HIGHBuilt-inCommodity
52%
oil and condensate
“10-K Item 1A: 'Approximately 52% of our 2025 oil and natural gas revenues were derived from oil and condensate sales.'”
BSM · Concentration risk · 10-K extracted
Black Stone Minerals (BSM) concentration risks
Updated
The most significant concentration Black Stone Minerals discloses is oil and condensate at 52%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Black Stone Minerals’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inCommodity
48%
natural gas and natural gas liquids
“10-K Item 1A: 'Approximately 48% of our 2025 oil and natural gas revenues were derived from natural gas and natural gas liquids sales.'”
LOWBuilt-inGeographic
13%
Shelby Trough
“10-K Item 1A: 'In 2025, we generated 13% of our royalty revenues and 14% of our working interest revenues from three operators in the Shelby Trough area of the Haynesville play in East Texas'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is dominated by commodity mix, with the two main revenue streams splitting across oil and condensate on one side and natural gas and natural gas liquids on the other. Approximately 52% of 2025 oil and natural gas revenues were derived from oil and condensate sales, a high-share structural exposure, while approximately 48% came from natural gas and natural gas liquids, a medium-share structural exposure. Because both are structural — reflecting the composition of the underlying royalty acreage rather than any counterparty relationship — the primary risk channel is commodity price volatility, not single-name dependency. A sustained divergence between oil and gas prices would shift revenue mix but would not eliminate a segment entirely. Layered beneath is a modest sub-basin operator concentration: in 2025, the company generated 13% of its royalty revenues and 14% of its working interest revenues from three operators in the Shelby Trough area of the Haynesville play in East Texas, a low-share geographic exposure by disclosed size. That dependency is more idiosyncratic than the commodity exposures — a change in drilling pace by those three operators could reduce activity in that basin — but its low share limits the portfolio-level effect. On balance, this is a manageable concentration profile for a diversified mineral royalty partnership. The dominant exposures are structural and commodity-linked; the one operator dependency is disclosed but small.
For the engine’s reasoning on BSM’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Oil & Gas E&P
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BKV | BKV Corporation | 4 | 0 | 0 | 4 |
| CNX | CNX Resources Corporation | 2 | 2 | 0 | 4 |
| CHRD | Chord Energy Corporation | 2 | 1 | 0 | 3 |
| BSM● | Black Stone Minerals, L.P. | 1 | 1 | 1 | 3 |
| APA | APA Corporation | 0 | 0 | 0 | 0 |
| AR | Antero Resources Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.