Four reporting persons at three US oil and gas companies bought a calculated $974,607 of shares or units from November 5 through November 9, 2026. One purchase supplied most of the total. Black Stone Minerals Executive Chairman Thomas Carter accounted for $686,290, or 70.4 percent of the sample.

The comparison covers issuers classified by the SEC in crude petroleum and natural gas. It includes only nonderivative transactions carrying code P, which identifies an open market or private purchase. Awards, grants and other acquisitions are excluded.

Black Stone Minerals dominates the dollar total

Carter bought 50,000 Black Stone Minerals common units on November 9 at a reported weighted average price of $13.7258. Multiplication produces a calculated value of $686,290. The filing says the underlying executions ranged from $13.66 to $13.77.

The purchase lifted his directly owned balance to 3,732,724 units. The form also reports several indirect positions, including 11,481,503 units held by Carter2221, but those existing holdings are not part of the purchase value.

Two Matador directors bought $84,505

Matador Resources directors Shelley Appel and Monika Ehrman bought a combined 1,689 shares for a calculated $84,505. Appel purchased 1,350 shares across three lines at prices from $49.90 to $50.25. Ehrman bought 339 shares at $50.10.

Appel reported purchases through a family trust and a retirement account. Ehrman reported direct ownership. The forms do not check the Rule 10b5 1 plan box, and neither filing reports a sale paired with these purchases.

Empire Petroleum adds $203,812 under a separate arrangement

Energy Evolution Master Fund, a 10 percent owner of Empire Petroleum, bought 91,213 shares over three trading dates. Applying each reported weighted average price gives a calculated value of $203,812.

The Empire filing states that the purchases followed a non Rule 10b5 1 trading arrangement adopted on November 3. Execution ranges stretched from $1.97 to $2.60, while the three reported weighted averages rose from $2.0218 to $2.5295. The fund held 11,787,102 shares directly after the last transaction.

The sample shows participation and concentration

All four reporting persons added exposure, but the activity is not evenly distributed. The Black Stone purchase produced seven of every ten dollars in the sample. Empire contributed 20.9 percent and Matador contributed 8.7 percent.

This is a short event based sample, not evidence that oil insiders broadly agree on valuation or the commodity outlook. Company size, compensation structure and individual liquidity differ. Further Form 4 filings will show whether buying spreads to more issuers or remains concentrated in a few names.

Sources

Image credit Nils Huenerfuerst on Unsplash. The photograph shows an oil pump in Los Angeles and is used as a contextual image.