Oil & Condensate Sales was Black Stone Minerals’s largest product and service line in fiscal 2025, bringing in $209.36M of $422.33M (50%).
| 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 |
Black Stone Minerals brought in $422.33M from its three product and service lines in fiscal 2025, the year ended December 31, 2025. That was down 3.9% from $439.43M in fiscal 2024. Oil & Condensate Sales was the largest at $209.36M (49.6%), ahead of Natural Gas & Natural Gas Liquids Sales at $191.62M (45.4%) and Lease Bonus & Other Income at $21.35M (5.1%).
Compared with fiscal 2024, Lease Bonus & Other Income grew fastest, up 71.3% to $21.35M, while Oil & Condensate Sales fell the most, down 22.2% to $209.36M. From fiscal 2022 to 2025, combined revenue from these lines fell 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%.
Black Stone Minerals (BSM) reports its revenue by product and service. In fiscal 2025, Oil & Condensate Sales was its largest product and service line, bringing in $209.36M (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' largest product and service line in fiscal 2025, bringing in $209.36M, or 49.6% of the $422.33M total across its three product and service lines.
Among Black Stone Minerals' product and service lines that make up at least 2% of revenue, Lease Bonus & Other Income grew fastest in fiscal 2025, up 71.3% from $12.46M to $21.35M.
Every figure comes from Black Stone Minerals' annual financial filings, as reported. Each line keeps the name Black Stone Minerals gives it, and years follow its fiscal calendar.
Black Stone Minerals' revenue by product and service goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.