Black Stone Minerals Reports Strong Q4 and Full-Year 2025 Results

Highlights include new development agreements, expanding drilling commitments, and planned production growth through 2026.

Published on Feb. 24, 2026

Got story updates? Submit your updates here. ›

Black Stone Minerals (NYSE:BSM) executives detailed the partnership's significant commercial progress in 2025, including new development agreements, expanding drilling commitments in the Shelby Trough and Haynesville expansion area, and a planned step-up in production through 2026 during the company's fourth-quarter and full-year 2025 earnings call.

Why it matters

Black Stone Minerals' focus on securing new development agreements and expanding drilling commitments positions the company for future production growth, which is crucial in the current energy market environment. The partnership's proximity to key Gulf Coast demand centers also puts it in a strong position to benefit from increasing natural gas supply needs.

The details

Co-CEO and President Fowler Carter highlighted 'significant commercial milestones' in 2025, including the signing of development agreements with Revenant Energy and Katouris Energy that place approximately 500,000 gross acres into development. These agreements include minimum drilling commitments expected to ramp to 37 gross wells per year by 2031. Additionally, Aethon recently brought several new wells online in the Shelby Trough, with another five wells expected in Q1 2026 and 18 more planned throughout the year. Co-CEO and President Taylor DeWalch said the partnership expects production to 'materially' grow throughout 2026, with a step-up in production from the Q4 2025 exit rate. Executives also discussed expansion opportunities in the Haynesville region and a letter of intent with a 'reputable operator' involving a 'meaningful amount of acreage' in the Gulf Coast area.

  • Black Stone Minerals ended 2025 and began 2026 at about 32,000 BOE per day.
  • Aethon recently brought several new wells online in the Shelby Trough, with another five wells expected in Q1 2026 and 18 more planned throughout the year.
  • The partnership is in the process of shooting two 'substantial' 3D seismic surveys in the Shelby Trough and Haynesville expansion area, with completion targeted for early 2027.

The players

Fowler Carter

Co-CEO and President of Black Stone Minerals.

Taylor DeWalch

Co-CEO and President of Black Stone Minerals.

Chris Bonner

Chief Financial Officer of Black Stone Minerals.

Revenant Energy

An energy company that has a development agreement with Black Stone Minerals.

Katouris Energy

An energy company that has a development agreement with Black Stone Minerals.

Got photos? Submit your photos here. ›

What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

Black Stone Minerals' focus on securing new development agreements and expanding drilling commitments positions the company for future production growth, which is crucial in the current energy market environment. The partnership's proximity to key Gulf Coast demand centers also puts it in a strong position to benefit from increasing natural gas supply needs.