Company: BSM
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001628280-25-022559
Chunk: 21

Company: Black Stone Minerals, L.P.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 2024 Annual Report on Form 10-K. There have been no changes in such policies or the application of such policies during the three months ended March 31, 2025.Accrued Revenue and Accounts ReceivableThe following table presents information about the Partnership's accrued revenue and accounts receivable:March 31, 2025December 31, 2024(in thousands)Accrued revenue$74,792 $67,047 Accounts receivable3,145 4,046 Total accrued revenue and accounts receivable$77,937 $71,093 Recent Accounting PronouncementsIn November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which enhances the disclosures required for certain expense captions in the Partnership's annual and interim consolidated financial statements. The guidance is effective for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027, with early adoption permitted. The Partnership is currently evaluating the impact of this standard on its disclosures.

NOTE 3 - OIL AND NATURAL GAS PROPERTIES    

AcquisitionsIn the first quarter of 2025, the Partnership acquired mineral and royalty interests that consisted of primarily unproved oil and natural gas properties in the Gulf Coast land region from various sellers for an aggregate of $14.2 million, including capitalized direct transaction costs, and were considered asset acquisitions. The consideration paid consisted of $10.3 million in cash that was funded from operating activities and $3.9 million in equity that was funded through the issuance of common units of the Partnership based on the fair values of the common units issued on the acquisition dates. During the year ended December 31, 2024, the Partnership acquired mineral and royalty interests that consisted of unproved oil and natural gas properties in the Gulf Coast land region from various sellers for an aggregate of $110.4 million, including capitalized direct transaction costs, and were considered asset acquisitions. The cash portion of the consideration paid of $109.4 million was funded with borrowings under our Credit Facility and funds from operating activities, and $1.0 million in equity that was funded through the issuance of common units of the Partnership based on the fair value of the common units issued on the acquisition date.

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BLACK STONE MINERALS, L.P. AND SUBSIDIARIESNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATE