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BSM

9/9 Score

Black Stone Minerals, L.P.

Analysis Date: February 2, 2026

Black Stone Minerals, L.P., together with its subsidiaries, owns and manages oil and natural gas mineral interests. It owns mineral interests in approximately 16.8 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.7 million gross acres located in 41 states in the United States. As of December 31, 2021, the company had a total estimated proved oil and natural gas reserves of 59,824 barrels of oil equivalent. Black Stone Minerals, L.P. was founded in 1876 and is based in Houston, Texas.

Buffettology Criteria

All 9 of 9 criteria passed

  • High ROE

    Return on Equity > 12%

    Value: 24.8%

  • High ROIC

    Return on Invested Capital > 9%

    Value: 18.1%

  • Cash Machine

    FCF / Assets > 5%

    Value: 31.6%

  • Fair Valuation

    Earnings Yield > 3.5%

    Value: 8.6%

  • Share Buybacks

    Share Count is Dropping

    Value: 0.3%

  • Defensible Moat

    Gross Profit Margin > 40%

    Value: 77.1%

  • Simple Business

    Not in a speculative sector (e.g., Biotech)

    Value: Energy

  • Conservative Debt

    Debt to Equity < 1.5

    Value: 0.08x

  • Consistent Growth

    5-Year Growth is Positive

    Value: 23.7%

Analysis Summary

This looks like a well-run operation. A high ROE and ROIC signal management's ability to generate strong returns on capital, while the healthy moat and simple business model suggest a durable advantage. With debt levels practically non-existent and consistent growth, this company appears to be a solid candidate for long-term value creation.

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