Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 211

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 211
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 by operating activities for 2024 decreased as compared to 2023. The decrease was primarily due to a decrease in oil and condensate sales revenue and natural gas and NGL sales revenue, and a decrease in cash received on settlements of commodity derivative instruments.

55

Investing Activities. Net cash used in investing activities for 2024 increased as compared to 2023. The change was primarily due to increased acquisition activity in 2024 compared to the same period in 2023.

Financing Activities. Cash flows used in financing activities for 2024 decreased as compared to 2023. The decrease was primarily due to lower distributions paid to common unitholders partially offset by net borrowings under our Credit Facility in 2024 compared with net repayments in 2023.

Development Capital Expenditures 

In the first quarter of each calendar year, we establish a capital budget and then monitor it throughout the year. Our capital budget is created based upon our estimate of internally generated cash flows and the ability to borrow and raise additional capital. Actual capital expenditure levels will vary, in part, based on actual cash generated, the economics of wells proposed by our operators for our participation, and the successful closing of acquisitions. The timing, size, and nature of acquisitions are unpredictable. 

Our 2025 capital expenditure budget associated with our non-operated working interests is expected to be approximately $2.3 million. The majority of this capital is anticipated to be spent on workovers and recompletions on existing wells in which we own a working interest.

Expenditures related to drilling, completion, and recompletion costs for our non-operated working interests were $0.8 million and $4.2 million during 2024 and 2023, respectively. Additionally, we spent $3.4 million and $0.6 million acquiring leases in areas around our drilling programs during 2024 and 2023, respectively. 

Acquisitions

During 2024 we acquired mineral and royalty interests that consisted of primarily unproved oil and natural gas properties from various sellers for an aggregate of  $110.4 million, including capitalized direct transaction costs. The cash portion of the consideration paid of $109.4 million was funded with borrowings under our Credit Facility and funds from operating activities, and $1.0 million was funded through the issuance of our common units based on the fair values of the common units issued on the acquisition dates. These acquisitions were considered asset acquisitions and were primarily located in the Gulf Coast