Company: BSM
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001621434-25-000108
Chunk: 45

Company: Black Stone Minerals, L.P.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 204,364 Adjustments to reconcile to Distributable cash flow:Change in deferred revenue(1)(1)(2)(2)Cash interest expense(1,994)(358)(3,117)(719)Preferred unit distributions(7,367)(7,366)(14,733)(14,733)Distributable cash flow$74,789 $92,522 $148,466 $188,910 

23

Results of Operations

Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024 

The following table shows our production, revenue, and operating expenses for the periods presented: Three Months Ended June 30, 20252024Variance(Dollars in thousands, except for realized prices)Production:    Oil and condensate (MBbls)863 953 (90)(9.4)%Natural gas (MMcf)113,710 16,350 (2,640)(16.1)%Equivalents (MBoe)3,148 3,678 (530)(14.4)%Equivalents/day (MBoe)34.6 40.4 (5.8)(14.4)%Realized prices, without derivatives:Oil and condensate ($/Bbl)$64.67 $77.53 $(12.86)(16.6)%Natural gas ($/Mcf)13.37 2.23 1.14 51.1 %Equivalents ($/Boe)$32.40 $30.01 $2.39 8.0 %Revenue:Oil and condensate sales$55,807 $73,889 $(18,082)(24.5)%Natural gas and natural gas liquids sales146,189 36,493 9,696 26.6 %Lease bonus and other income4,714 4,789 (75)(1.6)%Revenue from contracts with customers106,710 115,171 (8,461)(7.3)%Gain (loss) on commodity derivative instruments52,784 (5,547)58,331 NM2Total revenue$159,494 $109,624 $49,870 45.5 %Operating expenses:  Lease operating expense$2,990 $2,579 $411 15.9 %Production costs