Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 26

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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,581 Total liabilities $19,243 $(3,810)$15,433 

9

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

Changes in the fair values of the Partnership’s derivative instruments (both assets and liabilities) are presented on a net basis in the accompanying consolidated statements of operations and consolidated statements of cash flows and consist of the following for the periods presented: Three Months Ended September 30,Nine Months Ended September 30,Derivatives not designated as hedging instruments2025202420252024(in thousands)Beginning fair value of commodity derivative instruments$(16,361)$(5,118)$(13,609)$37,335 Gain (loss) on oil derivative instruments578 25,444 16,988 988 Gain (loss) on natural gas derivative instruments26,709 6,231 7,082 13,850 Net cash paid (received) on settlements of oil derivative instruments(2,789)3,852 (6,444)9,257 Net cash paid (received) on settlements of natural gas derivative instruments(4,125)(14,716)(5)(45,737)Net change in fair value of commodity derivative instruments20,373 20,811 17,621 (21,642)Ending fair value of commodity derivative instruments$4,012 $15,693 $4,012 $15,693 The Partnership had the following open derivative contracts for oil as of September 30, 2025: Weighted Average Price (Per Bbl)Range (Per Bbl)Period and Type of ContractVolume (Bbl)LowHighOil Swap Contracts:    2025    Third Quarter185,000 $71.22 $70.02 $73.15 Fourth Quarter555,000 71.22 70.02 73.15 2026First Quarter615,000 $64.39 $62.00 $67.35 Second Quarter615,000 64.39 62.00 67.35 Third Quarter615,000 64.39 62.00 67.35 Fourth Quarter615,000 64.39 62.00 67.35 The Partnership entered into the following derivative contracts for oil subsequent to September