Company: BSM
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001621434-25-000108
Chunk: 16

Company: Black Stone Minerals, L.P.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 16
---
 (Note 7)MEZZANINE EQUITY  Partners' equity – Series B cumulative convertible preferred units, 14,711 units outstanding at June 30, 2025 and December 31, 2024300,478 300,478 EQUITY Partners' equity – general partner interest— — Partners' equity – common units, 211,842 and 210,695 units outstanding at June 30, 2025 and December 31, 2024, respectively802,138 828,961 TOTAL EQUITY802,138 828,961 TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY$1,267,889 $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 June 30,Six Months Ended June 30, 2025202420252024REVENUE  Oil and condensate sales$55,807 $73,889 $105,900 $145,113 Natural gas and natural gas liquids sales46,189 36,493 104,424 78,504 Lease bonus and other income4,714 4,789 11,639 8,337 Revenue from contracts with customers106,710 115,171 221,963 231,954 Gain (loss) on commodity derivative instruments52,784 (5,547)(3,217)(16,837)TOTAL REVENUE159,494 109,624 218,746 215,117 OPERATING (INCOME) EXPENSE  Lease operating expense2,990 2,579 5,152 5,011 Production costs and ad valorem taxes9,026 13,469 19,211 26,507 Exploration expense1,749 14 6,859 17 Depreciation, depletion, and amortization9,187 11,356 18,317 22,995 General and administrative13,924 13,395 29,096 27,485 Accretion of asset retirement obligations337 321 669 638 TOTAL