Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 140

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 140
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 our estimated proved oil and natural gas reserves:As of December 31, 202420232022 (Unaudited)Estimated proved developed:   Oil (MBbls)17,466 19,091 19,184 Natural gas (MMcf)220,901 228,061 236,529 Total (MBoe)54,283 57,101 58,606 Estimated proved undeveloped: Oil (MBbls)— — — Natural gas (MMcf)18,580 44,235 33,057 Total (MBoe)3,097 7,373 5,509 Estimated proved reserves: Oil (MBbls)17,466 19,091 19,184 Natural gas (MMcf)239,481 272,296 269,586 Total (MBoe)57,380 64,474 64,115 Percent proved developed94.6 %88.6 %91.4 %

Reserve engineering is a subjective process of estimating volumes of economically recoverable oil and natural gas that cannot be measured in an exact manner. The accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation. As a result, the estimates of different engineers often vary for the same property. In addition, the results of drilling, testing, and production may justify revisions of such estimates. Accordingly, reserve estimates often differ from the quantities of oil and natural gas that are ultimately recovered. Estimates of economically recoverable oil and natural gas and of future net revenues are based on a number of variables and assumptions, all of which may vary from actual results, including geologic interpretation, prices, and future production rates and costs. Please read Part I, Item 1A. “Risk Factors.”

The estimated proved reserve report as of December 31, 2024 is included as an exhibit to this Annual Report. See "Note 2 - Summary of Significant Accounting Policies" to the consolidated financial statements and our "Supplemental Oil and Natural Gas Disclosures" included elsewhere in this Annual Report for additional information. 

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Estimated Proved Undeveloped Reserves

As of December 31, 2024, our PUDs comprised 18,580 MMcf of natural gas, or 3,097 MBoe. PUDs will be converted from undeveloped to developed as the applicable wells begin production.

The following