Filing Flows › Black Stone Minerals, L.P. (BSM) › Q2 2025
Black Stone Minerals, L.P. (BSM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Black Stone Minerals, L.P. (BSM) reported revenue of $159M for the second quarter 2025 (Q2 2025), +45% from a year earlier and +169% from the quarter before. Operating margin was 76.7%, net earnings $113M (70.6% of revenue).
Black Stone Minerals, L.P., Q2 2025: revenue $159M (+46% year over year), operating margin 76.7%, net earnings $113M, operating cash flow $80.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $159M | +169% | +45% |
| Operating profit | $122M | +613% | +79% |
| Net earnings | $113M | 13× | +85% |
| Operating cash flow | $80.5M | +24% | -20% |
| Free cash flow | $52.7M | -3% | -29% |
What changed
Revenue was $159.5M in Q2 2025, up 45% year over year and up 169% from the previous quarter. Oil and condensate sales was the largest line at 35% of revenue. Natural gas and natural gas liquids sales added $9.7M year over year (up 27%), 19% of the total change. Oil and condensate sales declined 24%.
Operating profit was $122.3M, a 76.7% margin (up 14.2 points year over year). Of the extra revenue versus a year earlier, 108% reached operating profit, above the 62% margin then. Total costs fell 10% while revenue rose 45%. Net earnings were $112.7M, up 85% year over year. The effective tax rate was 0.0%.
Operating cash flow was $80.5M (down 20% year over year), 67% of net income including minority interests. Non-cash charges added back $9.2M of depreciation and amortization and $2.0M of share-based compensation. Working capital and other items used $50.7M. Capital expenditures of $27.7M left free cash flow of $52.7M.
Questions
What was Black Stone Minerals, L.P.'s revenue in the second quarter 2025?
Black Stone Minerals, L.P.
Was Black Stone Minerals, L.P. profitable in the second quarter 2025?
Operating profit was $122M (76.7% of revenue) and net earnings $113M.