Black Stone Minerals, L.P., together with its subsidiaries, owns and manages oil and natural gas mineral interests. It owns mineral interests in approximately 16.9 million gross acres, nonparticipating royalty interests in 1.8 million gross acres, and overriding royalty interests in 1.6 million gross acres located in 41 states in the United States. The company was founded in 1876 and is …
Full BSM analysis →
Competitive advantage assessment
Key strengths
ROIC Sustainably Above PeersROIC at 96.2th percentile exceeds peers and WACC, demonstrating superior capital allocation.
Strong Interest Coverage & Conservative LeverageDebt serviceability is strong (score 0.86), with robust interest coverage.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
Upgrade to unlock the signals and evidence behind each defense.
Premium access
Unlock full defense analysis
Get key signals, strengths, and risks for every moat dimension.
Black Stone Minerals, L.P. ranks #4 of 93
scored companies in Oil & Gas E&P by moat score — the top 4%.
The widest moat in the group is Texas Pacific Land Corporation (TPL)
at 84/100.
Moat scores for companies ranked near BSM in Oil & Gas E&P
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 64
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 83
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 96
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 88
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 92
· 15% of the moat score
Scale matters only when it converts into economics.
Black Stone Minerals, L.P. (BSM) scores 81 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as strong. It ranks #4 of 93 scored companies in Oil & Gas E&P, the top 4%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 92 companies in Oil & Gas E&P. Its strongest defense is Capital Efficiency (96/100) and its weakest is Cost Advantage (64/100).
How does Black Stone Minerals, L.P. compare with other Oil & Gas E&P companies?
Black Stone Minerals, L.P. ranks #4 of 93 scored companies in Oil & Gas E&P by moat score. The widest moat in Oil & Gas E&P is Texas Pacific Land Corporation (TPL) at 84/100. The companies ranked closest are VOC Energy Trust Units of Benef (VOC) at 82 just above it and Cross Timbers Royalty Trust (CRT) at 81 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 92 companies in Oil & Gas E&P. The defenses are then weighted to produce the overall score out of 100.
Why is Black Stone Minerals, L.P. scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for Black Stone Minerals, L.P.?
The Corporate Default template measures 6 defenses, and BSM scores: Pricing Power (72), Cost Advantage (64), Customer Stickiness (83), Capital Efficiency (96), Resilience (88), Scale & Market Position (92). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
We value your privacy
We use cookies to enhance your browsing experience, analyze site traffic, and personalize content. By clicking 'Accept All', you consent to our use of cookies.
Read our cookie policy
Cookie Preferences
Manage your cookie preferences. Essential cookies are always enabled.