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Black Stone Minerals, L.P. is a mineral and royalty company that owns and manages one of the largest portfolios of oil, natural gas, and natural gas liquids mineral and royalty interests in the United States. The company generates revenue primarily through royalty payments from oil and gas production on its mineral acreage, which spans across major shale plays including the Permian Basin, Eagle Ford, Haynesville, and other productive regions. Black Stone Minerals operates as a master limited partnership and focuses on acquiring, managing, and developing mineral and royalty interests rather than direct drilling operations.