails de présentation des performances pour 2023:

Type de présentation	Fréquence	Poutenir
Conférence des investisseurs	4 fois par an	Plus de 500 investisseurs institutionnels
Présentation des bénéfices	Trimestriel	Webcast avec 2 500 participants

Black Stone Minerals, L.P. (BSM) - Modèle d'entreprise: canaux

Cotation des bourses

Black Stone Minerals, L.P. Bourse de New York (NYSE) Sous le symbole de ticker Bsm.

Échange	Symbole de ticker	Capitalisation boursière (auprès du quatrième trimestre 2023)
Nyse	Bsm	2,85 milliards de dollars

Site Web de relations avec les investisseurs

Plateforme officielle des relations avec les investisseurs: www.blackstonemineals.com/investors

• Fournit des rapports annuels
• États financiers trimestriels
• Présentations des investisseurs
• Documents de dépôt de la SEC

Conférences et présentations financières

Nom de conférence	Fréquence	Fréquentation typique
Huile en enercom & Conférence	Annuel	350-400 investisseurs institutionnels
Symposium de l'énergie de Stephens	Annuel	250-300 Investisseurs du secteur de l'énergie

Appels de résultats trimestriels

Conduit Quatre fois par an Après chaque période d'information financière trimestrielle.

• Durée moyenne de l'appel: 45-60 minutes
• Généralement tenu à 10h00, heure de l'Est
• Webcast disponible sur le site Web des relations avec les investisseurs

Divulgations financières de la SEC

Type de classement	Fréquence	Documents clés
10-K	Annuellement	Rapport annuel complet
10-Q	Trimestriel	Performance financière trimestrielle
8-K	Au besoin	Notifications d'événements matériels

Black Stone Minerals, L.P. (BSM) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, les minéraux en pierre noire ont attiré des investisseurs institutionnels représentant 2,3 milliards de dollars de valeur d'investissement totale. Le pourcentage de propriété institutionnelle de l'entreprise s'élève à 29,4%.

Type d'investisseur institutionnel	Montant d'investissement	Pourcentage de propriété
Sociétés de gestion des actifs	897 millions de dollars	12.6%
Banques d'investissement	612 millions de dollars	8.5%
Investisseurs d'entreprise	421 millions de dollars	5.9%

Fonds d'investissement du secteur de l'énergie

Les fonds d'investissement du secteur de l'énergie contribuent à 1,6 milliard de dollars au portefeuille d'investissement des minéraux en pierre noire.

• Fonds énergétiques dédiés: 742 millions de dollars
• Fonds axés sur les produits: 521 millions de dollars
• Fonds d'investissement en ressources naturelles: 337 millions de dollars

Investisseurs individuels à haute nette

Les particuliers à haute teneur ne représentent 653 millions de dollars d'investissements pour les minéraux en pierre noire.

Catégorie de richesse des investisseurs	Montant d'investissement
Ultra High-Net-Dorth (50 millions de dollars + valeur nette)	287 millions de dollars
High-Net-Dorth (5 millions de dollars à 50 millions de dollars)	366 millions de dollars

Fonds de retraite et de retraite

Les fonds de retraite et de retraite ont investi 1,1 milliard de dollars dans les minéraux en pierre noire à partir de 2023.

• Fonds de pension publique: 612 millions de dollars
• Fonds de retraite privés: 288 millions de dollars
• Fonds de retraite d'entreprise: 200 millions de dollars

Sociétés de capital-investissement

Les sociétés de capital-investissement ont engagé 924 millions de dollars dans les minéraux en pierre noire.

Type de société de capital-investissement	Montant d'investissement
Entreprises d'EP axées sur l'énergie	456 millions de dollars
Entreprises de PE généraliste	328 millions de dollars
Ressources naturelles des entreprises PE	140 millions de dollars

Black Stone Minerals, L.P. (BSM) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition des droits minéraux

En 2023, Black Stone Minerals a déclaré que les coûts d'acquisition des intérêts minéraux et des redevances totaux de 85,2 millions de dollars. La stratégie d'acquisition de terrains de la société implique des achats stratégiques dans les principales régions pétrolières et gazières.

Catégorie de dépenses	Montant (2023)
Acquisition des droits minéraux	$85,200,000
Extension de superficie	$42,600,000

Administrative et au-dessus de la direction

Les dépenses administratives des Mineraux de Black Stone pour 2023 ont totalisé 37,5 millions de dollars, couvrant la gestion opérationnelle et les infrastructures d'entreprise.

• Salaires généraux et administratifs: 22,3 millions de dollars
• Dépenses du siège social: 6,8 millions de dollars
• Avantages sociaux: 8,4 millions de dollars

Contacments de conformité et de réglementation

Les dépenses de conformité réglementaire pour 2023 s'élevaient à 15,6 millions de dollars, garantissant l'adhésion aux normes de l'industrie et aux réglementations environnementales.

Type de dépenses de conformité	Montant (2023)
Conformité environnementale	$8,700,000
Représentation réglementaire	$6,900,000

Infrastructure de technologie et de rapport

L'investissement technologique pour 2023 était de 12,4 millions de dollars, en se concentrant sur les systèmes avancés de cartographie et de rapports géologiques.

• Systèmes de gestion des logiciels et des données: 7,2 millions de dollars
• Technologie de cartographie géologique: 3,6 millions de dollars
• Infrastructure de cybersécurité: 1,6 million de dollars

Frais de service professionnels

Les frais de service professionnel en 2023 ont atteint 18,3 millions de dollars, couvrant les services juridiques, comptables et de conseil.

Catégorie de service professionnel	Montant (2023)
Services juridiques	$8,500,000
Comptabilité et audit	$5,800,000
Conseil technique	$4,000,000

Black Stone Minerals, L.P. (BSM) - Modèle d'entreprise: Strots de revenus

Revenu des redevances provenant de la production de pétrole et de gaz

Depuis le quatrième trimestre 2023, les minéraux en pierre noire ont rapporté 90,4 millions de dollars de revenus totaux, la majorité dérivée des revenus de redevances pétrolières et gazières. La société possède des intérêts minéraux et de redevances à peu près 16,2 millions d'acres brutes.

Catégorie de revenus	Montant (Q4 2023)	Pourcentage
Redevances à l'huile	52,6 millions de dollars	58.2%
Redevances au gaz naturel	37,8 millions de dollars	41.8%

Frais de location des droits minéraux

En 2023, les minéraux en pierre noire ont généré 14,3 millions de dollars de la location des droits minéraux. La stratégie de location de l'entreprise se concentre sur les régions clés:

• Bassin permien
• Eagle Ford Schiste
• Schiste de Haynesville
• Bassin du Delaware

Partage des revenus de production

Black Stone Minerals participe à des accords de partage de revenus de production, qui ont généré environ 22,7 millions de dollars en 2023. L'intérêt de travail moyen dans leur portefeuille est 2.4%.

Appréciation du portefeuille d'actifs minéraux

La valeur du portefeuille d'actifs minérales de la société a été estimée à 2,1 milliards de dollars au 31 décembre 2023. Les mesures clés comprennent:

Métrique de portefeuille	Valeur
Acres de minéraux totaux	16,2 millions
Acres minéraux nets	7,3 millions
Appréciation de la valeur du portefeuille	6,2% en glissement annuel

Distributions de dividendes aux actionnaires

En 2023, les minéraux en pierre noire distribués 166,4 millions de dollars de dividendes, avec une distribution trimestrielle de 0,43 $ par unité commune. La société maintient une stratégie de dividende cohérente avec un rendement de distribution annuel d'environ 8.5%.

Période de dividende	Montant de distribution	Par unité de distribution
Q1 2023	41,6 millions de dollars	$0.43
Q2 2023	41,6 millions de dollars	$0.43
Q3 2023	41,6 millions de dollars	$0.43
Q4 2023	41,6 millions de dollars	$0.43

Black Stone Minerals, L.P. (BSM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Black Stone Minerals, L.P. generates value for its unit holders, focusing on the inherent structure of its mineral and royalty business as of late 2025. It's about owning the resource and letting others do the heavy lifting.

Non-cost-bearing revenue stream from mineral and royalty interests

Black Stone Minerals, L.P. is fundamentally an owner and manager of oil and natural gas mineral interests across the United States, specifically holding interests in 41 states in the continental U.S.. This ownership structure means the revenue generated is largely non-cost-bearing, as the operating risk and capital expenditure fall to the lessees (the operators). For the third quarter of 2025, mineral and royalty production alone reached 34.7 MBoe/d. The oil and gas revenue for that quarter totaled $100.2 million, with 57% coming from oil and condensate sales. Furthermore, the company captures income from non-development activities, reporting $5.0 million in lease bonus and other income for the third quarter of 2025.

Stable, long-lived cash flow due to diversified, large-scale asset base

The value proposition here is stability derived from scale and longevity. Black Stone Minerals, L.P. believes its large, diversified asset base provides for stable production and reserves over time. This translates directly into consistent cash flow available for distribution. As of June 30, 2025, the company reported total assets of $1.43 billion. The third quarter of 2025 demonstrated this financial strength:

Metric	Q3 2025 Amount
Net Income	$91.7 million
Adjusted EBITDA	$86.3 million
Distributable Cash Flow (DCF)	$76.8 million
Distribution per Unit	$0.30
Distribution Coverage	1.21x

That 1.21x coverage ratio in the third quarter shows they generated more cash than needed to cover the distribution, which is key for perceived stability.

Accelerated development of acreage via committed drilling programs (e.g., Caturus deal)

Black Stone Minerals, L.P. actively structures agreements to ensure its acreage is developed, accelerating the realization of value. The recent development agreement with an affiliate of Caturus Energy, announced in December 2025, covers 220,000 gross acres in the Shelby Trough and Haynesville Expansion areas. This multi-year program is structured to begin with approximately two gross wells in 2026, scaling up to roughly 12 gross wells annually by the end of six years. Black Stone currently manages about 40,000 undeveloped net acres within that Caturus contract area. This deal adds to existing commitments; Black Stone now has over 200,000 net acres covered by announced development partnerships, representing an estimated two decades of drilling inventory in the Haynesville and Bossier plays. This is further supported by the Revenant Energy agreement, which has commitments ramping up to 25 wells per year by 2030.

Direct participation in commodity upside without operating risk

Because Black Stone Minerals, L.P. is a mineral and royalty owner, it captures upside from commodity price increases without incurring the operational costs or liabilities of drilling and production. The company is strategically positioned to benefit from increasing natural gas demand, particularly from LNG and power sectors. The financial impact of commodity price movements is often visible through derivatives, as seen in the third quarter of 2025, when the Partnership reported a gain on commodity derivative instruments of $27.3 million. The total revenue for Q3 2025 was $132.47 million, showing the scale of the underlying economic activity Black Stone benefits from.

• The Partnership's mineral and royalty production for Q3 2025 was 34.7 MBoe/d.
• Total revenue for Q3 2025 was $132.5 million.
• The company expects to benefit from the constructive outlook for natural gas over the next decade.

Black Stone Minerals, L.P. (BSM) - Canvas Business Model: Customer Relationships

Black Stone Minerals, L.P. engages its key customers-the operators who drill and produce hydrocarbons-through structured, long-term agreements designed to ensure consistent activity across its vast mineral acreage.

Strategic, long-term development agreements with key operators

Black Stone Minerals, L.P. actively shapes development timing by partnering with strong operators, aligning capital and technical expertise to accelerate extraction from its mineral and royalty interests. This strategy is central to Black Stone Minerals, L.P.'s approach to securing future cash flow for unitholders.

The Partnership now has over 200,000 net acres covered by announced development partnerships, representing an estimated two decades of drilling inventory in the Haynesville and Bossier plays. Contractual development obligations are projected to more than double over the next five years based on these agreements.

Key development agreements include:

• Agreement with Revenant Energy covering 270,000 gross acres in the Shelby Trough.
• Revenant commitment starts at a minimum of six wells per year in 2026, escalating to a minimum of 25 wells per year by 2030.
• Black Stone Minerals, L.P. controls about 95,000 undeveloped net acres within the Revenant agreement area.
• Multi-year agreement with Caturus Energy covering 220,000 gross acres across the Shelby Trough and Haynesville Expansion.
• Caturus drilling program begins with approximately two gross wells in 2026, scaling to roughly a dozen gross wells annually by year six.
• Amendment with Aethon Energy returned over 50,000 gross acres back to Black Stone Minerals, L.P.

The relationship with operators is formalized through structured drilling programs with minimum yearly lateral-foot commitments.

Transactional relationships for leasing and one-off acquisitions

The transactional aspect of customer relationships involves the initial leasing of exploration and development rights and the ongoing acquisition of mineral and royalty interests, which directly expands the asset base served by operators.

Black Stone Minerals, L.P. owns mineral interests in approximately 16.8 million gross acres, with an average 43.3% ownership interest in that acreage. These non-cost-bearing interests include ownership in approximately 71,000 producing wells.

Recent acquisition activity demonstrates the transactional engagement:

Period	Acquisition Amount (USD)
Q1 2025	$14.2 million
Q2 2025	$31.2 million
Q3 2025	$20.3 million
Sept 2023 - July 2025 (Cumulative)	$172.3 million

The Partnership also holds nonparticipating royalty interests in 1.8 million gross acres and overriding royalty interests in 1.6 million gross acres.

Investor relations and consistent distribution communication with unitholders

Unitholders are a critical constituency, managed through consistent communication regarding financial performance and distribution policy. Black Stone Minerals, L.P. communicates results and outlook through scheduled investor events.

Communication cadence in 2025 included:

• Q1 2025 Earnings Conference Call on May 6, 2025.
• Q2 2025 Earnings Conference Call on August 5, 2025.
• September 2025 Investor Presentation on September 17, 2025.
• Q3 2025 Earnings Conference Call on November 4, 2025.

Distribution history shows the direct financial outcome communicated to unitholders:

Here's the quick math on recent per-unit distributions:

Quarter	Distribution Per Common Unit (USD)	Distribution Coverage
Q1 2025	$0.3750	0.93x
Q2 2025	$0.30	1.18x
Q3 2025	$0.30	1.21x

The projected 2025 distributable cash flow estimate stands at $345 million, which translates to approximately $1.63 per unit.

Black Stone Minerals, L.P. (BSM) - Canvas Business Model: Channels

You're looking at how Black Stone Minerals, L.P. (BSM) gets its product-mineral and royalty interests-to market or, more accurately, how it sources and funds its growth. For BSM, the channels aren't about selling widgets; they are about acquiring assets and accessing capital to sustain the unitholder distributions. It's a mix of direct, boots-on-the-ground land work and public market access.

Direct negotiations and contracts with E&P operating companies

The core of Black Stone Minerals, L.P.'s asset growth channel involves direct, negotiated deals. This is where their land teams interface with Exploration & Production (E&P) companies to secure new mineral and royalty interests. This channel is crucial for complementing their existing portfolio, especially in high-activity areas like the Shelby Trough.

The results of this channel are visible in their acquisition spend. For instance, in the third quarter of 2025, Black Stone acquired $20.3 million of additional mineral and royalty interests. That's a tangible output from their negotiation efforts. To be fair, the pace can fluctuate; they picked up $14.2 million in Q1 2025. Still, the overall commitment to this channel is clear, with total mineral and royalty acquisitions from September 2023 through the end of October 2025 reaching $193.2 million.

This direct channel also manifests in structured development agreements, which secure future production visibility. A recent example is the December 2025 agreement with an affiliate of Caturus Energy, LLC, covering 220,000 gross acres within the Shelby Trough and Haynesville Expansion. This deal puts a structure around development, starting with approximately two gross (0.2 net) wells in 2026 and ramping up to approximately 12 gross (0.8 net) wells annually by the end of six years, all net to BSM's interest. Black Stone Minerals, L.P. currently manages approximately 40,000 undeveloped net acres in that specific contract area.

Here's a quick look at the recent acquisition activity flowing through this channel:

Time Period	Acquisition Spend (USD)	Cumulative Acquisitions (Since Sept 2023)
Q3 2025 (through Oct 2025)	$20.3 million	$193.2 million
Q2 2025 (through July 2025)	$31.2 million	$172.3 million
Q1 2025	$14.2 million	$160.6 million

Public equity markets (NYSE: BSM) for capital raising and unitholder access

The public market channel is how Black Stone Minerals, L.P. manages its capital structure and returns cash to its unitholders. Accessing the New York Stock Exchange (NYSE: BSM) is vital for maintaining financial flexibility and providing liquidity. The primary interaction here is the distribution policy.

The distribution per unit shows the direct return mechanism to this channel's participants. For the third quarter of 2025, the approved cash distribution was $0.30 per unit, consistent with the second quarter of 2025 distribution of $0.30 per common unit. This is a step down from the Q1 2025 distribution of $0.375 per unit. What this estimate hides is the underlying coverage; the Q3 2025 distribution coverage was 1.21x, which is solid, though down from the Q2 coverage of approximately 1.18x. The Q1 coverage was only approximately 0.93x.

The balance sheet activity also reflects this channel's role in funding operations and acquisitions. Total debt stood at $95.0 million at the end of Q3 2025 (September 30, 2025), but it was reduced to $73.0 million by October 31, 2025. This is a significant deleveraging from the $99.0 million debt level at the end of Q2 2025. Furthermore, Black Stone Minerals, L.P. extended its credit facility maturity to October 31, 2030, showing continued access to committed capital, which was set at total commitments of $375.0 million as of April 30, 2025.

The market reacts to the performance delivered through these channels, as seen when the stock price rose by 1.6% to $13.31 following the Q3 2025 earnings announcement.

Key financial metrics related to the public channel:

• Q3 2025 Distribution per Unit: $0.30
• Q3 2025 Distribution Coverage: 1.21x
• Total Debt (as of Oct 31, 2025): $73.0 million
• Credit Facility Total Commitments: $375.0 million
• Stock Price Post-Q3 2025 Earnings: $13.31

Internal land and technical teams for direct mineral acquisition sourcing

This is the engine room for the first channel discussed. The internal land and technical teams are responsible for identifying, evaluating, and executing the targeted mineral and royalty acquisitions. Their success is measured by the volume and quality of assets added to the Black Stone Minerals, L.P. portfolio.

The technical teams support the strategy to focus on gas-weighted assets, like the Shelby Trough and Haynesville Expansion. The company expects to double its annual drilling rate in the Shelby Trough over the next five years. The internal teams also have line of sight to additional acquisition opportunities that could enhance the existing asset position in the Shelby Trough, building on the $193.2 million deployed since September 2023.

The company's overall asset base is large and diversified, owning mineral interests in 41 states in the continental United States. This breadth is the result of decades of internal sourcing, with some positions in East Texas being assembled for over 100 years, often through capital deployed from timber companies.

The output of these teams directly impacts production volumes, which are the ultimate source of distributable cash flow. Mineral and royalty production for Q3 2025 equaled 34.7 MBoe/d, an increase of 5% from the prior quarter. The teams are focused on maintaining this growth, with full-year 2025 production guidance set at 38 - 41 MBoe/d, representing approximately 2% growth over 2024 levels.

Here are the production volumes that these sourcing channels ultimately support:

Metric	Q3 2025	Q2 2025	Q3 2024
Mineral and Royalty Production (MBoe/d)	34.7	33.2	35.3
Total Production (MBoe/d)	36.3	34.6	37.4

Finance: draft 13-week cash view by Friday.

Black Stone Minerals, L.P. (BSM) - Canvas Business Model: Customer Segments

You're looking at the core groups Black Stone Minerals, L.P. (BSM) serves to generate its revenue from mineral and royalty interests. This isn't about selling a product; it's about managing a vast, non-cost-bearing asset base and structuring deals that keep the cash flowing to unitholders.

E&P Operating Companies (large and small) seeking drilling inventory

This segment represents the operators on the ground. Black Stone Minerals, L.P. provides them with the necessary drilling inventory via its mineral and royalty interests, which are spread across 41 states in the continental United States. The relationship is symbiotic: operators drill, and BSM collects royalties without bearing the capital expenditure (capex) risk.

The value proposition here is access to developed and undeveloped acreage where BSM has influence. For instance, the September 2025 Investor Presentation highlighted a development visibility through a Line-of-Sight (LOS) Pipeline. The strategy involves active management to encourage drilling, such as the ongoing expansion in the Haynesville Basin, where BSM is advancing plans targeting over 50 wells annually in the Shelby Trough. Furthermore, the company plans to market 220,000 gross acres, which is expected to add about 12 wells annually by 2030.

Key operational alignment points for these E&P customers include:

• Mineral interests spanning over 20 million gross acres (or 7.4 million net acres).
• Strategic positioning aligned with top operators in major basins.
• Development initiatives like the Shelby Trough and Haynesville Expansion (HEX) expected to drive production growth.
• Production growth target from 33,000 to 35,000 barrels of oil equivalent per day (MBoe/d) to over 60,000 MBoe/d by 2035, much of which is tied to development success from these operators.

Institutional and individual investors seeking yield and energy exposure

This is the capital provider segment, the unitholders. They are looking for stable, high yield and direct exposure to the oil and gas sector without the operational headaches of an E&P company. Black Stone Minerals, L.P.'s model is designed to distribute the majority of its cash flow to this group.

The financial performance in late 2025 directly informs this segment's decision-making. For the third quarter of 2025, Black Stone Minerals, L.P. reported net income of $91.7 million and Adjusted EBITDA of $86.3 million. The distributable cash flow for that quarter was $76.8 million, which supported a cash distribution of $0.30 per unit. This distribution coverage for all units was 1.21x.

The focus on yield is evident in the stated metrics as of late 2025:

Metric	Value (Late 2025)	Context
Q3 2025 Distribution Per Unit	$0.30	Consistent with the prior quarter.
Forward Dividend Yield	8.27% to 8.55%	As of early December 2025 or late November 2025.
Total Assets	$1.43 billion	As of June 30, 2025.
Total Common Units Outstanding	211,636,423	As of May 2, 2025.
Long-Term Distribution Goal	Greater than $2.00 per unit	Over the next 5 to 10 years.

The company's total reported production averaged 36.3 MBoe/d for Q3 2025, with mineral and royalty production specifically at 34.7 MBoe/d (73% natural gas).

Private mineral and royalty owners selling their interests

This segment involves the acquisition side of the business, where Black Stone Minerals, L.P. buys existing mineral and royalty interests from private parties, often to consolidate acreage or gain exposure in key development areas. This activity directly feeds the asset base that serves the E&P segment.

The commitment to growth through acquisition is a constant. For example, in the first quarter of 2025, the Partnership acquired interests for an aggregate of $14.2 million, funded by $10.3 million in cash from operating activities and $3.9 million in equity. More recently, acquisitions in Q3 2025 amounted to $20 million, bringing the two-year total acquisition spend to $193 million.

These transactions are crucial for maintaining the asset base's quality and longevity. The strategy is to maintain financial discipline while actively growing the portfolio. The company's ability to fund these purchases while maintaining distributions is key. The Q3 2025 distributable cash flow was $76.8 million, which is what helps fund these growth-oriented investments.

The customer profile for sellers is typically those looking to monetize long-term, non-cost-bearing assets. Black Stone Minerals, L.P. is one of the largest owners of these interests in the U.S., making it a natural buyer for private sellers looking for a reliable exit.

Black Stone Minerals, L.P. (BSM) - Canvas Business Model: Cost Structure

The Cost Structure for Black Stone Minerals, L.P. centers on expenses related to growing and maintaining its asset base, which is predominantly non-cost-bearing, meaning the primary operational burden falls on the working interest owners (operators).

Primarily fixed and low-variable operating costs (G&A)

As a mineral and royalty interest owner, Black Stone Minerals, L.P. has a cost structure that is inherently lighter than that of a traditional E&P company. The costs are largely fixed overhead necessary to manage the portfolio, evaluate opportunities, and administer the partnership. While specific General and Administrative (G&A) figures for Q3 2025 aren't isolated in the summary data, the Partnership noted in early 2025 that it expected G&A expenses to be slightly higher due to inflationary costs and selective hires made to support its ability to evaluate and market undeveloped acreage positions. The variable operating costs borne directly by Black Stone Minerals, L.P. are minimal, though Lease Operating Expenses (LOE) for comparable periods in late 2024 were in the range of approximately $9.7 million to $11.4 million per quarter, which are costs typically passed through or estimated for non-participating interests.

• General and Administrative expenses are low relative to revenue due to the non-operator, non-cost-bearing nature of the core business.
• The Partnership's strategy involves selective hiring to support its evaluation and marketing capabilities.

Acquisition costs for new mineral and royalty interests

Acquisitions represent a significant, discretionary cost component used to expand the asset base. Black Stone Minerals, L.P. actively deploys capital toward these targeted efforts, primarily in areas like the Shelby Trough. For the third quarter of 2025, the Partnership acquired $20.3 million of additional, primarily non-producing, mineral and royalty interests. This activity is strategic, as evidenced by the cumulative spend from September 2023 through October 2025 reaching $193.2 million.

Acquisition Period	Acquisition Cost (Millions USD)
Q3 2025	$20.3
Q2 2025	$31.2
Q1 2025	$14.2
Cumulative (Sept 2023 - Oct 2025)	$193.2

The excess distributable cash flow over the declared distribution often funds these growth expenditures; for instance, Q3 2025 distributable cash flow of $76.8 million provided coverage of 1.21x, which was used in part to fund acquisitions.

Interest expense on outstanding debt (e.g., credit facility draws)

Interest expense is a direct financial cost tied to the use of the revolving credit facility to fund operations or acquisitions. Black Stone Minerals, L.P. maintains a significant borrowing capacity, with its credit facility having total commitments of $375.0 million and a reaffirmed borrowing base of $580.0 million as of April 30, 2025. The outstanding debt level fluctuates based on capital deployment. At the end of the third quarter of 2025 (September 30, 2025), debt drawn was $95.0 million, which subsequently decreased to $73.0 million by October 31, 2025. While the exact interest expense for Q3 2025 is not itemized separately, it is a component that is backed out to calculate Adjusted EBITDA (Net Income of $91.7 million minus Interest Expense, Taxes, and D&A equals Adjusted EBITDA of $86.3 million for Q3 2025).

• Total debt drawn as of September 30, 2025: $95.0 million.
• Total debt drawn as of October 31, 2025: $73.0 million.
• Credit facility maturity date extended to October 31, 2030.

Minimal capital expenditure (CapEx) as a non-operator

Capital expenditures are inherently minimal because Black Stone Minerals, L.P. owns non-cost-bearing mineral and royalty interests. The Partnership's primary capital deployment is through its acquisition program, which is listed above. The actual CapEx related to drilling and development is borne by the operators with whom Black Stone Minerals, L.P. has agreements. The focus on organic growth is through securing development agreements, not direct capital investment in drilling infrastructure. For example, the Q2 2025 results showed net cash used in investing activities of $23.4 million, which largely reflects the acquisition spend rather than traditional CapEx.

Finance: draft 13-week cash view by Friday.

Black Stone Minerals, L.P. (BSM) - Canvas Business Model: Revenue Streams

You're looking at the core ways Black Stone Minerals, L.P. (BSM) brings in cash, which is really the engine for everything else in their business model. For a mineral and royalty owner, the revenue streams are pretty direct, tied to what operators are drilling and what the market is paying for the commodities those wells produce. Honestly, it's about owning the ground rights and letting others do the heavy lifting.

The primary revenue drivers for Black Stone Minerals, L.P. in the third quarter of 2025 were heavily weighted toward production revenue, supplemented by upfront payments and hedging gains. Here's a breakdown of the key components from the Q3 2025 results:

Revenue Stream Component	Q3 2025 Amount (Millions USD)	Notes
Oil and Gas Royalty Revenue	$100.2 million	This is the bread and butter, derived from production volumes across their mineral and royalty acreage.
Gains from Commodity Derivative Instruments	$27.3 million	This reflects the realized value from their hedging program, which helps stabilize cash flow against volatile commodity prices.
Lease Bonus and Other Income	$5.0 million	Upfront payments received from operators for securing new leases on Black Stone Minerals, L.P.'s acreage.
Total Revenue (Reported)	$132.5 million	The sum of all revenue sources for the quarter.

The Oil and gas royalty revenue of $100.2 million in Q3 2025 was supported by production growth. Mineral and royalty production specifically reached 34,700 BOE per day, a 5% sequential increase. To be fair, oil and condensate sales revenue actually declined year-over-year due to lower realized prices, but natural gas and NGL sales rose on higher prices.

You see the impact of their risk management strategy clearly in the derivatives line. The gains from commodity derivative instruments totaled $27.3 million for the quarter. This stream is crucial because it smooths out the volatility inherent in the underlying commodity prices, which directly affect the $100.2 million royalty revenue.

The Lease bonus and other income stream brought in $5.0 million. This number is variable, depending on how active operators are in signing up for new acreage, and Q3 2025 saw this income more than double compared to Q3 2024, driven by leasing activity in areas like the Permian Basin.

The fourth component, Working interest revenue from limited, non-farmed-out participation, is less visible as a standalone revenue line item because it gets bundled, but it's important to track the underlying volumes. Total production, which includes these working-interest volumes, was 36.3 MBoe/d for the quarter. This means the pure mineral and royalty production was 34.7 MBoe/d, with the difference representing Black Stone Minerals, L.P.'s direct operational take.

For context on how these revenues translated to the bottom line and distributions, consider these associated figures from Q3 2025:

• Net Income was $91.7 million.
• Adjusted EBITDA totaled $86.3 million.
• Distributable Cash Flow (DCF) was $76.8 million.
• The quarterly distribution per unit was $0.30, covered 1.21x by DCF.

Finance: draft comparison of Q3 2025 revenue mix vs. Q3 2024 by Tuesday.