Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the U.S., with ownership across approximately 16.9 million gross acres in 41 states and roughly 71,000 producing wells. As a mineral interest owner, Black Stone sits at the top of the oil and gas ownership stack — when an operator drills on its acreage, Black Stone collects a royalty (typically 20–25% of production or revenue) with no obligation to contribute to drilling or operating costs. Mineral interests are perpetual real-property rights, so Black Stone owns the underlying oil and gas in perpetuity. About 96% of production comes from these mineral and royalty interests, with a small working interest position (~4%) primarily in the Haynesville/Bossier play. Key producing areas include the Haynesville/Bossier (East Texas/Western Louisiana), Permian Basin, Bakken, and Eagle Ford. Production is roughly 74% natural gas and NGLs and 26% oil. Black Stone is structured as an MLP and distributes the majority of its cash flow to unitholders. Revenue is driven by commodity prices, operator drilling activity on its leased acreage, and lease bonus income. To drive more predictable production growth, Black Stone signs Joint Exploration Agreements (JEAs) with operators that mandate minimum annual drilling commitments. Current JEAs in the Shelby Trough area with Aethon, Revenant Energy, and Caturus Energy ramp to roughly 50 gross wells per year by 2031. Black Stone's near-term strategy is concentrated on expanding its Haynesville footprint, including grassroots acquisitions, proprietary 3D seismic surveys, and securing additional development agreements.