Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 47

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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–based compensation2,208 2,177 7,223 6,765 Unrealized (gain) loss on commodity derivative instruments(20,372)(20,811)(17,621)21,642 Adjusted EBITDA86,276 86,442 252,594 290,806 Adjustments to reconcile to Distributable cash flow:Change in deferred revenue(1)(1)(3)(3)Cash interest expense(2,146)(453)(5,263)(1,172)Preferred unit distributions(7,366)(7,366)(22,099)(22,099)Distributable cash flow$76,763 $78,622 $225,229 $267,532 

25

Results of Operations

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

The following table shows our production, revenue, and operating expenses for the periods presented: Three Months Ended September 30, 20252024Variance(Dollars in thousands, except for realized prices)Production:    Oil and condensate (MBbls)912 875 37 4.2 %Natural gas (MMcf)114,556 15,369 (813)(5.3)%Equivalents (MBoe)3,338 3,437 (99)(2.9)%Equivalents/day (MBoe)36.3 37.4 (1.1)(2.9)%Realized prices, without derivatives:Oil and condensate ($/Bbl)$62.60 $73.15 $(10.55)(14.4)%Natural gas ($/Mcf)12.96 2.41 0.55 22.8 %Equivalents ($/Boe)$30.01 $29.40 $0.61 2.1 %Revenue:Oil and condensate sales$57,091 $63,999 $(6,908)(10.8)%Natural gas and natural gas liquids sales143,086 37,039 6,047 16.3 %Lease bonus and other income5,006 2,143 2,863 133.6 %Revenue from contracts with customers105,183 103,181 2,002 1.9 %Gain (loss) on commodity derivative instruments27,