Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 210

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 210
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 $20.39, within a 90-day period on each second anniversary following November 28, 2023. See "Note 12 – Preferred Units" to the consolidated financial statements included elsewhere in this Annual Report for additional information.

The Board has adopted a policy pursuant to which, at a minimum, distributions will be paid on each common unit for each quarter to the extent we have sufficient cash generated from our operations after establishment of cash reserves, if any, and after we have made the required distributions to the holders of our outstanding preferred units. However, we do not have a legal or contractual obligation to pay distributions on our common units quarterly or on any other basis, and there is no guarantee that we will pay distributions to our common unitholders in any quarter. The Board may change the foregoing distribution policy at any time and from time to time. 

We intend to finance any future acquisitions with cash generated from operations, borrowings from our Credit Facility, and proceeds from any future issuances of equity and debt. Over the long-term, we intend to finance our working interest capital needs with our executed farmout agreements and internally generated cash flows, although at times we may fund a portion of these expenditures through other financing sources such as borrowings under our Credit Facility. 

On October 30, 2023, the Board authorized a $150.0 million unit repurchase program which authorizes us to make repurchases on a discretionary basis. The program will be funded from our cash on hand or through borrowings under the Credit Facility. Any repurchased units will be cancelled. See "Note 14 – Common Units" to the consolidated financial statements included elsewhere in this Annual Report for additional information. As of December 31, 2024, we had not made any repurchases under the program.

Cash Flows

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

The following table shows our cash flows for the periods presented: Year Ended December 31, 20242023Change (in thousands)Cash flows provided by operating activities$389,043 $521,251 $(132,208)Cash flows used in investing activities(112,236)(19,740)(92,496)Cash flows used in financing activities(344,570)(435,536)90,966 

Operating Activities. Our operating cash flows are dependent, in large part, on our production, realized commodity prices, derivative settlements, lease bonus revenue, and operating expenses. Cash provided