Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 32

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9B
Chunk 32
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 Partnership’s accompanying consolidated balance sheets as of December 31, 2024 and 2023. See "Note 6 – Fair Value Measurements" for additional information.The Partnership's derivative contracts expose it to credit risk in the event of nonperformance by counterparties that may adversely impact the fair value of the Partnership's commodity derivative assets. While the Partnership does not require its derivative contract counterparties to post collateral, the Partnership does evaluate the credit standing of such counterparties as deemed appropriate. This evaluation includes reviewing a counterparty’s credit rating and latest financial information. As of December 31, 2024, the Partnership had seven counterparties, all of which are rated Baa2 or better by Moody’s and are lenders under the Credit Facility.The tables below summarize the fair value and classification of the Partnership’s derivative instruments, as well as the gross recognized derivative assets, liabilities, and amounts offset in the consolidated balance sheets as of each date:As of December 31, 2024ClassificationBalance Sheet LocationGross FairValueEffect ofCounterparty NettingNet CarryingValue onBalance Sheet  (in thousands)Assets:           Current assetCommodity derivative assets$4,866 $(3,042)$1,824        Long-term assetDeferred charges and other long-term assets768 (768)—           Total assets $5,634 $(3,810)$1,824 Liabilities:           Current liabilityCommodity derivative liabilities$6,894 $(3,042)$3,852        Long-term liabilityCommodity derivative liabilities12,349 (768)11,581          Total liabilities $19,243 $(3,810)$15,433   As of December 31, 2023ClassificationBalance Sheet LocationGross FairValueEffect ofCounterparty NettingNet CarryingValue onBalance Sheet  (in thousands)Assets:           Current assetCommodity derivative assets$41,485 $(3,212)$38,273        Long-term assetDeferred charges and other long-term assets498 (126)372           Total assets $41,983 $(3,338)$38,645 Liabilities:           Current liabilityCommodity derivative liabilities$4,441 $(3,212)$1,229        Long-term liabilityCommodity derivative liabilities207 (126)