Filing Flows › Black Stone Minerals, L.P. (BSM) › Q2 2026 › vs Q1 2026
Black Stone Minerals, L.P. (BSM) Q2 2026 vs Q1 2026 (quarter over quarter)
Black Stone Minerals, L.P.'s revenue rose $89.6M (+151%) from $59.4M in Q1 2026 to $149M in Q2 2026. The biggest changes: Other revenues +$91.4M (—); Natural gas and natural gas liquids sales −$23.1M (-36%); Oil and condensate sales +$21.0M (+39%). Operating margin 73.9% against 28.0% (+45.9 pts).
Black Stone Minerals, L.P., Q2 2026: revenue $149M (-7% year over year), operating margin 73.9%, net earnings $99.0M, operating cash flow $93.0M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 73.9% | 28.0% | +45.9 pts |
| Net margin | 66.5% | 9.9% | +56.5 pts |
| Free cash flow margin | 39.3% | 85.9% | -46.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Oil and condensate sales | $75.2M | $54.1M | $21.0M | +39% |
| Natural gas and natural gas liquids sales | $40.3M | $63.4M | −$23.1M | -36% |
| Lease bonus and other income | $6.7M | $6.4M | $309K | +5% |
| Other revenues | $26.9M | −$64.5M | $91.4M | — |
| Revenue | $149M | $59.4M | $89.6M | +151% |
| Operating profit | $110M | $16.6M | $93.4M | +562% |
| Costs & expenses | $38.9M | $42.7M | −$3.8M | -9% |
| Pre-tax earnings | $106M | $13.3M | $93.1M | +701% |
| Other expense, net | $3.7M | $3.4M | $349K | +10% |
| General & admin | $16.1M | $16.8M | −$756K | -4% |
| Other operating costs | $22.8M | $25.9M | −$3.1M | -12% |
| Net earnings | $99.0M | $5.9M | $93.1M | 17× |
| Minority interests | $7.4M | $7.4M | $0 | 0% |
| Depreciation & amortization | $9.4M | $9.8M | −$383K | -4% |
| Share-based compensation | $2.5M | $3.6M | −$1.1M | -30% |
| Working capital & other | $17.9M | −$43.3M | $61.2M | — |
| Operating cash flow | $93.0M | $62.6M | $30.4M | +49% |
| Free cash flow (OCF − capex) | $58.6M | $51.0M | $7.6M | +15% |
| Capital expenditures | $34.4M | $11.5M | $22.8M | +197% |
Questions
How much did Black Stone Minerals, L.P.'s revenue grow quarter over quarter in Q2 2026?
Black Stone Minerals, L.P.'s revenue rose $89.6M (+151%) from $59.4M in Q1 2026 to $149M in Q2 2026.
What drove Black Stone Minerals, L.P.'s revenue change in Q2 2026?
Other revenues +$91.4M (—); Natural gas and natural gas liquids sales −$23.1M (-36%); Oil and condensate sales +$21.0M (+39%).