Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 156

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1A
Chunk 156
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 Cash Distribution Policy.”

The amount of cash we distribute to holders of our units depends primarily on our cash generated from operations and not our profitability, which may prevent us from making cash distributions during periods when we record net income.

The amount of cash we distribute depends primarily upon our cash generated from operations and not solely on profitability, which may be affected by non-cash items. As a result, we may make cash distributions during periods in which we record net losses for financial accounting purposes and may be unable to make cash distributions during periods in which we record net income.

Price of Oil and Natural Gas

The volatility of oil and natural gas prices due to factors beyond our control greatly affects our financial condition, results of operations, and cash distributions to unitholders.

Our revenues, operating results, cash distributions to unitholders, and the carrying value of our oil and natural gas properties depend significantly upon the prevailing prices for oil and natural gas. Historically, oil and natural gas prices have been volatile and are subject to fluctuations in response to changes in supply and demand, market uncertainty, and a variety of additional factors that are beyond our control, including:

•the domestic and foreign supply of and demand for oil and natural gas;

•market expectations about future prices of oil and natural gas;

•the level of global oil and natural gas exploration and production;

•the cost of exploring for, developing, producing, and delivering oil and natural gas;

•the price and quantity of foreign imports and exports of oil and natural gas;

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•political and economic conditions in oil producing regions, including the Middle East, Africa, South America, and Russia;

•the ability of members of the Organization of Petroleum Exporting Countries to agree to and maintain oil price and production controls;

•trading in oil and natural gas derivative contracts;

•the level of consumer product demand;

•weather conditions and natural disasters;

•technological advances affecting energy consumption;

•domestic and foreign governmental regulations and taxes, including tariffs and other controls on imports or exports of goods, including energy products;

•the continued threat of terrorism and the impact of military and other action, including U.S. military operations in the Middle East;

•global geopolitical conflict, including the ongoing war in Ukraine, conflict in the Middle East and the relationships between the United States and other countries, such as China and Russia;

•the proximity, cost, availability, and capacity of oil and natural gas pipelines and other transportation facilities;

•the price and availability of alternative fuels; and

•overall domestic and global economic conditions.