Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 83

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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 leasing and drilling activity on our acreage. 

The following table shows the rig count at the end of each quarter presented:20252024U.S. Rotary Rig Count1Third QuarterSecond QuarterFirst QuarterThird QuarterSecond QuarterFirst QuarterOil424 432 484 484 479 506 Natural gas117 109 103 99 97 112 Other8 6 5 4 5 3 Total549 547 592 587 581 621 

1    Source:  Baker Hughes Incorporated

Natural Gas Storage

The majority of the production volumes attributable to our interests are derived from natural gas production. Natural gas prices are significantly influenced by storage levels throughout the year. Accordingly, we monitor the natural gas storage reports regularly in the evaluation of our business and its outlook.

Historically, natural gas supply and demand fluctuates on a seasonal basis. From April to October, when the weather is warmer and natural gas demand is lower, natural gas storage levels generally increase. From November to March, storage levels typically decline as utility companies draw natural gas from storage to meet increased heating demand due to colder weather. In order to maintain sufficient storage levels for increased seasonal demand, a portion of natural gas production during the summer months must be used for storage injection. The portion of production used for storage varies from year to year depending on the demand from the previous winter and the demand for electricity used for cooling during the summer months. The U.S. Energy Information Administration ("EIA") estimates that natural gas inventories concluded the injection season in October 2025 at 4.0 Tcf, which is 5% higher than the five-year average.

The following table shows natural gas storage volumes by region at the end of each quarter presented:20252024Region1Third QuarterSecond QuarterFirst QuarterThird QuarterSecond QuarterFirst QuarterEast832 602 284 846 660 363 Midwest972 688 364 1,013 779 510 Mountain269 228 165 283 239 162 Pacific302 287 202 293 282 227 South Central1,186 1,148 758 1,113 1,174 996 Total3,561 2,953 1,773 3,548 3,134 2,258 

1    Source:  EIA

Natural Gas Exports

Net natural gas exports averaged 14.5 Bcf per day during the third quarter of 2025, a