Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 48

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 9B
Chunk 48
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0 million unit repurchase program, terminating its existing $75.0 million program authorized in 2018. The unit repurchase program authorizes the Partnership to make repurchases on a discretionary basis as determined by management, subject to market condition, applicable legal requirements, available liquidity, and other appropriate factors. The Partnership made no repurchases under this program for the year ended December 31, 2024. The program is funded from the Partnership’s cash on hand or through borrowings under the Credit Facility. Any repurchased units are canceled.

NOTE 15 — SUBSEQUENT EVENTS

DistributionOn February 5, 2025, the Board approved a distribution for the period from October 1, 2024 to December 31, 2024 of $0.375 per common unit. Distributions will be paid on February 25, 2025 to unitholders of record at the close of business on February 18, 2025.AcquisitionsSubsequent to December 31, 2024, the Partnership acquired mineral and royalty interests from various sellers for cash consideration of $5.4 million. These acquisitions were funded with cash from operating activities and borrowings under the Credit Facility.

F-29

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

Geographic Area of Operation All the Partnership’s proved reserves are located within the continental U.S., with the majority concentrated in Texas, Louisiana, and North Dakota. However, the Partnership 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