Company: BSM
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022559
Chunk: 106

Company: Black Stone Minerals, L.P.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 2
Chunk 106
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2025 capital expenditure budget associated with our non-operated working interests is expected to be approximately $2.3 million, of which $0.1 million has been invested in the three months ended March 31, 2025. The majority of this capital is anticipated to be spent on workovers and recompletions on existing wells in which we own a working interest. Through March 31, 2025, we have also spent $3.0 million acquiring leases on acreage utilized for our drilling programs.

Acquisitions

During the three months ended March 31, 2025, we acquired mineral and royalty interests that consisted of primarily unproved oil and natural gas properties from various sellers for an aggregate of $14.2 million, including capitalized direct transaction costs. The consideration paid consisted of $10.3 million in cash that was funded from operating activities and $3.9 million in equity that was funded through the issuance of common units of the Partnership 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 land region. Our current commercial strategy includes the continuation of meaningful, targeted mineral and royalty acquisitions to complement our existing positions.

See "Note 3 – Oil and Natural Gas Properties" to the unaudited interim consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

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Asset Exchanges

During 2024 and the first quarter of 2025, we completed multiple asset exchange transactions to consolidate a concentrated acreage position in East Texas. 

In March 2025, we closed on a transaction with a third-party operator whereby we acquired an oil and natural gas lease on approximately 2,900 net leasehold acres in East Texas in exchange for the assignment of approximately 900 undeveloped net mineral and royalty acres in Louisiana. 

In February 2025, we closed on a transaction with a third-party operator whereby we exchanged oil and natural gas leases covering certain acreage in East Texas. The Partnership acquired approximately 2,100 net leasehold acres in exchange for approximately 3,700 net leasehold acres. 

In July 2024, we closed on a transaction with a third-party operator whereby we acquired 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.

Shelby Trough Development Agreements

We have Joint Exploration Ag