Company: BSM
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022559
Chunk: 23

Company: Black Stone Minerals, L.P.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 are reflected as either derivative assets or liabilities in the Partnership’s accompanying consolidated balance sheets as of March 31, 2025 and December 31, 2024. See "Note 5 - 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 March 31, 2025, the Partnership had seven counterparties that also serve as lenders under the Credit Facility. 

7

BLACK STONE MINERALS, L.P. AND SUBSIDIARIESNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The tables below summarize the fair values and classifications 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:March 31, 2025ClassificationBalance Sheet LocationGrossFair ValueEffect of Counterparty NettingNet Carrying Value on Balance Sheet  (in thousands)Assets:    Current assetCommodity derivative assets, net$4,316 $(3,752)$564 Long-term assetDeferred charges and other long-term assets529 (515)14  Total assets $4,845 $(4,267)$578 Liabilities:    Current liabilityCommodity derivative liabilities, net$50,037 $(3,752)$46,285 Long-term liabilityCommodity derivative liabilities, net20,807 (515)20,292 Total liabilities $70,844 $(4,267)$66,577 December 31, 2024ClassificationBalance Sheet LocationGrossFair ValueEffect of Counterparty NettingNet Carrying Value on Balance Sheet  (in thousands)Assets:    Current assetCommodity derivative assets, net$4,866 $(3,042)$1,824 Long-term assetDeferred charges and other long-term assets768 (768)—  Total assets $5,634 $(3,810)$1,824 Liabilities:    Current liabilityCommodity derivative liabilities, net$