# Black Stone Minerals Posts $0.21 Per Unit as Derivative Losses Cut Q3 Revenue

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/47168
Published: 2026-11-03T02:18:54.000Z
Updated: 2026-11-03T02:18:54.000Z
Section: Business

> Revenue was $15.49 million below one $115.22 million estimate benchmark, though pre-report estimates varied.

Black Stone Minerals, L.P. posted third-quarter 2026 net income attributable to limited partners of $0.21 per common unit and $99.727 million in revenue, as commodity-derivative losses offset higher oil and gas revenue.

Revenue was $15.49 million below one $115.22 million estimate benchmark. Other pre-report estimates varied, putting earnings at $0.25 to $0.26 per unit and revenue at $112.93 million to $116.36 million. The gap depends on which benchmark is used; those estimates are not company-reported results.

Total revenue fell 24.7% from $132.470 million in the year-earlier quarter. Revenue from contracts with customers reached $129.879 million, but a $30.152 million net loss on commodity derivatives reduced total revenue to $99.727 million. The derivative loss included $29.8 million in noncash unrealized losses and $0.4 million in realized losses.

Oil and gas revenue rose 22.5% year over year to $122.7 million from $100.2 million. Total production averaged 35.6 thousand barrels of oil equivalent per day, with natural gas accounting for 73%. Production from mineral and royalty interests was 34.5 thousand barrels of oil equivalent per day.

Black Stone holds mineral and royalty interests in 41 states across the continental United States. It recorded $52.4 million in net income for the quarter, alongside $104.1 million in adjusted EBITDA and $93 million in distributable cash flow. Net income attributable to limited partners was $0.40 per common unit in the third quarter of 2025.

Co-CEO and President Taylor DeWalch said, “We are pleased with another strong quarter, reflecting increased development activity and higher oil production and revenue.”

The partnership issued its results Nov. 2 at 5 p.m. ET (22:00 UTC) and expected to file its third-quarter Form 10-Q on or around Nov. 3.