Company: BSM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001621434-25-000133
Chunk: 16

Company: Black Stone Minerals, L.P.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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MITMENTS AND CONTINGENCIES (Note 7)MEZZANINE EQUITY  Partners' equity – Series B cumulative convertible preferred units, 14,711 units outstanding at September 30, 2025 and December 31, 2024300,478 300,478 EQUITY Partners' equity – general partner interest— — Partners' equity – common units, 211,854 and 210,695 units outstanding at September 30, 2025 and December 31, 2024, respectively824,735 828,961 TOTAL EQUITY824,735 828,961 TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY$1,270,380 $1,218,906 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

1

BLACK STONE MINERALS, L.P. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(In thousands, except per unit amounts)

Three Months Ended September 30,Nine Months Ended September 30, 2025202420252024REVENUE  Oil and condensate sales$57,091 $63,999 $162,991 $209,112 Natural gas and natural gas liquids sales43,086 37,039 147,510 115,543 Lease bonus and other income5,006 2,143 16,645 10,480 Revenue from contracts with customers105,183 103,181 327,146 335,135 Gain (loss) on commodity derivative instruments27,287 31,675 24,070 14,838 TOTAL REVENUE132,470 134,856 351,216 349,973 OPERATING (INCOME) EXPENSE  Lease operating expense2,753 2,422 7,905 7,433 Production costs and ad valorem taxes10,935 12,369 30,146 38,876 Exploration expense2,151 2,562 9,010 2,579 Depreciation, depletion, and amortization9,900 11,258 28,217 34,253 General and administrative12,287 12,801 41,383 40,286 Accretion of asset retirement obligations