Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-16

Black Stone Minerals, L.P. (BSM)

CEO Thomas Carter was paid $4,787,678 in fiscal year 2025, ↑ up 1.1% from fiscal year 2024, the 8th percentile of its disclosed peer group (SEC filing 0001193125-26-197340 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,787,678 ↑
Thomas Carter total, FY2025
8th
CEO pay percentile vs peers
32.29:1
CEO-to-median pay ratio
96.12%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Thomas Carter (President, Chairman and Chief Executive Officer), FY2025 total compensation $4,787,678 (base salary $485,034) [exec_comp, SEC accession 0001193125-26-197340, filed 2026-04-30]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

BSM's next annual pay disclosure, estimated April 30, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Thomas Carter$485,034$0$3,767,249$0$517,895$0$17,500$4,787,678
President, Chairman and Chief Executive Officer
Carrie Clark167,90301,902,870000934,3503,005,123
Former Senior Vice President and Chief Commercial Officer
L. Steve Putman335,80601,902,8700298,797016,7902,554,263
Senior Vice President, General Counsel, and Secretary
H. Taylor DeWalch319,30001,561,3860284,110015,9652,180,761
Senior Vice President and Chief Financial Officer
Fowler Carter275,0000639,9990244,693013,7501,173,442
Senior Vice President, Corporate Development
Chris Bonner250,00030,000124,9740111,224012,500528,698
Vice President, Chief Accounting Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Thomas Carter$4,787,678$4,733,947$4,551,321↑ +53,731
Carrie Clark3,005,1231,985,3911,905,318↑ +1,019,732
L. Steve Putman2,554,2632,529,1802,430,734↑ +25,083
H. Taylor DeWalch2,180,761742,382—↑ +1,438,379
Fowler Carter1,173,442———
Chris Bonner528,698———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against BSM
1 company names BSM as a compensation peer

Each company listed discloses BSM in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named BSM in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Alexander D. StuartIndependent Director$293,591
Ashley J. LongmaidIndependent Director$231,864
Carin M. BarthLead Independent Director$338,591
D. Mark DeWalchIndependent Director$278,591
James W. WhiteheadIndependent Director$278,591
Jerry V. Kyle JrIndependent Director$278,591
Michael C. LinnIndependent Director$288,591
William E. RandallIndependent Director$280,276
William N. MathisIndependent Director$452,138
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
H. Taylor DeWalchPSU2025-02-1425,79951,599—103,198$780,693
Chris BonnerPSU2025-02-142,0654,130—8,26062,487
L. Steve PutmanPSU2025-02-1431,44262,884—125,768951,435
Chris BonnerRSU2025-02-14——4,130—62,487
Fowler T. CarterRSU2025-02-14——21,150—320,000
Carrie ClarkRSU2025-02-14——62,884—951,435
H. Taylor DeWalchRSU2025-02-14——51,599—780,693
Thomas L. Carter Jr.RSU2025-02-14——124,496—1,883,624
L. Steve PutmanRSU2025-02-14——62,884—951,435
Carrie ClarkPSU2025-02-1431,44262,884—125,768951,435
Fowler T. CarterPSU2025-02-1410,57521,150—42,300320,000
Thomas L. Carter Jr.PSU2025-02-1462,248124,496—248,9921,883,624
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
H. Taylor DeWalch$780,693$780,693$050.0%
Chris Bonner62,48762,487050.0%
L. Steve Putman951,435951,435050.0%
Fowler T. Carter320,000320,000050.0%
Carrie Clark951,435951,435050.0%
Thomas L. Carter Jr.1,883,6241,883,624050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
CarterPSU541—$7,190
CarterPSU36,765—488,607
L. Steve PutmanPSU62,884—835,728
Chris BonnerPSU790—10,499
CarterPSU111,510—1,481,968
Chris BonnerPSU4,130—54,888
CarterPSU124,496—1,654,552
CarterPSU74,340—987,979
L. Steve PutmanPSU56,325—748,559
CarterPSU51,599—685,751
L. Steve PutmanPSU37,550—499,040
CarterPSU21,150—281,084
L. Steve PutmanPSU18,571—246,809
CarterPSU5,121—68,058
CarterPSU3,414—45,372
CarterPSU3,158—41,970
CarterPSU2,106—27,989
Chris BonnerPSU1,184—15,735
Chris BonnerPSU391—5,196
CarterPSU359—4,771
05

Incentive-plan design — the Compensation Discussion & Analysis

The Partnership designs its executive compensation program to support its strategic goal of paying for performance and to motivate and reward executives for both short-term and long-term performance, emphasizing at-risk and variable compensation to align executive interests with unitholders.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFW Cook
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1173,430,2302,962,9171,534,29196.12%Passed
20252025-06-12103,253,5522,980,6541,057,67797.19%Passed
20242024-06-1398,403,5142,101,058803,83797.91%Passed
20232023-06-1597,778,1021,776,1821,449,64198.22%Passed
20222022-06-16111,497,8392,071,767671,70998.18%Passed
20212021-06-17103,354,777613,9682,904,57099.41%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1196.12%a
20252025-06-1297.19%b
20242024-06-1397.91%c

a. Approved under the standard stated in the filing — “the proposal to approve, on a non-binding advisory basis, the compensation of our named executive officers for the year ended December 31, 2025 requires approval by a majority of the votes cast by the unitholders entitled to vote at the virtual Annual Meeting. Abstentions and broker non-votes will be counted for purposes of establishing quorum but otherwise will have no effect on this proposal.”.

b. Approved under the standard stated in the filing — “the proposal to approve, on a non-binding advisory basis, the compensation of our named executive officers for the year ended December 31, 2024 requires approval by a majority of the votes cast by the unitholders entitled to vote at the virtual Annual Meeting. Abstentions and broker non-votes will be counted for purposes of establishing quorum but otherwise will have no effect on this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions will be counted for purposes of establishing quorum but otherwise will have no effect on this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)32.29 : 1
CEO total compensation$4,787,678
Median employee compensation$148,267
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
William N. MathisIndependent · Not standing for re-election · Departed during FY$80,679$371,458——$1$452,138
Carin M. BarthIndependent · Lead Independent Director · Audit Committee (Chair)135,000203,591———338,591
Alexander D. StuartIndependent · Compensation Committee (Chair)90,000203,591———293,591
Michael C. LinnIndependent · Compensation Committee85,000203,591———288,591
William E. RandallIndependent · Nominating Governance Committee (Chair)76,685203,591———280,276
James W. WhiteheadIndependent · Audit Committee75,000203,591———278,591
D. Mark DeWalchIndependent · Audit75,000203,591———278,591
Jerry V. Kyle JrIndependent · Audit75,000203,591———278,591
Ashley J. LongmaidIndependent · Compensation Committee75,000156,864———231,864
Fowler T. CarterEmployee director · Audit · Partial-year service—————0
Chris R. BonnerEmployee director · Not standing for re-election · Partial-year service—————0
L. Steve PutmanEmployee director · Not standing for re-election · Partial-year service—————0
H. Taylor DeWalchEmployee director · Nominating Governance Committee—————0
09

Board fee structure and ownership guideline

Annual cash retainer$75,000
Annual equity retainer$200,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$767,364
Equity awards (grant-date value)$1,953,459
All other compensation$1
Total cost of the board$2,720,824

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Black Stone Minerals, L.P. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Black Stone Minerals, L.P..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Comstock Resources2025M. Jay Allison$1,039,500$16,549,171$0$2,013,512$21,934,257
2California Resources2025Francisco Leon930,7699,070,69901,459,20012,076,766
3Matador Resources2025Joseph Foran1,800,0004,222,40003,726,0009,775,611
4Chord Energy2025Daniel Brown850,0006,362,91001,275,0008,567,235
5Civitas Resources2024M. Christopher Doyle1,431,1506,933,919008,385,769
6Range Resources2025Dennis Degner932,5006,143,87701,128,0008,375,421
7CNX Resources2025Nicholas DeIuliis800,0003,000,02402,396,0007,420,318
8Gulfport Energy2025John Reinhart919,7265,277,43701,098,9007,323,707
9Magnolia Oil & Gas2025Christopher Stavros870,1924,314,30901,480,5006,693,001
10Antero Resources2025Michael Kennedy655,4704,325,73401,678,3076,687,656
11Northern Oil & Gas2025Nicholas O'Grady925,0002,815,68301,638,5645,602,413
12Black Stone Minerals, L.P.2025Thomas Carter485,0343,767,2490517,8954,787,678
13SM Energy2025Elizabeth McDonald576,3692,299,9950536,0244,475,172
—Dorchester Minerals——————not in coverage universe
—Vital Energy——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Black Stone Minerals, L.P.not disclosedPSU 50 · RSU 50NoFW Cook
Antero Resources157.2%PSU 50 · RSU 50Yes — Absolute TSRCBIZ Compensation Consulting
California Resourcesnot disclosedPSU 60 · RSU 40not disclosedLyons Benenson & Company Inc.
Chord Energynot disclosednot disclosednot disclosedMeridian Compensation Partners, LLC
Civitas Resourcesnot disclosedPSU 70 · RSU 30Yes — Absolute TSRMeridian Compensation Partners, LLC
CNX Resourcesnot disclosedRSU 50 · PSU 40 · ESG PSU 10not disclosednot disclosed
Comstock Resourcesnot disclosednot disclosednot disclosedMeridian Compensation Partners, LLC
Dorchester Mineralsnot disclosednot disclosednot disclosednot disclosed
Gulfport Energynot disclosedPRSU 60 · RSU 40not disclosedWTW
Magnolia Oil & Gasnot disclosedRSU 50 · PSU 50not disclosedFW Cook
Matador Resourcesnot disclosedCash LTI 50 · PSU 50NoMeridian Compensation Partners, LLC
Northern Oil & Gas136.5%MSU 88 · RSU 12Yes — 3-Year Absolute TSRWillis Towers Watson
Range Resourcesnot disclosedPSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Meridian Compensation Partners, LLC
SM Energy93%PSU 60 · RSU 40Yes — Absolute TSRFrederic W. Cook & Co., Inc.
Vital Energynot disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Black Stone Minerals, L.P. in fiscal 2025?
As disclosed, Thomas Carter (President, Chairman and Chief Executive Officer) was the highest-paid executive at Black Stone Minerals, L.P. in fiscal 2025, with total compensation of $4,787,678.
How does Black Stone Minerals, L.P.'s chief executive pay compare to its disclosed peer group?
As disclosed, Thomas Carter's total compensation ranked at the 8th percentile of Black Stone Minerals, L.P.'s disclosed peer group.
What is Black Stone Minerals, L.P.'s CEO-to-median employee pay ratio?
As disclosed, Black Stone Minerals, L.P.'s CEO-to-median employee pay ratio was 32.29:1.
How did shareholders vote on Black Stone Minerals, L.P.'s executive compensation?
As disclosed, 96.12% of shareholders supported Black Stone Minerals, L.P.'s executive compensation in the latest say-on-pay vote.
How much does Black Stone Minerals, L.P. spend in total on board compensation for fiscal 2025?
As disclosed, Black Stone Minerals, L.P. reported total board compensation of $2,720,824 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Thomas CarterDEF 14A2026-04-300001193125-26-197340Section “Summary Compensation Table”. As printed: 4,787,678. Filing ↗
2Section 01, Carrie ClarkDEF 14A2026-04-300001193125-26-197340Section “Summary Compensation Table”. As printed: 3,005,123. Filing ↗
3Section 01, L. Steve PutmanDEF 14A2026-04-300001193125-26-197340Section “Summary Compensation Table”. As printed: 2,554,263. Filing ↗
4Section 01, H. Taylor DeWalchDEF 14A2026-04-300001193125-26-197340Section “Summary Compensation Table”. As printed: 2,180,761. Filing ↗
5Section 01, Fowler CarterDEF 14A2026-04-300001193125-26-197340Section “Summary Compensation Table”. As printed: 1,173,442. Filing ↗
6Section 01, Chris BonnerDEF 14A2026-04-300001193125-26-197340Section “Summary Compensation Table”. As printed: 528,698. Filing ↗
7Section 03, H. Taylor DeWalch PSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r3 · c4 · span 303700–303706
8Section 03, Chris Bonner PSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r6 · c4 · span 305485–305490
9Section 03, L. Steve Putman PSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r4 · c4 · span 304303–304309
10Section 03, Chris Bonner RSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r6 · c4 · span 305485–305490
11Section 03, Fowler T. Carter RSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r5 · c4 · span 304882–304888
12Section 03, Carrie Clark RSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r7 · c4 · span 306062–306068
13Section 03, H. Taylor DeWalch RSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r3 · c4 · span 303700–303706
14Section 03, Thomas L. Carter Jr. RSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t103 · r4 · c44 · span 438564–438573
15Section 03, L. Steve Putman RSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r4 · c4 · span 304303–304309
16Section 03, Carrie Clark PSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r7 · c4 · span 306062–306068
17Section 03, Fowler T. Carter PSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t77 · r5 · c4 · span 304882–304888
18Section 03, Thomas L. Carter Jr. PSUDEF 14A2026-04-300001193125-26-197340Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. Filing ↗machine: t103 · r4 · c44 · span 438564–438573
19Section 07, pay ratioDEF 14A2026-04-300001193125-26-197340Section “CEO Pay Ratio”. As printed: 32.29 : 1. Filing ↗
20Section 08, William N. MathisDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 452,138. Filing ↗machine: span 645543–645550
21Section 08, Carin M. BarthDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 338,591. Filing ↗machine: span 639583–639590
22Section 08, Alexander D. StuartDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 293,591. Filing ↗machine: span 647935–647942
23Section 08, Michael C. LinnDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 288,591. Filing ↗machine: span 643150–643157
24Section 08, William E. RandallDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 280,276. Filing ↗machine: span 646751–646758
25Section 08, James W. WhiteheadDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 278,591. Filing ↗machine: span 649143–649150
26Section 08, D. Mark DeWalchDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 278,591. Filing ↗machine: span 640763–640770
27Section 08, Jerry V. Kyle JrDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 278,591. Filing ↗machine: span 641970–641977
28Section 08, Ashley J. LongmaidDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 231,864. Filing ↗machine: span 644358–644365
29Section 08, Fowler T. CarterDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 0. Filing ↗
30Section 08, Chris R. BonnerDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 0. Filing ↗
31Section 08, L. Steve PutmanDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 0. Filing ↗
32Section 08, H. Taylor DeWalchDEF 14A2026-04-300001193125-26-197340Section “Director Compensation”. As printed: 0. Filing ↗
33Section 06, 2026 voteForm 8-K2026-06-160001628280-26-043636Item 5.07 · say-on-pay result. As reported: 96.12% (votes for as printed: 73,430,230). Filing ↗
34Section 06, 2025 voteForm 8-K2025-06-180001621434-25-000086Item 5.07 · say-on-pay result. As reported: 97.19% (votes for as printed: 103,253,552). Filing ↗
35Section 06, 2024 voteForm 8-K2024-06-180001193125-24-162812Item 5.07 · say-on-pay result. As reported: 97.91% (votes for as printed: 98,403,514). Filing ↗
36Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
37Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
38Section 09b board cost (computed)Computed——Cash 767,364 + equity 1,953,459 + all other 1 = 2,720,824, summed across the director compensation table rows.machine: formula: Σ = 2,720,824
39Comstock Resources, Section 10b CEO totalDEF 14A2026-04-220001193125-26-170561CEO total compensation as printed in Comstock Resources's own proxy. As printed: 21,934,257. Filing ↗machine: span 869756–869766
40California Resources, Section 10b CEO totalDEF 14A2026-03-180001193125-26-114093CEO total compensation as printed in California Resources's own proxy. As printed: 12,076,766. Filing ↗
41Matador Resources, Section 10b CEO totalDEF 14A2026-04-290001520006-26-000013CEO total compensation as printed in Matador Resources's own proxy. As printed: 9,775,611. Filing ↗machine: r2 · c6 · span 1657541–1657551
42Chord Energy, Section 10b CEO totalDEF 14A2026-03-190001486159-26-000010CEO total compensation as printed in Chord Energy's own proxy. As printed: 8,567,235. Filing ↗machine: span 1305435–1305444
43Civitas Resources, Section 10b CEO totalDEF 14A2025-04-210001558370-25-005077CEO total compensation as printed in Civitas Resources's own proxy. As printed: 8,385,769. Filing ↗
44Range Resources, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134699CEO total compensation as printed in Range Resources's own proxy. As printed: 8,375,421. Filing ↗machine: span 2305762–2305771
45CNX Resources, Section 10b CEO totalDEF 14A2026-03-260001308179-26-000153CEO total compensation as printed in CNX Resources's own proxy. As printed: 7,420,318. Filing ↗machine: r1 · c25 · span 718010–718019
46Gulfport Energy, Section 10b CEO totalDEF 14A2026-04-080001213900-26-041489CEO total compensation as printed in Gulfport Energy's own proxy. As printed: 7,323,707. Filing ↗machine: r13 · c6 · span 1324664–1324674
47Magnolia Oil & Gas, Section 10b CEO totalDEF 14A2026-03-240001104659-26-033837CEO total compensation as printed in Magnolia Oil & Gas's own proxy. As printed: 6,693,001. Filing ↗machine: span 1032349–1032358
48Antero Resources, Section 10b CEO totalDEF 14A2026-04-230001308179-26-000330CEO total compensation as printed in Antero Resources's own proxy. As printed: 6,687,656. Filing ↗machine: t260 · r1 · c27 · span 557200–557209
49Northern Oil & Gas, Section 10b CEO totalDEF 14A2026-04-100001104485-26-000013CEO total compensation as printed in Northern Oil & Gas's own proxy. As printed: 5,602,413. Filing ↗machine: t117 · r4 · c12 · span 550610–550619
50Black Stone Minerals, L.P. (subject), Section 10b CEO totalDEF 14A2026-04-300001193125-26-197340CEO total compensation as printed in Black Stone Minerals, L.P.'s own proxy. As printed: 4,787,678. Filing ↗
51SM Energy, Section 10b CEO totalDEF 14A2026-04-080000893538-26-000048CEO total compensation as printed in SM Energy's own proxy. As printed: 4,475,172. Filing ↗machine: span 673171–673180
52Section 10a, Northern Oil & Gas reciprocityDEF 14A—0001104485-26-000013Northern Oil & Gas's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
53Section 10a, Magnolia Oil & Gas reciprocityDEF 14A—0001104659-26-033837Magnolia Oil & Gas's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
54Section 10a, Antero Resources reciprocityDEF 14A—0001308179-26-000330Antero Resources's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
55Section 10a, California Resources reciprocityDEF 14A—0001193125-26-114093California Resources's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
56Section 10a, Chord Energy reciprocityDEF 14A—0001486159-26-000010Chord Energy's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
57Section 10a, Civitas Resources reciprocityDEF 14A—0001558370-25-005077Civitas Resources's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
58Section 10a, CNX Resources reciprocityDEF 14A—0001308179-26-000153CNX Resources's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
59Section 10a, Comstock Resources reciprocityDEF 14A—0001193125-26-170561Comstock Resources's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
60Section 10a, Gulfport Energy reciprocityDEF 14A—0001213900-26-041489Gulfport Energy's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
61Section 10a, Matador Resources reciprocityDEF 14A—0001520006-26-000013Matador Resources's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
62Section 10a, Range Resources reciprocityDEF 14A—0001193125-26-134699Range Resources's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗
63Section 10a, SM Energy reciprocityDEF 14A—0000893538-26-000048SM Energy's most recent proxy was read; its disclosed peer group does not include Black Stone Minerals, L.P.. Filing ↗

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