BSM
9/9 ScoreBlack Stone Minerals, L.P.
Analysis Date: March 8, 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: 27.2%
High ROIC
Return on Invested Capital > 9%
Value: 17.6%
Cash Machine
FCF / Assets > 5%
Value: 0.22
Fair Valuation
Earnings Yield > 3.5%
Value: 9.3%
Share Buybacks
Share Count is Dropping
Value: 0.5%
Defensible Moat
Gross Profit Margin > 40%
Value: 75.1%
Simple Business
Not in a speculative sector (e.g., Biotech)
Value: Energy
Conservative Debt
Debt to Equity < 1.5
Value: 0.14x
Consistent Growth
5-Year Growth is Positive
Value: 140.4%
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