Black Stone Minerals L P's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Black Stone Minerals L P (BSM) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Black Stone Minerals L P vs Its Competitors
- TTM: Trailing 12-month revenue of 427M vs 562,975M combined for its competitors (0.1% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-6.5% annualized vs trailing 12 months), vs accelerating (+11.3%) for its tracked peer group.
- Growth: Black Stone Minerals L P generated -24.7% revenue growth year over year in Q3 2026, vs 29.1% for its competitors combined.
- Profitability: Its 52.5% net margin compares with 13.1% for the peer group.
- Scale: Black Stone Minerals L P ranks #40 of 133 companies by market capitalization in the Oil And Gas Production industry, holding 0.2% of industry market cap.
- Peer revenue share: Black Stone Minerals L P accounted for 0.1% of combined revenue among its tracked peer group, down from 0.1% a year earlier.
- Peer differentiation: Revenue per employee of $3.50M compares with $5.46M for the peer group (0.6x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
BSM Sales vs. its Competitors, Q3 2026
Black Stone Minerals L P reported revenue contraction of 24.72 % year on year in Q3 2026, below its competitors' combined revenue growth of 29.08 %.
With a net margin of 52.51 %, Black Stone Minerals L P achieved higher profitability than its competitors (13.08 %).
Black Stone Minerals L P generated 0.06 % of the combined sales of its peer group, down from 0.11 % a year earlier.
API endpoints for this dataset
Black Stone Minerals L P vs. its Competitors, Q3 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Black Stone Minerals L P reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Black Stone Minerals L P and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Black Stone Minerals L p | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (8) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (3) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Black Stone Minerals L P's competitor groups requires a Commercial License.
For context: the Oil And Gas Production industry grew revenue 3.2% year over year, combined, vs -24.7% for Black Stone Minerals L P. Black Stone Minerals L P's share of combined industry revenue moved from 0.01% to 0.01%, a gain of 0.00 percentage points.
Black Stone Minerals L P's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Black Stone Minerals L p | Yes | No | Yes | No |
| Competitors combined (91) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 50.00 % (4 of 8) | 87.50 % (7 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
BSM Stock Performance relative to its Competitors
BSM Stock Performance relative to Similar-Size Competitors
BSM Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Sharkninja Inc | 282.9% | Outperformed |
| 2 | Gran Tierra Energy Inc | 282.9% | Outperformed |
| 3 | Calumet Inc | 282.9% | Outperformed |
| 4 | Apa Corporation | 282.9% | Outperformed |
| 5 | Laredo Oil Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Black Stone Minerals L P's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Black Stone Minerals L P's Comment on Competition and Industry Peers
The oil and natural gas business is highly competitive in the exploration for and acquisition of reserves, the acquisition - of minerals and oil and natural gas leases, and personnel required to find and produce reserves. Many companies not only explore for and produce oil and natural gas, but also conduct midstream and refining operations and market petroleum and other products on a regional, national, or worldwide basis. Certain of our competitors may possess financial or other resources substantially larger than we possess. Our ability to acquire additional minerals and properties and to discover reserves in the future will be dependent upon our ability to identify and evaluate suitable acquisition prospects and to consummate transactions in a highly competitive environment. Oil and natural gas products compete with other sources of energy available to customers, primarily based on price. These alternate sources of energy include coal, nuclear, solar and wind. Changes in the availability or price of oil and natural gas or other sources of energy, as well as business conditions, conservation, legislation, regulations, and the ability to convert to alternate fuels and other sources of energy may affect the demand for oil and natural gas.
Publicly Traded Peers of Black Stone Minerals L p
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Black Stone Minerals L p |
2,973.69 | 426.76 |
 Exxon Mobil Corporation |
686,784.60 | 396,627.00 |
 Chevron Corp |
417,431.38 | 233,333.00 |
 Shell Plc |
294,723.39 | 266,886.00 |
 Totalenergies Se |
193,782.34 | 162,863.00 |
 Conocophillips |
162,960.39 | 67,749.00 |
| SUBTOTAL | 2,614,619.10 | 1,790,181.23 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Black Stone Minerals L p versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Black Stone Minerals L P's Competitors Named by the Company
Competitive relationships identified from Black Stone Minerals L P reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Gulfport Energy Corporation | Company report | 85% |
| Range Resources Corporation | Company report | 85% |
| Dorchester Minerals L p | Company report | 85% |
| Matador Resources Company | Company report | 85% |
| Apa Corporation | Company report | 85% |
| Hess Corporation | Company report | 85% |
| Southwestern Energy Company | Company report | 85% |
| Eqt Corporation | Company report | 85% |
| Northern Oil And Gas Inc | Company report | 85% |
| Texas Pacific Land Corporation | Company report | 85% |
| Kimbell Royalty Partners lp | Company report | 85% |
Company report basis, confidence, active dates and source counts for Black Stone Minerals L P's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Black Stone Minerals L P's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Chevron Corp | Reportable Segment, Aggregation before Other Operating 99.73 % |
| Williams companies inc | Transmission, Power & Gulf 47.62 % |
| Eog Resources Inc | United States of America 98.40 % |
| Imperial Oil Limited | Upstream 43.74 % |
| Occidental Petroleum Corporation | Oil and gas 95.12 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Black Stone Minerals L P's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Black Stone Minerals L p | 2,974 | 3,498,041 | 2,001,844 |
| Exxon Mobil Corporation | 686,785 | 6,838,397 | 707,224 |
| Chevron Corp | 417,431 | 5,421,432 | 633,751 |
| Shell Plc | 294,723 | 3,139,835 | 213,165 |
| Totalenergies Se | 193,782 | 17,683,279 | 1,450,271 |
| Conocophillips | 162,960 | 6,843,333 | 1,166,061 |
| PEERS TOTAL | 2,611,645 | 5,464,999 | 528,199 |
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Black Stone Minerals L P's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Occidental Petroleum Corporation | Non-US 20.75 % |
| Sharkninja Inc | North America 66.47 % |
| Sm Energy Co | Permian Basin 50.83 % |
| Granite Ridge Resources Inc | Permian 97.40 % |
| Gran Tierra Energy Inc | Colombia 61.41 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
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Black Stone Minerals L P's Position in Industry Market Structure
Market-capitalization share and concentration across all 112 companies in Black Stone Minerals L P's industry classification, broader than the peer set above. Market cap in millions of $.Black Stone Minerals L P ranks #40 of 112 companies by market capitalization in its industry, holding 0.19 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 788, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Shell Plc | 297,503 | 18.60 % |
| 2 | Totalenergies Se | 210,564 | 13.16 % |
| 3 | Petrobras Petroleo Brasileiro Sa | 137,905 | 8.62 % |
| 4 | Canadian Natural Resources Limited | 107,018 | 6.69 % |
| 5 | Eni Spa | 1,234 | 5.2% |
| 6 | Eog Resources Inc | 1,234 | 5.2% |
| 7 | Slb Limited | 1,234 | 5.2% |
| 8 | Occidental Petroleum Corporation | 1,234 | 5.2% |
| 9 | Diamondback Energy Inc | 1,234 | 5.2% |
| 10 | Cenovus Energy Inc | 1,234 | 5.2% |
| 40 | Black Stone Minerals L p | 2,972 | 0.19 % |
Market cap and industry share for the rest of Black Stone Minerals L P's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Black Stone Minerals L P's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 35 | Hess Midstream Lp | 3,871 | -10.53 % |
| 36 | Crescent Energy Company | 3,683 | 38.43 % |
| 37 | Oceaneering International Inc | 3,449 | 48.14 % |
| 38 | Par Pacific Holdings Inc | 3,365 | 71.90 % |
| 39 | Aris Mining Corporation | 1,234 | 12.3% |
| 40 | Black Stone Minerals L p | 2,972 | 5.48 % |
| 41 | Gulfport Energy Corporation | 1,234 | 12.3% |
| 42 | Talos Energy Inc | 1,234 | 12.3% |
| 43 | Northern Oil And Gas Inc | 1,234 | 12.3% |
| 44 | National Energy Services Reunited Corp | 1,234 | 12.3% |
| 45 | Liberty Energy Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Black Stone Minerals L P's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Black Stone Minerals L P's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Oil And Gas Production industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (245 companies). See the full Oil And Gas Production industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 0.00 % | 26.12 % (avg) | -26.1 pp |
| Operating Margin | 60.40 % | industry median | +50.1 pp |
| EBITDA Margin | 30.62 % | 18.44 % (avg) | +12.2 pp |
| Capital Intensity (Capex / Revenue) | 26.58 % | 27.32 % (avg) | -0.7 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Black Stone Minerals L P's Valuation vs Competitive Position
Valuation multiples vs the Oil And Gas Production industry average (245 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Oil And Gas Production industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 14.3x | 16.3x | -2.0x |
| EV / EBITDA | 25.1x | 9.3x | +15.8x |
| P/B | 2.8x | 2.0x | +0.8x |
| Return on Equity | 22.16 % | industry aggregate | 11.67 % |
| Return on Invested Capital | 8.00 % | 0.94 % (avg) | 7.06 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Black Stone Minerals L P's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 41.87 % | -19.97 % | -29.74 % | 4.82 % | 84.71 % | -10.76 % | -26.77 % | 8.35 % |
| Operating Margin | 52.23 % | 48.21 % | 38.54 % | 52.14 % | 72.71 % | 71.53 % | 62.97 % | 65.63 % |
| Return on Invested Capital | 10.75 % | 7.92 % | 5.08 % | 8.11 % | - | 12.62 % | 8.51 % | 9.78 % |
| P/E | 7.8x | 10.7x | 12.2x | 8.1x | 9.2x | 9.2x | 13.0x | 10.6x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Black Stone Minerals L P's Strategic Group Map
Black Stone Minerals L P is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Black Stone Minerals L P's trailing-12-month revenue growth of -1.9% and operating margin of 60.4% compares with an average of 2.6% growth and 54.3% margin across its 8 closest peers by combined growth, margin and ROIC -- Black Stone Minerals L P sits below that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Black Stone Minerals L P's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Black Stone Minerals L P falls in the Dog quadrant: relative market share of 0.01x vs its largest competitor, in an industry growing revenue -2.1% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Black Stone Minerals L P's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 788 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Moderate, in line with the industry | Capital intensity (capex / revenue) of 26.58 % vs industry average 27.32 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Black Stone Minerals L P's dedicated Suppliers and Customers pages, not here.
Black Stone Minerals L P's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Black Stone Minerals L P falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Black Stone Minerals L P's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 50.1 points above the industry median.
- Return on equity 11.7 points above the industry aggregate.
Weaknesses
- Latest-quarter revenue run-rate is decelerating (-6.5% annualized vs trailing 12 months).
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.01x).
Opportunities
- Trades at a lower P/E than the industry average (14.3x vs 16.3x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Black Stone Minerals L P's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Black Stone Minerals L p | 0.14 | 2.64 | 0.17 |
| Exxon Mobil Corporation | 0.12 | 1.13 | 0.16 |
| Chevron Corp | 0.01 | 1.21 | 0.20 |
| Shell Plc | 0.37 | 1.30 | 0.05 |
| Totalenergies Se | 0.28 | 0.97 | 0.02 |
| Conocophillips | 0.53 | 1.42 | 0.54 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Black Stone Minerals L P's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Black Stone Minerals L p | Q3 2026 | -24.7 % | -42.9 % |
| Exxon Mobil Corporation | Q3 2026 | +32.7 % | +98.4 % |
| Chevron Corp | Q2 2026 | +36.3 % | +174.7 % |
| Shell Plc | Q4 2025 | -6.1 % | +9.7 % |
| Totalenergies Se | Q4 2025 | -7.1 % | -16.7 % |
| Conocophillips | Q2 2026 | +29.3 % | +131.8 % |
| PEERS TOTAL | +3.9 % | +40.9 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Black Stone Minerals L P's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Black Stone Minerals L p | Q3 2026 | - | -13.2 % |
| Exxon Mobil Corporation | Q3 2026 | - | -17.7 % |
| Chevron Corp | Q2 2026 | +33.3 % | -9.7 % |
| Shell Plc | Q4 2025 | - | - |
| Totalenergies Se | Q4 2025 | - | - |
| Conocophillips | Q2 2026 | +26.7 % | - |
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Black Stone Minerals L P's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Black Stone Minerals L p | 18.04% | 11.52% | 22.16% |
| Exxon Mobil Corporation | 8.87% | 9.71% | 15.39% |
| Chevron Corp | 8.28% | 8.44% | 14.04% |
| Shell Plc | 4.89% | 4.22% | 10.33% |
| Totalenergies Se | 4.59% | 11.37% | 11.37% |
| Conocophillips | 9.33% | 10.36% | 17.73% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Black Stone Minerals L P's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Black Stone Minerals L p | 13.71 | 6.97 |
| Exxon Mobil Corporation | 17.12 | 1.73 |
| Chevron Corp | 15.49 | 1.79 |
| Shell Plc | 16.52 | 1.10 |
| Totalenergies Se | 17.15 | 1.19 |
| Conocophillips | 14.34 | 2.41 |
| PEERS AVERAGE | 15.09 | 1.46 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.