Insider Sells Shares in Offbeat Oil and Gas Royalty Stock. Should You Too?

On April 6, 2026, Luke Stevens Putman, Senior Vice Presiw, General Counsel, and Secretary at Black Stone Minerals (NYSE:BSM), reported the direct sale of 29,386 common shares for a total consideration of approximately $425,000 according to a SEC Form 4 filing.

Transaction and post-transaction values based on SEC Form 4 weighted average purchase price of $14.45 on April 6, 2026.

• How does this transaction compare to Putman’s historical selling activity at Black Stone Minerals?
  This disposition marks the second open-market sale since February 2025. A total of 59,662 shares have been sold since.

• What is the impact on Putman’s overall beneficial ownership following this sale?
  Putman continues to own 732,031 common units representing limited partner interests (direct) post-April 6 sale.

• Did this sale involve any derivative activity or indirect ownership vehicles?
  No, the transaction involved only direct holdings of common stock; no options were exercised or indirectly held shares disposed, and all indirect buckets post-transaction remain at zero.

• Is this transaction indicative of Putman’s intent to exit the Black Stone Minerals equity?
  No. Putman still owns substantial units and maintains a meaningful ongoing beneficial interest in the company.

* 1-year performance calculated using April 6th, 2026 as the reference date.

• Black Stone Minerals owns and manages oil and natural gas mineral, royalty, and overriding royalty interests across nearly 16.8 million gross acres in 41 U.S. states.

• It generates revenue primarily through royalty payments from third-party operators who extract oil and natural gas from its mineral assets.

Black Stone Minerals, L.P. is one of the largest owners and managers of oil and natural gas mineral interests in the U.S., leveraging a diversified asset base to generate consistent royalty income. The partnership’s strategy centers on maximizing the value of its mineral and royalty holdings by partnering with leading operators, while maintaining a low operating cost structure. Its extensive portfolio and long-established presence provide a competitive edge in the U.S. energy royalty market.

The entire business of Black Stone Minerals centers on owning and managing mineral and royalty interests in oil and gas rather than drilling or operating wells. It leases mineral rights to exploration and production companies, which then operate the wells and pay royalties and other payments back to Black Stone. Black Stone, therefore, does not bear any drilling and operational costs. Its portfolio spans major basins, including the Permian, Gulf Coast, Gulf of Mexico, and Rocky Mountains, giving investors exposure to both oil and natural gas production.