Overview

* Black Stone Q3 adjusted EBITDA beats estimates, reflecting operational efficiency

* Oil and gas revenue for Q3 decreased 2% from the previous quarter

* Company announces leadership succession plan effective January 2026, appoints Fowler Carter and Taylor DeWalch as co-CEOs

Outlook

* Company did not provide specific financial guidance for the current quarter or full year in the statement

Result Drivers

* PRODUCTION INCREASE - Mineral and royalty production rose 5% in Q3 compared to the prior quarter

* DEVELOPMENT ACTIVITY - Aethon Energy's development program on track with wells turned to sales and more expected in 2025

* ACQUISITION STRATEGY - Acquired $20.3 mln of mineral and royalty interests in Q3, focusing on Shelby Trough area

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Oil & $100.20

Gas mln

Revenue

Q3 Net $91.70

Income mln

Q3 Beat $86.30 $81.80

Adjusted mln mln (4

EBITDA Analysts

)

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the oil & gas exploration and production peer group is "buy."

* Wall Street's median 12-month price target for Black Stone Minerals LP ( BSM ) is $15.00, about 12.7% above its November 3 closing price of $13.10

* The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release:

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)