Black Stone Minerals, L.P. Business Summary

Black Stone Minerals, L.P. (BSM) operates as a leading owner and manager of oil and natural gas mineral interests in the United States, structured as a master limited partnership. The company generates revenue primarily through non-cost-bearing royalty interests, which entitle it to a portion of production proceeds without the capital requirements or operating expenses associated with drilling. Its diversified portfolio spans approximately 20 million gross acres across 41 states and 60 productive basins, with significant concentrations in the Haynesville/Bossier, Permian, Bakken, and Eagle Ford plays. Revenue is segmented into oil and condensate sales, natural gas and natural gas liquids (NGL) royalties, and lease bonuses from third-party operators. BSM competes directly with other large-scale mineral and royalty owners such as Texas Pacific Land Corp (TPL), Viper Energy (VNOM), and Kimbell Royalty Partners (KRP). Within this landscape, BSM distinguishes itself as one of the largest pure-play mineral owners, leveraging a massive, legacy acreage footprint to provide stable, yield-focused distributions to unitholders. Effective January 1, 2026, the partnership implemented a co-leadership structure led by Co-CEOs Fowler Carter and Taylor DeWalch, following the transition of founder Thomas L. Carter, Jr. to Executive Chairman. Fowler Carter, who joined the firm in 2010, previously served as Vice President of Business Development and holds a background in valuation and advisory from Opportune Consulting. Taylor DeWalch, a petroleum engineer with over a decade of experience at Callon Petroleum and Anadarko, previously served as the partnership's CFO. The finance function is led by SVP and CFO Chris Bonner, a former Audit Manager at BDO USA who has held various accounting leadership roles at BSM since 2018. The company’s governance is supported by a high-pedigree board including Lead Director Carin Barth and recent appointee Anne Hamman (February 2026), with significant institutional backing from major endowments such as Rice University and Northwestern University.