Black Stone Minerals, L.P. Q4 FY2025 earnings call

• Successfully signed development agreements with Revenant Energy and Caturus Energy, placing ~500,000 gross acres into development with drilling commitments. Aethon had new wells online in Shelby Trough, with more expected in 2026.
• Building new opportunity in Haynesville expansion area.
• Acquisition program on track, invested ~$240 million since 2023.
• Strategically increasing G&A in 2026 to support activity growth.
• Team worked on delineating and marketing Haynesville expansion area.
• Conducting two substantial 3D seismic surveys in Shelby Trough and Haynesville expansion area

Fourth quarter mineral and royalty production was 30,900 BOE per day, down 11% from prior quarter. Total production for the quarter was 32,100 BOE per day, completing the year at the high end of updated guidance. 2026 expected to see new and increased development in Shelby Trough and Haynesville expansion areas, along with high interest projects in Permian Basin and ongoing development across broader assets

• 2026 anticipated to be beginning of new activity in Shelby Trough, with significant increase in natural gas production and distributions.
• Production guidance roughly flat year-over-year, but solid growth from 4Q2025 to 4Q2026.
• 2026 expected to be turning point with new and increased development.
• Monitor Haynesville activity levels and commodity price dynamics.
• Confident in funding distribution based on agreements and minimum commitments.
• Have strong hedges in place for natural gas

Forward - looking statements involve risks that may cause actual results to differ materially from forward - looking statements. Refer to cautionary information in press release and Risk Factors section in 2025 10 - K for discussion of these risks

• Q: Regarding guidance for the year, how should we think about the cadence of production from 4Q levels throughout 2026 based on the known developments?

A: Taylor DeWalch said 2025 end is where they start 2026, and production will increase materially throughout 2026, mostly attributable to new development agreements, Permian production and high interest developments out West.

• Q: Changing gears to the Permian. Talk about what's pursued in Permian and scale and priority given Haynesville.

A: Taylor DeWalch said excited about Permian activity in two folds, Coterra's high interest activity and large - scale development in Southern Delaware, with volumes from Coterra wells to come on in 2026 and other activity later, also excited about Barnett leasing. Chris Bonner added being thoughtful on Permian development and forecasting.

• Q: About funding $0.30 distribution through distributable cash flow.

A: Taylor DeWalch said confident based on agreements and minimum commitments, and Chris Bonner noted strong hedges in place for natural gas.

• Q: About seismic, should we assume $30 million of exploration expense is all seismic, cadence and if will continue to adjust out for adjusted EBITDA.

A: Chris Bonner said it's expense throughout the year, majority of seismic costs to be incurred in 2026, about 90 + % of total, and don't anticipate additional significant seismic costs within this development area, and will continue to adjust out for adjusted EBITDA