Filing Flows › Black Stone Minerals, L.P. (BSM) › Q1 2025
Black Stone Minerals, L.P. (BSM) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Black Stone Minerals, L.P. (BSM) reported revenue of $59.3M for the first quarter 2025 (Q1 2025), -44% from a year earlier and -29% from the quarter before. Operating margin was 29.0%, net earnings $8.6M (14.5% of revenue).
Black Stone Minerals, L.P., Q1 2025: revenue $59.3M (-44% year over year), operating margin 29.0%, net earnings $8.6M, operating cash flow $64.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $59.3M | -29% | -44% |
| Operating profit | $17.2M | -64% | -73% |
| Net earnings | $8.6M | -78% | -85% |
| Operating cash flow | $64.8M | -29% | -38% |
| Free cash flow | $54.6M | +19% | -33% |
What changed
Revenue was $59.3M in Q1 2025, down 44% year over year and down 29% from the previous quarter. Natural gas and natural gas liquids sales was the largest line at 98% of revenue. Oil and condensate sales lost $21.1M year over year (down 30%), 46% of the total change.
Operating profit was $17.2M, a 29.0% margin (down 31.7 points year over year). Total costs grew 1% against a revenue fall of 44%. Net earnings were $8.6M, down 85% year over year. The effective tax rate was 0.0%.
Operating cash flow was $64.8M (down 38% year over year), 407% of net income including minority interests. Non-cash charges added back $9.1M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items added $36.7M. Capital expenditures of $10.3M left free cash flow of $54.6M.
Questions
What was Black Stone Minerals, L.P.'s revenue in the first quarter 2025?
Black Stone Minerals, L.P.
Was Black Stone Minerals, L.P. profitable in the first quarter 2025?
Operating profit was $17.2M (29.0% of revenue) and net earnings $8.6M.