Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 91

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 91
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 extracted during a period, calculated on a units-of-production basis. Estimates of proved developed producing reserves are a major component of the calculation of depletion. We adjust our depletion rates semi-annually based upon mid-year and year-end reserve reports, except when circumstances indicate that there has been a significant change in reserves or costs. Depreciation, depletion, and amortization decreased for the quarter ended September 30, 2025 as compared to the same period in 2024 due to lower production volumes.

General and administrative. General and administrative expenses are costs not directly associated with the production of oil and natural gas and include expenses such as the cost of employee salaries and related benefits, office expenses, and fees for professional services. For the quarter ended September 30, 2025, general and administrative expenses slightly decreased as compared to the same period in 2024, primarily due to lower costs recognized under our short-term cash incentive plan.

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Interest expense. Interest expense increased for the quarter ended September 30, 2025 as compared to the corresponding period in 2024. The increase was due to higher average outstanding borrowings under our Credit Facility. 

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 

The following table shows our production, revenues, pricing, and expenses for the periods presented: Nine Months Ended September 30, 20252024Variance(Dollars in thousands, except for realized prices)Production:    Oil and condensate (MBbls)2,491 2,751 (260)(9.5)%Natural gas (MMcf)143,119 48,190 (5,071)(10.5)%Equivalents (MBoe)9,678 10,783 (1,105)(10.2)%Equivalents/day (MBoe)35.4 39.4 (4.0)(10.2)%Realized prices, without derivatives:Oil and condensate ($/Bbl)$65.43 $76.01 $(10.58)(13.9)%Natural gas ($/Mcf)13.42 2.40 1.02 42.5 %Equivalents ($/Boe)$32.08 $30.11 $1.97 6.5 %Revenue:Oil and condensate sales$162,991 $209,112 $(46,121)(