BSM · 10-K filed 24 Feb 2026 · year to 31 Dec 2025

Black Stone Minerals

21 named things its latest annual report says its results depend on, each in the company's own words. 11 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

ExxonMobil Corporation

earns from · approximately 13% of total oil and natural gas revenuesnamed as a risk

Aethon represented approximately 14% of total oil and natural gas revenues for the year ended December 31, 2025; Pioneer Natural Resources and XTO Energy, subsidiaries of ExxonMobil Corporation, collectively represented approximately 13% of total oil and natural gas revenues for the year ended December 31, 2024; and no single operator exceeded 10% of total oil and natural gas revenues for the year ended December 31, 2023.Business (Item 1)

Also named by NUE, PAA, PAGP

Aethon Energy

earns from · approximately 14% of total oil and natural gas revenuesnamed as a risk

Data centers

earns fromnamed as a risk

delay, cancellation, or reduced demand from planned data centers.Risk factors (Item 1A)

Also named by AESI, AGX, BKR, CBRE, CEG, CMI, CNP, CTOS and 26 more

Suppliers

Netherland, Sewell & Associates, Inc. (NSAI)

depends on

As of December 31, 2025, our total estimated proved oil and natural gas reserves were 54,845 MBoe based on a reserve report prepared by Netherland, Sewell & Associates, Inc. (“NSAI”), an independent third-party petroleum engineering firm.Business (Item 1)

Also named by CHRD, PR

Partners and platforms

Aethon Joint Exploration Agreements

depends on · 16 wells

As amended, the agreements provide for a combined annual minimum drilling commitment of 16 wells across both contract areas.Business (Item 1)

Revenant Energy

depends on

In May 2025, we entered into a JEA with Revenant Energy (“Revenant”) covering an expanded portion of our Shelby Trough acreage, primarily located in Angelina, Nacogdoches, and San Augustine counties in Texas.Business (Item 1)

Caturus Energy, LLC

depends on

In November 2025, we entered into a JEA with Caturus Energy, LLC (“Caturus”) covering an expanded portion of our Shelby Trough acreage, primarily in Angelina, Cherokee, Houston, and Nacogdoches counties in Texas.Business (Item 1)

Other companies

Gulf of Mexico LNG export facilities

depends onnamed as a risk

delay or cancellation of construction or operation of LNG export facilities in the Gulf of Mexico; orRisk factors (Item 1A)

Places

Shelby Trough

concentrated in · 13% of our royalty revenues and 14% of our working interest revenuesnamed as a risk

In 2025, we generated 13% of our royalty revenues and 14% of our working interest revenues from three operators in the Shelby Trough area of the Haynesville play in East Texas, where we own a concentrated, relatively high-interest royalty position.Risk factors (Item 1A)

Material resource plays (Bakken, Haynesville, Permian, Eagle Ford)

concentrated in · 73% of our aggregate production

These plays accounted for 73% of our aggregate production for the year ended December 31, 2025.Business (Item 1)

Haynesville/Bossier shale

concentrated in

The play’s prospective acreage is evenly divided between East Texas and Western Louisiana, and while we have significant exposure through our mineral and royalty interests and working interests across the entire play, the majority of our acreage is located in East Texas, with a particular concentration in the prolific southern portion of the Shelby Trough in San Augustine, Nacogdoches, and Angelina Counties.Business (Item 1)

Hazards

Induced seismicity

subject tonamed as a risk

For example, Texas, Oklahoma, and New Mexico have imposed certain limits on the permitting or operation of disposal wells in areas with increased instances of induced seismic events.Business (Item 1)

Also named by CRGY, DMLP, DVN, FANG, LB, PR, VNOM, WES and 1 more

Commodities and inputs

Natural gas

exposed to its price · Approximately 48% of our 2025 oil and natural gas revenuesnamed as a risk

Approximately 48% of our 2025 oil and natural gas revenues were derived from natural gas and natural gas liquids sales.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Henry Hub natural gas

exposed to its price · approximately $7.7 millionnamed as a risk

Similarly, a hypothetical $0.10 per MMBtu increase or decrease in the NYMEX Henry Hub natural gas strip price would result in an increase or decrease of approximately $7.7 million in the fair value of our natural gas derivative contracts.Market risk (Item 7A)

Also named by AM, AR, ATI, BTU, CNX, CRGY, DVN, EPD and 13 more

Oil

exposed to its price · Approximately 52% of our 2025 oil and natural gas revenuesnamed as a risk

Approximately 52% of our 2025 oil and natural gas revenues were derived from oil and condensate sales.Risk factors (Item 1A)

Also named by AYI, BAX, GM, GRC, J, JBL, JEF, MHK and 6 more

NYMEX WTI crude oil

exposed to its price · approximately $3.4 millionnamed as a risk

Based upon our open commodity derivative positions at December 31, 2025, a hypothetical $1 per barrel increase or decrease in the NYMEX WTI strip price would result in an increase or decrease of approximately $3.4 million in the fair value of our oil derivative contracts.Market risk (Item 7A)

Also named by DVN, RRC

Regulators

Colorado Energy and Carbon Management Commission

subject tonamed as a risk

Additionally, in March 2025, the Colorado Energy and Carbon Management Commission issued regulations requiring instate operators to phase in the use of recycled produced water for hydraulic fracturing, with minimum recycling targets starting at 2% in 2026 and increasing over time (potentially up to 35% by 2038), which may result in additional costs for water treatment infrastructure, recycling facilities, and related compliance measures.Business (Item 1)

Also named by WTTR

Laws and programs

Credit Facility

depends on · $580.0 millionnamed as a risk

Concurrent with the Credit Facility amendment, the borrowing base under the Credit Facility was reaffirmed at $580.0 million and we elected to maintain cash commitments under the Credit Facility at $375.0 million.Risk factors (Item 1A)

Also named by AM, AR, AROC, CGBD, CLS, CVLG, CWST, MYRG and 5 more

Louisiana mineral servitude prescription law

subject to · several hundred thousand acresnamed as a risk

We own mineral servitudes covering several hundred thousand acres in Louisiana.Risk factors (Item 1A)

EPA methane rules (NSPS OOOOb/OOOOc)

subject tonamed as a risk

In December 2023, the EPA finalized more stringent methane rules for new, modified, and reconstructed facilities, known as New Source Performance Standard ("NSPS") OOOOb, as well as rules for existing sources for the first time ever, known as OOOOc.Business (Item 1)

Also named by CHRD, EQT, EXE, KRP, L

Internal Revenue Code Section 7704 qualifying income exception

subject tonamed as a risk

Despite the fact that we are organized as a limited partnership under Delaware law, we will be treated as a corporation for U.S. federal income tax purposes unless we satisfy the “qualifying income” requirement within Section 7704(d)(1)(E) of the Internal Revenue Code.Risk factors (Item 1A)