Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 33

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9B
Chunk 33
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81           Total liabilities $4,648 $(3,338)$1,310 

F-18

BLACK STONE MINERALS, L.P. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Changes in the fair values of the Partnership’s derivative instruments (both assets and liabilities) are presented on a net basis in the accompanying consolidated statements of operations and consolidated statements of cash flows and consist of the following for the periods presented: For the year ended December 31,Derivatives not designated as hedging instruments202420232022 (in thousands)Beginning fair value of commodity derivative instruments$37,335 $28,941 $(53,545)Gain (loss) on oil derivative instruments(6,591)3,888 (46,890)Gain (loss) on natural gas derivative instruments861 87,229 (73,790)Net cash paid (received) on settlements of oil derivative instruments8,524 (2,653)77,790 Net cash paid (received) on settlements of natural gas derivative instruments(53,738)(80,070)125,376 Net change in fair value of commodity derivative instruments(50,944)8,394 82,486 Ending fair value of commodity derivative instruments$(13,609)$37,335 $28,941 The Partnership had the following open derivative contracts for oil as of December 31, 2024: Volume (MBbl)Weighted Average Price (per Bbl)Range (per Bbl)Period and Type of ContractLowHighOil Swap Contracts:    2024Fourth quarter190 $71.45 $67.00 $81.00 2025    First quarter555 71.22 70.02 73.15 Second quarter555 71.22 70.02 73.15 Third quarter555 71.22 70.02 73.15 Fourth quarter555 71.22 70.02 73.15 2026First quarter180 66.29 65.52 67.35 Second quarter180 66.29 65.52 67.35 Third quarter180 66.29 65.52 67.35 Fourth quarter180 66.29 65.52 67.35 

F-19

BLACK STONE MINERALS, L.P