HOUSTON (AP) _ Black Stone Minerals LP (BSM) on Monday reported second-quarter net income of $67.7 million.
On a per-share basis, the Houston-based company said it had profit of 44 cents. Earnings, adjusted for non-recurring gains, came to 28 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 26 cents per share.
The partnership that owns mineral and royalty interests posted revenue of $163.6 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $130.2 million.
Black Stone Minerals shares have declined roughly 5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $14.76, a drop of 14% in the last 12 months.