Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 25

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 Value Measurements" for additional information.    

8

BLACK STONE MINERALS, L.P. AND SUBSIDIARIESNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Partnership's derivative contracts expose it to credit risk in the event of nonperformance by counterparties that may adversely impact the fair value of the Partnership's commodity derivative assets. While the Partnership does not require its derivative contract counterparties to post collateral, the Partnership does evaluate the credit standing of such counterparties as deemed appropriate. This evaluation includes reviewing a counterparty’s credit rating and latest financial information. As of September 30, 2025, the Partnership had seven counterparties that also serve as lenders under the Credit Facility. The tables below summarize the fair values and classifications of the Partnership’s derivative instruments, as well as the gross recognized derivative assets, liabilities, and amounts offset in the consolidated balance sheets as of each date:September 30, 2025ClassificationBalance Sheet LocationGrossFair ValueEffect of Counterparty NettingNet Carrying Value on Balance Sheet  (in thousands)Assets:    Current assetCommodity derivative assets, net$14,856 $(6,349)$8,507 Long-term assetDeferred charges and other long-term assets2,657 (2,059)598  Total assets $17,513 $(8,408)$9,105 Liabilities:    Current liabilityCommodity derivative liabilities, net$6,471 $(6,349)$122 Long-term liabilityCommodity derivative liabilities, net7,030 (2,059)4,971 Total liabilities $13,501 $(8,408)$5,093 December 31, 2024ClassificationBalance Sheet LocationGrossFair ValueEffect of Counterparty NettingNet Carrying Value on Balance Sheet  (in thousands)Assets:    Current assetCommodity derivative assets, net$4,866 $(3,042)$1,824 Long-term assetDeferred charges and other long-term assets768 (768)—  Total assets $5,634 $(3,810)$1,824 Liabilities:    Current liabilityCommodity derivative liabilities, net$6,894 $(3,042)$3,852 Long-term liabilityCommodity derivative liabilities, net12,349 (768)11