Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 29

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 29
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 the oil and gas industry |     | •  The short-term incentive plan focuses on financial goals to encourage executives to execute on short-term goals that lead to long-term unitholder value.                                                                      |
|                                                     |     | •  The Black Stone Minerals, L.P. Long-Term Incentive Plan (the “Prior LTIP”) utilizes a combination of performance-based and time-based awards, balancing an emphasis on performance and retention through the business cycles. |

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| OBJECTIVES                                             |     | HOW WE MEET OUR OBJECTIVES                                                                                                                                                                                                                                                                          |
| Align executive compensation with unitholder interests |     | •  The Partnership places a large emphasis on at-risk and variable compensation in the form of short and long-term incentives which make up, on a weighted average basis, more than 85% of target total direct compensation for our NEOs who served as executive officers for the majority of 2024. |

Peer Group (Demonstrating the Competitive Market for Pay) The Compensation Committee utilizes a comparative group of industry companies (the “Peer Group”) to evaluate the competitiveness of our executive compensation program. The Peer Group represents organizations of comparable size and complexity of operations. Further, the Peer Group represents those organizations with which we compete for talent. The Compensation Committee reviews the Peer Group annually to ensure continued appropriateness for benchmarking purposes. For the 2024 Fiscal Year, the Peer Group consisted of companies selected for comparative size, complexity, revenue, EBITDA, and market capitalization. The Compensation Committee assesses our compensation elements using compiled Peer Group data and national compensation survey data to establish market consensus information (“Competitive Market Data”). The Peer Group used for 2024 compensation benchmarking consisted of the following companies:

| Antero Resources     |     | Comstock Resources       |     | Permian Resources   |
| California Resources |     | Gulfport Energy          |     | Range Resources     |
| Callon Petroleum     |     | Kimbell Royalty Partners |     | SilverBow Resources |
| Chord Energy         |     | Magnolia Oil & Gas       |     | Sitio Royalties     |
| Civitas Resources    |     | Matador Resources        |     | SM Energy           |
| CNX Resources        |     | Northern Oil & Gas       |     | Vital Energy        |

Adjustments are made to our peer group throughout the year in order to reflect certain transactional activities of our peers, such as being merged out of existence or filing for bankruptcy.