Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 19

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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)— Equity–based compensation— 1,935 Distributions— (79,014)Charges to partners' equity for accrued distribution equivalent rights— (185)Distributions on Series B cumulative convertible preferred units— (7,366)Net income— 68,322 BALANCE AT JUNE 30, 2024210,682 $859,987 Restricted units granted, net of forfeitures6 — Equity–based compensation— 1,726 Distributions— (79,008)Charges to partners' equity for accrued distribution equivalent rights— (247)Distributions on Series B cumulative convertible preferred units— (7,366)Net income— 92,731 BALANCE AT SEPTEMBER 30, 2024210,688 $867,823 

The accompanying notes are an integral part of these unaudited consolidated financial statements. 

4

BLACK STONE MINERALS, L.P. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands)

Nine Months Ended September 30, 20252024CASH FLOWS FROM OPERATING ACTIVITIES  Net income$227,705 $224,980 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion, and amortization28,217 34,253 Accretion of asset retirement obligations1,013 962 Amortization of deferred charges830 807 (Gain) loss on commodity derivative instruments(24,070)(14,838)Net cash (paid) received on settlement of commodity derivative instruments6,449 36,480 Equity-based compensation7,223 6,765 Changes in operating assets and liabilities:Accrued revenue and accounts receivable6,738 14,206 Prepaid expenses and other current assets(3,023)293 Accounts payable, accrued liabilities, and other(5,856)(5,161)Settlement of asset retirement obligations(159)(660)NET CASH PROVIDED BY OPERATING ACTIVITIES245,067 298,087 CASH FLOWS FROM INVESTING ACTIVITIES  Acquisitions of oil and natural gas properties(58,266)(64,180)Additions to oil and natural gas properties(554)(688)Additions to oil and natural gas properties leasehold costs(4,809)(