Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 67

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 67
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 December 31, 2024.Auditing the Partnership’s oil and natural gas properties DD&A calculation is especially complex because of the use of the work of the independent petroleum engineers and the evaluation of management’s determination of the inputs described above used by the engineers in determining proved oil and natural gas reserves.   How We Addressed the Matter in Our AuditWe obtained an understanding, evaluated the design and tested the operating effectiveness of the Partnership’s controls that address the risks of material misstatement relating to the oil and natural gas properties DD&A calculation, including management’s controls over the accuracy of the financial data used by the independent petroleum engineers for use in determining proved oil and natural gas reserves.Our audit procedures included, among others, evaluating the professional qualifications and objectivity of the independent petroleum engineers used to determine the proved oil and natural gas reserves estimates. In addition, in assessing whether we can use the work of the independent petroleum engineers we evaluated the accuracy of the financial data and inputs described above used by the engineers in determining proved oil and natural gas reserves by assessing the inputs for reasonableness based on review of corroborative evidence and consideration of any contrary evidence. Finally, we tested that the DD&A calculations are based on the appropriate proved oil and natural gas reserve balances from the independent petroleum engineers' reserve report.

/s/ Ernst & Young LLP

We have served as the Partnership’s auditor since 2016.

Houston, Texas

February 25, 2025 

F-3

Report of Independent Registered Public Accounting Firm

To the Unitholders and the Board of Directors of Black Stone Minerals, L.P.

Opinion on Internal Control Over Financial Reporting

We have audited Black Stone Minerals, L.P. and subsidiaries’ internal control over financial reporting as of  December 31, 2024, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission  (2013 framework) (the COSO criteria). In our opinion, Black Stone Minerals, L.P. and subsidiaries (the Partnership) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Partnership as of December 31, 2024 and 2023, the related consolidated statements of operations, equity, and cash flows for each of the three years in