Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 115

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 115
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ivalents (MBoe)3,338 3,437 (99)(2.9)%Equivalents/day (MBoe)36.3 37.4 (1.1)(2.9)%Realized prices, without derivatives:Oil and condensate ($/Bbl)$62.60 $73.15 $(10.55)(14.4)%Natural gas ($/Mcf)12.96 2.41 0.55 22.8 %Equivalents ($/Boe)$30.01 $29.40 $0.61 2.1 %Revenue:Oil and condensate sales$57,091 $63,999 $(6,908)(10.8)%Natural gas and natural gas liquids sales143,086 37,039 6,047 16.3 %Lease bonus and other income5,006 2,143 2,863 133.6 %Revenue from contracts with customers105,183 103,181 2,002 1.9 %Gain (loss) on commodity derivative instruments27,287 31,675 (4,388)(13.9)%Total revenue$132,470 $134,856 $(2,386)(1.8)%Operating expenses:  Lease operating expense$2,753 $2,422 $331 13.7 %Production costs and ad valorem taxes10,935 12,369 (1,434)(11.6)%Exploration expense2,151 2,562 (411)(16.0)%Depreciation, depletion, and amortization9,900 11,258 (1,358)(12.1)%General and administrative12,287 12,801 (514)(4.0)%Other expense:Interest expense2,426 724 1,702 235.1 %

1    As a mineral and royalty interest owner, we are often provided insufficient and inconsistent data on NGL volumes by our operators. As a result, we are unable to reliably determine the total volumes of NGLs associated with the production of natural gas on our acreage. Accordingly, no NGL volumes are included in our reported production; however, revenue attributable to NGLs is included in our natural gas revenue and our calculation of realized prices for natural gas.

Revenue

Total revenue for the quarter ended September