Company: BSM
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001621434-25-000108
Chunk: 85

Company: Black Stone Minerals, L.P.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 85
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169)(19.1)%General and administrative13,924 13,395 529 3.9 %Other expense:Interest expense2,270 626 1,644 262.6 %

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.

2    Not meaningful.

Revenue

Total revenue for the quarter ended June 30, 2025 increased compared to the quarter ended June 30, 2024. The increase in total revenue in the second quarter of 2025 is primarily due to a gain on our commodity derivative instruments compared to a loss in the corresponding prior period and an increase in natural gas and NGL sales, which were partially offset by a decrease in oil and condensate sales.

Oil and condensate sales. Oil and condensate sales decreased for the quarter ended June 30, 2025 as compared to the corresponding period in 2024 primarily due to lower production volumes and realized commodity prices. The decrease in oil and condensate production was driven by reduced mineral and royalty volumes in the Permian Basin. Our mineral and royalty 

24

interest oil and condensate volumes accounted for 96% and 95% of total oil and condensate volumes for quarters ended June 30, 2025 and 2024, respectively.

Natural gas and natural gas liquids sales. Natural gas and NGL sales increased for the quarter ended June 30, 2025 as compared to the corresponding prior period. The increase was due to higher realized commodity prices between the comparative periods partially offset by a decrease in production volumes. The decrease in production was driven by reduced royalty interest volumes, primarily within the Haynesville/Bossier play. Mineral and royalty interest production accounted for 96% and 94% of our natural gas volumes for the quarters ended June 30, 2025 and 2024, respectively.

Gain (loss) on commodity derivative instruments. Cash settlements we receive represent realized gains, while cash settlements we pay represent realized losses related to our commodity derivative instruments. In addition to cash settlements, we also recognize fair value changes on our commodity derivative instruments in