Company: BSM
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001621434-25-000108
Chunk: 89

Company: Black Stone Minerals, L.P.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 89
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GL 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 six months ended June 30, 2025 increased compared to the corresponding prior period. The increase in total revenue is primarily due to a gain in natural gas and NGL sales and a reduced loss on our commodity derivative instruments compared to the corresponding prior period, which were partially offset by an decrease in oil and condensate sales.

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Oil and condensate sales. Oil and condensate sales during the six months ended June 30, 2025 decreased compared to the corresponding prior period primarily due to lower production volumes and realized commodity prices. The decrease in oil and condensate production was driven by reduced mineral and royalty production in the Permian Basin. Our mineral and royalty interest oil and condensate volumes accounted for 96% and 94% of total oil and condensate volumes for the six months ended June 30, 2025 and 2024, respectively. 

Natural gas and natural gas liquids sales. Natural gas and NGL sales during the six months ended June 30, 2025 increased compared to the corresponding prior period due to higher realized commodity prices partially offset by lower production volumes. The decrease in production volumes was driven by a reduction in royalty interest production volumes, primarily within the Haynesville/Bossier play. Mineral and royalty interest production accounted for 96% and 95% of our natural gas volumes for the six months ended June 30, 2025 and 2024, respectively.

Gain (loss) on commodity derivative instruments. During the six months ended June 30, 2025, we recognized a reduced loss from our commodity derivative instruments compared to the corresponding period in 2024. In the six months ended June 30, 2025, we recognized $0.5 million of realized losses and $2.7 million of unrealized losses from our oil and natural gas commodity contracts, compared to $25.6 million of realized gains and $42.5 million of unrealized losses in the same period in 2024. Unrealized losses on our commodity contracts during the six months ended June 30, 2025 were primarily driven by changes in forward natural