Company: BSM
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022559
Chunk: 78

Company: Black Stone Minerals, L.P.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 78
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ized prices, without derivatives:Oil and condensate ($/Bbl)$69.96 $77.17 $(7.21)(9.3)%Natural gas ($/Mcf)13.92 2.55 1.37 53.7 %Equivalents ($/Boe)$33.94 $30.87 $3.07 9.9 %Revenue:Oil and condensate sales$50,093 $71,224 $(21,131)(29.7)%Natural gas and natural gas liquids sales158,235 42,011 16,224 38.6 %Lease bonus and other income6,925 3,548 3,377 95.2 %Revenue from contracts with customers115,253 116,783 (1,530)(1.3)%Gain (loss) on commodity derivative instruments(56,001)(11,290)(44,711)(396.0)%Total revenue$59,252 $105,493 $(46,241)(43.8)%Operating expenses:  Lease operating expense$2,162 $2,432 $(270)(11.1)%Production costs and ad valorem taxes10,185 13,038 (2,853)(21.9)%Exploration expense5,110 3 5,107 NM2Depreciation, depletion, and amortization9,130 11,639 (2,509)(21.6)%General and administrative15,172 14,090 1,082 7.7 %Other expense:Interest expense1,397 629 768 122.1 %

1    As a mineral and royalty interest owner, we are often provided insufficient and inconsistent data on NGL volumes by our operators. As a result, we are unable to reliably determine the total volumes of NGLs associated with the production of natural gas on our acreage. Accordingly, no NGL volumes are included in our reported production; however, revenue attributable to NGLs is included in our natural gas revenue and our calculation of realized prices for natural gas.

2    Not meaningful.

Revenue

Total revenue for the quarter ended March 31, 2025 decreased compared to the quarter ended March 31, 2024. The decrease is primarily due to an increase in unrealized losses from our commodity derivative instruments and a decrease in oil, and condensate sales,