Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 49

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9B
Chunk 49
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 incurred on farmout wells subject to reimbursement under the Partnership's farmout agreements. See "Note 4 – Oil and Natural Gas Properties" for additional information.Property acquisition costs include costs incurred to purchase, lease, or otherwise acquire a property. Development costs include costs incurred to gain access to and prepare development well locations for drilling, to drill and equip development wells, and to provide facilities to extract, treat, and gather natural gas. Refer below for total capitalized costs and associated accumulated DD&A and impairment.

Oil and Natural Gas Capitalized CostsAggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion, and amortization, including impairments, are presented below: As of December 31, 20242023 (in thousands)Proved properties$2,132,429 $2,136,056 Unproved properties973,028 890,338 Total3,105,457 3,026,394 Accumulated depreciation, depletion, amortization, and impairment(1,973,460)(1,961,899)Oil and natural gas properties, net$1,131,997 $1,064,495 

F-30

BLACK STONE MINERALS, L.P. AND SUBSIDIARIESSUPPLEMENTAL OIL AND NATURAL GAS DISCLOSURES—UNAUDITED

Oil and Natural Gas Reserve InformationThe following table sets forth estimated net quantities of the Partnership’s proved, proved developed, and proved undeveloped oil and natural gas reserves. Estimated reserves for the periods presented are based on the unweighted average of first-day-of-the-month commodity prices over the period January through December for the year in accordance with definitions and guidelines set forth by the SEC and the FASB. For estimates of oil reserves, the average WTI spot oil prices used were $76.32, $78.21, and $94.14 per barrel as of December 31, 2024, 2023, and 2022, respectively. These average prices are adjusted for quality, transportation fees, and market differentials. For estimates of natural gas reserves, the average Henry Hub prices used were $2.13, $2.64, and $6.36 per MMBtu as of December 31, 2024, 2023, and 2022, respectively. These average prices are adjusted for energy content, transportation fees, and market differentials. Natural gas prices are also adjusted to account