Form 4: Black Stone Minerals CEO Plans Significant Unit Acquisition

Black Stone Minerals' CEO, President, and Chairman, Thomas L. Carter Jr., has established a Rule 10b5-1 plan to acquire 15,300 common units.

Summary

• Thomas L. Carter Jr., who serves as CEO, President, and Chairman of Black Stone Minerals, L.P. (BSM), has entered into a Rule 10b5-1(c) plan for the acquisition of common units.
• Under this pre-arranged plan, Mr. Carter is scheduled to acquire 1,300 common units representing limited partner interests on September 11, 2025, at a weighted average price of $12.3915 per unit.
• An additional 14,000 common units are scheduled to be acquired on September 12, 2025, at a weighted average price of $12.586 per unit.
• These planned transactions will increase Mr. Carter's direct beneficial ownership to 3,512,701 common units.
• The total number of common units to be acquired through these planned transactions is 15,300.
• Mr. Carter also holds significant indirect beneficial ownership through various trusts and his spouse, totaling over 11.8 million units.

Sentiment

Score: 7

Explanation: The establishment of a Rule 10b5-1 plan by the CEO to acquire additional common units indicates a structured, long-term confidence in the company's valuation and future performance. While pre-scheduled, it still reflects a positive outlook from top management.

Positives

• CEO Thomas L. Carter Jr. has established a Rule 10b5-1(c) plan to acquire 15,300 common units in Black Stone Minerals, L.P., signaling a structured, long-term confidence in the company.
• The establishment of such a plan by a key executive, especially the CEO, President, and Chairman, often indicates a belief in the company's future prospects and valuation, as these plans are set up when the insider is not in possession of material non-public information.

Future Outlook

The filing indicates a future commitment by the CEO to increase his stake in the company, suggesting a positive long-term outlook from management.

Industry Context

Insider buying, particularly by top executives, is generally viewed as a positive signal across all industries, indicating management's belief in the company's future performance and valuation. In the energy sector, such a move could reflect confidence in the company's asset base and market position.

Stakeholder Impact

• Shareholders may interpret the CEO's planned unit acquisitions as a positive signal, potentially increasing investor confidence in the company's future prospects.
• The transactions demonstrate management's alignment with shareholder interests through increased personal investment.

Key Dates

Recommendation

The CEO's establishment of a Rule 10b5-1 plan to acquire additional common units demonstrates a structured, long-term confidence in Black Stone Minerals, L.P.'s future. This insider action suggests a belief in the company's intrinsic value and could be a positive indicator for investors considering a long position.

Keywords

Black Stone Minerals, BSM, Insider Buying, Form 4, Thomas L. Carter Jr., Common Units, Limited Partner Interests, Rule 10b5-1 Plan, Oil and Gas, Midstream