Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 88

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 88
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 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 30, 2025 decreased compared to the quarter ended September 30, 2024. The decrease in total revenue in the third quarter of 2025 is primarily due to a decreased gain on our commodity derivative instruments compared to the corresponding prior period and a decrease