Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 48

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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287 31,675 (4,388)(13.9)%Total revenue$132,470 $134,856 $(2,386)(1.8)%Operating expenses:  Lease operating expense$2,753 $2,422 $331 13.7 %Production costs and ad valorem taxes10,935 12,369 (1,434)(11.6)%Exploration expense2,151 2,562 (411)(16.0)%Depreciation, depletion, and amortization9,900 11,258 (1,358)(12.1)%General and administrative12,287 12,801 (514)(4.0)%Other expense:Interest expense2,426 724 1,702 235.1 %

1    As a mineral and royalty interest owner, we are often provided insufficient and inconsistent data on NGL volumes by our operators. As a result, we are unable to reliably determine the total volumes of NGLs associated with the production of natural gas on our acreage. Accordingly, no NGL volumes are included in our reported production; however, revenue attributable to NGLs is included in our natural gas revenue and our calculation of realized prices for natural gas.

Revenue

Total revenue for the quarter ended September 30, 2025 decreased compared to the quarter ended September 30, 2024. The decrease in total revenue in the third quarter of 2025 is primarily due to a decreased gain on our commodity derivative instruments compared to the corresponding prior period and a decrease in oil and condensate sales, which were partially offset by an increase in natural gas and NGL sales and lease bonus and other income.

Oil and condensate sales. Oil and condensate sales decreased for the quarter ended September 30, 2025 as compared to the corresponding period in 2024 primarily due to lower realized commodity prices, which were partially offset by increased production volumes. The increase in oil and condensate production was driven by higher mineral and royalty volumes in the Permian Basin. Our mineral and royalty interest oil and condensate volumes accounted for 96% and 95% of total oil and condensate volumes for quarters ended September 30, 2025 and 2024, respectively.

26

Natural gas and natural gas liquids sales. Natural gas and NGL sales increased for the quarter ended September 30, 2025 as compared to the corresponding prior period. The increase