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Black Stone Minerals, L.P. (BSM) guidance and outlook

Black Stone Minerals, L.P.'s 10-Q filed Nov 3, 2026 makes 19 forward-looking statements.

Guidance and outlook

Forward-looking statements, 10-Q filed Nov 3, 2026

• All comments concerning our expectations for future revenues and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions.
• Alongside our primary focus on traditional revenue streams from our asset base, we will continue to explore the relevance of our assets in energy transition, including opportunities in renewable energy and carbon sequestration.
• In November 2025, we entered into a 220,000 gross acre development agreement with an affiliate of Caturus Energy, LLC ("Caturus") covering acreage primarily in Angelina, Cherokee, Houston, and Nacogdoches counties in Texas, which aims to push the Shelby Trough westward toward the Western Haynesville.
• To manage the variability in cash flows associated with the projected sale of our oil and natural gas production, we use various derivative instruments, which have recently consisted of fixed-price swap contracts.
• Accordingly, we monitor the natural gas storage reports regularly in the evaluation of our business and its outlook.
• We also regularly compare projected volumes to actual reported volumes and investigate unexpected variances.
• If we have multiple contracts outstanding with a single counterparty, unless restricted by our agreement, we will net settle the contract payments.
• Pursuant to the terms of our Credit Facility, we are allowed to hedge certain percentages of expected future monthly production volumes equal to the lesser of (i) internally forecasted production and (ii) the average of reported production for the most recent three months.
• The Credit Facility allows but does not require us to hedge, using swaps and collars with a term of no more than four years, up to 90% of our expected future volumes for the first 24 months, 70% for months 25 through 36, and 50% for months 37 through 48.
• As of September 30, 2026, we had hedged a portion of our expected future volumes for the remainder of 2026, 2027, and 2028.
• We intend to continuously monitor the production from our assets and the commodity price environment, and will, from time to time, add additional hedges within the percentages described above related to such production.
• the same period in 2025, primarily due t o higher personnel costs, including $2.9 million of cash compensation and $0.8 million of equity-based compensation, driven by increased headcount and projected outperformance relative to performance targets under our short-term cash incentive plan.

Black Stone Minerals, L.P.'s latest quarter

Questions

What does Black Stone Minerals, L.P. expect?

All comments concerning our expectations for future revenues and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Alongside our primary focus on traditional revenue streams from our asset base, we will continue to explore the relevance of our assets in energy transition, including opportunities in renewable energy and carbon sequestration. In November 2025, we entered into a 220,000 gross acre development agreement with an affiliate of Caturus Energy, LLC ("Caturus") covering acreage primarily in Angeli

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.