Company: BSM
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001621434-25-000108
Chunk: 24

Company: Black Stone Minerals, L.P.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 L.P. AND SUBSIDIARIESNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Partnership's derivative contracts expose it to credit risk in the event of nonperformance by counterparties that may adversely impact the fair value of the Partnership's commodity derivative assets. While the Partnership does not require its derivative contract counterparties to post collateral, the Partnership does evaluate the credit standing of such counterparties as deemed appropriate. This evaluation includes reviewing a counterparty’s credit rating and latest financial information. As of June 30, 2025, the Partnership had seven counterparties that also serve as lenders under the Credit Facility. The tables below summarize the fair values and classifications of the Partnership’s derivative instruments, as well as the gross recognized derivative assets, liabilities, and amounts offset in the consolidated balance sheets as of each date:June 30, 2025ClassificationBalance Sheet LocationGrossFair ValueEffect of Counterparty NettingNet Carrying Value on Balance Sheet  (in thousands)Assets:    Current assetCommodity derivative assets, net$12,829 $(10,718)$2,111 Long-term assetDeferred charges and other long-term assets3,652 (3,286)366  Total assets $16,481 $(14,004)$2,477 Liabilities:    Current liabilityCommodity derivative liabilities, net$17,790 $(10,718)$7,072 Long-term liabilityCommodity derivative liabilities, net15,052 (3,286)11,766 Total liabilities $32,842 $(14,004)$18,838 December 31, 2024ClassificationBalance Sheet LocationGrossFair ValueEffect of Counterparty NettingNet Carrying Value on Balance Sheet  (in thousands)Assets:    Current assetCommodity derivative assets, net$4,866 $(3,042)$1,824 Long-term assetDeferred charges and other long-term assets768 (768)—  Total assets $5,634 $(3,810)$1,824 Liabilities:    Current liabilityCommodity derivative liabilities, net$6,894 $(3,042)$3,852 Long-term liabilityCommodity derivative liabilities, net12,349 (768)11,581 Total liabilities $19,243 $(3,810)$