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Companies Black Stone Minerals, LP

Black Stone Minerals (BSM): executive pay, fiscal 2025

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CEO total pay$4,787,678CEO Thomas Carter · source
Say-on-pay support96.12%Latest vote · source
CEO vs. named peers8th pct.Of 16 peer CEOs
CEO pay ratio32.29:1To the median employee · source

CEO pay, last three years

  • $4,551,321FY2023
  • $4,733,947FY2024
  • $4,787,678FY2025

CEO total pay was $4,787,678 in fiscal 2025, up from $4,733,947 in fiscal 2024.

FY2025: salary $485,034 · bonus $0 · stock awards $3,767,249 · option awards $0

Executives and directors

Frequently asked questions

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

Full detail

Every table from the filing. Open any section.

Summary compensation table
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.

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
Equity grants and outstanding awards

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

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.

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
CarterPSU359—$4,771
Chris BonnerPSU391—5,196
DeWalchPSU541—7,190
Chris BonnerPSU790—10,499
Chris BonnerPSU1,184—15,735
CarterPSU2,106—27,989
CarterPSU3,158—41,970
DeWalchPSU3,414—45,372
Chris BonnerPSU4,130—54,888
DeWalchPSU5,121—68,058
L. Steve PutmanPSU18,571—246,809
CarterPSU21,150—281,084
CarterPSU36,765—488,607
L. Steve PutmanPSU37,550—499,040
DeWalchPSU51,599—685,751
L. Steve PutmanPSU56,325—748,559
L. Steve PutmanPSU62,884—835,728
CarterPSU74,340—987,979
CarterPSU111,510—1,481,968
CarterPSU124,496—1,654,552
Director compensation
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

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—

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.

Peer group, and who names Black Stone Minerals as a peer

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.

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.

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
7Vital Energy2024Jason Pigott828,2696,404,7900868,6478,141,620
8CNX Resources2025Nicholas DeIuliis800,0003,000,02402,396,0007,420,318
9Gulfport Energy2025John Reinhart919,7265,277,43701,098,9007,323,707
10Magnolia Oil & Gas2025Christopher Stavros870,1924,314,30901,480,5006,693,001
11Antero Resources2025Michael Kennedy655,4704,325,73401,678,3076,687,656
12Northern Oil & Gas2025Nicholas O'Grady925,0002,815,68301,638,5645,602,413
13Black Stone Minerals, LP2025Thomas Carter485,0343,767,2490517,8954,787,678
14SM Energy2025Elizabeth McDonald576,3692,299,9950536,0244,475,172
—Dorchester Minerals——————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.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Black Stone Minerals, LPnot 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 disclosedRSU 50 · PSU 50not disclosedWillis Towers Watson

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.

Say-on-pay history and pay ratio
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.

CEO pay ratio

Ratio (CEO : median employee)32.29 : 1
CEO total compensation$4,787,678
Median employee compensation$148,267
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (52 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Thomas Carter. DEF 14A, filed 2026-04-30. Section “Summary Compensation Table” · page 36. As printed: 4,787,678. View filing ↗
  • Section 01, Carrie Clark. DEF 14A, filed 2026-04-30. Section “Summary Compensation Table”. As printed: 3,005,123. View filing ↗
  • Section 01, L. Steve Putman. DEF 14A, filed 2026-04-30. Section “Summary Compensation Table”. As printed: 2,554,263. View filing ↗
  • Section 01, H. Taylor DeWalch. DEF 14A, filed 2026-04-30. Section “Summary Compensation Table”. As printed: 2,180,761. View filing ↗
  • Section 01, Fowler Carter. DEF 14A, filed 2026-04-30. Section “Summary Compensation Table”. As printed: 1,173,442. View filing ↗
  • Section 01, Chris Bonner. DEF 14A, filed 2026-04-30. Section “Summary Compensation Table”. As printed: 528,698. View filing ↗
  • Section 03, H. Taylor DeWalch PSU. DEF 14A, filed 2026-04-30. Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Chris Bonner PSU. DEF 14A, filed 2026-04-30. Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. View filing ↗
  • Section 03, L. Steve Putman PSU. DEF 14A, filed 2026-04-30. Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Chris Bonner RSU. DEF 14A, filed 2026-04-30. Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Fowler T. Carter RSU. DEF 14A, filed 2026-04-30. Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Carrie Clark RSU. DEF 14A, filed 2026-04-30. Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. View filing ↗
  • Section 03, H. Taylor DeWalch RSU. DEF 14A, filed 2026-04-30. Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Thomas L. Carter Jr. RSU. DEF 14A, filed 2026-04-30. Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. View filing ↗
  • Section 03, L. Steve Putman RSU. DEF 14A, filed 2026-04-30. Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Carrie Clark PSU. DEF 14A, filed 2026-04-30. Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Fowler T. Carter PSU. DEF 14A, filed 2026-04-30. Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. View filing ↗
  • Section 03, Thomas L. Carter Jr. PSU. DEF 14A, filed 2026-04-30. Section “Grants of Plan-Based Awards for the 2025 Fiscal Year” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-04-30. Section “CEO Pay Ratio”. As printed: 32.29 : 1. View filing ↗
  • Section 08, William N. Mathis. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 452,138. View filing ↗
  • Section 08, Carin M. Barth. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 338,591. View filing ↗
  • Section 08, Alexander D. Stuart. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 293,591. View filing ↗
  • Section 08, Michael C. Linn. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 288,591. View filing ↗
  • Section 08, William E. Randall. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 280,276. View filing ↗
  • Section 08, James W. Whitehead. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 278,591. View filing ↗
  • Section 08, D. Mark DeWalch. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 278,591. View filing ↗
  • Section 08, Jerry V. Kyle Jr. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 278,591. View filing ↗
  • Section 08, Ashley J. Longmaid. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 231,864. View filing ↗
  • Section 08, Fowler T. Carter. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Chris R. Bonner. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, L. Steve Putman. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, H. Taylor DeWalch. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-06-16. Item 5.07 · say-on-pay result. As reported: 96.12% (votes for as printed: 73,430,230). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-06-18. Item 5.07 · say-on-pay result. As reported: 97.19% (votes for as printed: 103,253,552). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-06-18. Item 5.07 · say-on-pay result. As reported: 97.91% (votes for as printed: 98,403,514). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 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).
  • Section 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.
  • Comstock Resources, Section 10b CEO total. DEF 14A, filed 2026-04-22. CEO total compensation as printed in Comstock Resources's own proxy. As printed: 21,934,257. View filing ↗
  • California Resources, Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in California Resources's own proxy. As printed: 12,076,766. View filing ↗
  • Matador Resources, Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Matador Resources's own proxy. As printed: 9,775,611. View filing ↗
  • Chord Energy, Section 10b CEO total. DEF 14A, filed 2026-03-19. CEO total compensation as printed in Chord Energy's own proxy. As printed: 8,567,235. View filing ↗
  • Civitas Resources, Section 10b CEO total. DEF 14A, filed 2025-04-21. CEO total compensation as printed in Civitas Resources's own proxy. As printed: 8,385,769. View filing ↗
  • Range Resources, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Range Resources's own proxy. As printed: 8,375,421. View filing ↗
  • Vital Energy, Section 10b CEO total. DEF 14A, filed 2025-04-10. CEO total compensation as printed in Vital Energy's own proxy. As printed: 8,141,620. View filing ↗
  • CNX Resources, Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in CNX Resources's own proxy. As printed: 7,420,318. View filing ↗
  • Gulfport Energy, Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Gulfport Energy's own proxy. As printed: 7,323,707. View filing ↗
  • Magnolia Oil & Gas, Section 10b CEO total. DEF 14A, filed 2026-03-24. CEO total compensation as printed in Magnolia Oil & Gas's own proxy. As printed: 6,693,001. View filing ↗
  • Antero Resources, Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Antero Resources's own proxy. As printed: 6,687,656. View filing ↗
  • Northern Oil & Gas, Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Northern Oil & Gas's own proxy. As printed: 5,602,413. View filing ↗
  • Black Stone Minerals, LP (subject), Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Black Stone Minerals, LP's own proxy. As printed: 4,787,678. View filing ↗
  • SM Energy, Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in SM Energy's own proxy. As printed: 4,475,172. View filing ↗
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