Black Stone Minerals SVP Sells 29,386 Common Shares for About $425,000; Company Expects Growth in 2026

On April 6, 2026, Luke Stevens Putman, Senior Vice President, General Counsel and Secretary at Black Stone Minerals (BSM), reported the direct sale of 29,386 common shares for total consideration of approximately $425,000 in a Form 4 filing.

Transaction details

• Shares sold (direct): 29,386
• Transaction value: approximately $425,000
• Post-transaction shares (direct): 732,031
• Post-transaction value: approximately $10.56 million

Transaction and post-transaction values are based on the SEC Form 4 weighted average purchase price of $14.45 on April 6, 2026.

Key questions raised by the filing

• How does this compare with Putman’s prior selling? The disposition is the second open-market sale since February 2025, with a total of 59,662 shares sold since.
• What happens to Putman’s beneficial ownership? Putman continues to own 732,031 common units representing limited partner interests (direct) after the April 6 sale.
• Was there any derivative or indirect activity? No. The filing indicates only direct holdings were involved; no options were exercised and no indirect buckets show disposed shares, with indirect holdings remaining at zero post-transaction.
• Does the sale suggest an exit from the equity? The filing indicates Putman retains a substantial position, maintaining meaningful ongoing beneficial interest in the company.

Company snapshot

• Revenue (TTM): $395 million
• Net income (TTM): $299.9 million
• Dividend yield: 9%
• 1-year total price change: 13.75% (reference date: April 6, 2026)

Business overview

Black Stone Minerals owns and manages oil and natural gas mineral, royalty, and overriding royalty interests across nearly 16.8 million gross acres in 41 U.S. states. The company generates revenue primarily through royalty payments from third-party operators that extract oil and natural gas from its mineral assets.

As a mineral and royalty owner rather than an operator, Black Stone leases mineral rights to exploration and production companies, which then operate wells and pay royalties and other payments back to the partnership. The company’s portfolio includes major basins such as the Permian, Gulf Coast, Gulf of Mexico, and Rocky Mountains.

Implications for investors

Because Black Stone’s business is centered on owning and managing mineral and royalty interests, its performance is tied to the activity of third-party operators rather than its own drilling and operating costs. Putman’s sale price was close to Black Stone’s March 17 52-week high of $15.49 per share.

The article notes that higher oil and gas prices amid the Iran war supported the share price. It also cites that Black Stone’s fourth-quarter earnings and revenue beat analysts’ estimates, and that the company signed several major agreements last year with commitments for a drilling scale-up expected to reach the equivalent of over 50 wells per year in total.

Dividend and distribution outlook

The article also highlights Black Stone’s 9% yield and its status as a master limited partnership (MLP), which distributes a significant portion of earnings to unitholders. It states that the company expects to increase its dividend (distribution) payout to over $2 per unit over the next five to 10 years, after paying a distribution of $1.28 per unit in 2025.