Black Stone Minerals reported second-quarter 2026 net income of $106.4 million and distributable cash flow of $80.4 million, while announcing a quarterly distribution of $0.32 per unit (annualized $1.28). Adjusted EBITDA for the quarter was $91.3 million and total reported revenue was $149.0 million. The partnership reported production of 33.5 MBoe/d (97% mineral and royalty) and reduced total debt to $168.0 million as of July 31, 2026.
Financial Highlights
- Total revenue: $148.97 million for the three months ended June 30, 2026.
- Net income: $106.36 million for the quarter.
- Adjusted EBITDA: $91.35 million for the quarter.
- Distributable cash flow: $80.43 million for the quarter; distributable cash flow per unit: $0.378 (using estimated units).
- Quarterly distribution: $0.32 per common unit (distribution coverage ~1.18x).
Business Highlights
- Production: Mineral and royalty production averaged 32.5 MBoe/d (72% natural gas); total reported production averaged 33.5 MBoe/d for Q2 2026.
- Hedging: Commodity hedges in place through 2027, including oil swaps (e.g., 615 MBbl in 3Q–4Q26 at $64.39/Bbl) and gas swaps (e.g., 12,880 BBtu in 3Q–4Q26 at $3.73/MMbtu).
- Development activity: Ongoing multi-operator development in the Shelby Trough (Adamas, Revenant, Caturus) with multiple wells spud and turned to sales; Blue Arrow progressing development in the southern Delaware Basin.
- Acquisitions: $37.2 million of mineral and royalty acquisitions in Q2 2026; $299.7 million of acquisitions completed from Sept 2023 through June 2026, focused on the Shelby Trough area.
- Balance sheet and liquidity: Borrowing base reaffirmed at $580.0 million; total commitments maintained at $375.0 million; drawn debt $168.0 million and cash $1.9 million as of July 31, 2026, in compliance with covenants.
Original SEC Filing:
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