Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 34

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9B
Chunk 34
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. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Partnership had the following open derivative contracts for natural gas as of December 31, 2024: Volume (BBtu)Weighted Average Price (per MMBtu)Range (per MMBtu)Period and Type of ContractLowHighNatural Gas Swap Contracts:    2025First quarter10,800 $3.36 $3.02 $3.65 Second quarter10,920 3.36 3.02 3.65 Third quarter11,040 3.45 3.34 3.65 Fourth quarter11,040 3.45 3.34 3.65 2026First quarter9,000 $3.55 $3.50 $3.68 Second quarter9,100 3.55 3.50 3.68 Third quarter9,200 3.55 3.50 3.68 Fourth quarter9,200 3.55 3.50 3.68 The Partnership entered into the following derivative contracts for natural gas subsequent to December 31, 2024:  Volume (BBtu)Weighted Average Price (per MMBtu)Range (per MMBtu)Period and Type of ContractLowHighNatural Gas Swap Contracts:    2026First quarter1,800 $4.05 $4.05 $4.05 Second quarter1,820 4.05 4.05 4.05 Third quarter1,840 4.05 4.05 4.05 Fourth quarter1,840 4.05 4.05 4.05 

F-20

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

NOTE 6 — FAIR VALUE MEASUREMENTS

Fair value is defined as the amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in an orderly transaction between market participants at the measurement date. Further, ASC 820, Fair Value Measurement, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and includes certain disclosure requirements. Fair value estimates are based on either (i) actual market data or (ii)