Company: BSM
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001628280-25-007730
Chunk: 105

Company: Black Stone Minerals, L.P.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 15
Chunk 105
---
 are based on the unweighted average of first-day-of-the-month commodity prices over the period January through December for the year in accordance with definitions and guidelines set forth by the SEC and the FASB. For estimates of oil reserves, the average WTI spot oil prices used were $76.32, $78.21, and $94.14 per barrel as of December 31, 2024, 2023, and 2022, respectively. These average prices are adjusted for quality, transportation fees, and market differentials. For estimates of natural gas reserves, the average Henry Hub prices used were $2.13, $2.64, and $6.36 per MMBtu as of December 31, 2024, 2023, and 2022, respectively. These average prices are adjusted for energy content, transportation fees, and market differentials. Natural gas prices are also adjusted to account for NGL revenue since there is not sufficient data to account for NGL volumes separately in the reserve estimates. These reserve estimates exclude insignificant natural gas liquid quantities owned by the Partnership. When taking these adjustments into account, the average adjusted prices weighted by production over the remaining lives of the properties were $74.14 per barrel for oil and $2.22 per Mcf for natural gas as of December 31, 2024, $76.90 per barrel for oil and $2.63 per Mcf for natural gas as of December 31, 2023, and $92.01 per barrel for oil and $6.50 per Mcf for natural gas as of December 31, 2022.  Crude Oil (MBbl)Natural Gas (MMcf)Total (MBoe)Net proved reserves at December 31, 202119,171 243,917 59,824 Revisions of previous estimates 11,422 6,455 2,498 Extensions, discoveries and other additions22,182 78,992 15,347 Production(3,591)(59,778)(13,554)Net proved reserves at December 31, 202219,184 269,586 64,115 Revisions of previous estimates1675 (20,578)(2,754)Extensions, discoveries and other additions22,989 87,935 17,645 Production(3,757)(64,647)(14,532)Net proved reserves at December 31,