Black Stone Minerals, L.P. (NYSE: BSM) is a Houston‐based master limited partnership that owns mineral and royalty interests in oil, natural gas, and other energy-related resources. The company’s portfolio spans key onshore basins across North America, including the Permian, Eagle Ford, Bakken, Haynesville and Appalachia. By holding non-operated working interests and royalty positions, Black Stone Minerals benefits from production activities carried out by leading exploration and production companies without assuming direct drilling or operating responsibilities.
The partnership’s core activities involve the acquisition, management and leasing of mineral and royalty estates. Revenues are generated through the sale of produced hydrocarbons, which can include crude oil, condensate, natural gas, natural gas liquids and carbon dioxide. Black Stone Minerals also negotiates surface use agreements and pipeline easements on its acreage, providing additional income streams tied to midstream infrastructure development.
Tracing its heritage back over a century to private family land holdings in the Gulf Coast region, Black Stone Minerals has grown through strategic mineral acquisitions and joint venture partnerships. The company has established long-standing relationships with major and independent drillers, enhancing its ability to capture value during periods of production growth. Its team combines technical expertise in geology, land management and energy marketing to optimize the performance of its asset base.
Governed by an experienced board and led by a management team with deep roots in the oil and gas sector, Black Stone Minerals emphasizes disciplined capital deployment and operational transparency. While the partnership does not engage in day-to-day drilling operations, it maintains an active leasing program and continually seeks to expand its acreage position through targeted acquisitions. This focused approach supports the company’s objective of delivering stable cash flows and long-term value for unitholders.
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