Black Stone Minerals, L.P. (BSM) company history: the story so far

History

Black Stone Minerals, the largest publicly traded U.S. mineral owner, grew through unit-funded deals and a $335 million Noble Energy purchase, later settling terms with its big preferred holder.

2015: Listing and a preferred buyback

Black Stone Minerals, L.P. owns oil and gas mineral and royalty interests, meaning it earns income from production on land without running the wells itself. On 28 April 2015 the New York Stock Exchange certified its securities for listing, clearing them to begin trading. In October that year it announced a tender offer to buy back up to all of its 117,963 Series A Preferred Units at par value of $1,000 each plus accrued yield. The aim was to retire this preferred equity, not to merge with anyone. That month its credit facility, led by Wells Fargo, also had its maturity extended to February 2019 with a $550 million borrowing base.

2017: Buying minerals with units and cash

The record is quiet for 2016. In 2017 the company turned to acquisitions. On 12 May it signed agreements to buy more mineral interests, planning to pay partly with up to 2,494,562 new common units, worth about $41.9 million. It also set up a $100 million at-the-market programme, which lets a company sell new units gradually on the open market. On 29 June it closed four deals, paying partly with 2,798,729 common units worth about $44 million. Paying sellers in units meant issuing new ones, which dilutes existing holders.

In November came its largest purchase yet: Noble Energy's mineral and royalty interests, covering about 140,000 net mineral acres across 20 states, for about $335 million in cash. It raised $300 million by selling Series B Preferred Units to a Carlyle Group affiliate and drew $35 million on its revolving credit facility.

2018-2025: Credit growth and a standstill

In May 2018 the borrowing base rose from $550 million to $600 million. In February 2025 Deloitte & Touche replaced Ernst & Young as auditor. On 27 August 2025 Black Stone agreed a standstill with AP Basileia SPV, the large Series B holder. The company will not redeem the preferred units through November 2027, while the holder will vote with the board's recommendations and not freely transfer its units until then. Thomas L. Carter, Jr. was chairman and chief executive at that date.

Written from the 6 story beats below (2015 to 27 Aug 2025), which come from the company's own announcements and filings.

Beat by beat

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

2025

27 Aug
Black Stone struck a standstill deal with its large Series B Preferred holder, AP Basileia SPV: the Partnership agreed not to redeem the Preferred Units through November 2027, while the holder agreed to vote with the board's recommendations and not transfer its units freely until then - settling governance terms around the sizable preferred stake originally sold in the 2017 Noble Energy deal financing.
security holder rights change

2017

29 Nov
Black Stone made its largest acquisition to date: buying Noble Energy's fee mineral and royalty interests - roughly 1.1 million gross (140,000 net) mineral acres plus 380,000 gross acres of non-participating royalty interests and 600,000 gross acres of overriding royalty interests across 20 states (concentrated in Texas, Oklahoma and North Dakota) - for about $335 million cash. It funded the deal with $300 million from a new private placement of Series B Preferred Units to a Carlyle Group affiliate and a $35 million draw on its revolving credit facility.
asset acquisition disposition
29 June
Black Stone closed a batch of mineral-interest acquisitions across four deals in June 2017, funding part of the price with 2,798,729 common units worth about $44 million.
capital raising announcement
12 May
Black Stone signed merger agreements to acquire additional mineral interests, planning to fund part of the consideration with up to 2,494,562 common units (worth about $41.9 million) alongside cash, expected to close by the third quarter of 2017 - part of its ongoing unit-funded mineral-acquisition strategy.
capital raising announcement

2015

21 Oct
Black Stone Minerals announced plans to tender for up to 100% of its own 117,963 outstanding Series A Preferred Units at par value ($1,000/unit) plus accrued yield - a buyback to retire its preferred equity, not a merger.
business combination
28 Apr
the New York Stock Exchange certified Black Stone Minerals, L.P.'s securities for listing, clearing them to begin trading.
listing compliance notice