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Black Stone Minerals USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Natural Gas

Geography: United States

COMM_BSM

Price chart

13.97 USDDay 1.09%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
13.97 USD · 1.09%
Market cap
3.0 bn USD

Growth

Δ revenue y/y
0.2%
Δ EBITDA y/y
0.5%

Multiples

P/E (LTM)
9.9x
3y avg: 9.6x
P/B (FY)
3.6x
P/E (ann.)
55.7x
EV/EBITDA (LTM)
9.1x
3y avg: 8.5x
EV/EBITDA (ann.)
29.6x

Cash return

Dividend yield
8.6%
FCF yield (LTM)
8.0%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-67.4%
↓ details

Liquidity

Daily turnover (listing)
3.7 mln USD

Shares: yahoo_fundamentals_timeseries/BSM

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 12 / Err: 1 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1⚠Warn 1
2023-06-30 Q2⚠Warn 2
2023-09-30 Q3⚠Warn 1
2023-12-31 FY⚠Warn 1
2024-03-31 Q1✗Errors 1Warn 1
2024-06-30 Q2⚠Warn 1
2024-09-30 Q3⚠Warn 1
2024-12-31 FY⚠Warn 1
2025-03-31 Q1⚠Warn 1
2025-06-30 Q2⚠Warn 1
2025-09-30 Q3⚠Warn 1
2025-12-31 FY⚠Warn 2
2026-03-31 Q1⚠Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK59.4
y/y 0.2%
16.6
y/y -3.1%
9.8
y/y 7.2%
26.4
y/y 0.5%
13.3
y/y -16.8%
62.6-11.51338.4
y/y 8.0%
773.2
y/y 1.1%
6.6%175.4Link
2025-12-31Q4 2025 (3M)OK118.7
y/y 41.8%
74.9
y/y 57.5%
8.7
y/y -20.8%
83.5
y/y 42.9%
72.2
y/y 55.8%
65.1-48.81335.6
y/y 9.6%
828.0
y/y -0.1%
36.3%152.5Link
2025-09-30Q3 2025 (3M)OK132.5
y/y -1.8%
94.1
y/y 1.1%
9.9
y/y -12.1%
104.0
y/y -0.4%
91.7
y/y -1.1%
99.8-20.31270.4
y/y 4.7%
824.7
y/y -5.0%
15.0%92.1Link
2025-06-30Q2 2025 (3M)OK159.5
y/y 45.5%
122.3
y/y 78.5%
9.2
y/y -19.1%
131.5
y/y 64.7%
120.0
y/y 75.7%
80.5-27.71267.9
y/y 4.2%
802.1
y/y -6.7%
61.3%96.5Link
2025-03-31Q1 2025 (3M)OK59.3
y/y -43.8%
17.2
y/y -73.2%
9.1
y/y -21.6%
26.3
y/y -65.2%
15.9
y/y -75.1%
64.8-10.31238.8
y/y 0.6%
764.5
y/y -12.7%
8.0%60.6Link
2024-12-31Q4 2024 (3M)OK83.7
y/y -56.1%
47.5
y/y -67.8%
10.9
y/y -6.9%
58.5
y/y -63.3%
46.3
y/y -68.6%
91.0-45.21218.9
y/y -3.8%
829.0
y/y -9.7%
32.0%22.5Link
2024-09-30Q3 2024 (3M)PARTIAL134.9
y/y 22.8%
93.1
y/y 50.1%
11.3
y/y -9.0%
104.4
y/y 40.3%
92.7
y/y 49.4%
93.2-14.71212.8
y/y -1.7%
867.8
y/y -0.8%
14.3%-11.0Link
2024-06-30Q2 2024 (3M)PARTIAL109.6
y/y -6.3%
68.5
y/y -13.0%
11.4
y/y 9.0%
79.8
y/y -10.5%
68.3
y/y -12.8%
100.4-26.51216.9
y/y -2.7%
860.0
y/y -6.0%
31.5%-16.7Link
2024-03-31Q1 2024 (3M)PARTIAL105.5
y/y -39.6%
64.0
y/y -52.7%
11.6
y/y 4.4%
75.6
y/y -48.3%
63.9
y/y -52.5%
104.5-23.01231.7
y/y -3.1%
875.3
y/y -6.9%
28.5%-30.5Link
2023-12-31Q4 2023 (3M)OK190.8
y/y —
147.6
y/y —
11.7
y/y —
159.3
y/y —
147.6
y/y —
134.1-13.71266.9
y/y —
918.2
y/y —
47.1%-70.3Link
2023-09-30Q3 2023 (3M)PARTIAL109.8
y/y —
62.0
y/y —
12.4
y/y —
74.4
y/y —
62.1
y/y —
116.7-0.91234.0
y/y —
875.0
y/y —
9.2%-46.0Link
2023-06-30Q2 2023 (3M)PARTIAL117.0
y/y —
78.8
y/y —
10.4
y/y —
89.2
y/y —
78.4
y/y —
133.30.01250.4
y/y —
914.9
y/y —
33.8%-36.7Link
2023-03-31Q1 2023 (3M)OK174.6
y/y —
135.2
y/y —
11.1
y/y —
146.3
y/y —
134.4
y/y —
137.20.01271.7
y/y —
939.9
y/y —
—-86.0Link
Data quality — review suggested

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
54.84 mln boe
2025
Reserve life (R/P)
4.3 yrs
reserves ÷ annual output
Annual production
12.63 mln boe
2025

Production, mln boe

10.05201410.48201511.60201613.52201716.90201817.72201915.22202013.89202113.55202214.53202314.10202412.632025

Proved reserves

YearReserves, mln boe
202554.84
202457.38
202364.47
202264.11
202159.82
202055.99
201968.54
201869.90
201767.94

Production

YearProduction, mln boeper day
202512.63
−10.4%		34 608
202414.10
−2.9%		38 641
202314.53
+7.2%		39 814
202213.55
−2.4%		37 134
202113.89
−8.8%		38 049
202015.22
−14.1%		41 699
201917.72
+4.8%		48 542
201816.90
+25.0%		46 301
201713.52
+16.5%		37 027

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

0501001502002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%-50%0%50%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

02550751001252023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-100-500501001502002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — WTI Crude Oil

Current 90spot vs LTM +38%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -67.4%

Main driver: WTI Crude Oil +38% vs LTM; revenue ×1.16 vs costs ×1.05; EBITDA 345→386; at 6.7× EV/EBITDA → -67%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+55%89.7365.1476.10+38%+17%
Henry Hub Gas (rev)+45%3.153.533.09-11%-12%
WTI Crude Oil (cost)-3%89.7365.1476.10+38%+17%
Henry Hub Gas (cost)-1%3.153.533.09-11%-12%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue470
LTM EBITDA345
LTM cash costs (revenue − EBITDA)125
2 · Revenue projection
Revenue multiplier — spot×1.159 (+16%)
= Spot revenue545
Revenue multiplier — 3y price×1.037 (+4%)
= 3-year-price revenue487
3 · Costs projection
Cost multiplier — spot×1.049 (+5%)
= Spot cash costs131
Cost multiplier — 3y price×1.042 (+4%)
= 3-year-price cash costs130
4 · EBITDA projection (revenue − costs)
= Spot EBITDA414
= 3-year-price EBITDA357
Conservative EBITDA = min(spot, avg)386
5 · Valuation → target market cap
Historical EV/projected-EBITDA (3-yr average)6.7x
Target EV = EV/EBITDA × conservative EBITDA2 571
Net debt175
Target market cap = EV − net debt2 395
Current market cap2 856

Upside = target market cap ÷ current − 1 = -67.4%

Life of mine: 4 yrs — before haircut -16.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q2117125-6.3%8992-3.0%
2023 Q3110148-25.9%74117-36.4%
2023 Q4191146+30.7%159114+39.3%
2024 Q1105132-20.4%76101-25.2%
2024 Q2110129-14.9%8097-17.7%
2024 Q3135119+13.0%10487+20.0%
2024 Q484143-41.4%58112-47.7%
2025 Q159134-55.8%26104-74.8%
2025 Q2159100+58.8%13170+87.4%
2025 Q3132104+27.7%10474+40.7%
2025 Q4119111+6.7%8482+1.9%
2026 Q159122-51.2%2690-70.5%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 8.2x · target 3-yr avg 6.7x · LTM avg 8.3x

EV/EBITDA (LTM)EV/EBITDA (projected)target avg (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-05-080.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2026-02-180.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2025-11-060.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2025-08-070.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2025-05-080.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2025-02-180.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2024-11-080.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2024-08-090.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2024-05-090.375 USDEx-dividend: 0.375 USD per sharePaidYahoo Finance (ex-div)
2024-02-150.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2023-11-080.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2023-08-100.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2023-05-110.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2023-02-150.475 USDEx-dividend: 0.475 USD per sharePaidYahoo Finance (ex-div)
2022-11-090.45 USDEx-dividend: 0.45 USD per sharePaidYahoo Finance (ex-div)
2022-08-110.42 USDEx-dividend: 0.42 USD per sharePaidYahoo Finance (ex-div)
2022-05-120.4 USDEx-dividend: 0.4 USD per sharePaidYahoo Finance (ex-div)
2022-02-150.27 USDEx-dividend: 0.27 USD per sharePaidYahoo Finance (ex-div)
2021-11-100.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)
2021-08-120.25 USDEx-dividend: 0.25 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)