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Black Stone Minerals, L.P. (BSM · NYSE)

Name: Black Stone Minerals, L.P. (BSM) oil & gas valuation & reserves screen
Creator: Enerquill Advisory

Minerals & royalty — HQ United States. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.

Category Minerals & royaltyRegion N. AmericaCEO Fowler Carter / Taylor DeWalch (2025)Jurisdiction risk Low (23)

Overview

Largest publicly traded pure US minerals & royalty LP: owns mineral, royalty and ORRI interests across ~40 states and ~60,000 wells, collecting a top-line share of production with zero drilling capex, driving ~80%+ EBITDA margins.

FY2025 delivered $469.9M revenue, $337.4M Adjusted EBITDA and $300.0M distributable cash flow, funding a $1.28/unit distribution (~8% yield); proved reserves eased 4% to 54.8 MMBoe (70% gas).

Valuation snapshot (FY2025)

Market cap

$3.1bn

Enterprise value

$3.3bn

EV / EBITDA

9.6x

P / E

10.4x

FCF yield

6.1%

Dividend yield

8.2%

ROACE

20%

Debt / equity

13%

Net debt / EBITDA

0.4x

EV / reserves

$59.27/boe

EV / flowing

$94k/boe/d

Free cash flow

$0.2bn

Its EV/EBITDA of 9.6x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 6.1% is lower than the 6.5% median, and at $59.27/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Black Stone Minerals, L.P. scores 48/100, strongest on safety (64/100). Sub-scores: value 45, quality 47, growth 28, risk 36 (higher = riskier).

Reserves & production

Black Stone Minerals, L.P. holds approximately 0.06 billion boe of proved (1P) reserves with FY2025 production of about 35 thousand boe/d (30% liquids), a reserve life of roughly 4.4 years. Break-even: n/a (royalty model — no operating breakeven) — receives revenue with no capex/opex; economics driven by lessee drilling activity and commodity price

Net asset value (public-source)

For Black Stone Minerals, L.P., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

23 /100

Low jurisdiction risk

Production-weighted average of the country scores below (0 = safest, 100 = riskiest).

Country / region	Prod. share	Country risk	Key jurisdiction risk
United States	100%	23	Stable, deep; federal-lands leasing and permitting policy swings.

How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

Asset	Location	Type	Notes
Haynesville — Shelby Trough	United States	Gas royalty	Core position; development agreements drive growth
Louisiana Austin Chalk	United States	Oil/gas royalty	Emerging oil-weighted play
Permian (Midland & Delaware)	United States	Oil royalty	Oil-weighted mineral & ORRI
Bakken / Williston	United States	Oil royalty	North Dakota mineral volumes
Eagle Ford	United States	Oil/gas royalty	South Texas royalty interests
Anadarko / Mid-Continent	United States	Gas royalty	Oklahoma SCOOP/STACK positions
Gulf Coast / onshore diversified	United States	Oil/gas royalty	Broad legacy mineral fee ownership
Rockies / DJ & other	United States	Oil/gas royalty	Smaller diversified exposure

Five-year trend (FY2021–FY2025)

Metric	2021	2022	2023	2024	2025
Production (mboe/d)	34	36	37	35	35
Proved reserves (bnboe)	0.06	0.06	0.06	0.06	0.06
Revenue ($bn)	0.5	0.7	0.5	0.5	0.5
EBITDA ($bn)	0.3	0.5	0.4	0.4	0.3
Net income ($bn)	0.3	0.5	0.3	0.3	0.3
Free cash flow ($bn)	0.3	0.5	0.4	0.3	0.2

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Peer companies — Minerals & royalty

TPL · Texas Pacific Land Corporation VNOM · Viper Energy PSK · PrairieSky Royalty Ltd.TPZ · Topaz Energy Corp.FRU · Freehold Royalties Ltd.KRP · Kimbell Royalty Partners, LP DMLP · Dorchester Minerals, L.P.VTS · Vitesse Energy

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare BSM against 141 peers in the interactive screener