Company: BSM
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001621434-25-000108
Chunk: 92

Company: Black Stone Minerals, L.P.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 flows, although at times we may fund a portion of these expenditures through other financing sources such as borrowings under our Credit Facility. 

On October 30, 2023, the Board authorized a $150.0 million unit repurchase program which authorizes us to make repurchases on a discretionary basis. The program will be funded from our cash on hand or through borrowings under the Credit Facility. Any repurchased units will be cancelled. See "Note 11 – Common Units" to the unaudited interim consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

Cash Flows

The following table shows our cash flows for the periods presented: 

 Six Months Ended June 30, 20252024Change(in thousands)Cash flows provided by operating activities$145,311 $204,845 $(59,534)Cash flows used in investing activities(42,687)(51,681)8,994 Cash flows used in financing activities(102,624)(196,777)94,153 

Operating Activities. Our operating cash flows are dependent, in large part, on our production, realized commodity prices, derivative settlements, lease bonus revenue, and operating expenses. Cash flows provided by operating activities decreased for the six months ended June 30, 2025 as compared to the same period of 2024. The decrease was primarily due to reduced oil sales due to lower realized commodity prices and production, lower amounts of cash received from the settlement of commodity derivatives, and changes in operating assets and liabilities due to the timing of payments. The overall decrease was partially offset by higher natural gas and NGL sales in the six months ended June 30, 2025 compared to the same period of 2024.

Investing Activities. Net cash used in investing activities in the six months ended June 30, 2025 decreased as compared to the same period of 2024. The decrease was primarily due to reduced acquisitions of oil and natural gas properties in the six months ended June 30, 2025 compared to the same period of 2024. 

Financing Activities. Cash flows used in financing activities decreased for the six months ended June 30, 2025 as compared to the same period of 2024. The decrease was primarily driven by lower distributions paid to unitholders and by net borrowings on our Credit Facility for the six months ended June 30, 2025, compared to no net borrowings for the six months ended June