Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 51

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 51
---
.

27

Interest expense. Interest expense increased for the quarter ended September 30, 2025 as compared to the corresponding period in 2024. The increase was due to higher average outstanding borrowings under our Credit Facility. 

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 

The following table shows our production, revenues, pricing, and expenses for the periods presented: Nine Months Ended September 30, 20252024Variance(Dollars in thousands, except for realized prices)Production:    Oil and condensate (MBbls)2,491 2,751 (260)(9.5)%Natural gas (MMcf)143,119 48,190 (5,071)(10.5)%Equivalents (MBoe)9,678 10,783 (1,105)(10.2)%Equivalents/day (MBoe)35.4 39.4 (4.0)(10.2)%Realized prices, without derivatives:Oil and condensate ($/Bbl)$65.43 $76.01 $(10.58)(13.9)%Natural gas ($/Mcf)13.42 2.40 1.02 42.5 %Equivalents ($/Boe)$32.08 $30.11 $1.97 6.5 %Revenue:Oil and condensate sales$162,991 $209,112 $(46,121)(22.1)%Natural gas and natural gas liquids sales1147,510 115,543 31,967 27.7 %Lease bonus and other income16,645 10,480 6,165 58.8 %Revenue from contracts with customers327,146 335,135 (7,989)(2.4)%Gain (loss) on commodity derivative instruments24,070 14,838 9,232 62.2 %Total revenue$351,216 $349,973 $1,243 0.4 %Operating expenses:  Lease operating expense$7,905 $7,433 $472 6.4 %Production costs and ad valorem taxes30,146 38,876 (8,730)(22.5)%Exploration expense9,010 2,579 6,431