Black Stone Minerals L.P 2026年季度报告

Washington, D.C. 20549 (Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2026 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period _______________ to _______________Commission File Number: 001-37362 Black Stone Minerals, L.P. (Exact name of registrant as specified in its charter) (713)445-3200 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports) and (2)has been subject to suchfiling requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit andpost such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growthcompany" in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ As of July31, 2026, there were 212,710,571 common units and 14,711,219 Series B cumulative convertible preferred units of the registrantoutstanding. TABLE OF CONTENTS PART I – FINANCIAL INFORMATION Item 1.Condensed Financial Statements(Unaudited)Consolidated Balance SheetsConsolidated Statements of OperationsConsolidated Statements of EquityConsolidated Statements of Cash FlowsNotes to Unaudited Consolidated Financial StatementsItem 2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures About Market RiskItem 4.Controls and Procedures PART II – OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 5.Other InformationItem 6.Exhibits Signatures BLACK STONE MINERALS, L.P. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF EQUITY(Unaudited)(In thousands) BLACK STONE MINERALS, L.P. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands) BLACK STONE MINERALS, L.P. AND SUBSIDIARIESNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - BUSINESS AND BASIS OF PRESENTATION Description of the Business Black Stone Minerals, L.P. (“BSM” or the “Partnership”) is a publicly traded Delaware limited partnership that owns oil andnatural gas mineral interests, which make up the vast majority of the asset base. The Partnership's assets also include nonparticipatingroyalty interests and overriding royalty interests. These interests, which are substantially non-cost-bearing, are collectively referred toas “mineral and royalty interests.” The Partnership’s mineral and royalty interests are located in 41 states in the continental UnitedStates ("U.S."), including all of the major onshore producing basins. The Partnership also owns non-operated working interests incertain oil and natural gas properties. The Partnership's common units trade on the New York Stock Exchange under the symbol"BSM." Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements of the Partnership have been prepared inaccordance with generally accepted accounting principles ("GAAP") in the United States and pursuant to the rules and regulations ofthe U.S. Securities and Exchange Commission (“SEC”). These unaudited interim consolidated financial statements have been preparedin accordance with the instructions to Form 10-Q and, therefore, do not include all disclosures required for financial statementsprepared in conformity with GAAP. Accordingly, the accompanying unaudited interim consolidated financial statements and relatednotes should be read in conjunction with the Partnership’s consolidated financial statements included in the Partnership’s AnnualReport on Form 10-K for the year ended December 31, 2025 ("2025 Annual Report on Form 10-K"). The unaudited interim consolidated financial statements include the consolidated results of the Partnership. The results ofoperations for the six months ended June 30, 2026 are not necessarily indicative of the results