Company: BSM
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022559
Chunk: 100

Company: Black Stone Minerals, L.P.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 2
Chunk 100
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366)(7,367)Distributable cash flow$73,677 $96,388 

23

Results of Operations

Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024 

The following table shows our production, revenue, and operating expenses for the periods presented: Three Months Ended March 31, 20252024Variance(Dollars in thousands, except for realized prices)Production:    Oil and condensate (MBbls)716 923 (207)(22.4)%Natural gas (MMcf)114,853 16,470 (1,617)(9.8)%Equivalents (MBoe)3,192 3,668 (476)(13.0)%Equivalents/day (MBoe)35.5 40.3 (4.8)(11.9)%Realized prices, without derivatives:Oil and condensate ($/Bbl)$69.96 $77.17 $(7.21)(9.3)%Natural gas ($/Mcf)13.92 2.55 1.37 53.7 %Equivalents ($/Boe)$33.94 $30.87 $3.07 9.9 %Revenue:Oil and condensate sales$50,093 $71,224 $(21,131)(29.7)%Natural gas and natural gas liquids sales158,235 42,011 16,224 38.6 %Lease bonus and other income6,925 3,548 3,377 95.2 %Revenue from contracts with customers115,253 116,783 (1,530)(1.3)%Gain (loss) on commodity derivative instruments(56,001)(11,290)(44,711)(396.0)%Total revenue$59,252 $105,493 $(46,241)(43.8)%Operating expenses:  Lease operating expense$2,162 $2,432 $(270)(11.1)%Production costs and ad valorem taxes10,185 13,038 (2,853)(21.9)%Exploration expense5,110 3 5,107 NM2Depreciation, depletion, and amortization9,130 11,639 (2,509)(21.6)%General and administrative