BSM

Black Stone Minerals, L.P. is an oil and natural gas mineral and royalty company owning mineral and royalty interests across major U.S. onshore oil and gas basins. The partnership owns mineral rights and receives royalties from oil and gas production on its acreage without bearing exploration, development, or operating costs. Black Stone's assets are concentrated in key producing regions including the Permian Basin, Haynesville Shale, Eagle Ford Shale, and other major oil and gas plays. The partnership generates revenues from royalties based on production volumes and commodity prices from wells drilled and operated by third parties. Founded in 1876 by the Carrington family, Black Stone represents one of the largest privately assembled mineral portfolios in the United States. Headquartered in Houston, Texas, the partnership went public in 2015 while maintaining significant family ownership and control. Black Stone benefits from no capital expenditure requirements, exposure to multiple operators and basins, and significant drilling inventory on its acreage. The partnership provides investors with direct exposure to oil and gas production with lower risk profiles than exploration and production companies. Black Stone pays substantial quarterly distributions supported by commodity production volumes and prices.