Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 202

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 202
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cf at the end of October 2025, which would be 2% lower than the five-year average.

The following table shows natural gas storage volumes by region at the end of each quarter presented: 2024Region1Fourth QuarterThird QuarterSecond QuarterFirst Quarter (Bcf)East745 846 660 363 Midwest914 1,012 779 510 Mountain262 283 239 162 Pacific295 294 282 227 South Central1,197 1,113 1,174 996 Total3,413 3,548 3,134 2,258 

1     Source: EIA

Natural Gas Exports

Net natural gas exports averaged 12.0 Bcf per day during 2024, a 1% increase from the 2023 average. The EIA forecasts average exports of 14.1 Bcf per day for the start of 2025, an 18% increase from 2024 levels. The EIA forecast reflects assumptions that U.S. LNG exports will increase as new LNG export projects begin operations in mid-2025.

49

How We Evaluate Our Operations

We use a variety of operational and financial measures to assess our performance. Among the measures considered by management are the following:

•volumes of oil and natural gas produced;

•commodity prices including the effect of derivative instruments; and

•Adjusted EBITDA and Distributable cash flow.

Volumes of Oil and Natural Gas Produced

In order to track and assess the performance of our assets, we monitor and analyze our production volumes from the various basins and plays that constitute our extensive asset base. We also regularly compare projected volumes to actual reported volumes and investigate unexpected variances.

Commodity Prices

Factors Affecting the Sales Price of Oil and Natural Gas

The prices we receive for oil, natural gas, and NGLs vary by geographical area. The relative prices of these products are determined by the factors affecting global and regional supply and demand dynamics, such as economic conditions, production levels, availability of transportation, weather cycles, and other factors. In addition, realized prices are influenced by product quality and proximity to consuming and refining markets. Any differences between realized prices and NYMEX prices are referred to as differentials. All our production is derived from properties located in the United States. 

•Oil. The substantial majority of our oil production is sold at prevailing market prices, which fluctuate in response to many factors that are outside of