Company: BSM
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001621434-25-000108
Chunk: 83

Company: Black Stone Minerals, L.P.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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 oil and natural gas properties, if any, accretion of asset retirement obligations, unrealized gains and losses on commodity derivative instruments, non-cash equity-based compensation, and gains and losses on sales of assets, if any. We define Distributable cash flow as Adjusted EBITDA plus or minus amounts for certain non-cash operating activities, cash interest expense, distributions to preferred unitholders, and restructuring charges, if any.

Adjusted EBITDA and Distributable cash flow should not be considered an alternative to, or more meaningful than, net income (loss), income (loss) from operations, cash flows from operating activities, or any other measure of financial performance presented in accordance with generally accepted accounting principles ("GAAP") in the United States as measures of our financial performance.

Adjusted EBITDA and Distributable cash flow have important limitations as analytical tools because they exclude some but not all items that affect net income (loss), the most directly comparable GAAP financial measure. Our computation of Adjusted EBITDA and Distributable cash flow may differ from computations of similarly titled measures of other companies.

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The following table presents a reconciliation of net income (loss), the most directly comparable GAAP financial measure, to Adjusted EBITDA and Distributable cash flow for the periods indicated:Three Months Ended June 30,Six Months Ended June 30,2025202420252024(in thousands)Net income (loss)$120,028 $68,322 $135,976 $132,249 Adjustments to reconcile to Adjusted EBITDA:Depreciation, depletion, and amortization9,187 11,356 18,317 22,995 Interest expense2,270 626 3,667 1,255 Income tax expense (benefit)8 51 (77)186 Accretion of asset retirement obligations337 321 669 638 Equity–based compensation1,960 2,205 5,015 4,588 Unrealized (gain) loss on commodity derivative instruments(49,639)17,366 2,751 42,453 Adjusted EBITDA84,151 100,247 166,318 204,364 Adjustments to reconcile to Distributable cash flow:Change in deferred revenue(1)(1)(2)(2)Cash interest expense(1,994)(358)(3,117)(719)Preferred unit distributions(7,367)(7,366)(14