Business Context and Reporting Period
This Form 8-K filing by Black Stone Minerals, L.P. (BSM) is dated October 30, 2025. The report discloses significant changes to the Board of Directors and executive leadership structure of the Partnership and its General Partner, Black Stone Minerals GP, L.L.C.
Financial Metrics
The filing does not provide financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial data disclosed relates to the compensation of Stephen Fox, Director of Corporate Development Land, who received $339,682 for the year ended December 31, 2024, and $258,659 for the period January 1, 2025, through October 31, 2025.
Material Changes
- Director Departure: William Mathis resigned from the Board of Directors effective immediately on October 30, 2025. The resignation was not due to any disagreement with the Partnership regarding operations, policies, or practices.
- Leadership Succession Plan: A succession plan was approved for implementation on January 1, 2026:
- Thomas L. Carter, Jr. will transition from Chairman, CEO, and President to Executive Chairman.
- Fowler Carter (currently SVP, Corporate Development) and Taylor DeWalch (currently SVP, CFO, and Treasurer) will be appointed as co-Chief Executive Officers and added to the Board.
- Chris Bonner (currently VP and Chief Accounting Officer) will be appointed Senior Vice President, Chief Financial Officer, and Treasurer.
- Erin Phillips (currently Director, Corporate Accounting) will serve as Controller and principal accounting officer.
- Board Compensation: Neither Fowler Carter nor Taylor DeWalch will receive additional compensation for their service as directors, nor will they be named to any Board committees.
Outlook, Risks, and Management Commentary
Management commentary focuses on the continuity of leadership and the qualifications of the incoming executives. Compensation arrangements for the new positions (excluding the specific director service terms noted above) will be decided at a later date. The filing does not disclose new risks, contingencies, or unusual items beyond the leadership transition.
Key Facts for Investor Verification
- Verify the effective date of the leadership transition (January 1, 2026) and the interim management structure between October 30, 2025, and that date.
- Monitor future filings for the specific compensation arrangements for the new co-CEOs and CFO, which are currently undecided.
- Confirm the impact of William Mathis's departure on Board committee assignments and quorum.
- Note the familial relationships disclosed: Fowler Carter is the son of Thomas L. Carter, Jr., and Taylor DeWalch is the son of Board Director Mark DeWalch.