Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 104

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 104
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 also owns mineral and royalty interests and non-operated working interests in various producing and non-producing oil and natural gas properties in several other areas throughout the U.S. Therefore, the following disclosures about the Partnership’s costs incurred and proved reserves are presented on a consolidated basis.

Costs Incurred in Oil and Natural Gas Property Acquisitions, Exploration, and Development ActivitiesCosts incurred in oil and natural gas property acquisition, exploration and development, whether capitalized or expensed, are presented below: Year Ended December 31, 202420232022 (in thousands)Acquisition Costs of Properties1:   Proved$2,894 $— $— Unproved107,537 14,605 149 Development Costs14,208 4,601 11,293 Total$114,639 $19,206 $11,442  1   Unproved properties include purchases of leasehold prospects. Development costs include costs incurred on farmout wells subject to reimbursement under the Partnership's farmout agreements. See "Note 4 – Oil and Natural Gas Properties" for additional information.Property acquisition costs include costs incurred to purchase, lease, or otherwise acquire a property. Development costs include costs incurred to gain access to and prepare development well locations for drilling, to drill and equip development wells, and to provide facilities to extract, treat, and gather natural gas. Refer below for total capitalized costs and associated accumulated DD&A and impairment.

Oil and Natural Gas Capitalized CostsAggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion, and amortization, including impairments, are presented below: As of December 31, 20242023 (in thousands)Proved properties$2,132,429 $2,136,056 Unproved properties973,028 890,338 Total3,105,457 3,026,394 Accumulated depreciation, depletion, amortization, and impairment(1,973,460)(1,961,899)Oil and natural gas properties, net$1,131,997 $1,064,495 

F-30

BLACK STONE MINERALS, L.P. AND SUBSIDIARIESSUPPLEMENTAL OIL AND NATURAL GAS DISCLOSURES—UNAUDITED

Oil and Natural Gas Reserve InformationThe following table sets forth estimated net quantities of the Partnership’s proved, proved developed, and proved undeveloped oil and natural gas reserves. Estimated reserves for the periods presented