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

Company: Black Stone Minerals, L.P.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 SUBSIDIARIESNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Partnership had the following open derivative contracts for natural gas as of March 31, 2025: Weighted Average Price (Per MMBtu)Range (Per MMBtu)Period and Type of ContractVolume (MMBtu)LowHighNatural Gas Swap Contracts:    2025    Second Quarter10,920,000 $3.36 $3.02 $3.65 Third Quarter11,040,000 3.45 3.34 3.65 Fourth Quarter11,040,000 3.45 3.34 3.65 2026First Quarter11,700,000 $3.67 $3.50 $4.05 Second Quarter11,830,000 3.67 3.50 4.05 Third Quarter11,960,000 3.67 3.50 4.05 Fourth Quarter11,960,000 3.67 3.50 4.05 The Partnership entered into the following derivative contracts for oil subsequent to March 31, 2025: Weighted Average Price (Per Bbl)Range (Per Bbl)Period and Type of ContractVolume (Bbl)LowHighOil Swap Contracts:    2026First Quarter30,000 $65.67 $65.67 $65.67 Second Quarter30,000 65.67 65.67 65.67 Third Quarter30,000 65.67 65.67 65.67 Fourth Quarter30,000 65.67 65.67 65.67 

NOTE 5 - 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) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk.ASC 820 establishes a three-level valuation hierarchy for disclosure of