Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 107

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 107
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 in the calculation of the standardized measure because the Partnership is not subject to federal income taxes. The Partnership is subject to certain state based taxes; however, these amounts are not material. See "Note 2 – Summary of Significant Accounting Policies" for additional information. Year Ended December 31, 202420232022 (in thousands)Future cash inflows$1,827,316 $2,184,038 $3,518,494 Future production costs(164,886)(211,826)(339,603)Future development costs(62,137)(61,723)(49,081)Future income tax expense(5,433)(6,259)(10,535)Future net cash flows (undiscounted)1,594,860 1,904,230 3,119,275 Annual discount 10% for estimated timing(726,773)(884,720)(1,454,264)Total$868,087 $1,019,510 $1,665,011 The following summarizes the principal sources of change in the standardized measure of discounted future net cash flows: Year Ended December 31, 202420232022 (in thousands)Standardized measure, beginning of year$1,019,510 $1,665,011 $972,122 Sales, net of production costs(367,686)(420,228)(692,629)Net changes in prices and production costs related to future production(51,740)(649,695)773,189 Extensions, discoveries and improved recovery, net of future production and development costs174,145 295,413 476,342 Previously estimated development costs incurred during the period— — 854 Revisions of estimated future development costs(123)(4,221)(1,986)Revisions of previous quantity estimates, net of related costs(65,903)(78,139)68,270 Accretion of discount102,292 167,064 97,553 Purchases of reserves in place, less related costs572 — — Sales of reserves in place(5,194)— — Changes in timing and other62,214 44,305 (28,704)Net increase (decrease) in standardized measures(151,423)(645,501)692,889 Standardized measure, end of year$868,087 $1,019,510 $1,665,011 The