Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 205

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 205
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, cash interest expense, distributions to preferred unitholders, and restructuring charges, if any. 

Adjusted EBITDA and Distributable cash flow should not be considered an alternative to, or more meaningful than, net income (loss), income (loss) from operations, cash flows from operating activities, or any other measure of financial performance presented in accordance with generally accepted accounting principles (“GAAP”) in the U.S. as measures of our financial performance.

Adjusted EBITDA and Distributable cash flow have important limitations as analytical tools because they exclude some but not all items that affect net income (loss), the most directly comparable GAAP financial measure. Our computation of Adjusted EBITDA and Distributable cash flow may differ from computations of similarly titled measures of other companies.

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The following table presents a reconciliation of net income (loss), the most directly comparable GAAP financial measure, to Adjusted EBITDA and Distributable cash flow for the periods indicated: Year Ended December 31, 20242023 (in thousands)Net income (loss)$271,326 $422,549 Adjustments to reconcile to Adjusted EBITDA:Depreciation, depletion, and amortization45,196 45,683 Interest expense3,109 2,754 Income tax expense (benefit)509 320 Accretion of asset retirement obligations1,298 1,042 Equity-based compensation8,564 10,829 Unrealized (gain) loss on commodity derivative instruments50,944 (8,394)(Gain) loss on sale of assets, net— (73)Adjusted EBITDA380,946 474,710 Adjustments to reconcile to Distributable cash flow:Change in deferred revenue(4)(9)Cash interest expense(2,030)(1,715)Preferred unit distributions(29,466)(21,776)Distributable cash flow$349,446 $451,210 

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Results of Operations

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 

The following table shows our production, revenue, and operating expenses for the periods presented:  

  Year Ended December 31, 20242023Variance (dollars in thousands, except for realized prices)Production:    Oil and condensate (MBbls)3,606 3,757 (151)(4.0)%Natural gas (MMcf)162