Posted: 06/07/2025 03:10 am
Black Stone Minerals, L.P. (NYSE: BSM), a prominent player in the crude petroleum and natural gas industry, presents a compelling case study in executive compensation over the years. As a partnership navigating the fluctuating energy sector, the company has witnessed varied compensation structures for its top executives, reflecting broader trends and internal priorities.
In 2024, Evan M. Kiefer, the Former Senior Vice President, Chief Financial Officer, and Treasurer, had a total compensation package amounting to $1,683,896. This figure contrasts sharply with his base salary of $116,667, as a significant portion, $627,247, was categorized under "all other compensation." This category dramatically increased Kiefer’s overall compensation, suggesting potential payouts from prior agreements or retirement-related packages as he transitioned out of the company^1.
Comparatively, examining the 2022 compensation of Thomas L. Carter, Jr., the Chairman and Chief Executive Officer, reveals a total compensation of $4,854,098. Carter’s package prominently included $1,039,961 in incentive plan compensation, signifying the company’s strategy to align executive earnings with performance metrics. However, this overall figure reflected a decrease from 2019 when Carter's total compensation reached $6,609,541 despite a consistent base salary increase over these years^2.
The dynamics of executive remuneration at Black Stone Minerals suggest a focus on performance incentives and financial maneuvering to retain and reward leadership. For instance, in 2019, alongside Carter, Brock Morris, the Senior Vice President of Engineering and Geology, received significant incentive payout amounting to $298,235 on top of a base salary of $330,000, underlining the company's prioritization of operational expertise in its remuneration philosophy^3.
These compensation trends come amidst strategic market observations. Recent headlines highlight Black Stone Minerals' ongoing evaluations and adjustments to market conditions, as seen in their Q1 2025 earnings call and insights from market analysts anticipating performance fluctuations^4. These developments may serve as additional factors in the structuring of executive compensation, likely influencing future compensation models, especially against a backdrop of an evolving market with a current stock price at roughly $13.67^5.
In conclusion, Black Stone Minerals exemplifies the nuanced and adaptive nature of executive compensation in the energy sector, balancing between ensuring market competitiveness and rewarding performance-driven outcomes. As the company evolves, so too will its approaches to compensating those steering its strategic direction.
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1. U.S. Securities and Exchange Commission. Black Stone Minerals 2024 compensation data. [Link](https://www.sec.gov/Archives/edgar/data/1621434/000119312525107202/0001193125-25-107202-index.htm)
2. U.S. Securities and Exchange Commission. Black Stone Minerals 2022 and 2019 compensation data. [Link 2022](https://www.sec.gov/Archives/edgar/data/1621434/000119312523130472/0001193125-23-130472-index.htm), [Link 2019](https://www.sec.gov/Archives/edgar/data/1621434/000119312521145490/0001193125-21-145490-index.htm)
3. U.S. Securities and Exchange Commission. Brock Morris 2019 compensation data. [Link](https://www.sec.gov/Archives/edgar/data/1621434/000119312520124528/0001193125-20-124528-index.htm)
4. Seeking Alpha & Zacks. Headlines and articles regarding Black Stone Minerals market activities. [Seeking Alpha](https://seekingalpha.com/article/4782330-black-stone-minerals-l-p-common-units-bsm-q1-2025-earnings-call-transcript), [Zacks - Q4 Earnings](https://www.zacks.com/stock/news/2417851/stay-ahead-of-the-game-with-black-stone-minerals-bsm-q4-earnings-wall-street-s-insights-on-key-metrics?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis%7Cnfm_preview-2417851), [Zacks - Options](https://www.zacks.com/stock/news/2389347/is-the-options-market-predicting-a-spike-in-black-stone-minerals-bsm-stock?cid=CS-STOCKNEWSAPI-FT-tale_of_the_tape%7Coptions-2389347)
5. Stock Price data for Black Stone Minerals, L.P. [Price Snapshot](https://www.sec.gov/Archives/edgar/data/1621434/000119312523130472/0001193125-23-130472-index.htm)
