Company: BSM
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001621434-25-000108
Chunk: 90

Company: Black Stone Minerals, L.P.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 8
Chunk 90
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 gas price curves, compared to the corresponding period in 2024 when unrealized losses were driven by changes in forward oil and natural gas price curves.

Lease bonus and other income. Lease bonus and other income for the six months ended June 30, 2025 was higher than the same period in 2024. Leasing activity in the Permian Basin and proceeds from the surface use waivers on our mineral acreage supporting solar development in Louisiana made up the majority of lease bonus and other income for the six months ended June 30, 2025, while a substantial portion of the activity in the corresponding period in 2024 came from leasing activity in the Permian Basin and the Austin Chalk play trend and proceeds from surface use waivers on our mineral acreage supporting solar development in Texas.

Operating and Other Expenses

Lease operating expense. Lease operating expense slightly increased for the six months ended June 30, 2025 as compared to the same period in 2024, primarily due to increased nonrecurring service-related expenses, including workovers.

Production costs and ad valorem taxes. For the six months ended June 30, 2025, production costs and ad valorem taxes decreased as compared to the six months ended June 30, 2024, primarily due to lower production taxes from decreased oil commodity prices and reduced oil and natural gas production volumes, as well as lower ad valorem tax estimates.

Exploration expense. For the six months ended June 30, 2025, exploration expense increased as compared to the six months ended June 30, 2024, primarily due to a one-time $4.0 million purchase of seismic data and additional costs related to seismic data acquisition projects.

Depreciation, depletion, and amortization. Depreciation, depletion, and amortization decreased for the six months ended June 30, 2025 as compared to the same period in 2024, primarily due to decreased production volumes.

General and administrative. For the six months ended June 30, 2025, general and administrative expenses increased as compared to the same period in 2024, primarily due to increased cash and equity-based compensation. The increase in cash compensation was driven by increased salaries and certain one-time personnel-related costs. The increase in equity-based compensation was primarily due to a lower level of equity award forfeitures for the six months ended June 30, 2025 as compared to the same period in 2024.

Interest expense. Interest expense increased for the six months ended June