Black Stone Minerals, L.P. — Call Transcript 2026

Gentlemen, it is now 12:00 P.M., and in accordance with the notice of the annual meeting, I will call Black Stone Minerals, L.P. 2026 annual meeting of limited partners to order. I am Fowler Carter, Co-Chief Executive Officer and President. I currently serve as a director on the board of directors and am a candidate for re-election. On behalf of the board of directors and management, I welcome you to the annual meeting. The polls are now open. They will remain open until Taylor reads the presentations for the proposals, after which the polls will close. I'll turn it over to Taylor DeWalch, Co-Chief Executive Officer and President, and a current director nominated for re-election. Thanks, Fowler. Welcome everyone to the Black Stone Minerals, L.P. annual meeting. Fowler and I will preside at today's meeting. Steve Putman will act as the secretary of the meeting. The secretary has advised us that a quorum is present. Legal notice having been given, this meeting is now convened and open for the transaction of business. For your convenience, we have opened the polls for registered holders who have not yet voted or wish to change their votes. They will remain open until I have completed the presentation of the proposals, at which point the polls will be closed. I would like to take a moment to introduce the members of our current board of directors and executive officers. The non-management directors in attendance today are Carin Barth, Mark DeWalch, Anne Hamman, Jerry Kyle, Michael Linn, AJ Longmaid, Will Randall, Sandy Stewart, and James Whitehead. In addition to myself and Fowler, the executive officers in attendance today are Tom Carter, Chris Bonner, Steve Putman, and Erin Phillips. I would also like to recognize Matt Burley, who is in attendance as the lead client service partner from Deloitte & Touche LLP. Our current independent registered public accounting firm. Steve Putman has been appointed to act as the inspector of election for the meeting. The inspector of election has taken the oath of office, which we have directed to be filed with the partnership's records. You can access the agenda via the web portal, which we will follow in carrying out the business of this meeting. As you will see on the agenda, time has been allotted later in the meeting for management to address any questions you submitted prior to or during the meeting and concerning the matters to be voted upon today. Please keep in mind that as the meeting is a virtual-only format, you'll be able to submit questions through the meeting portal. We will answer questions that are relevant to this meeting at the appropriate time. If any unitholder has any matter of individual concern, please raise it after the meeting. That all the items on the agenda may be presented before that time, the voting matters contained in the agenda will be presented in succession without comment. During the course of the meeting, you may vote or change your vote by following the directions on the web portal. Of course, if you have already voted, you need not vote again at this meeting and should not vote again unless you wish to change your vote. There are a few formalities to cover before we get into the business of this meeting. Will the secretary please report on the record date, listing of unitholders, notice, quorum, and matters to be considered at today's annual meeting? April 13th, 2026, was set by resolution of the board as the record date for today's annual meeting. All unitholders of record or their proxy holders at the close of business on April 13th are entitled to vote at the annual meeting. The listing of unitholders as of the record date is available on the meeting portal. It cannot be downloaded and will only be made available during this meeting. Notice of this meeting was duly given in accordance with the partnership agreement. We received an affidavit from the partnership's transfer agent, Equiniti, certifying that the notice of internet availability of proxy materials was sent to all unitholders on or about April 30th, 2026. The affidavit will be filed with the partnership's records. As set forth in the agenda and the notice of the annual meeting, the matters to be considered at today's annual meeting The directors to the board of directors of the general partner, each to serve in partners and thereafter until such director's successor shall have been duly elected and qualified, or until such director's earlier death, resignation, or removal. The ratification of the appointment of Deloitte as the partnership's independent registered public accounting firm for the fiscal year ending December 31st, 2026, and the approval on a non-binding advisory basis, the compensation of the general partner's named executive officers for the fiscal year ended December 31st, 2025. Each of the matters to be considered today is described in the proxy statement, which accompanied the notice of the annual meeting. As previously mentioned, the items of business being submitted to unitholders for action at today's meeting are the election of directors, the ratification of the appointment of Deloitte, and the say-on-pay vote. We will now have the presentations for the proposals. The first item of business is the election of directors. The board's nominees for election to serve until the 2027 annual meeting are Tom Carter, Fowler Carter, Taylor DeWalch, Carin M. Barth, D. Mark DeWalch, Jerry Kyle, Michael Linn, Ashley J. Longmaid, Will Randall, Sandy Stewart, Anne Hamman, and James Whitehead. The second item of business is the ratification of the appointment of Deloitte as the partnership's independent registered public accounting firm for the fiscal year ending December 31st, 2026. The final item of business is the approval on a non-binding advisory basis of the compensation of the general partner's named executive officers for the fiscal year ending December 31st, 2025. There are no other proposals to come before this meeting since management has not made any other proposal submitted by unitholders in the manner prescribed in the partnership agreement, which requires that certain information concerning unitholder proposals be provided to the partnership before the date of the meeting. It is now 12:06 P.M. I now declare the polls closed. This concludes the matters to be considered and voted upon at today's meeting. The inspector of election will count the votes. Will the secretary please announce the preliminary voting results? Based on a preliminary tabulation of the votes, a plurality of the votes cast were in favor of each of the partnership's nominees for directors of the general partner, each to serve until the 2027 annual meeting of limited partners and thereafter until such director's successor shall have been duly elected and qualified, or until such director's earlier death, resignation, or removal. Majority of the votes cast were in favor of ratification of the appointment of Deloitte as the partnership's independent registered public accounting firm for the fiscal year ending December 31st, 2026. The majority of the votes cast were in favor of the approval on a non-binding advisory basis of the compensation of the general partner's named executive officers for the fiscal year ended December 31st, 2025. The final voting results will be tallied and subsequently announced in accordance with the requirements of the Securities and Exchange Commission. I'm aware of no other business that should be brought before this meeting. Accordingly, I declare this meeting adjourned. This concludes the Black Stone Minerals, L.P. 2026 annual meeting of limited partners. On behalf of Black Stone Minerals, L.P. and the board of directors and employees of Black Stone Minerals GP, L.L.C., Taylor and I want to thank you for attending today's meeting.

Speaker 1: Gentlemen, it is now 12:00 P.M., and in accordance with the notice of the annual meeting, I will call Black Stone Minerals, L.P. 2026 annual meeting of limited partners to order. I am Fowler Carter, Co-Chief Executive Officer and President. I currently serve as a director on the board of directors and am a candidate for re-election. On behalf of the board of directors and management, I welcome you to the annual meeting. The polls are now open. They will remain open until Taylor reads the presentations for the proposals, after which the polls will close. Gentlemen, it is now 12:00 P.M., and in accordance with the notice of the annual meeting, I will call Black Stone Minerals, L.P. 2026 annual meeting of limited partners to order. gentlemen it is now 12:00 p.m and in accordance with the notice of the annual meeting i will call black stone minerals l.p 2026 annual meeting of limited partners to order I am Fowler Carter, Co-Chief Executive Officer and President. i am fowler carter co-chief executive officer and president I currently serve as a director on the board of directors and am a candidate for re-election. i currently serve as a director on the board of directors and am a candidate for re-election On behalf of the board of directors and management, I welcome you to the annual meeting. on behalf of the board of directors and management i welcome you to the annual meeting The polls are now open. the polls are now open They will remain open until Taylor reads the presentations for the proposals, after which the polls will close. they will remain open until taylor reads the presentations for the proposals after which the polls will close I'll turn it over to Taylor DeWalch, Co-Chief Executive Officer and President, and a current director nominated for re-election. I'll turn it over to Taylor DeWalch, Co-Chief Executive Officer and President, and a current director nominated for re-election. i'll turn it over to taylor dewalch co-chief executive officer and president and a current director nominated for re-election

Speaker 3: Thanks, Fowler. Welcome everyone to the Black Stone Minerals, L.P. annual meeting. Fowler and I will preside at today's meeting. Steve Putman will act as the secretary of the meeting. The secretary has advised us that a quorum is present. Legal notice having been given, this meeting is now convened and open for the transaction of business. For your convenience, we have opened the polls for registered holders who have not yet voted or wish to change their votes. They will remain open until I have completed the presentation of the proposals, at which point the polls will be closed. Thanks, Fowler. thanks fowler Welcome everyone to the Black Stone Minerals, L.P. annual meeting. welcome everyone to the black stone minerals, l.p annual meeting Fowler and I will preside at today's meeting. fowler and i will preside at today's meeting Steve Putman will act as the secretary of the meeting. steve putman will act as the secretary of the meeting The secretary has advised us that a quorum is present. the secretary has advised us that a quorum is present Legal notice having been given, this meeting is now convened and open for the transaction of business. legal notice having been given this meeting is now convened and open for the transaction of business For your convenience, we have opened the polls for registered holders who have not yet voted or wish to change their votes. for your convenience we have opened the polls for registered holders who have not yet voted or wish to change their votes They will remain open until I have completed the presentation of the proposals, at which point the polls will be closed. they will remain open until i have completed the presentation of the proposals at which point the polls will be closed I would like to take a moment to introduce the members of our current board of directors and executive officers. The non-management directors in attendance today are Carin Barth, Mark DeWalch, Anne Hamman, Jerry Kyle, Michael Linn, AJ Longmaid, Will Randall, Sandy Stewart, and James Whitehead. In addition to myself and Fowler, the executive officers in attendance today are Tom Carter, Chris Bonner, Steve Putman, and Erin Phillips. I would also like to recognize Matt Burley, who is in attendance as the lead client service partner from Deloitte & Touche LLP. I would like to take a moment to introduce the members of our current board of directors and executive officers. i would like to take a moment to introduce the members of our current board of directors and executive officers The non-management directors in attendance today are Carin Barth, Mark DeWalch, Anne Hamman, Jerry Kyle, Michael Linn, AJ Longmaid, Will Randall, Sandy Stewart, and James Whitehead. the non-management directors in attendance today are carin barth mark dewalch anne hamman jerry kyle michael linn aj longmaid will randall sandy stewart and james whitehead In addition to myself and Fowler, the executive officers in attendance today are Tom Carter, Chris Bonner, Steve Putman, and Erin Phillips. in addition to myself and fowler the executive officers in attendance today are tom carter chris bonner steve putman and erin phillips I would also like to recognize Matt Burley, who is in attendance as the lead client service partner from Deloitte & Touche LLP. i would also like to recognize matt burley who is in attendance as the lead client service partner from deloitte & touche llp Our current independent registered public accounting firm. Steve Putman has been appointed to act as the inspector of election for the meeting. The inspector of election has taken the oath of office, which we have directed to be filed with the partnership's records. Our current independent registered public accounting firm. our current independent registered public accounting firm Steve Putman has been appointed to act as the inspector of election for the meeting. steve putman has been appointed to act as the inspector of election for the meeting The inspector of election has taken the oath of office, which we have directed to be filed with the partnership's records. the inspector of election has taken the oath of office which we have directed to be filed with the partnership's records

Speaker 2: You can access the agenda via the web portal, which we will follow in carrying out the business of this meeting. As you will see on the agenda, time has been allotted later in the meeting for management to address any questions you submitted prior to or during the meeting and concerning the matters to be voted upon today. Please keep in mind that as the meeting is a virtual-only format, you'll be able to submit questions through the meeting portal. We will answer questions that are relevant to this meeting at the appropriate time. You can access the agenda via the web portal, which we will follow in carrying out the business of this meeting. you can access the agenda via the web portal which we will follow in carrying out the business of this meeting As you will see on the agenda, time has been allotted later in the meeting for management to address any questions you submitted prior to or during the meeting and concerning the matters to be voted upon today. as you will see on the agenda time has been allotted later in the meeting for management to address any questions you submitted prior to or during the meeting and concerning the matters to be voted upon today Please keep in mind that as the meeting is a virtual-only format, you'll be able to submit questions through the meeting portal. please keep in mind that as the meeting is a virtual-only format you'll be able to submit questions through the meeting portal We will answer questions that are relevant to this meeting at the appropriate time. we will answer questions that are relevant to this meeting at the appropriate time If any unitholder has any matter of individual concern, please raise it after the meeting. That all the items on the agenda may be presented before that time, the voting matters contained in the agenda will be presented in succession without comment. During the course of the meeting, you may vote or change your vote by following the directions on the web portal. Of course, if you have already voted, you need not vote again at this meeting and should not vote again unless you wish to change your vote. If any unitholder has any matter of individual concern, please raise it after the meeting. if any unitholder has any matter of individual concern please raise it after the meeting That all the items on the agenda may be presented before that time, the voting matters contained in the agenda will be presented in succession without comment. that all the items on the agenda may be presented before that time the voting matters contained in the agenda will be presented in succession without comment During the course of the meeting, you may vote or change your vote by following the directions on the web portal. during the course of the meeting you may vote or change your vote by following the directions on the web portal Of course, if you have already voted, you need not vote again at this meeting and should not vote again unless you wish to change your vote. of course if you have already voted you need not vote again at this meeting and should not vote again unless you wish to change your vote

Speaker 3: There are a few formalities to cover before we get into the business of this meeting. Will the secretary please report on the record date, listing of unitholders, notice, quorum, and matters to be considered at today's annual meeting? There are a few formalities to cover before we get into the business of this meeting. there are a few formalities to cover before we get into the business of this meeting Will the secretary please report on the record date, listing of unitholders, notice, quorum, and matters to be considered at today's annual meeting? will the secretary please report on the record date listing of unitholders notice quorum and matters to be considered at today's annual meeting

Speaker 2: April 13th, 2026, was set by resolution of the board as the record date for today's annual meeting. All unitholders of record or their proxy holders at the close of business on April 13th are entitled to vote at the annual meeting. The listing of unitholders as of the record date is available on the meeting portal. It cannot be downloaded and will only be made available during this meeting. Notice of this meeting was duly given in accordance with the partnership agreement. April 13th, 2026, was set by resolution of the board as the record date for today's annual meeting. april 13th 2026 was set by resolution of the board as the record date for today's annual meeting All unitholders of record or their proxy holders at the close of business on April 13th are entitled to vote at the annual meeting. all unitholders of record or their proxy holders at the close of business on april 13th are entitled to vote at the annual meeting The listing of unitholders as of the record date is available on the meeting portal. the listing of unitholders as of the record date is available on the meeting portal It cannot be downloaded and will only be made available during this meeting. it cannot be downloaded and will only be made available during this meeting Notice of this meeting was duly given in accordance with the partnership agreement. notice of this meeting was duly given in accordance with the partnership agreement We received an affidavit from the partnership's transfer agent, Equiniti, certifying that the notice of internet availability of proxy materials was sent to all unitholders on or about April 30th, 2026. The affidavit will be filed with the partnership's records. As set forth in the agenda and the notice of the annual meeting, the matters to be considered at today's annual meeting The directors to the board of directors of the general partner, each to serve in partners and thereafter until such director's successor shall have been duly elected and qualified, or until such director's earlier death, resignation, or removal. We received an affidavit from the partnership's transfer agent, Equiniti , certifying that the notice of internet availability of proxy materials was sent to all unitholders on or about April 30th, 2026. we received an affidavit from the partnership's transfer agent equiniti certifying that the notice of internet availability of proxy materials was sent to all unitholders on or about april 30th 2026 The affidavit will be filed with the partnership's records. the affidavit will be filed with the partnership's records As set forth in the agenda and the notice of the annual meeting, the matters to be considered at today's annual meeting The directors to the board of directors of the general partner, each to serve in partners and thereafter until such director's successor shall have been duly elected and qualified, or until such director's earlier death, resignation, or removal. as set forth in the agenda and the notice of the annual meeting the matters to be considered at today's annual meeting the directors to the board of directors of the general partner each to serve in partners and thereafter until such director's successor shall have been duly elected and qualified or until such director's earlier death resignation or removal The ratification of the appointment of Deloitte as the partnership's independent registered public accounting firm for the fiscal year ending December 31st, 2026, and the approval on a non-binding advisory basis, the compensation of the general partner's named executive officers for the fiscal year ended December 31st, 2025. Each of the matters to be considered today is described in the proxy statement, which accompanied the notice of the annual meeting. The ratification of the appointment of Deloitte as the partnership's independent registered public accounting firm for the fiscal year ending December 31st, 2026, and the approval on a non-binding advisory basis, the compensation of the general partner's named executive officers for the fiscal year ended December 31st, 2025. the ratification of the appointment of deloitte as the partnership's independent registered public accounting firm for the fiscal year ending december 31st 2026 and the approval on a non-binding advisory basis the compensation of the general partner's named executive officers for the fiscal year ended december 31st 2025 Each of the matters to be considered today is described in the proxy statement, which accompanied the notice of the annual meeting. each of the matters to be considered today is described in the proxy statement which accompanied the notice of the annual meeting

Speaker 3: As previously mentioned, the items of business being submitted to unitholders for action at today's meeting are the election of directors, the ratification of the appointment of Deloitte, and the say-on-pay vote. We will now have the presentations for the proposals. The first item of business is the election of directors. The board's nominees for election to serve until the 2027 annual meeting are Tom Carter, Fowler Carter, Taylor DeWalch, Carin M. Barth, D. Mark DeWalch, Jerry Kyle, Michael Linn, Ashley J. Longmaid, Will Randall, Sandy Stewart, Anne Hamman, and James Whitehead. As previously mentioned, the items of business being submitted to unitholders for action at today's meeting are the election of directors, the ratification of the appointment of Deloitte, and the say-on-pay vote. as previously mentioned the items of business being submitted to unitholders for action at today's meeting are the election of directors the ratification of the appointment of deloitte and the say-on-pay vote We will now have the presentations for the proposals. we will now have the presentations for the proposals The first item of business is the election of directors. the first item of business is the election of directors The board's nominees for election to serve until the 2027 annual meeting are Tom Carter, Fowler Carter, Taylor DeWalch, Carin M. the board's nominees for election to serve until the 2027 annual meeting are tom carter fowler carter taylor dewalch carin m Barth, D. barth, d Mark DeWalch, Jerry Kyle, Michael Linn, Ashley J. Longmaid, Will Randall, Sandy Stewart, Anne Hamman, and James Whitehead. mark dewalch jerry kyle michael linn ashley j. longmaid will randall sandy stewart anne hamman and james whitehead The second item of business is the ratification of the appointment of Deloitte as the partnership's independent registered public accounting firm for the fiscal year ending December 31st, 2026. The final item of business is the approval on a non-binding advisory basis of the compensation of the general partner's named executive officers for the fiscal year ending December 31st, 2025. The second item of business is the ratification of the appointment of Deloitte as the partnership's independent registered public accounting firm for the fiscal year ending December 31st, 2026. the second item of business is the ratification of the appointment of deloitte as the partnership's independent registered public accounting firm for the fiscal year ending december 31st 2026 The final item of business is the approval on a non-binding advisory basis of the compensation of the general partner's named executive officers for the fiscal year ending December 31st, 2025. the final item of business is the approval on a non-binding advisory basis of the compensation of the general partner's named executive officers for the fiscal year ending december 31st 2025 There are no other proposals to come before this meeting since management has not made any other proposal submitted by unitholders in the manner prescribed in the partnership agreement, which requires that certain information concerning unitholder proposals be provided to the partnership before the date of the meeting. It is now 12:06 P.M. I now declare the polls closed. This concludes the matters to be considered and voted upon at today's meeting. The inspector of election will count the votes. Will the secretary please announce the preliminary voting results? There are no other proposals to come before this meeting since management has not made any other proposal submitted by unitholders in the manner prescribed in the partnership agreement, which requires that certain information concerning unitholder proposals be provided to the partnership before the date of the meeting. there are no other proposals to come before this meeting since management has not made any other proposal submitted by unitholders in the manner prescribed in the partnership agreement which requires that certain information concerning unitholder proposals be provided to the partnership before the date of the meeting It is now 12:06 P.M. it is now 12:06 p.m I now declare the polls closed. i now declare the polls closed This concludes the matters to be considered and voted upon at today's meeting. this concludes the matters to be considered and voted upon at today's meeting The inspector of election will count the votes. the inspector of election will count the votes Will the secretary please announce the preliminary voting results? will the secretary please announce the preliminary voting results

Speaker 2: Based on a preliminary tabulation of the votes, a plurality of the votes cast were in favor of each of the partnership's nominees for directors of the general partner, each to serve until the 2027 annual meeting of limited partners and thereafter until such director's successor shall have been duly elected and qualified, or until such director's earlier death, resignation, or removal. Majority of the votes cast were in favor of ratification of the appointment of Deloitte as the partnership's independent registered public accounting firm for the fiscal year ending December 31st, 2026. Based on a preliminary tabulation of the votes, a plurality of the votes cast were in favor of each of the partnership's nominees for directors of the general partner, each to serve until the 2027 annual meeting of limited partners and thereafter until such director's successor shall have been duly elected and qualified, or until such director's earlier death, resignation, or removal. based on a preliminary tabulation of the votes a plurality of the votes cast were in favor of each of the partnership's nominees for directors of the general partner each to serve until the 2027 annual meeting of limited partners and thereafter until such director's successor shall have been duly elected and qualified or until such director's earlier death resignation or removal Majority of the votes cast were in favor of ratification of the appointment of Deloitte as the partnership's independent registered public accounting firm for the fiscal year ending December 31st, 2026. majority of the votes cast were in favor of ratification of the appointment of deloitte as the partnership's independent registered public accounting firm for the fiscal year ending december 31st 2026 The majority of the votes cast were in favor of the approval on a non-binding advisory basis of the compensation of the general partner's named executive officers for the fiscal year ended December 31st, 2025. The final voting results will be tallied and subsequently announced in accordance with the requirements of the Securities and Exchange Commission. The majority of the votes cast were in favor of the approval on a non-binding advisory basis of the compensation of the general partner's named executive officers for the fiscal year ended December 31st, 2025. the majority of the votes cast were in favor of the approval on a non-binding advisory basis of the compensation of the general partner's named executive officers for the fiscal year ended december 31st 2025 The final voting results will be tallied and subsequently announced in accordance with the requirements of the Securities and Exchange Commission. the final voting results will be tallied and subsequently announced in accordance with the requirements of the securities and exchange commission

Speaker 1: I'm aware of no other business that should be brought before this meeting. Accordingly, I declare this meeting adjourned. This concludes the Black Stone Minerals, L.P. 2026 annual meeting of limited partners. On behalf of Black Stone Minerals, L.P. and the board of directors and employees of Black Stone Minerals GP, L.L.C., Taylor and I want to thank you for attending today's meeting. I'm aware of no other business that should be brought before this meeting. i'm aware of no other business that should be brought before this meeting Accordingly, I declare this meeting adjourned. accordingly i declare this meeting adjourned This concludes the Black Stone Minerals, L.P. 2026 annual meeting of limited partners. this concludes the black stone minerals, l.p 2026 annual meeting of limited partners On behalf of Black Stone Minerals, L.P. and the board of directors and employees of Black Stone Minerals GP, L.L.C., Taylor and I want to thank you for attending today's meeting. on behalf of black stone minerals, l.p and the board of directors and employees of black stone minerals gp l.l.c taylor and i want to thank you for attending today's meeting