Black Stone Minerals Reports Net Income of $0.21 Per Unit

The mineral and royalty partnership's third-quarter 2026 revenue fell 24.7% from a year earlier as commodity-derivative losses offset higher oil and gas sales.

Updated on Nov. 3, 2026 in Oil and Gas

Black Stone Minerals Reports Net Income of $0.21 Per Unit

Black Stone Minerals reported third-quarter 2026 net income of $0.21 per common unit, against $0.40 per unit in the year-earlier quarter. Total revenue was $99.727 million, while commodity-derivative losses offset higher oil and gas revenue.

Why it matters

The quarter shows how derivative hedging can pull reported revenue and earnings away from underlying production and price performance for mineral and royalty owners. Natural gas made up 73% of output, so results are closely tied to gas-market conditions across the 41 states where the partnership holds interests.

Commodity derivatives produced a $30.152 million net loss, including $29.8 million in noncash unrealized losses and $0.4 million in realized losses, against oil and gas revenue of $122.7 million. Total production averaged 35.6 thousand barrels of oil equivalent per day, with natural gas at 73%, though the release does not explain how long the unrealized losses will persist.

The players

Black Stone Minerals

A publicly traded limited partnership that owns mineral and royalty interests in oil and natural gas properties across the continental United States.

The details

Black Stone Minerals reported the results on Nov. 2, 2026, showing revenue from contracts with customers of $129.879 million. Net income attributable to the partnership was $52.4 million for the quarter, and the partnership holds mineral and royalty interests in 41 states across the continental United States.

Q3 2025: Year-earlier quarter with $0.40 per unit in net income.
Nov. 2, 2026: Black Stone Minerals issued third-quarter results at 5 p.m. ET.
Nov. 3, 2026: Expected filing date for the third-quarter Form 10-Q.

Market Landscape

Under mark-to-market accounting for commodity derivatives, hedge positions are revalued each period, so reported earnings can swing with forward price moves even when production and royalty income are steady. Black Stone's third-quarter results illustrate this pattern for mineral owners who use hedging to manage gas price exposure.

For individuals who hold royalty or mineral income tied to Black Stone properties, the quarter's lower total revenue and $0.21 per-unit net income may affect distributions. Investors comparing the partnership's results should note that the derivative loss depressed reported earnings even though oil and gas revenue rose.

The takeaway

Reported earnings for hedged energy partnerships can diverge sharply from operating performance, so readers should separate noncash derivative swings from production and sales trends when evaluating a quarter. Black Stone's results show revenue growth in oil and gas alongside a sharp fall in total revenue.

What happens next

The full third-quarter Form 10-Q was expected to be filed on Nov. 3, 2026, which may include additional detail on the derivative positions behind the quarter's losses.