Black Stone Minerals, L.P. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 3, 2026, reporting third-quarter net income of $52.4 million and a raised common unit distribution of $0.32 per unit.

Key Highlights

  • Net income: $52,368 thousand for the three months ended September 30, 2026, compared to $91,729 thousand in the same period of 2025, according to the filing.
  • Total revenue: $99,727 thousand for Q3 2026, down from $132,470 thousand in Q3 2025, driven in part by a net loss on commodity derivative instruments of $30,152 thousand.
  • Revenue from contracts with customers: $129,879 thousand for Q3 2026, up from $105,183 thousand in Q3 2025.
  • Common unit distribution raised: Distributions to common unitholders increased to $0.32 per unit in Q3 2026, up from $0.30 per unit in each of the first two quarters of 2026.
  • Credit facility balance: Outstanding borrowings under the credit facility rose to $195,000 thousand at September 30, 2026, from $154,000 thousand at December 31, 2025.
  • Units outstanding: As of October 30, 2026, there were 212,861,806 common units and 14,711,219 Series B cumulative convertible preferred units outstanding.
  • Basic and diluted net income per common unit: $0.21 for Q3 2026, compared to $0.40 for Q3 2025.

Black Stone Minerals Q3 2026 Financial Results: Revenue Mix, Derivatives, and Balance Sheet

Black Stone Minerals, L.P. (NYSE:BSM) reported total revenue of $99,727 thousand for the three months ended September 30, 2026, according to the filing. Revenue from contracts with customers reached $129,879 thousand in the quarter, reflecting oil and condensate sales of $77,649 thousand and natural gas and natural gas liquids sales of $45,053 thousand, both higher than the comparable prior-year period. However, a net loss on commodity derivative instruments of $30,152 thousand reduced total revenue, contrasting with a $27,287 thousand net gain recorded in Q3 2025.

The filing disclosed net income of $52,368 thousand for Q3 2026, compared to $91,729 thousand in Q3 2025. For the nine months ended September 30, 2026, net income was $171,998 thousand, against $227,705 thousand for the same period in 2025. Total operating expenses were $43,511 thousand in Q3 2026, up from $38,370 thousand in Q3 2025, with general and administrative expenses increasing to $16,470 thousand from $12,287 thousand. After subtracting Series B preferred unit distributions of $7,367 thousand, net income attributable to common units was $45,001 thousand for Q3 2026.

On the balance sheet, total assets were $1,374,707 thousand at September 30, 2026, up from $1,335,554 thousand at December 31, 2025. The credit facility balance increased to $195,000 thousand from $154,000 thousand over the same period. Net oil and natural gas properties rose to $1,269,444 thousand from $1,224,008 thousand. Commodity derivative liabilities, net, totaling $29,256 thousand current and $5,184 thousand long-term, appeared on the September 30, 2026 balance sheet, whereas no such liabilities were recorded at December 31, 2025. During Q3 2026, the partnership distributed $0.32 per common unit, compared to $0.30 per unit in each of the two preceding quarters of 2026.

What Was Disclosed

Black Stone Minerals filed its quarterly report covering operations through September 30, 2026, disclosing Q3 net income of $52,368 thousand, total revenue of $99,727 thousand, a raised common distribution of $0.32 per unit, and a credit facility balance of $195,000 thousand.