Company: BSM
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022559
Chunk: 48

Company: Black Stone Minerals, L.P.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

26

Cash Flows

The following table shows our cash flows for the periods presented: 

 Three Months Ended March 31, 20252024Change(in thousands)Cash flows provided by operating activities$64,835 $104,460 $(39,625)Cash flows provided by (used in) investing activities(13,067)(23,964)10,897 Cash flows provided by (used in) financing activities(51,863)(110,322)58,459 

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 three months ended March 31, 2025 as compared to the same period of 2024. The decrease was primarily due to reduced oil and condensate sales due to lower realized commodity prices and production, changes in operating assets and liabilities due to the timing of payments, and net cash paid on the settlement of commodity derivatives in the three months ended March 31, 2025 compared to net cash received for the same period of 2024. The overall decrease in cash flows from operations was partially offset by increased natural gas and NGL sales resulting from higher realized commodity prices.

Investing Activities. Net cash used in investing activities in the three months ended March 31, 2025 decreased as compared to the same period of 2024. The decrease was primarily due to reduced acquisitions of oil and natural gas properties in the three months ended March 31, 2025 compared to the same period of 2024. 

Financing Activities. Cash flows used in financing activities decreased for the three months ended March 31, 2025 as compared to the same period of 2024. The decrease was primarily due to lower distributions paid to unitholders and net borrowings on our Credit Facility for the three months ended March 31, 2025.

Development Capital Expenditures

Our 2025 capital expenditure budget associated with our non-operated working interests is expected to be approximately $2.3 million, of which $0.1 million has been invested in the three months ended March 31, 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 March 31, 2025