Black Stone Minerals, L.P. (BSM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Black Stone Minerals, L.P. (BSM) representa um modelo fascinante de investimento passivo dos direitos minerais que transforma a participação tradicional do setor de energia em uma oportunidade financeira estratégica e de baixo risco. Ao alavancar um amplo portfólio de interesses minerais em bacias produtivas de energia dos EUA, o BSM criou uma abordagem comercial única que gera renda passiva consistente por meio de coleções de royalties, gerenciamento estratégico de ativos e estratégias inovadoras de envolvimento de investidores. Esse modelo de negócios atraente oferece aos investidores um caminho intrigante para os retornos do setor de energia sem as complexidades do gerenciamento operacional direto.

Black Stone Minerals, L.P. (BSM) - Modelo de negócios: Parcerias -chave

Proprietários de direitos minerais e proprietários de terras

Os minerais de pedra negra mantêm parcerias estratégicas com aproximadamente 3.000 proprietários de minerais e royalties em várias bacias -chave dos EUA. O total de minerais e royalties da empresa a partir do terceiro trimestre de 2023 era de 352.000 acres líquidos.

Bacia	Acres minerais líquidos	Juros médios da royalties
Bacia do Permiano	132,000	16.5%
Eagle Ford Shale	88,000	14.2%
Haynesville Shale	72,000	17.3%

Empresas de exploração de petróleo e gás

As principais parcerias de exploração incluem:

• Recursos naturais pioneiros
• Chesapeake Energy
• ExxonMobil
• ConocoPhillips

Empreiteiros de perfuração e prestadores de serviços

As parcerias primárias de perfuração e serviço envolvem:

• Halliburton
• Schlumberger
• Baker Hughes

Provedor de serviços	Valor do contrato (2023)	Tipo de serviço
Halliburton	US $ 47,3 milhões	Fraturamento hidráulico
Schlumberger	US $ 38,6 milhões	Serviços de perfuração

Bancos de investimento e consultores financeiros

Os detalhes da parceria financeira incluem:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase

Empresas de infraestrutura média

As parcerias de infraestrutura do meio do meio envolvem:

• Enterprise Products Partners
• Morgan mais gentil
• Transferência de energia

Parceiro do meio -fluxo	Capacidade de transporte	Valor anual do contrato
Enterprise Products Partners	45.000 bbls/dia	US $ 22,7 milhões
Morgan mais gentil	35.000 bbls/dia	US $ 18,4 milhões

Black Stone Minerals, L.P. (BSM) - Modelo de negócios: Atividades -chave

Aquisições de juros minerais e de royalties

A partir do quarto trimestre de 2023, os minerais de pedra preta possuíam aproximadamente 20,4 milhões de acres minerais e royalties líquidos nas principais bacias dos EUA.

Métrica de aquisição	2023 valor
Acres minerais totais	20,4 milhões
Gastos anuais de aquisição	US $ 115,7 milhões
Novos interesses minerais adicionados	Aproximadamente 150.000 acres líquidos

Gerenciamento de direitos minerais passivos

Estratégia de gerenciamento destaques:

• Envolvimento operacional mínimo na perfuração
• Colete receitas de royalties de operadores de terceiros
• Mantenha baixa sobrecarga operacional

Coleta de receita de produção de petróleo e gás

Métrica de receita	2023 desempenho
Receita total de produção	US $ 543,2 milhões
Resultado líquido	US $ 331,6 milhões
Produção diária média	61.000 boe/dia

Diversificação de portfólio em várias bacias

As principais concentrações da bacia incluem:

• Bacia do Permiano
• Eagle Ford Shale
• Haynesville Shale
• Formação Bakken

Investimento e otimização estratégica de ativos

Métrica de investimento	2023 dados
Alocação de capital	US $ 132,5 milhões
Alienígenas estratégicas	US $ 47,3 milhões
Investimentos de otimização de portfólio	US $ 85,2 milhões

Black Stone Minerals, L.P. (BSM) - Modelo de negócios: Recursos -chave

Extenso portfólio de direitos minerais

A partir do quarto trimestre de 2023, os minerais de pedra preta possuem aproximadamente 352.000 acres minerais e royalties líquidos nas principais regiões de petróleo e gás dos EUA.

Região	Acres minerais líquidos	Formações primárias
Bacia do Permiano	93,000	Bacias de Delaware e Midland
Eagle Ford	57,000	Eagle Ford Shale
Haynesville	92,000	Haynesville Shale

Equipe de gerenciamento experiente

Composição de liderança:

• PRODIÇÃO EXECUTIVO Média: mais de 15 anos no setor de energia
• Equipe de liderança com uma extensa experiência a montante e no meio -fluxo
• Equipe Executiva Total: 7 Profissionais de Gestão Sênior

Forte posição financeira

Métricas financeiras a partir do quarto trimestre 2023:

• Receita total: US $ 345,2 milhões
• Lucro líquido: US $ 187,6 milhões
• Caixa e equivalentes: US $ 124,3 milhões
• Taxa de dívida / patrimônio: 0,42

Especialização geológica e tecnológica avançada

Investimento de tecnologia e recursos:

• Investimento anual de P&D: US $ 7,2 milhões
• Tecnologias avançadas de imagem sísmica
• Sistemas de mapeamento geológico proprietário

Locais de ativos estratégicos

Região	Volume de produção (BOE/dia)	Operadores -chave
Bacia do Permiano	42,500	Chevron, Recursos EOG
Eagle Ford	28,700	Maratona, Conocophillips
Haynesville	35,200	Chesapeake, bp

Black Stone Minerals, L.P. (BSM) - Modelo de negócios: proposições de valor

Geração de renda passiva consistente

Minerais de pedra negra gerados US $ 350,8 milhões em receita total para o ano fiscal de 2022. A empresa distribuiu US $ 264,4 milhões em dividendos a seus parceiros limitados durante o mesmo período.

Métrica financeira	2022 Valor
Receita total	US $ 350,8 milhões
Dividendos totais distribuídos	US $ 264,4 milhões
Rendimento médio de dividendos	8.5%

Modelo de negócios de baixo risco operacional

Os minerais de pedra negra opera com despesas operacionais diretas mínimas:

• Opera através de interesses minerais e de royalties
• Sem custos diretos de perfuração ou produção
• Requisitos mínimos de despesa de capital

Portfólio diversificado de direitos minerais

A partir de 2022, a empresa possuía:

• 404.000 acres minerais líquidos
• Interesses 27 estados
• Concentrado em bacias -chave:
  • Bacia do Permiano
  • Eagle Ford Shale
  • Formação Bakken

Exposição a múltiplas bacias produtivas de energia

Bacia	Acres minerais líquidos	Tipo de produção
Bacia do Permiano	150,000	Petróleo e gás
Eagle Ford Shale	85,000	Petróleo e gás
Formação Bakken	45,000	Óleo

Estratégia de distribuição de dividendos atraente

Métricas de desempenho de dividendos para 2022:

• Total de dividendos pagos: US $ 264,4 milhões
• Taxa trimestral de dividendos: US $ 0,27 por unidade comum
• Rendimento anualizado de dividendos: 8.5%

Black Stone Minerals, L.P. (BSM) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios financeiros transparentes

Os minerais de pedra negra fornecem transparência financeira detalhada por meio de relatórios abrangentes trimestrais e anuais. A partir do quarto trimestre 2023, a empresa informou:

Métrica financeira	Quantia
Receita total	US $ 224,3 milhões
Resultado líquido	US $ 85,6 milhões
Fluxo de caixa distribuível	US $ 107,2 milhões

Comunicações de investidores e atualizações trimestrais

A empresa mantém estratégias rigorosas de comunicação de investidores:

• Chamadas de conferência de ganhos trimestrais
• Decks de apresentação de investidores detalhados
• Divulgações abrangentes da SEC

Plataformas de relações com investidores digitais

O BSM utiliza plataformas digitais avançadas para engajamento de investidores:

Plataforma digital	Métricas de engajamento
Site de investidores	Mais de 75.000 visitantes mensais únicos
Webcast do investidor	Média 2.500 espectadores simultâneos por chamada trimestral

Programas de engajamento dos acionistas

Estatísticas -chave do engajamento dos acionistas para 2023:

• Acionistas totais: 32.457
• Propriedade institucional: 48,6%
• Frequência média de comunicação dos acionistas: trimestral

Apresentações regulares de desempenho

Detalhes da apresentação de desempenho para 2023:

Tipo de apresentação	Freqüência	Alcance do público
Conferência de Investidores	4 vezes anualmente	Mais de 500 investidores institucionais
Apresentação de ganhos	Trimestral	Webcast com 2.500 participantes

Black Stone Minerals, L.P. (BSM) - Modelo de Negócios: Canais

Listagem da Bolsa de Valores

Black Stone Minerals, L.P. negocia no Bolsa de Valores de Nova York (NYSE) Sob o símbolo do ticker BSM.

Intercâmbio	Símbolo do ticker	Capitalização de mercado (a partir do quarto trimestre 2023)
NYSE	BSM	US $ 2,85 bilhões

Site de Relações com Investidores

Plataforma oficial de relações com investidores: www.blackstoneMinenals.com/investors

• Fornece relatórios anuais
• Demonstrações financeiras trimestrais
• Apresentações de investidores
• Sec Documentos de arquivamento

Conferências e apresentações financeiras

Nome da conferência	Freqüência	Participação típica
Petróleo Enercom & Conferência de Gás	Anual	350-400 investidores institucionais
Simpósio de Energia de Stephens	Anual	250-300 investidores do setor de energia

Chamadas de ganhos trimestrais

Conduzido quatro vezes por ano Após cada período trimestral de relatórios financeiros.

• Duração média da chamada: 45-60 minutos
• Normalmente realizado às 10:00 da manhã, horário oriental
• Webcast disponível no site de relações com investidores

Sec divulgações financeiras

Tipo de arquivamento	Freqüência	Documentos -chave
10-K	Anualmente	Relatório Anual Abrangente
10-Q	Trimestral	Desempenho financeiro trimestral
8-K	Conforme necessário	Notificações de eventos materiais

Black Stone Minerals, L.P. (BSM) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre de 2023, os minerais de pedra negra atraíram investidores institucionais representando US $ 2,3 bilhões em valor total de investimento. A porcentagem de propriedade institucional da empresa é de 29,4%.

Tipo de investidor institucional	Valor do investimento	Porcentagem de propriedade
Empresas de gerenciamento de ativos	US $ 897 milhões	12.6%
Bancos de investimento	US $ 612 milhões	8.5%
Investidores corporativos	US $ 421 milhões	5.9%

Fundos de investimento do setor energético

Os fundos de investimento do setor de energia contribuem com US $ 1,6 bilhão para o portfólio de investimentos dos minerais de pedra negra.

• Fundos de energia dedicados: US $ 742 milhões
• Fundos focados em commodities: US $ 521 milhões
• Fundos de investimento em recursos naturais: US $ 337 milhões

Investidores individuais de alta rede

Indivíduos de alta rede representam US $ 653 milhões em investimentos em minerais de pedra negra.

Categoria de riqueza dos investidores	Valor do investimento
Ultra de alta rede (US $ 50 milhões+ patrimônio líquido)	US $ 287 milhões
Patrimônio líquido de alta rede (US $ 5 milhões a US $ 50 milhões no patrimônio líquido)	US $ 366 milhões

Fundos de aposentadoria e pensão

Os fundos de aposentadoria e pensão investiram US $ 1,1 bilhão em minerais de pedra preta a partir de 2023.

• Fundos de pensão pública: US $ 612 milhões
• Fundos de pensão privados: US $ 288 milhões
• Fundos de aposentadoria corporativa: US $ 200 milhões

Empresas de private equity

As empresas de private equity comprometeram US $ 924 milhões a minerais de pedra negra.

Tipo de empresa de private equity	Valor do investimento
Empresas de PE focadas em energia	US $ 456 milhões
Empresas de PE generalistas	US $ 328 milhões
RECURSOS NATURAIS PE	US $ 140 milhões

Black Stone Minerals, L.P. (BSM) - Modelo de negócios: estrutura de custos

Despesas de aquisição de direitos minerais

A partir de 2023, os minerais de pedra negra relataram custos totais de aquisição de minerais e interesses de royalties de US $ 85,2 milhões. A estratégia de aquisição de terras da empresa envolve compras estratégicas nas principais regiões de petróleo e gás.

Categoria de despesa	Valor (2023)
Aquisição de direitos minerais	$85,200,000
Expansão da área cultivada	$42,600,000

Overhead administrativo e de gerenciamento

As despesas administrativas da Black Stone Minerals em 2023 totalizaram US $ 37,5 milhões, cobrindo o gerenciamento operacional e a infraestrutura corporativa.

• Salários gerais e administrativos: US $ 22,3 milhões
• Despesas do escritório corporativo: US $ 6,8 milhões
• Benefícios dos funcionários: US $ 8,4 milhões

Conformidade e custos regulatórios

As despesas de conformidade regulatória de 2023 totalizaram US $ 15,6 milhões, garantindo a adesão aos padrões do setor e regulamentos ambientais.

Tipo de despesa de conformidade	Valor (2023)
Conformidade ambiental	$8,700,000
Relatórios regulatórios	$6,900,000

Infraestrutura de tecnologia e relatório

O investimento em tecnologia para 2023 foi de US $ 12,4 milhões, com foco em sistemas avançados de mapeamento e relatório geológico.

• Sistemas de gerenciamento de software e dados: US $ 7,2 milhões
• Tecnologia de mapeamento geológico: US $ 3,6 milhões
• Infraestrutura de segurança cibernética: US $ 1,6 milhão

Taxas de serviço profissional

As despesas de serviço profissional em 2023 atingiram US $ 18,3 milhões, cobrindo serviços legais, contábeis e de consultoria.

Categoria de serviço profissional	Valor (2023)
Serviços Jurídicos	$8,500,000
Contabilidade e auditoria	$5,800,000
Consultoria técnica	$4,000,000

Black Stone Minerals, L.P. (BSM) - Modelo de negócios: fluxos de receita

Renda de royalties da produção de petróleo e gás

A partir do quarto trimestre 2023, os minerais de pedra negra relataram US $ 90,4 milhões em receitas totais, com a maioria derivada da renda de royalties de petróleo e gás. A empresa possui interesses minerais e de royalties em aproximadamente 16,2 milhões de acres brutos.

Categoria de receita	Valor (Q4 2023)	Percentagem
Royalties de petróleo	US $ 52,6 milhões	58.2%
Royalties de gás natural	US $ 37,8 milhões	41.8%

Taxas de leasing de direitos minerais

Em 2023, minerais de pedra negra gerados US $ 14,3 milhões da leasing de direitos minerais. A estratégia de leasing da empresa se concentra nas principais regiões:

• Bacia do Permiano
• Eagle Ford Shale
• Haynesville Shale
• Bacia de Delaware

Compartilhamento de receita de produção

Os minerais de pedra negra participam de acordos de compartilhamento de receita de produção, que geraram aproximadamente US $ 22,7 milhões em 2023. O interesse médio de trabalho em seu portfólio é 2.4%.

Apreciação do portfólio de ativos minerais

O valor do portfólio de ativos minerais da empresa foi estimado em US $ 2,1 bilhões em 31 de dezembro de 2023. As principais métricas incluem:

Métrica do portfólio	Valor
Acres minerais totais	16,2 milhões
Acres minerais líquidos	7,3 milhões
Apreciação do valor do portfólio	6,2% A / A.

Distribuições de dividendos aos acionistas

Em 2023, minerais de pedra negra distribuídos US $ 166,4 milhões em dividendos, com uma distribuição trimestral de US $ 0,43 por unidade comum. A empresa mantém uma estratégia de dividendos consistente com um rendimento anual de distribuição de aproximadamente 8.5%.

Período de dividendos	Valor de distribuição	Por unidade de distribuição
Q1 2023	US $ 41,6 milhões	$0.43
Q2 2023	US $ 41,6 milhões	$0.43
Q3 2023	US $ 41,6 milhões	$0.43
Q4 2023	US $ 41,6 milhões	$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.