Oil & Condensate Sales was the largest of Black Stone Minerals, L.P.’s 3 reported lines in fiscal 2025, at $209.36M — 50% of $422.33M.
| Product and Service | FY 2016 | FY 2017 | FY 2019 | FY 2020 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Oil & Condensate Sales | $336.29M | $288.30M | $269.06M | $209.36M | ||||
| Crude Oil | — | — | — | — | ||||
| Natural Gas & Natural Gas Liquids Sales | $434.95M | $200.30M | $157.91M | $191.62M | ||||
| Natural Gas | — | — | — | — | ||||
| Lease Bonus & Other Income | $13.05M | $12.51M | $12.46M | $21.35M | ||||
| Real Estate | — | — | — | — | ||||
| Total | $784.28M | $501.10M | $439.43M | $422.33M |
In fiscal 2025, which ended December 31, 2025, the 3 revenue lines Black Stone Minerals, L.P. reported in this breakdown added up to $422.33M. That was down 3.9% from $439.43M in fiscal 2024. Oil & Condensate Sales was the largest revenue line, at $209.36M or 49.6% of the total, followed by Natural Gas & Natural Gas Liquids Sales ($191.62M, 45.4%) and Lease Bonus & Other Income ($21.35M, 5.1%). Together, the two largest revenue lines made up 94.9% of this total.
Compared with fiscal 2024, Lease Bonus & Other Income grew the fastest, rising 71.3% to $21.35M. Oil & Condensate Sales fell the most, down 22.2% to $209.36M. Over fiscal 2022 to 2025, revenue across these revenue lines went from $784.28M to $422.33M, a compound annual decline of 18.6%. Oil & Condensate Sales' share of the total rose from 42.9% to 49.6% over the same years.
The table also keeps 3 revenue lines that Black Stone Minerals, L.P. no longer reports, so earlier years can still be read on their original basis; use "Show 3 discontinued" beneath the table to see them. This breakdown covers 8 fiscal years between 2016 and 2025, as reported in Black Stone Minerals, L.P.'s annual filings.
Black Stone Minerals, L.P. (BSM) breaks its revenue down by revenue line. In fiscal 2025, its largest revenue line was Oil & Condensate Sales, with $209.36M or 49.6% of the total, followed by Natural Gas & Natural Gas Liquids Sales at $191.62M (45.4%).
Oil & Condensate Sales was Black Stone Minerals, L.P.'s largest revenue line in fiscal 2025, with $209.36M in revenue, 49.6% of the $422.33M reported across its 3 revenue lines.
Of the Black Stone Minerals, L.P. revenue lines reported in both fiscal 2024 and fiscal 2025, and making up at least 2% of the total, Lease Bonus & Other Income grew the fastest, rising 71.3% from $12.46M to $21.35M.
Every figure is taken from Black Stone Minerals, L.P.'s annual financial filings and shown as reported: each line keeps the name the company gives it, years follow its own fiscal calendar, and lines it has stopped reporting stay in the table for the years they were reported.
The breakdown by revenue line covers fiscal 2016 to 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.