Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 51

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9B
Chunk 51
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 33,057 5,509 December 31, 2023— 44,235 7,373 December 31, 2024— 18,580 3,097 1   Revisions of previous estimates include technical revisions due to changes in commodity prices, historical and projected performance and other factors. The most notable revisions are related to changes in commodity pricing.2   Includes extensions and additions related to drilling activities in multiple areas, primarily within the Haynesville/Bossier play trend and the Permian Basin.3   Includes the acquisition of mineral and royalty reserves primarily within the Haynesville/Bossier play trend.4   Includes divestitures of working interest reserves primarily within the Austin Chalk play trend.

F-31

BLACK STONE MINERALS, L.P. AND SUBSIDIARIESSUPPLEMENTAL OIL AND NATURAL GAS DISCLOSURES—UNAUDITED

Standardized Measure of Discounted Future Net Cash FlowsFuture cash inflows represent expected revenues from production of period-end quantities of proved reserves based on the 12-month unweighted average of first-day-of-the-month commodity prices for the periods presented. All prices are adjusted by field for quality, transportation fees, energy content and regional price differentials. Future cash inflows are computed by applying applicable prices relating to the Partnership’s proved reserves to the year-end quantities of those reserves. Future production, development, site restoration and abandonment costs are derived based on current costs assuming continuation of existing economic conditions. There are no future income tax expenses deducted from future production revenues in the calculation of the standardized measure because the Partnership is not subject to federal income taxes. The Partnership is subject to certain state based taxes; however, these amounts are not material. See "Note 2 – Summary of Significant Accounting Policies" for additional information. Year Ended December 31, 202420232022 (in thousands)Future cash inflows$1,827,316 $2,184,038 $3,518,494 Future production costs(164,886)(211,826)(339,603)Future development costs(62,137)(61,723)(49,081)Future income tax expense(5,433)(6,259)(10,535)Future net cash flows (undiscounted)1,594,860 1,904,230 3,119,275 Annual discount 10% for estimated timing(726,773)(884,720)(1,454,264)