Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 96

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 96
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(in thousands)Cash flows provided by operating activities$245,067 $298,087 $(53,020)Cash flows used in investing activities(63,391)(64,227)836 Cash flows used in financing activities(178,027)(283,179)105,152 

Operating Activities. Our operating cash flows are dependent, in large part, on our production, realized commodity prices, derivative settlements, lease bonus revenue, and operating expenses. Cash flows provided by operating activities decreased for the nine months ended September 30, 2025 as compared to the same period of 2024. The decrease was primarily due to reduced oil sales due to lower realized oil prices and production, lower amounts of cash received from the settlement of commodity derivatives, and changes in operating assets and liabilities due to the timing of payments. The overall decrease was partially offset by higher natural gas and NGL sales due to higher realized natural gas prices in the nine months ended September 30, 2025 compared to the same period of 2024.

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Investing Activities. Net cash used in investing activities in the nine months ended September 30, 2025 slightly decreased as compared to the same period of 2024. The decrease was primarily due to reduced amounts paid for acquisitions of oil and natural gas properties in the nine months ended September 30, 2025 compared to the same period of 2024. The overall decrease was partially offset by increased additions to oil and natural gas properties leasehold costs and lower proceeds from the sale of oil and natural gas properties.

Financing Activities. Net cash used in financing activities decreased for the nine months ended September 30, 2025 as compared to the same period of 2024. The decrease was primarily driven by lower distributions paid to unitholders and by net borrowings on our Credit Facility for the nine months ended September 30, 2025, compared to no net borrowings for the nine months ended September 30, 2024.

Development Capital Expenditures

Our 2025 capital expenditure budget associated with our non-operated working interests is expected to be approximately $2.3 million, net of farmout reimbursements, of which $0.6 million has been invested in the nine months ended September 30, 2025. The majority of this capital is anticipated to be spent on workovers and recompletions on existing wells in which we own a working interest. Through September 30, 2025, we have also spent $4.