Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 212

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 212
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 land region. Our current commercial strategy includes the continuation of meaningful, targeted mineral and royalty acquisitions to complement our existing positions.

During 2023 we acquired mineral and royalty interests for cash consideration of $14.6 million, including capitalized direct transaction costs. The acquisitions were funded with cash from operating activities and were primarily located in the Gulf Coast land region. 

See "Note 4 – Oil and Natural Gas Properties" to the consolidated financial statements included elsewhere in this Annual Report for additional information.

Asset Exchange 

In the third quarter of 2024, we closed on a transaction with a third-party operator whereby we received an oil and natural gas lease on approximately 8,000 net leasehold acres in East Texas in exchange for the assignment of approximately 51,000 undeveloped net mineral and royalty acres in Mississippi.

Credit Facility

We maintain a senior secured revolving credit agreement, as amended, (the “Credit Facility”). The Credit Facility has an aggregate maximum credit amount of $1.0 billion and terminates on October 31, 2027. The commitment of the lenders equals the least of the aggregate maximum credit amount, the then-effective borrowing base, and the aggregate elected commitment, as it may be adjusted from time to time. The amount of the borrowing base is redetermined semi-annually, usually in April and October. The April 2023 borrowing base redetermination reaffirmed the borrowing base at $550.0 million. The subsequent redeterminations increased the borrowing base to $580.0 million in October 2023 and reaffirmed the borrowing base in April 2024 and November 2024. After each redetermination we elected to maintain cash commitments at $375.0 million. The next semi-annual redetermination is scheduled for April 2025. 

We are subject to various affirmative, negative, and financial maintenance covenants which pose limitations on future borrowings, leases, hedging, and sales of assets. As of December 31, 2024, we were in compliance with all debt covenants.

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See "Note 8 – Credit Facility" to the consolidated financial statements included elsewhere in this Annual Report for additional information.

Contractual Obligations

The following table summarizes our minimum payments as of December 31, 2024 (in thousands): Payments due by period TotalLess Than 1 Year1-3 Years3-5 YearsMore Than 5 YearsCredit facility$25,000 $— $25,000 $— $