Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 114

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 114
---
 of our financial performance.

Adjusted EBITDA and Distributable cash flow have important limitations as analytical tools because they exclude some but not all items that affect net income (loss), the most directly comparable GAAP financial measure. Our computation of Adjusted EBITDA and Distributable cash flow may differ from computations of similarly titled measures of other companies.

24

The following table presents a reconciliation of net income (loss), the most directly comparable GAAP financial measure, to Adjusted EBITDA and Distributable cash flow for the periods indicated:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(in thousands)Net income$91,729 $92,731 $227,705 $224,980 Adjustments to reconcile to Adjusted EBITDA:Depreciation, depletion, and amortization9,900 11,258 28,217 34,253 Interest expense2,426 724 6,093 1,979 Income tax expense (benefit)41 39 (36)225 Accretion of asset retirement obligations344 324 1,013 962 Equity–based compensation2,208 2,177 7,223 6,765 Unrealized (gain) loss on commodity derivative instruments(20,372)(20,811)(17,621)21,642 Adjusted EBITDA86,276 86,442 252,594 290,806 Adjustments to reconcile to Distributable cash flow:Change in deferred revenue(1)(1)(3)(3)Cash interest expense(2,146)(453)(5,263)(1,172)Preferred unit distributions(7,366)(7,366)(22,099)(22,099)Distributable cash flow$76,763 $78,622 $225,229 $267,532 

25

Results of Operations

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

The following table shows our production, revenue, and operating expenses for the periods presented: Three Months Ended September 30, 20252024Variance(Dollars in thousands, except for realized prices)Production:    Oil and condensate (MBbls)912 875 37 4.2 %Natural gas (MMcf)114,556 15,369 (813)(5.3)%Equ