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Black Stone Minerals, L.p. cash flow statement

In fiscal 2025, Black Stone Minerals, L.p.'s operations generated $310m of cash; it spent $107m on capital projects, leaving free cash flow of $203m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations321396285197282385413282257425521389310320
Depreciation and amortisation10211210410211512311082614846453738
Stock-based pay7111843333020412171191011
Capital spending122466213643010015109107115
Free cash flow199351222195279379370282247425507280203205
Free cash flow after stock pay192339204152246349349278235407496271193195
Share buybacks118530———52354——

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Black Stone Minerals, L.p.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Black Stone Minerals, L.p.