Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 119

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 119
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5 %Equivalents ($/Boe)$32.08 $30.11 $1.97 6.5 %Revenue:Oil and condensate sales$162,991 $209,112 $(46,121)(22.1)%Natural gas and natural gas liquids sales1147,510 115,543 31,967 27.7 %Lease bonus and other income16,645 10,480 6,165 58.8 %Revenue from contracts with customers327,146 335,135 (7,989)(2.4)%Gain (loss) on commodity derivative instruments24,070 14,838 9,232 62.2 %Total revenue$351,216 $349,973 $1,243 0.4 %Operating expenses:  Lease operating expense$7,905 $7,433 $472 6.4 %Production costs and ad valorem taxes30,146 38,876 (8,730)(22.5)%Exploration expense9,010 2,579 6,431 249.4 %Depreciation, depletion, and amortization28,217 34,253 (6,036)(17.6)%General and administrative41,383 40,286 1,097 2.7 %Other expense:Interest expense6,093 1,979 4,114 207.9 %

1    As a mineral and royalty interest owner, we are often provided insufficient and inconsistent data on NGL volumes by our operators. As a result, we are unable to reliably determine the total volumes of NGLs associated with the production of natural gas on our acreage. Accordingly, no NGL volumes are included in our reported production; however, revenue attributable to NGLs is included in our natural gas revenue and our calculation of realized prices for natural gas.

Revenue

Total revenue for the nine months ended September 30, 2025 increased compared to the corresponding prior period. The increase in total revenue is primarily due to increases in natural gas and NGL sales and lease bonus and other income, and an increased gain on our commodity derivative instruments compared to the corresponding period. The overall increase was partially offset by a decrease in oil and condensate sales.

Oil and condensate sales. Oil and condensate sales during the nine months ended September 30, 2025 decreased