# EDGAR Filing Document

**Accession Number:** 0001621434
**File Stem:** 0001621434-25-000133
**Filing Date:** 2025-11
**Character Count:** 285041
**Document Hash:** 0cf8436d2a00b7db92e83e5c41465900
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001621434-25-000133.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001621434-25-000133

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Black Stone Minerals, L.P.
- **CENTRAL INDEX KEY:** 0001621434
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 471846692
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37362
- **FILM NUMBER:** 251448719

**BUSINESS ADDRESS:**
- **STREET 1:** 1001 FANNIN STREET, SUITE 2020
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77022
- **BUSINESS PHONE:** (713)658-0647

**MAIL ADDRESS:**
- **STREET 1:** 1001 FANNIN STREET, SUITE 2020
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77022

?xml version='1.0' encoding='ASCII'? bsm-20250930

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

---

| | |
|:---|:---|
| **FORM** | **10-Q** |

---

(Mark One)

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the Quarterly Period Ended September 30, 2025** 

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period _______________ to _______________**

**Commission File Number: 001-37362** 

---

| |
|:---|
| **Black Stone Minerals, L.P.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **Delaware** | **47-1846692** |
| (State or other jurisdiction of<br>incorporation or organization) | (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |
| **1001 Fannin Street, Suite 2020** | **1001 Fannin Street, Suite 2020** | |
| **Houston,** | **Texas** | **77002** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip code) |

---

---

| | |
|:---|:---|
| **(713)** | **445-3200** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Units Representing Limited Partner Interests | BSM | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of October 31, 2025, there were 211,862,412 common units and 14,711,219 Series B cumulative convertible preferred units of the registrant outstanding.

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | Page |
| <u>[PART I – FINANCIAL INFORMATION](#i29eba80ceed4499e9c2d0fb511043fe4_10)</u> | <u>[PART I – FINANCIAL INFORMATION](#i29eba80ceed4499e9c2d0fb511043fe4_10)</u> | <u>[PART I – FINANCIAL INFORMATION](#i29eba80ceed4499e9c2d0fb511043fe4_10)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1.](#i29eba80ceed4499e9c2d0fb511043fe4_13)</u> | <u>Condensed [Financial Statements (Unaudited)](#i29eba80ceed4499e9c2d0fb511043fe4_13)</u> |  |
|  | *<u>[Consolidated Balance Sheets](#i29eba80ceed4499e9c2d0fb511043fe4_16)</u>* | <u>[1](#i29eba80ceed4499e9c2d0fb511043fe4_16)</u> |
|  | *<u>[Consolidated Statements of Operations](#i29eba80ceed4499e9c2d0fb511043fe4_19)</u>* | <u>[2](#i29eba80ceed4499e9c2d0fb511043fe4_19)</u> |
|  | *<u>[Consolidated Statements of Equity](#i29eba80ceed4499e9c2d0fb511043fe4_22)</u>* | <u>[3](#i29eba80ceed4499e9c2d0fb511043fe4_22)</u> |
|  | *<u>[Consolidated Statements of Cash Flows](#i29eba80ceed4499e9c2d0fb511043fe4_25)</u>* | <u>[5](#i29eba80ceed4499e9c2d0fb511043fe4_25)</u> |
|  | *<u>[Notes to Unaudited Consolidated Financial Statements](#i29eba80ceed4499e9c2d0fb511043fe4_28)</u>* | <u>[6](#i29eba80ceed4499e9c2d0fb511043fe4_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2.](#i29eba80ceed4499e9c2d0fb511043fe4_73)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i29eba80ceed4499e9c2d0fb511043fe4_73)</u> | <u>[19](#i29eba80ceed4499e9c2d0fb511043fe4_73)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 3.](#i29eba80ceed4499e9c2d0fb511043fe4_97)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i29eba80ceed4499e9c2d0fb511043fe4_97)</u> | <u>[32](#i29eba80ceed4499e9c2d0fb511043fe4_97)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 4.](#i29eba80ceed4499e9c2d0fb511043fe4_100)</u> | <u>[Controls and Procedures](#i29eba80ceed4499e9c2d0fb511043fe4_100)</u> | <u>[33](#i29eba80ceed4499e9c2d0fb511043fe4_100)</u> |
| <u>[PART II – OTHER INFORMATION](#i29eba80ceed4499e9c2d0fb511043fe4_103)</u> | <u>[PART II – OTHER INFORMATION](#i29eba80ceed4499e9c2d0fb511043fe4_103)</u> | <u>[PART II – OTHER INFORMATION](#i29eba80ceed4499e9c2d0fb511043fe4_103)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1.](#i29eba80ceed4499e9c2d0fb511043fe4_106)</u> | <u>[Legal Proceedings](#i29eba80ceed4499e9c2d0fb511043fe4_106)</u> | <u>[34](#i29eba80ceed4499e9c2d0fb511043fe4_106)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1A.](#i29eba80ceed4499e9c2d0fb511043fe4_109)</u> | <u>[Risk Factors](#i29eba80ceed4499e9c2d0fb511043fe4_109)</u> | <u>[34](#i29eba80ceed4499e9c2d0fb511043fe4_109)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2.](#i29eba80ceed4499e9c2d0fb511043fe4_112)</u> | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i29eba80ceed4499e9c2d0fb511043fe4_112)</u> | <u>[34](#i29eba80ceed4499e9c2d0fb511043fe4_112)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 5.](#i29eba80ceed4499e9c2d0fb511043fe4_115)</u> | <u>[Other Information](#i29eba80ceed4499e9c2d0fb511043fe4_115)</u> | <u>[34](#i29eba80ceed4499e9c2d0fb511043fe4_115)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 6.](#i29eba80ceed4499e9c2d0fb511043fe4_118)</u> | <u>[Exhibits](#i29eba80ceed4499e9c2d0fb511043fe4_118)</u> | <u>[35](#i29eba80ceed4499e9c2d0fb511043fe4_118)</u> |
|  | <u>[Signatures](#i29eba80ceed4499e9c2d0fb511043fe4_121)</u> | <u>[37](#i29eba80ceed4499e9c2d0fb511043fe4_121)</u> |

---

ii

------

**PART I – FINANCIAL INFORMATION**

 **Item 1. Condensed Financial Statements** 

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS** 

**(Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| ASSETS |  |  |
| CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2864 | $2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 3304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenue and accounts receivable | 64367 | 71093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity derivative assets, net | 8507 | 1824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 6131 | 3108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL CURRENT ASSETS | 85173 | 78544 |
| PROPERTY AND EQUIPMENT |  |  |
| Oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of $1,035,486 and $973,028 at September 30, 2025 and December 31, 2024, respectively | 3174675 | 3105457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depletion and impairment | (1999325) | (1973460) |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil and natural gas properties, net | 1175350 | 1131997 |
| Other property and equipment, net of accumulated depreciation of $15,502 and $14,551 at September 30, 2025 and December 31, 2024, respectively | 1255 | 2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET PROPERTY AND EQUIPMENT | 1176605 | 1134041 |
| DEFERRED CHARGES AND OTHER LONG-TERM ASSETS | 8602 | 6321 |
| TOTAL ASSETS | $1270380 | $1218906 |
| LIABILITIES, MEZZANINE EQUITY, AND EQUITY |  |  |
| CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $2627 | $5946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 13898 | 17242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity derivative liabilities, net | 122 | 3852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 2853 | 3383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL CURRENT LIABILITIES | 19500 | 30423 |
| LONG–TERM LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit facility | 95000 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued incentive compensation | 864 | 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity derivative liabilities, net | 4971 | 11581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | 19950 | 19286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 4882 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 145167 | 89467 |
| COMMITMENTS AND CONTINGENCIES (Note 7) |  |  |
| MEZZANINE EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' equity – Series B cumulative convertible preferred units, 14,711 units outstanding at September 30, 2025 and December 31, 2024 | 300478 | 300478 |
| EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' equity – general partner interest |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' equity – common units, 211,854 and 210,695 units outstanding at September 30, 2025 and December 31, 2024, respectively | 824735 | 828961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EQUITY | 824735 | 828961 |
| TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY | $1270380 | $1218906 |

---

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

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

**(In thousands, except per unit amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| REVENUE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil and condensate sales | $57091 | $63999 | $162991 | $209112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas and natural gas liquids sales | 43086 | 37039 | 147510 | 115543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease bonus and other income | 5006 | 2143 | 16645 | 10480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue from contracts with customers | 105183 | 103181 | 327146 | 335135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on commodity derivative instruments | 27287 | 31675 | 24070 | 14838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL REVENUE | 132470 | 134856 | 351216 | 349973 |
| OPERATING (INCOME) EXPENSE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease operating expense | 2753 | 2422 | 7905 | 7433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Production costs and ad valorem taxes | 10935 | 12369 | 30146 | 38876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expense | 2151 | 2562 | 9010 | 2579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 9900 | 11258 | 28217 | 34253 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 12287 | 12801 | 41383 | 40286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligations | 344 | 324 | 1013 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL OPERATING EXPENSE | 38370 | 41736 | 117674 | 124389 |
| INCOME FROM OPERATIONS | 94100 | 93120 | 233542 | 225584 |
| OTHER INCOME (EXPENSE) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and investment income | 62 | 344 | 182 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (2426) | (724) | (6093) | (1979) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | (7) | (9) | 74 | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL OTHER EXPENSE | (2371) | (389) | (5837) | (604) |
| NET INCOME | 91729 | 92731 | 227705 | 224980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions on Series B cumulative convertible preferred units | (7366) | (7366) | (22099) | (22099) |
| NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS | $84363 | $85365 | $205606 | $202881 |
| ALLOCATION OF NET INCOME: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General partner interest | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Common units | 84363 | 85365 | 205606 | 202881 |
|  | $84363 | $85365 | $205606 | $202881 |
| NET INCOME ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Per common unit (basic) | $0.40 | $0.41 | $0.97 | $0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per common unit (diluted) | $0.40 | $0.41 | $0.97 | $0.96 |
| WEIGHTED AVERAGE COMMON UNITS OUTSTANDING: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common units outstanding (basic) | 211852 | 210687 | 211600 | 210680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common units outstanding (diluted) | 211852 | 210687 | 211600 | 210680 |

---

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

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY** 

**(Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | Common units | Partners' equity |
| BALANCE AT DECEMBER 31, 2024 | 210695 | $828961 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common units | (221) | (3289) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common units for property acquisitions | 256 | 3905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted units granted, net of forfeitures | 900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity–based compensation |  | 5919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions |  | (79177) |
| &nbsp;&nbsp;&nbsp;&nbsp;Charges to partners' equity for accrued distribution equivalent rights |  | (414) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions on Series B cumulative convertible preferred units |  | (7366) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  | 15948 |
| BALANCE AT MARCH 31, 2025 | 211630 | $764487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common units | (36) | (466) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common units for property acquisitions | 253 | 3512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted units granted, net of forfeitures | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity–based compensation |  | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions |  | (79363) |
| &nbsp;&nbsp;&nbsp;&nbsp;Charges to partners' equity for accrued distribution equivalent rights |  | (384) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions on Series B cumulative convertible preferred units |  | (7367) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  | 120028 |
| BALANCE AT JUNE 30, 2025 | 211842 | $802138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted units granted, net of forfeitures | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity–based compensation |  | 1758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions |  | (63556) |
| &nbsp;&nbsp;&nbsp;&nbsp;Charges to partners' equity for accrued distribution equivalent rights |  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions on Series B cumulative convertible preferred units |  | (7366) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  | 91729 |
| BALANCE AT SEPTEMBER 30, 2025 | 211854 | $824735 |

---

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

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF EQUITY** 

**(Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **Common units** | **Partners' equity** |
| BALANCE AT DECEMBER 31, 2023 | 209991 | $918208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common units | (287) | (4381) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted units granted, net of forfeitures | 952 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity–based compensation |  | 5431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions |  | (99899) |
| &nbsp;&nbsp;&nbsp;&nbsp;Charges to partners' equity for accrued distribution equivalent rights |  | (595) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions on Series B cumulative convertible preferred units |  | (7367) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  | 63927 |
| BALANCE AT MARCH 31, 2024 | 210656 | $875324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common units | (4) | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common units for property acquisitions | 64 | 1039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted units granted, net of forfeitures | (34) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity–based compensation |  | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions |  | (79014) |
| &nbsp;&nbsp;&nbsp;&nbsp;Charges to partners' equity for accrued distribution equivalent rights |  | (185) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions on Series B cumulative convertible preferred units |  | (7366) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  | 68322 |
| BALANCE AT JUNE 30, 2024 | 210682 | $859987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted units granted, net of forfeitures | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity–based compensation |  | 1726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions |  | (79008) |
| &nbsp;&nbsp;&nbsp;&nbsp;Charges to partners' equity for accrued distribution equivalent rights |  | (247) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions on Series B cumulative convertible preferred units |  | (7366) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  | 92731 |
| BALANCE AT SEPTEMBER 30, 2024 | 210688 | $867823 |

---

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

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| Net income | $227705 | $224980 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 28217 | 34253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligations | 1013 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred charges | 830 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on commodity derivative instruments | (24070) | (14838) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash (paid) received on settlement of commodity derivative instruments | 6449 | 36480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity-based compensation | 7223 | 6765 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenue and accounts receivable | 6738 | 14206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (3023) | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued liabilities, and other | (5856) | (5161) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of asset retirement obligations | (159) | (660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET CASH PROVIDED BY OPERATING ACTIVITIES | 245067 | 298087 |
| CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of oil and natural gas properties | (58266) | (64180) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to oil and natural gas properties | (554) | (688) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to oil and natural gas properties leasehold costs | (4809) | (1840) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of other property and equipment | (162) | (314) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of oil and natural gas properties | 400 | 2795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET CASH USED IN INVESTING ACTIVITIES | (63391) | (64227) |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to common unitholders | (222096) | (257921) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to Series B cumulative convertible preferred unitholders | (22099) | (20759) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common units | (3755) | (4449) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under credit facility | 251000 | 33000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments under credit facility | (181000) | (33000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs and other | (77) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET CASH USED IN FINANCING ACTIVITIES | (178027) | (283179) |
| NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 3649 | (49319) |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH – beginning of the period | 2519 | 70282 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH – end of the period | $6168 | $20963 |
| SUPPLEMENTAL DISCLOSURE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $5123 | $1180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common units issued for property acquisitions | $7417 | $1039 |

---

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

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1 - BUSINESS AND BASIS OF PRESENTATION**

***Description of the Business***

Black Stone Minerals, L.P. ("BSM" or the "Partnership") is a publicly traded Delaware limited partnership that owns oil and natural gas mineral interests, which make up the vast majority of the asset base. The Partnership's assets also include nonparticipating royalty interests and overriding royalty interests. These interests, which are substantially non-cost-bearing, are collectively referred to as "mineral and royalty interests." The Partnership's mineral and royalty interests are located in 41 states in the continental United States ("U.S."), including all of the major onshore producing basins. The Partnership also owns non-operated working interests in certain oil and natural gas properties. The Partnership's common units trade on the New York Stock Exchange under the symbol "BSM."

***Basis of Presentation***

The accompanying unaudited interim condensed consolidated financial statements of the Partnership have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). These unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all disclosures required for financial statements prepared in conformity with GAAP. Accordingly, the accompanying unaudited interim consolidated financial statements and related notes should be read in conjunction with the Partnership's consolidated financial statements included in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report on Form 10-K").

The unaudited interim consolidated financial statements include the consolidated results of the Partnership. The results of operations for the nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year.

In the opinion of management, all adjustments, which are of a normal and recurring nature, necessary for the fair presentation of the financial results for all periods presented have been reflected. All intercompany balances and transactions have been eliminated.

The Partnership evaluates the significant terms of its investments to determine the method of accounting to be applied to each respective investment. Investments in which the Partnership has less than a 20% ownership interest and does not have control or exercise significant influence are accounted for using fair value or cost minus impairment if fair value is not readily determinable. Investments in which the Partnership exercises control are consolidated, and the noncontrolling interests of such investments, which are not attributable directly or indirectly to the Partnership, are presented as a separate component of net income and equity in the accompanying unaudited interim consolidated financial statements.

The unaudited interim consolidated financial statements include undivided interests in oil and natural gas property rights. The Partnership accounts for its share of oil and natural gas property rights by reporting its proportionate share of assets, liabilities, revenues, costs, and cash flows within the relevant lines on the accompanying unaudited interim consolidated balance sheets, statements of operations, and statements of cash flows.

***Segment Reporting*** 

The Partnership operates in a single reportable segment. The Partnership generates revenue from the sale of oil and natural gas, as well as lease bonus and other income that is derived from our oil and natural gas properties. These properties are all located within the continental U.S., including all of the major onshore producing basins. Reportable segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance. The Partnership's chief executive officer has been determined to be the CODM and allocates resources and assesses performance based upon net income reported on the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM uses net income to evaluate the income generated from segment assets in deciding whether to reinvest profits into the Partnership's oil and natural gas properties or for other activities such as distributions to unitholders and reducing outstanding borrowings as applicable.

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Significant Accounting Policies***

Significant accounting policies are disclosed in the Partnership's 2024 Annual Report on Form 10-K. There have been no changes in such policies or the application of such policies during the nine months ended September 30, 2025.

***Accrued Revenue and Accounts Receivable***

The following table presents information about the Partnership's accrued revenue and accounts receivable:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(in thousands)** | **(in thousands)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenue | $59219 | $67047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 5148 | 4046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accrued revenue and accounts receivable | $64367 | $71093 |

---

***Recent Accounting Pronouncements***

In 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.

***Restricted Cash***

Restricted cash consists of funds reserved for a special purpose and therefore not available for immediate and general use. Our restricted cash is comprised of cash that is contractually required to be restricted to pay for future mineral acquisitions.

On August 14, 2025, the Partnership entered into a purchase and sale agreement to acquire certain unproved oil and gas mineral interests located in East Texas for total consideration, including estimated transaction costs, of approximately $40 million, subject to customary title due diligence and closing adjustments. In connection with this transaction, the Partnership deposited $3.3 million into escrow as of September 30, 2025. These funds are legally restricted from use for general purposes and are held in escrow pursuant to the terms of the purchase and sale agreement, pending the satisfaction of closing conditions. The acquisition is expected to close in the fourth quarter of 2025.

A reconciliation of cash, cash equivalents, and restricted cash as presented on the condensed consolidated statements of cash flows is as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| | **(in thousands)** | **(in thousands)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2864 | $2519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 3304 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $6168 | $2519 |

---

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 3 - OIL AND NATURAL GAS PROPERTIES&nbsp;&nbsp;&nbsp;&nbsp;**

***Acquisitions***

During the nine months ended September 30, 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 $65.7 million, including capitalized direct transaction costs, and were considered asset acquisitions. The consideration paid consisted of $58.3 million in cash that was funded from operating activities and $7.4 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.

***Asset Exchanges***

The Partnership completed multiple asset exchange transactions to consolidate a concentrated acreage position in East Texas. These transactions, which are described below, involved partial dispositions of unproved property, and no gains or losses were recognized.

In March 2025, the Partnership closed on a transaction with a third-party operator whereby the Partnership acquired an oil and natural gas lease on approximately 2,900 net leasehold acres in East Texas in exchange for the assignment of approximately 900 undeveloped net mineral and royalty acres in Louisiana.

In February 2025, the Partnership closed on a transaction with a third-party operator whereby the Partnership exchanged oil and natural gas leases covering certain acreage in East Texas. The Partnership acquired approximately 2,100 net leasehold acres in exchange for approximately 3,700 net leasehold acres.

In July 2024, the Partnership closed on a transaction with a third-party operator whereby the Partnership acquired an oil and natural gas lease on approximately 8,000 net leasehold acres in East Texas in exchange for the assignment of approximately 51,000 undeveloped net mineral and royalty acres in Mississippi.

**NOTE 4 - COMMODITY DERIVATIVE FINANCIAL INSTRUMENTS**

The Partnership's ongoing operations expose it to changes in the market price for oil and natural gas. To mitigate the inherent commodity price risk associated with its operations, the Partnership uses oil and natural gas commodity derivative financial instruments. From time to time, such instruments may include variable-to-fixed-price swaps, costless collars, fixed-price contracts and other contractual arrangements. A fixed-price swap contract between the Partnership and the counterparty specifies a fixed commodity price and a future settlement date. A costless collar contract between the Partnership and the counterparty specifies a floor and a ceiling commodity price and a future settlement date. The Partnership enters into oil and natural gas derivative contracts that contain netting arrangements with each counterparty. The Partnership does not enter into derivative instruments for speculative purposes.

As of September 30, 2025, the Partnership's open derivative contracts consisted of fixed-price swap contracts. The Partnership has not designated any of its contracts as fair value or cash flow hedges. Accordingly, the changes in the fair value of the contracts are included in the consolidated statements of operations in the period of the change. All derivative gains and losses from the Partnership's derivative contracts have been recognized in revenue in the Partnership's accompanying consolidated statements of operations. Derivative instruments that have not yet been settled in cash are reflected as either derivative assets or liabilities in the Partnership's accompanying consolidated balance sheets as of September 30, 2025 and December 31, 2024. See "Note 5 - Fair Value Measurements" for additional information.&nbsp;&nbsp;&nbsp;&nbsp;

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The Partnership's derivative contracts expose it to credit risk in the event of nonperformance by counterparties that may adversely impact the fair value of the Partnership's commodity derivative assets. While the Partnership does not require its derivative contract counterparties to post collateral, the Partnership does evaluate the credit standing of such counterparties as deemed appropriate. This evaluation includes reviewing a counterparty's credit rating and latest financial information. As of September 30, 2025, the Partnership had seven counterparties that also serve as lenders under the Credit Facility.

The tables below summarize the fair values and classifications of the Partnership's derivative instruments, as well as the gross recognized derivative assets, liabilities, and amounts offset in the consolidated balance sheets as of each date:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|<br>**Classification** |<br>**Balance Sheet Location** | **Gross<br>Fair Value** | **Effect of Counterparty Netting** | **Net Carrying Value on Balance Sheet** |
| | | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Current asset | Commodity derivative assets, net | $14856 | $(6349) | $8507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term asset | Deferred charges and other long-term assets | 2657 | (2059) | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | $17513 | $(8408) | $9105 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liability | Commodity derivative liabilities, net | $6471 | $(6349) | $122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term liability | Commodity derivative liabilities, net | 7030 | (2059) | 4971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities |  | $13501 | $(8408) | $5093 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Classification** |<br>**Balance Sheet Location** | **Gross<br>Fair Value** | **Effect of Counterparty Netting** | **Net Carrying Value on Balance Sheet** |
| | | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Assets:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Current asset | Commodity derivative assets, net | $4866 | $(3042) | $1824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term asset | Deferred charges and other long-term assets | 768 | (768) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets |  | $5634 | $(3810) | $1824 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liability | Commodity derivative liabilities, net | $6894 | $(3042) | $3852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term liability | Commodity derivative liabilities, net | 12349 | (768) | 11581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities |  | $19243 | $(3810) | $15433 |

---

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

Changes in the fair values of the Partnership's derivative instruments (both assets and liabilities) are presented on a net basis in the accompanying consolidated statements of operations and consolidated statements of cash flows and consist of the following for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|<br>**Derivatives not designated as hedging instruments** | **2025** | **2024** | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Beginning fair value of commodity derivative instruments | $(16361) | $(5118) | $(13609) | $37335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on oil derivative instruments | 578 | 25444 | 16988 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on natural gas derivative instruments | 26709 | 6231 | 7082 | 13850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash paid (received) on settlements of oil derivative instruments | (2789) | 3852 | (6444) | 9257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash paid (received) on settlements of natural gas derivative instruments | (4125) | (14716) | (5) | (45737) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in fair value of commodity derivative instruments | 20373 | 20811 | 17621 | (21642) |
| Ending fair value of commodity derivative instruments | $4012 | $15693 | $4012 | $15693 |

---

The Partnership had the following open derivative contracts for oil as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Weighted Average Price (Per Bbl)** | **Range (Per Bbl)** | **Range (Per Bbl)** |
|<br>**Period and Type of Contract** |<br>**Volume (Bbl)** | **Weighted Average Price (Per Bbl)** | **Low** | **High** |
| **Oil Swap Contracts:** | | | | |
| &nbsp;&nbsp;&nbsp;2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | 185000 | $71.22 | $70.02 | $73.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | 555000 | 71.22 | 70.02 | 73.15 |
| &nbsp;&nbsp;&nbsp;2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Quarter | 615000 | $64.39 | $62.00 | $67.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | 615000 | 64.39 | 62.00 | 67.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | 615000 | 64.39 | 62.00 | 67.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | 615000 | 64.39 | 62.00 | 67.35 |

---

The Partnership entered into the following derivative contracts for oil subsequent to September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Weighted Average Price (Per Bbl)** | **Range (Per Bbl)** | **Range (Per Bbl)** |
|<br>**Period and Type of Contract** |<br>**Volume (Bbl)** | **Weighted Average Price (Per Bbl)** | **Low** | **High** |
| **Oil Swap Contracts:** | | | | |
| &nbsp;&nbsp;&nbsp;2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Quarter | 120000 | $59.90 | $59.28 | $60.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | 120000 | 59.90 | 59.28 | 60.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | 120000 | 59.90 | 59.28 | 60.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | 120000 | 59.90 | 59.28 | 60.10 |

---

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The Partnership had the following open derivative contracts for natural gas as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Weighted Average Price (Per MMBtu)** | **Range (Per MMBtu)** | **Range (Per MMBtu)** |
|<br>**Period and Type of Contract** |<br>**Volume (MMBtu)** | **Weighted Average Price (Per MMBtu)** | **Low** | **High** |
| **Natural Gas Swap Contracts:** | | | | |
| &nbsp;&nbsp;&nbsp;2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | 11040000 | $3.45 | $3.34 | $3.65 |
| &nbsp;&nbsp;&nbsp;2026 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Quarter | 11700000 | $3.67 | $3.50 | $4.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | 11830000 | 3.67 | 3.50 | 4.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | 11960000 | 3.67 | 3.50 | 4.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | 11960000 | 3.67 | 3.50 | 4.05 |
| &nbsp;&nbsp;&nbsp;2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Quarter | 2700000 | $3.86 | $3.85 | $3.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | 2730000 | 3.86 | 3.85 | 3.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | 2760000 | 3.86 | 3.85 | 3.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | 2760000 | 3.86 | 3.85 | 3.88 |

---

The Partnership entered into the following derivative contracts for natural gas subsequent to September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Weighted Average Price (Per MMbtu)** | **Range (Per MMbtu)** | **Range (Per MMbtu)** |
|<br>**Period and Type of Contract** |<br>**Volume (MMbtu)** | **Weighted Average Price (Per MMbtu)** | **Low** | **High** |
| **Natural Gas Swap Contracts:** | | | | |
| &nbsp;&nbsp;2027 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Quarter | 2700000 | $3.97 | $3.97 | $3.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | 2730000 | 3.97 | 3.97 | 3.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | 2760000 | 3.97 | 3.97 | 3.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | 2760000 | 3.97 | 3.97 | 3.97 |

---

**NOTE 5 - FAIR VALUE MEASUREMENTS**

Fair value is defined as the amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in an orderly transaction between market participants at the measurement date. Further, ASC 820, *Fair Value Measurement*, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and includes certain disclosure requirements. Fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk.

ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement. The three levels are defined as follows:

**Level 1**—Unadjusted quoted prices for identical assets or liabilities in active markets.

**Level 2**—Quoted prices for similar assets or liabilities in non-active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

**Level 3**—Inputs that are unobservable and significant to the fair value measurement (including the Partnership's own assumptions in determining fair value).

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Partnership's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers into, or out of, the three levels of fair value hierarchy for the nine months ended September 30, 2025 and 2024.

The carrying value of the Partnership's cash and cash equivalents, restricted cash, receivables, and payables approximate fair value due to the short-term nature of the instruments. The estimated carrying value of all debt as of September 30, 2025 and December 31, 2024 approximated the fair value due to variable market rates of interest. These debt fair values, which are Level 3 measurements, were estimated based on the Partnership's incremental borrowing rates for similar types of borrowing arrangements, when quoted market prices were not available. The estimated fair values of the Partnership's financial instruments are not necessarily indicative of the amounts that would be realized in a current market exchange.

***Assets and Liabilities Measured at Fair Value on a Recurring Basis***

The Partnership estimated the fair value of commodity derivative financial instruments using the market approach via a model that uses inputs that are observable in the market or can be derived from, or corroborated by, observable data. See "Note 4 - Commodity Derivative Financial Instruments" for additional information.

The following table presents information about the Partnership's assets and liabilities measured at fair value on a recurring basis:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Fair Value Measurements Using** | **Effect of Counterparty Netting** | **Total** |
| | **Level 1** | **Level 2** | **Level 3** | **Effect of Counterparty Netting** | **Total** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| ***As of September 30, 2025*** | | | | | |
| Financial Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity derivative instruments | $— | $17513 | $— | $(8408) | $9105 |
| Financial Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity derivative instruments | $— | $13501 | $— | $(8408) | $5093 |
| ***As of December 31, 2024*** |  |  |  |  |  |
| Financial Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity derivative instruments | $— | $5634 | $— | $(3810) | $1824 |
| Financial Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity derivative instruments | $— | $19243 | $— | $(3810) | $15433 |

---

***Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis***

Nonfinancial assets and liabilities measured at fair value on a non-recurring basis include certain nonfinancial assets and liabilities as may be acquired in a business combination and measurements of oil and natural gas property values for impairment.

The determination of the fair values of proved and unproved properties acquired in business combinations are estimated by discounting projected future cash flows. The factors used to determine fair value include estimates of economic reserves, future operating and development costs, future commodity prices, timing of future production, and a risk-adjusted discount rate. The Partnership has designated these measurements as Level 3. The Partnership had no business combinations for the nine months ended September 30, 2025 or the year ended December 31, 2024. See "Note 3 - Oil and Natural Gas Properties."

Oil and natural gas properties are measured at fair value on a non-recurring basis using the income approach when impaired. Proved and unproved oil and natural gas properties are reviewed for impairment when events and circumstances indicate a possible decline in the recoverability of the carrying value of those properties. The factors used to determine future cash flows associated with those properties include estimates of proved reserves, future commodity prices, timing of future production, operating costs, future capital expenditures, and, with respect to estimating fair value, a risk-adjusted discount rate.

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The Partnership's estimates of fair value are determined at discrete points in time based on relevant market data. These estimates involve uncertainty, and cannot be determined with precision. There were no assets measured at fair value on a non-recurring basis for the nine months ended September 30, 2025 or the year ended December 31, 2024.

**NOTE 6 - CREDIT FACILITY**

The Partnership maintains a senior secured revolving credit agreement, as amended (the "Credit Facility"). The Credit Facility has an aggregate maximum credit amount of $1.0 billion. The commitment of the lenders equals the least of the aggregate maximum credit amount, the then-effective borrowing base, and the aggregate elected commitment, as it may be adjusted from time to time. The amount of the borrowing base is redetermined semi-annually, usually in October and April, and is derived from the value of the Partnership's oil and natural gas properties as determined by the lender syndicate using pricing assumptions that often differ from the current market for future prices. The Partnership and the lenders (at the direction of two-thirds of the lenders) each have discretion to request a borrowing base redetermination one time between scheduled redeterminations. The Partnership also has the right to request a redetermination following the acquisition of oil and natural gas properties in excess of 10% of the value of the borrowing base immediately prior to such acquisition. The borrowing base is also adjusted if we terminate our hedge positions or sell oil and natural gas property interests that have a combined value exceeding 5% of the current borrowing base. In these circumstances, the borrowing base will be adjusted by the value attributed to the terminated hedge positions or the oil and natural gas property interests sold in the most recent borrowing base. The November 2024 and April 2025 borrowing base redeterminations reaffirmed the borrowing base at $580.0 million. In October 2025, the Partnership amended the Credit Facility to extend the maturity date from October 31, 2027 to October 31, 2030 and reduce the adjustment applied to secured overnight financing rate ("SOFR") loans. Concurrent with the Credit Facility amendment, the borrowing base under the Credit Facility was reaffirmed at $580.0 million and the Partnership elected to maintain cash commitments under the Credit Facility at $375.0 million. All existing banks in the lender syndicate elected to continue participating in the Credit Facility. No other significant terms were changed as part of the amendment. The next semi-annual redetermination is scheduled for April 2026.

The Partnership's borrowings under the Credit Facility bear interest at a floating rate determined by the type of loan the Partnership has elected to take: a SOFR loan or a base-rate loan. Both types of loans bear interest at a reference rate plus a margin that varies with the amount of borrowings outstanding under the Credit Facility. The reference rate for SOFR loans is equal to SOFR as published by the Federal Reserve Bank of New York, adjusted for the borrowing term, plus 0.10%, which is referred to as Adjusted Term SOFR. Effective October 31, 2025, Adjusted Term SOFR was amended to be equal to SOFR for the applicable borrowing term. The reference rate for base rate loans is the highest of (a) Wells Fargo's prime commercial lending rate for that day, (b) the Federal Funds Rate in effect on that day plus 0.50%, and (c) the Adjusted Term SOFR for a one-month tenor, plus 1.00%. As of December 31, 2024 and September 30, 2025, the applicable margin for the base rate loans ranged from 1.50% to 2.50%, and the margin for SOFR loans ranged from 2.50% to 3.50%.

The Partnership is obligated to pay a quarterly commitment fee ranging from a 0.375% to 0.500% annualized rate on the unused portion of the borrowing base, depending on the amount of the borrowings outstanding in relation to the borrowing base. Principal may be optionally repaid from time to time without premium or penalty, other than customary SOFR breakage, and is required to be paid (a) if the amount outstanding exceeds the borrowing base, whether due to a borrowing base redetermination or otherwise, in some cases subject to a cure period, or (b) at the maturity date.

The weighted-average interest rate of the Credit Facility was 7.16% during the nine months ended September 30, 2025 and 7.50% for the twelve months ended December 31, 2024. Accrued interest is payable at the end of each calendar quarter or at the end of each interest period, unless the interest period is longer than 90 days, in which case interest is payable at the end of every 90-day period. The Credit Facility is secured by substantially all of the Partnership's oil and natural gas production and assets.

The Credit Facility contains various limitations on future borrowings, leases, hedging, and sales of assets. Additionally, the Credit Facility requires the Partnership to maintain a current ratio of not less than 1.0:1.0 and a ratio of total debt to EBITDAX (Earnings before Interest, Taxes, Depreciation, Amortization, and Exploration) of not more than 3.5:1.0. Distributions are not permitted if there is a default under the Credit Facility (including the failure to satisfy one of the financial covenants), if the availability under the Credit Facility is less than 10% of the lenders' commitments, or if total debt to EBITDAX is greater than 3.0. As of September 30, 2025, the Partnership was in compliance with all financial covenants in the Credit Facility.

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The aggregate principal balance outstanding was $95.0 million and $25.0 million at September 30, 2025 and December 31, 2024, respectively. The unused portion of the available borrowings under the Credit Facility was $280.0 million and $350.0 million at September 30, 2025 and December 31, 2024, respectively.

**NOTE 7 - COMMITMENTS AND CONTINGENCIES**

***Environmental Matters***

The Partnership's business includes activities that are subject to U.S. federal, state, and local environmental regulations with regard to air, land, and water quality and other environmental matters.

The Partnership does not consider the potential remediation costs that could result from issues identified in any environmental site assessments to be material to the unaudited interim consolidated financial statements, and no provision for potential remediation costs has been recorded.

***Litigation***

From time to time, the Partnership is involved in legal actions and claims arising in the ordinary course of business. The Partnership believes existing claims as of September 30, 2025 will be resolved without material adverse effect on the Partnership's financial condition or operations.

**NOTE 8 - INCENTIVE COMPENSATION**

The table below summarizes incentive compensation expense recorded in the General and administrative line item of the consolidated statements of operations for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Cash—short and long-term incentive plans | $937 | $1498 | $3458 | $3883 |
| Equity-based compensation—restricted common units | 1043 | 1006 | 3178 | 2967 |
| Equity-based compensation—restricted performance units | 615 | 621 | 2395 | 2050 |
| Board of Directors incentive plan | 550 | 550 | 1650 | 1748 |
| &nbsp;&nbsp;&nbsp; Total incentive compensation expense | $3145 | $3675 | $10681 | $10648 |

---

For nine months ended September 30, 2025, the Partnership repurchased 256,771 common units at a weighted average price of $14.62 per unit for the purpose of satisfying tax withholding obligations upon the vesting of certain long-term incentive equity awards held by our executive officers and certain other employees. Specifically, when an employee's equity award vests, the Partnership withholds a portion of the units to cover the employee's tax liability.

**NOTE 9 - PREFERRED UNITS**

***Series B Cumulative Convertible Preferred Units***

On November 28, 2017, the Partnership issued and sold in a private placement 14,711,219 Series B cumulative convertible preferred units representing limited partner interests in the Partnership for a cash purchase price of $20.39 per Series B cumulative convertible preferred unit, resulting in total proceeds of approximately $300.0 million.

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The Series B cumulative convertible preferred units were initially entitled to quarterly distributions in an amount equal to 7.0% of the face amount of the preferred units per annum (the "Distribution Rate"). On November 28, 2023, the Distribution Rate was adjusted to 9.8% and will be readjusted every two years thereafter (each, a "Readjustment Date"). The rate set on each Readjustment Date is equal to the greater of (i) the distribution rate in effect immediately prior to the relevant Readjustment Date and (ii) the 10-year Treasury Rate as of such Readjustment Date plus 5.5% per annum; provided, however, that for any quarter in which quarterly distributions are accrued but unpaid, the then-distribution rate shall be increased by 2.0% per annum for such quarter. The Partnership cannot pay any distributions on any junior securities, including common units, prior to paying the quarterly distribution payable to the preferred units, including any previously accrued and unpaid distributions.

The Series B cumulative convertible preferred units may be converted by each holder at its option, in whole or in part, into common units on a one-for-one basis at the purchase price of $20.39, adjusted to give effect to any accrued but unpaid accumulated distributions on the applicable Series B cumulative convertible preferred units through the most recent declaration date. However, the Partnership shall not be obligated to honor any request for such conversion if such request does not involve an underlying value of common units of at least $10.0 million based on the closing trading price of common units on the trading day immediately preceding the conversion notice date, or such lesser amount to the extent such exercise covers all of a holder's Series B cumulative convertible preferred units.

The Partnership has the option to redeem all or a portion (equal to or greater than $100 million) of the Series B cumulative convertible preferred units during biennial 90-day windows. On August 21, 2025, the Partnership entered into an agreement with the holders of its Series B cumulative convertible preferred units. Under the agreement, the Partnership agreed not to exercise its redemption option, and the holders agreed to vote their preferred units in accordance with the recommendations of the Partnership's Board of Directors on ordinary course matters and to certain customary transfer and standstill restrictions. These provisions remain in effect through November 27, 2027, with the next redemption window opening on November 28, 2027.

The Partnership must provide 20 business days' notice to the holders of the Series B cumulative convertible preferred units of its intent to redeem, and the holders may either allow the redemption to occur or elect to convert the Series B cumulative convertible preferred units into common units as described above.

The Series B cumulative convertible preferred units had a carrying value of $300.5 million, including accrued distributions of $7.4 million, as of September 30, 2025 and December 31, 2024. The Series B cumulative convertible preferred units are classified as mezzanine equity on the consolidated balance sheets since certain provisions of redemption are outside the control of the Partnership.

**NOTE 10 - EARNINGS PER UNIT**&nbsp;&nbsp;&nbsp;&nbsp;

The Partnership applies the two-class method for purposes of calculating earnings per unit ("EPU"). The holders of the Partnership's restricted common units have all the rights of a unitholder, including non-forfeitable distribution rights. As participating securities, the restricted common units are included in the calculation of basic earnings per unit. For the periods presented, the amount of earnings allocated to these participating units was not material.

Net income attributable to the Partnership is allocated to the Partnership's general partner and the common unitholders in proportion to their pro rata ownership after giving effect to distributions, if any, declared during the period.

The Partnership assesses the Series B cumulative convertible preferred units on an as-converted basis for the purpose of calculating diluted EPU. The Partnership's restricted performance unit awards are contingently issuable units that are considered in the calculation of diluted EPU. The Partnership assesses the number of units that would be issuable, if any, under the terms of the arrangement if the end of the reporting period were the end of the contingency period.

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

The following table sets forth the computation of basic and diluted earnings per common unit:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in thousands, except per unit amounts)** | **(in thousands, except per unit amounts)** | **(in thousands, except per unit amounts)** | **(in thousands, except per unit amounts)** |
| NET INCOME | $91729 | $92731 | $227705 | $224980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions on Series B cumulative convertible preferred units | (7366) | (7366) | (22099) | (22099) |
| NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS | $84363 | $85365 | $205606 | $202881 |
| ALLOCATION OF NET INCOME: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General partner interest | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Common units | 84363 | 85365 | 205606 | 202881 |
|  | $84363 | $85365 | $205606 | $202881 |
| NUMERATOR: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Numerator for basic EPU - Net income attributable to common unitholders | $84363 | $85365 | $205606 | $202881 |
| &nbsp;&nbsp;&nbsp;Effect of dilutive securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Numerator for diluted EPU - Net income (loss) attributable to common unitholders after the effect of dilutive securities | $84363 | $85365 | $205606 | $202881 |
| DENOMINATOR: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denominator for basic EPU - weighted average common units outstanding (basic) | 211852 | 210687 | 211600 | 210680 |
| &nbsp;&nbsp;&nbsp;Effect of dilutive securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Denominator for diluted EPU - weighted average number of common units outstanding after the effect of dilutive securities | 211852 | 210687 | 211600 | 210680 |
| NET INCOME ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Per common unit (basic) | $0.40 | $0.41 | $0.97 | $0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Per common unit (diluted) | $0.40 | $0.41 | $0.97 | $0.96 |

---

The following units of potentially dilutive securities were excluded from the computation of diluted weighted average units outstanding because their inclusion would be anti-dilutive:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Potentially dilutive securities (common units): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B cumulative convertible preferred units on an as-converted basis | 15072 | 15072 | 15072 | 15072 |

---

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 11 - COMMON UNITS**

***Common Units***

The common units represent limited partner interests in the Partnership. The holders of common units are entitled to participate in distributions and exercise the rights and privileges provided to limited partners holding common units under the partnership agreement.

The partnership agreement restricts unitholders' voting rights by providing that any units held by a person or group that owns 15% or more of any class of units then outstanding, other than the limited partners in Black Stone Minerals Company, L.P. prior to the IPO, their transferees, persons who acquired such units with the prior approval of the board of directors of the Partnership's general partner (the "Board"), holders of Series B cumulative convertible preferred units in connection with any vote, consent or approval of the Series B cumulative convertible preferred units as a separate class, and persons who own 15% or more of any class as a result of any redemption or purchase of any other person's units or similar action by the Partnership or any conversion of the Series B cumulative convertible preferred units at the Partnership's option or in connection with a change of control, may not vote on any matter.

The partnership agreement generally provides that beginning on November 28, 2023 any distributions are paid each quarter in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *first*, to the holders of the Series B cumulative convertible preferred units in an amount equal to 9.8% of the face amount of the preferred units per annum, subject to readjustment every two years thereafter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *second*, to the holders of common units.

The following table provides information about the Partnership's per unit distributions to common unitholders:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Distributions declared and paid per common unit | $0.300 | $0.375 | $1.050 | $1.225 |

---

***Common Unit Repurchase Program***

On October 30, 2023, the Board authorized a $150.0 million unit repurchase program. The unit repurchase program authorizes the Partnership to make repurchases on a discretionary basis as determined by management, subject to market condition, applicable legal requirements, available liquidity, and other appropriate factors. The Partnership made no repurchases under this program for the nine months ended September 30, 2025. The program is funded from the Partnership's cash on hand or through borrowings under the Credit Facility. Any repurchased units are canceled.

**NOTE 12 - SUBSEQUENT EVENTS&nbsp;&nbsp;&nbsp;&nbsp;**

***Distribution***

On October 15, 2025, the Board approved a distribution for the three months ended September 30, 2025 of $0.30 per common unit. Distributions will be payable on November 13, 2025 to unitholders of record at the close of business on November 6, 2025.

***Credit Facility Amendment***

In October 2025, the Partnership revised and amended the Credit Facility to extend the maturity date from October 31, 2027 to October 31, 2030. Concurrent with the Credit Facility amendment, the borrowing base under the Credit Facility was reaffirmed at $580.0 million and the Partnership elected to maintain cash commitments under the Credit Facility at $375.0 million. All existing banks in the lender syndicate elected to continue participating in the Credit Facility. No other significant terms were changed as part of the amendment.

------

**BLACK STONE MINERALS, L.P. AND SUBSIDIARIES**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

***Leadership Succession***

On November 3, 2025, the Partnership announced its leadership succession plan, which will be effective January 1, 2026. At that time, Thomas Carter will move into the role of Executive Chairman, and Fowler Carter and Taylor DeWalch will succeed him as co-Chief Executive Officers and be appointed to the Board. Chris Bonner will be promoted to Senior Vice President and Chief Financial Officer.

***Director Resignation***

On October 30, 2025, William Mathis tendered his resignation from the Board, effective immediately, to focus on other commitments. Mr. Mathis's resignation is not the result of any disagreement with the Partnership's operations, policies, or procedures.

Will Randall has been named as Chair of the Nominating and Governance Committee, and Jerry Kyle has been appointed to fill the vacancy on that committee. The Board expects to fill the vacancy caused by Mr. Mathis's resignation in due course.

------

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and notes thereto presented in this Quarterly Report on Form 10-Q, as well as our audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report on Form 10-K"). This discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Actual results may differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under "Cautionary Note Regarding Forward-Looking Statements" and "Part II, Item 1A. Risk Factors."*

***Cautionary Note Regarding Forward-Looking Statements***

Certain statements and information in this Quarterly Report on Form 10-Q may constitute "forward-looking statements." The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute our business strategies;

&nbsp;&nbsp;&nbsp;&nbsp;• the volatility of realized oil and natural gas prices;

&nbsp;&nbsp;&nbsp;&nbsp;• the level of production on our properties;

&nbsp;&nbsp;&nbsp;&nbsp;• the overall supply and demand for oil and natural gas, regional supply and demand factors, delays, or interruptions of production;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to replace our oil and natural gas reserves;

&nbsp;&nbsp;&nbsp;&nbsp;• general economic, business, or industry conditions, including slowdowns, domestically and internationally and volatility in the securities, capital or credit markets;

&nbsp;&nbsp;&nbsp;&nbsp;• competition in the oil and natural gas industry;

&nbsp;&nbsp;&nbsp;&nbsp;• the level of drilling activity by our operators particularly in areas such as the Haynesville where we have concentrated acreage positions;

&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our operators to obtain capital or financing needed for development and exploration operations;

&nbsp;&nbsp;&nbsp;&nbsp;• title defects in the properties in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;• the availability or cost of rigs, equipment, raw materials, supplies, oilfield services, or personnel;

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the use of water for hydraulic fracturing;

&nbsp;&nbsp;&nbsp;&nbsp;• the availability of pipeline capacity and transportation facilities;

&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our operators to comply with applicable governmental laws and regulations and to obtain permits and governmental approvals;

&nbsp;&nbsp;&nbsp;&nbsp;• federal and state legislative and regulatory initiatives relating to hydraulic fracturing;

------

&nbsp;&nbsp;&nbsp;&nbsp;• domestic and foreign trade policies, including tariffs and other controls on imports or exports of goods, including energy products;

&nbsp;&nbsp;&nbsp;&nbsp;• future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;• future cash flows and liquidity, including our ability to generate sufficient cash to pay quarterly distributions;

&nbsp;&nbsp;&nbsp;&nbsp;• exploration and development drilling prospects, inventories, projects, and programs;

&nbsp;&nbsp;&nbsp;&nbsp;• operating hazards faced by our operators;

&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our operators to keep pace with technological advancements;

&nbsp;&nbsp;&nbsp;&nbsp;• conservation measures and general concern about the environmental impact of the production and use of fossil fuels;

&nbsp;&nbsp;&nbsp;&nbsp;• cybersecurity incidents, including data security breaches or computer viruses; and

&nbsp;&nbsp;&nbsp;&nbsp;• certain factors discussed elsewhere in this filing.

For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see "Risk Factors" in our 2024 Annual Report on Form 10-K and in this Quarterly Report on Form 10-Q.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.

***Overview***

We are one of the largest owners and managers of oil and natural gas mineral interests in the United States. Our principal business is maximizing the value of our existing portfolio of mineral and royalty assets through active management. We maximize value through marketing our mineral assets for lease and creatively structuring the terms on those leases to encourage and accelerate drilling activity. We believe our large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders. Alongside our primary focus on traditional revenue streams from our asset base, we will continue to explore the relevance of our assets in energy transition, including opportunities in renewable energy and carbon sequestration.

As of September 30, 2025, our mineral and royalty interests were located in 41 states in the continental United States, including all of the major onshore producing basins. These non-cost-bearing interests include ownership in approximately 71,000 producing wells. We also own non-operated working interests, a significant portion of which are on our positions where we also have a mineral and royalty interest. We recognize oil and natural gas revenue from our mineral and royalty and non-operated working interests in producing wells when control of the oil and natural gas produced is transferred to the customer and collectability of the sales price is reasonably assured. Our other sources of revenue include mineral lease bonus and delay rentals, which are recognized as revenue according to the terms of the lease agreements.

------

***Recent Developments***

*Development Activity*

At the end of the third quarter, Aethon Energy ("Aethon") was operating one rig on our Angelina, Nacogdoches, and San Augustine acreage in the Shelby Trough. Aethon's development program remains on track, with 3 wells spud of the total 15 wells expected to be drilled in the current program year ending in June 2026. Aethon successfully turned to sales 2 gross (0.09 net) wells during the third quarter and has an inventory of 12 gross (0.78 net) wells from the previous program year that it expects to turn to sales during the fourth quarter of 2025 and early 2026.

In the Louisiana Haynesville, development continued under our Accelerated Drilling Agreements ("ADAs"). These agreements incentivize operators to accelerate development in our high-interest areas in exchange for a modest reduction in royalty burden, allowing us to capture near-term revenue and reduce uncertainty about where the locations sit in the operator's development plan. Recently, 2 gross (0.13 net) wells in De Soto and Sabine Parishes were turned to sales under our ADAs. This brings the total well count under the ADA program to 9.

In the Permian Basin, we continue to monitor activity including a large-scale development. A large operator has spud 34 gross (1.22 net) wells on our acreage in Culberson County, Texas. During the third quarter, 5 gross (0.18 net) wells were turned to sales. We anticipate 13 gross wells (0.47 net) to turn to sales in the fourth quarter of 2025, with the remaining 16 gross (0.57 net) wells expected in the first half of 2026.

***Business Environment***

The information below is designed to give a broad overview of the oil and natural gas business environment as it affects us.

*Commodity Prices and Demand*

Oil and natural gas prices have been historically volatile based upon the dynamics of supply and demand. To manage the variability in cash flows associated with the projected sale of our oil and natural gas production, we use various derivative instruments, which have recently consisted of fixed-price swap contracts.

Oil prices decreased during the nine months ended September 30, 2025 compared to the same period in 2024, primarily due to weakening global demand amid, changes in trade policies, including imposition of tariffs and other import/export restrictions, and escalating trade tensions between the United States and China. The decline was further driven by an oversupplied market, as OPEC+ members unwound voluntary production cuts and non-OPEC+ producers increased output. Natural gas prices increased during the nine months ended September 30, 2025 relative to the prior-year period. Prices were supported by unusually cold weather in the first quarter of 2025, which drove higher heating demand and resulted in lower-than-average storage levels. Natural gas pricing was also supported by higher wholesale power pricing this summer compared to last summer. In the third quarter of 2025, natural gas pricing experienced a slight decline due to milder weather conditions lowering electricity demand.

Given the dynamic nature of these events, including uncertainty regarding changes in trade policies and their resulting consequences, we cannot reasonably estimate how long these market conditions will persist. While we use derivative instruments to partially mitigate the impact of commodity price volatility, our revenues and operating results depend significantly upon the prevailing prices for oil and natural gas.

The following table reflects commodity prices at the end of each quarter presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|<br>**Benchmark Prices**<sup>1</sup> | **Third Quarter** | **Second Quarter** | **First Quarter** | **Third Quarter** | **Second Quarter** | **First Quarter** |
| WTI spot oil price ($/Bbl) | $63.17 | $66.30 | $71.87 | $68.75 | $82.83 | $83.96 |
| Henry Hub spot natural gas ($/MMBtu) | $3.12 | 3.26 | 4.11 | 2.65 | 2.42 | 1.54 |

---

<sup>1</sup> Source: EIA

------

*Rig Count*

As we are not the operator of record on any producing properties, drilling on our acreage is dependent upon the exploration and production companies that lease our acreage. In addition to drilling plans that we seek from our operators, we also monitor rig counts in an effort to identify existing and future leasing and drilling activity on our acreage.

The following table shows the rig count at the end of each quarter presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|<br>**U.S. Rotary Rig Count**<sup>1</sup> | **Third Quarter** | **Second Quarter** | **First Quarter** | **Third Quarter** | **Second Quarter** | **First Quarter** |
| Oil | 424 | 432 | 484 | 484 | 479 | 506 |
| Natural gas | 117 | 109 | 103 | 99 | 97 | 112 |
| Other | 8 | 6 | 5 | 4 | 5 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 549 | 547 | 592 | 587 | 581 | 621 |

---

<sup>1</sup> Source: Baker Hughes Incorporated

*Natural Gas Storage*

The majority of the production volumes attributable to our interests are derived from natural gas production. Natural gas prices are significantly influenced by storage levels throughout the year. Accordingly, we monitor the natural gas storage reports regularly in the evaluation of our business and its outlook.

Historically, natural gas supply and demand fluctuates on a seasonal basis. From April to October, when the weather is warmer and natural gas demand is lower, natural gas storage levels generally increase. From November to March, storage levels typically decline as utility companies draw natural gas from storage to meet increased heating demand due to colder weather. In order to maintain sufficient storage levels for increased seasonal demand, a portion of natural gas production during the summer months must be used for storage injection. The portion of production used for storage varies from year to year depending on the demand from the previous winter and the demand for electricity used for cooling during the summer months. The U.S. Energy Information Administration ("EIA") estimates that natural gas inventories concluded the injection season in October 2025 at 4.0 Tcf, which is 5% higher than the five-year average.

The following table shows natural gas storage volumes by region at the end of each quarter presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|<br>**Region**<sup>1</sup> | **Third Quarter** | **Second Quarter** | **First Quarter** | **Third Quarter** | **Second Quarter** | **First Quarter** |
| East | 832 | 602 | 284 | 846 | 660 | 363 |
| Midwest | 972 | 688 | 364 | 1013 | 779 | 510 |
| Mountain | 269 | 228 | 165 | 283 | 239 | 162 |
| Pacific | 302 | 287 | 202 | 293 | 282 | 227 |
| South Central | 1186 | 1148 | 758 | 1113 | 1174 | 996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 3561 | 2953 | 1773 | 3548 | 3134 | 2258 |

---

<sup>1</sup> Source: EIA

*Natural Gas Exports*

Net natural gas exports averaged 14.5 Bcf per day during the third quarter of 2025, a 22% increase from the 2024 average. The EIA forecasts average exports of 16.0 Bcf per day for the remainder of 2025 and 16.3 Bcf per day for 2026. The EIA forecast reflects assumptions that U.S. LNG exports will increase as new LNG export projects begin operations during the remainder of 2025 and into 2026.

------

***How We Evaluate Our Operations***

We use a variety of operational and financial measures to assess our performance. Among the measures considered by management are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volumes of oil and natural gas produced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commodity prices including the effect of derivative instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA and Distributable cash flow.

*Volumes of Oil and Natural Gas Produced*

In order to track and assess the performance of our assets, we monitor and analyze our production volumes from the various basins and plays that constitute our extensive asset base. We also regularly compare projected volumes to actual reported volumes and investigate unexpected variances.

*Commodity Prices*

<u>Factors Affecting the Sales Price of Oil and Natural Gas</u>

The prices we receive for oil, natural gas, and NGLs vary by geographical area. The relative prices of these products are determined by the factors affecting global and regional supply and demand dynamics, such as economic conditions, production levels, availability of transportation, weather cycles, and other factors. In addition, realized prices are influenced by product quality and proximity to consuming and refining markets. Any differences between realized prices and New York Mercantile Exchange ("NYMEX") prices are referred to as differentials. All our production is derived from properties located in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Oil*. The substantial majority of our oil production is sold at prevailing market prices, which fluctuate in response to many factors that are outside of our control. NYMEX light sweet crude oil, commonly referred to as West Texas Intermediate ("WTI"), is the prevailing domestic oil pricing index. The majority of our oil production is priced at the prevailing market price with the final realized price affected by both quality and location differentials.

The chemical composition of oil plays an important role in its refining and subsequent sale as petroleum products. As a result, variations in chemical composition relative to the benchmark oil, usually WTI, will result in price adjustments, which are often referred to as quality differentials. The characteristics that most significantly affect quality differentials include the density of the oil, as characterized by its American Petroleum Institute ("API") gravity, and the presence and concentration of impurities, such as sulfur.

Location differentials generally result from transportation costs based on the produced oil's proximity to consuming and refining markets and major trading points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Natural Gas.* The NYMEX price quoted at Henry Hub is a widely used benchmark for the pricing of natural gas in the United States. The actual volumetric prices realized from the sale of natural gas differ from the quoted NYMEX price as a result of quality and location differentials.

Quality differentials result from the heating value of natural gas measured in Btus and the presence of impurities, such as hydrogen sulfide, carbon dioxide, and nitrogen. Natural gas containing ethane and heavier hydrocarbons has a higher Btu value and will realize a higher volumetric price than natural gas which is predominantly methane, which has a lower Btu value. Natural gas with a higher concentration of impurities will realize a lower volumetric price due to the presence of the impurities in the natural gas when sold or the cost of treating the natural gas to meet pipeline quality specifications.

Natural gas, which currently has a limited global transportation system, is subject to price variances based on local supply and demand conditions and the cost to transport natural gas to end user markets.

------

*Hedging*

We enter into derivative instruments to partially mitigate the impact of commodity price volatility on our cash generated from operations. From time to time, such instruments may include variable-to-fixed-price swaps, fixed-price contracts, costless collars, and other contractual arrangements. The impact of these derivative instruments could affect the amount of revenue we ultimately realize.

Our open derivative contracts consist of fixed-price swap contracts. Under fixed-price swap contracts, a counterparty is required to make a payment to us if the settlement price is less than the swap strike price. Conversely, we are required to make a payment to the counterparty if the settlement price is greater than the swap strike price. If we have multiple contracts outstanding with a single counterparty, unless restricted by our agreement, we will net settle the contract payments.

We may employ contractual arrangements other than fixed-price swap contracts in the future to mitigate the impact of price fluctuations. If commodity prices decline in the future, our hedging contracts will partially mitigate the effect of lower prices on our future revenue. Our open oil and natural gas derivative contracts as of September 30, 2025 are detailed in Note 4 - Commodity Derivative Financial Instruments to our unaudited consolidated financial statements included elsewhere in this Quarterly Report.

Pursuant to the terms of our Credit Facility, we are allowed to hedge certain percentages of expected future monthly production volumes equal to the lesser of (i) internally forecasted production and (ii) the average of reported production for the most recent three months.

We are allowed, but not required, to hedge, using swaps and collars with a term of no more than four years, up to 90% of our expected future volumes for the first 24 months, 70% for months 25 through 36, and 50% for months 37 through 48. As of September 30, 2025, we have hedged a portion of our expected future volumes for the remainder of 2025, 2026, and 2027.

We intend to continuously monitor the production from our assets and the commodity price environment, and will, from time to time, add additional hedges within the percentages described above related to such production. We do not enter into derivative instruments for speculative purposes.

*Non-GAAP Financial Measures*

Adjusted EBITDA and Distributable cash flow are supplemental non-GAAP financial measures used by our management and external users of our financial statements such as investors, research analysts, and others, to assess the financial performance of our assets and our ability to sustain distributions over the long term without regard to financing methods, capital structure, or historical cost basis.

We define Adjusted EBITDA as net income (loss) before interest expense, income taxes, and depreciation, depletion, and amortization adjusted for impairment of oil and natural gas properties, if any, accretion of asset retirement obligations, unrealized gains and losses on commodity derivative instruments, non-cash equity-based compensation, and gains and losses on sales of assets, if any. We define Distributable cash flow as Adjusted EBITDA plus or minus amounts for certain non-cash operating activities, cash interest expense, distributions to preferred unitholders, and restructuring charges, if any.

Adjusted EBITDA and Distributable cash flow should not be considered an alternative to, or more meaningful than, net income (loss), income (loss) from operations, cash flows from operating activities, or any other measure of financial performance presented in accordance with generally accepted accounting principles ("GAAP") in the United States as measures of our financial performance.

Adjusted EBITDA and Distributable cash flow have important limitations as analytical tools because they exclude some but not all items that affect net income (loss), the most directly comparable GAAP financial measure. Our computation of Adjusted EBITDA and Distributable cash flow may differ from computations of similarly titled measures of other companies.

------

The following table presents a reconciliation of net income (loss), the most directly comparable GAAP financial measure, to Adjusted EBITDA and Distributable cash flow for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Net income | $91729 | $92731 | $227705 | $224980 |
| Adjustments to reconcile to Adjusted EBITDA: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 9900 | 11258 | 28217 | 34253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 2426 | 724 | 6093 | 1979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 41 | 39 | (36) | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligations | 344 | 324 | 1013 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity–based compensation | 2208 | 2177 | 7223 | 6765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on commodity derivative instruments | (20372) | (20811) | (17621) | 21642 |
| Adjusted EBITDA | 86276 | 86442 | 252594 | 290806 |
| Adjustments to reconcile to Distributable cash flow: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in deferred revenue | (1) | (1) | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest expense | (2146) | (453) | (5263) | (1172) |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred unit distributions | (7366) | (7366) | (22099) | (22099) |
| Distributable cash flow | $76763 | $78622 | $225229 | $267532 |

---

------

***Results of Operations***

*Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024* 

The following table shows our production, revenue, and operating expenses for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2024** | **Variance** | **Variance** |
| | **(Dollars in thousands, except for realized prices)** | **(Dollars in thousands, except for realized prices)** | **(Dollars in thousands, except for realized prices)** | **(Dollars in thousands, except for realized prices)** |
| **Production:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil and condensate (MBbls) | 912 | 875 | 37 | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas (MMcf)<sup>1</sup> | 14556 | 15369 | (813) | (5.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equivalents (MBoe) | 3338 | 3437 | (99) | (2.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equivalents/day (MBoe) | 36.3 | 37.4 | (1.1) | (2.9)% |
| **Realized prices, without derivatives:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil and condensate ($/Bbl) | $62.60 | $73.15 | $(10.55) | (14.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas ($/Mcf)<sup>1</sup> | 2.96 | 2.41 | 0.55 | 22.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equivalents ($/Boe) | $30.01 | $29.40 | $0.61 | 2.1% |
| **Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil and condensate sales | $57091 | $63999 | $(6908) | (10.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas and natural gas liquids sales<sup>1</sup> | 43086 | 37039 | 6047 | 16.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease bonus and other income | 5006 | 2143 | 2863 | 133.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue from contracts with customers | 105183 | 103181 | 2002 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on commodity derivative instruments | 27287 | 31675 | (4388) | (13.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $132470 | $134856 | $(2386) | (1.8)% |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease operating expense | $2753 | $2422 | $331 | 13.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Production costs and ad valorem taxes | 10935 | 12369 | (1434) | (11.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expense | 2151 | 2562 | (411) | (16.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 9900 | 11258 | (1358) | (12.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 12287 | 12801 | (514) | (4.0)% |
| **Other expense:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 2426 | 724 | 1702 | 235.1% |

---

<sup>1</sup> 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.

*Revenue*

Total revenue for the quarter ended September 30, 2025 decreased compared to the quarter ended September 30, 2024. The decrease in total revenue in the third quarter of 2025 is primarily due to a decreased gain on our commodity derivative instruments compared to the corresponding prior period and a decrease in oil and condensate sales, which were partially offset by an increase in natural gas and NGL sales and lease bonus and other income.

*Oil and condensate sales.* Oil and condensate sales decreased for the quarter ended September 30, 2025 as compared to the corresponding period in 2024 primarily due to lower realized commodity prices, which were partially offset by increased production volumes. The increase in oil and condensate production was driven by higher mineral and royalty volumes in the Permian Basin. Our mineral and royalty interest oil and condensate volumes accounted for 96% and 95% of total oil and condensate volumes for quarters ended September 30, 2025 and 2024, respectively.

------

*Natural gas and natural gas liquids sales.* Natural gas and NGL sales increased for the quarter ended September 30, 2025 as compared to the corresponding prior period. The increase was due to higher realized commodity prices between the comparative periods partially offset by a decrease in production volumes. The decrease in production was driven by reduced royalty interest volumes, primarily within the Haynesville/Bossier play. Mineral and royalty interest production accounted for 96% and 94% of our natural gas volumes for the quarters ended September 30, 2025 and 2024, respectively.

*Gain (loss) on commodity derivative instruments.* Cash settlements we receive represent realized gains, while cash settlements we pay represent realized losses related to our commodity derivative instruments. In addition to cash settlements, we also recognize fair value changes on our commodity derivative instruments in each reporting period. The changes in fair value result from new positions and settlements that may occur during each reporting period, as well as the relationships between contract prices and the associated forward curves. During the third quarter of 2025, gains from our commodity derivative instruments decreased compared to the same period in 2024. For the three months ended September 30, 2025, we recognized $6.9 million of realized gains and $20.4 million of unrealized gains from our oil and natural gas commodity contracts, compared to $10.9 million of realized gains and $20.8 million of unrealized gains in the same period in 2024. The unrealized gains on our commodity contracts during the third quarter of 2025 were primarily driven by changes in the forward commodity price curves for natural gas. The unrealized gains for the same period in 2024 were primarily driven by changes in the forward commodity price curves for oil.

*Lease bonus and other income.* When we lease our mineral interests, we generally receive an upfront cash payment, or a lease bonus. Lease bonus revenue can vary substantively between periods because it is derived from individual transactions with operators, some of which may be significant. Lease bonus and other income for the third quarter of 2025 was higher than the same period in 2024. Leasing activity in the Permian Basin and Haynesville/Bossier plays made up the majority of lease bonus and other income for the third quarter of 2025, while the majority of the third quarter 2024 activity came from leasing activity in the Bakken/Three Forks.

<u>Operating Expenses</u>

*Lease operating expense*. Lease operating expense includes recurring expenses associated with our non-operated working interests necessary to produce hydrocarbons from our oil and natural gas wells, as well as certain nonrecurring expenses, such as well repairs. Lease operating expense increased for the quarter ended September 30, 2025 as compared to the same period in 2024, primarily due to increased nonrecurring service-related expenses, including workovers.

*Production costs and ad valorem taxes*. Production taxes include statutory amounts deducted from our production revenues by various state taxing entities. Depending on the regulations of the states where the production originates, these taxes may be based on a percentage of the realized value or a fixed amount per production unit. This category also includes the costs to process and transport our production to applicable sales points. Ad valorem taxes are jurisdictional taxes levied on the value of oil and natural gas minerals and reserves. Rates, methods of calculating property values, and timing of payments vary between taxing authorities. For the quarter ended September 30, 2025, production costs and ad valorem taxes decreased as compared to the quarter ended September 30, 2024, primarily due to lower production taxes from decreased oil commodity prices and reduced natural gas production, as well as lower ad valorem tax estimates.

*Exploration expense*. Exploration expense typically consists of dry-hole expenses, payments for delay rentals where the Partnership is the lessee, and geological and geophysical costs, including seismic costs, and is expensed as incurred under the successful efforts method of accounting. For the quarter ended September 30, 2025, exploration expenses decreased compared to the same period in 2024, primarily due to a decrease in seismic costs.

*Depreciation, depletion, and amortization*. Depletion is the amount of cost basis of oil and natural gas properties attributable to the volume of hydrocarbons extracted during a period, calculated on a units-of-production basis. Estimates of proved developed producing reserves are a major component of the calculation of depletion. We adjust our depletion rates semi-annually based upon mid-year and year-end reserve reports, except when circumstances indicate that there has been a significant change in reserves or costs. Depreciation, depletion, and amortization decreased for the quarter ended September 30, 2025 as compared to the same period in 2024 due to lower production volumes.

*General and administrative*. General and administrative expenses are costs not directly associated with the production of oil and natural gas and include expenses such as the cost of employee salaries and related benefits, office expenses, and fees for professional services. For the quarter ended September 30, 2025, general and administrative expenses slightly decreased as compared to the same period in 2024, primarily due to lower costs recognized under our short-term cash incentive plan.

------

*Interest expense*. Interest expense increased for the quarter ended September 30, 2025 as compared to the corresponding period in 2024. The increase was due to higher average outstanding borrowings under our Credit Facility.

*Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024* 

The following table shows our production, revenues, pricing, and expenses for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Variance** | **Variance** |
| | **(Dollars in thousands, except for realized prices)** | **(Dollars in thousands, except for realized prices)** | **(Dollars in thousands, except for realized prices)** | **(Dollars in thousands, except for realized prices)** |
| **Production:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil and condensate (MBbls) | 2491 | 2751 | (260) | (9.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas (MMcf)<sup>1</sup> | 43119 | 48190 | (5071) | (10.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equivalents (MBoe) | 9678 | 10783 | (1105) | (10.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equivalents/day (MBoe) | 35.4 | 39.4 | (4.0) | (10.2)% |
| **Realized prices, without derivatives:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil and condensate ($/Bbl) | $65.43 | $76.01 | $(10.58) | (13.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas ($/Mcf)<sup>1</sup> | 3.42 | 2.40 | 1.02 | 42.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equivalents ($/Boe) | $32.08 | $30.11 | $1.97 | 6.5% |
| **Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil and condensate sales | $162991 | $209112 | $(46121) | (22.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas and natural gas liquids sales<sup>1</sup> | 147510 | 115543 | 31967 | 27.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease bonus and other income | 16645 | 10480 | 6165 | 58.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue from contracts with customers | 327146 | 335135 | (7989) | (2.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on commodity derivative instruments | 24070 | 14838 | 9232 | 62.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $351216 | $349973 | $1243 | 0.4% |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease operating expense | $7905 | $7433 | $472 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Production costs and ad valorem taxes | 30146 | 38876 | (8730) | (22.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expense | 9010 | 2579 | 6431 | 249.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation, depletion, and amortization | 28217 | 34253 | (6036) | (17.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 41383 | 40286 | 1097 | 2.7% |
| **Other expense:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 6093 | 1979 | 4114 | 207.9% |

---

<sup>1</sup> 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.

*Revenue*

Total revenue for the nine months ended September 30, 2025 increased compared to the corresponding prior period. The increase in total revenue is primarily due to increases in natural gas and NGL sales and lease bonus and other income, and an increased gain on our commodity derivative instruments compared to the corresponding period. The overall increase was partially offset by a decrease in oil and condensate sales.

*Oil and condensate sales.* Oil and condensate sales during the nine months ended September 30, 2025 decreased compared to the corresponding prior period primarily due to lower production volumes and realized commodity prices. The decrease in oil and condensate production was driven by reduced mineral and royalty production in the Permian Basin and Austin Chalk. Our mineral and royalty interest oil and condensate volumes accounted for 96% and 95% of total oil and condensate volumes for the nine months ended September 30, 2025 and 2024, respectively.

------

*Natural gas and natural gas liquids sales.* Natural gas and NGL sales during the nine months ended September 30, 2025 increased compared to the corresponding prior period due to higher realized commodity prices partially offset by lower production volumes. The decrease in production volumes was driven by a reduction in royalty interest production volumes, primarily within the Haynesville/Bossier play. Mineral and royalty interest production accounted for 96% and 94% of our natural gas volumes for the nine months ended September 30, 2025 and 2024, respectively.

*Gain (loss) on commodity derivative instruments.* During the nine months ended September 30, 2025, we recognized an increased gain from our commodity derivative instruments compared to the corresponding period in 2024. In the nine months ended September 30, 2025, we recognized $6.5 million of realized gains and $17.6 million of unrealized gains from our oil and natural gas commodity contracts, compared to $36.4 million of realized gains and $21.6 million of unrealized losses in the same period in 2024. Unrealized gains on our commodity contracts during the nine months ended September 30, 2025 were driven by changes in forward oil and natural gas price curves, compared to the corresponding period in 2024 when unrealized losses were driven by changes in forward natural gas price curves.

*Lease bonus and other income.* Lease bonus and other income for the nine months ended September 30, 2025 was higher than the same period in 2024. Leasing activity in the Permian Basin and proceeds from the surface use waivers on our mineral acreage supporting solar development in Louisiana made up the majority of lease bonus and other income for the nine months ended September 30, 2025, while a substantial portion of the activity in the corresponding period in 2024 came from leasing activity in the Permian Basin, Bakken/Three Forks, and the Austin Chalk plays and proceeds from surface use waivers on our mineral acreage supporting solar development in Texas.

<u>Operating and Other Expenses</u>

*Lease operating expense*. Lease operating expense increased for the nine months ended September 30, 2025 as compared to the same period in 2024, primarily due to increased nonrecurring service-related expenses, including workovers.

*Production costs and ad valorem taxes*. For the nine months ended September 30, 2025, production costs and ad valorem taxes decreased as compared to the nine months ended September 30, 2024, primarily due to lower production taxes from decreased oil commodity prices and reduced oil and natural gas production volumes, as well as lower ad valorem tax estimates.

*Exploration expense*. For the nine months ended September 30, 2025, exploration expense increased as compared to the nine months ended September 30, 2024. The increase was primarily driven by purchases of seismic data and costs from proprietary seismic projects associated with existing and future development programs in the expanded Shelby Trough area.

*Depreciation, depletion, and amortization*. Depreciation, depletion, and amortization decreased for the nine months ended September 30, 2025 as compared to the same period in 2024, primarily due to decreased production volumes.

*General and administrative*. For the nine months ended September 30, 2025, general and administrative expenses slightly increased as compared to the same period in 2024, primarily due to increased salaries, equity-based compensation, and certain one-time personnel-related costs. This increase was partially offset by lower costs recognized under our short-term cash incentive plan and lower professional fees related to consulting costs for internal projects.

*Interest expense*. Interest expense increased for the nine months ended September 30, 2025 as compared to the corresponding period in 2024. The increase was due to higher average outstanding borrowings under our Credit Facility.

------

***Liquidity and Capital Resources***

*Overview*

Our primary sources of liquidity are cash generated from operations and borrowings under our Credit Facility. Our primary uses of cash are for distributions to our unitholders, reducing outstanding borrowings under our Credit Facility, and for investing in our business. On November 28, 2023 the distribution rate for the Series B cumulative convertible preferred units was adjusted to 9.8% and will be readjusted every two years thereafter (each, a "Readjustment Date"). The rate set on each Readjustment Date is equal to the greater of (i) the distribution rate in effect immediately prior to the relevant Readjustment Date and (ii) the 10-year Treasury Rate as of such Readjustment Date plus 5.5% per annum. We have the option to redeem all or a portion (equal to or greater than $100 million) of the Series B cumulative convertible preferred units for a 90 day period beginning on each Readjustment Date at a redemption price of $20.39 per Series B cumulative convertible preferred unit, which is equal to par value. On August 21, 2025, we entered into an agreement with the holders of the Series B cumulative converted preferred units under which we agreed not to exercise our redemption option and the holders agreed to vote in accordance with Board recommendations and comply with customary transfer and standstill restrictions through November 27, 2027, with the next redemption window opening on November 28, 2027. Depending on market conditions among other factors, we may use funds from the future issuance of common units or other equity securities or debt to redeem some or all of the preferred units. See "Note 9 - Preferred Units" to the unaudited interim consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

The Board has adopted a policy pursuant to which, at a minimum, distributions will be paid on each common unit for each quarter to the extent we have sufficient cash generated from our operations after establishment of cash reserves, if any, and after we have made the required distributions to the holders of our outstanding preferred units. However, we do not have a legal or contractual obligation to pay distributions on our common units quarterly or on any other basis, and there is no guarantee that we will pay distributions to our common unitholders in any quarter. The Board may change the foregoing distribution policy at any time and from time to time.

We intend to finance any future acquisitions with cash generated from operations, borrowings from our Credit Facility, and proceeds from any future issuances of equity and debt. Over the long-term, we intend to finance our working interest capital needs with our executed farmout agreements and internally generated cash flows, although at times we may fund a portion of these expenditures through other financing sources such as borrowings under our Credit Facility.

On October 30, 2023, the Board authorized a $150.0 million unit repurchase program which authorizes us to make repurchases on a discretionary basis. The program will be funded from our cash on hand or through borrowings under the Credit Facility. Any repurchased units will be cancelled. See "Note 11 – Common Units" to the unaudited interim consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

*Cash Flows*

The following table shows our cash flows for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **Change** |
| | **(in thousands)** | **(in thousands)** | |
| Cash flows provided by operating activities | $245067 | $298087 | $(53020) |
| Cash flows used in investing activities | (63391) | (64227) | 836 |
| Cash flows used in financing activities | (178027) | (283179) | 105152 |

---

*Operating Activities*. Our operating cash flows are dependent, in large part, on our production, realized commodity prices, derivative settlements, lease bonus revenue, and operating expenses. Cash flows provided by operating activities decreased for the nine months ended September 30, 2025 as compared to the same period of 2024. The decrease was primarily due to reduced oil sales due to lower realized oil prices and production, lower amounts of cash received from the settlement of commodity derivatives, and changes in operating assets and liabilities due to the timing of payments. The overall decrease was partially offset by higher natural gas and NGL sales due to higher realized natural gas prices in the nine months ended September 30, 2025 compared to the same period of 2024.

------

*Investing Activities*. Net cash used in investing activities in the nine months ended September 30, 2025 slightly decreased as compared to the same period of 2024. The decrease was primarily due to reduced amounts paid for acquisitions of oil and natural gas properties in the nine months ended September 30, 2025 compared to the same period of 2024. The overall decrease was partially offset by increased additions to oil and natural gas properties leasehold costs and lower proceeds from the sale of oil and natural gas properties.

*Financing Activities*. Net cash used in financing activities decreased for the nine months ended September 30, 2025 as compared to the same period of 2024. The decrease was primarily driven by lower distributions paid to unitholders and by net borrowings on our Credit Facility for the nine months ended September 30, 2025, compared to no net borrowings for the nine months ended September 30, 2024.

*Development Capital Expenditures*

Our 2025 capital expenditure budget associated with our non-operated working interests is expected to be approximately $2.3 million, net of farmout reimbursements, of which $0.6 million has been invested in the nine months ended September 30, 2025. The majority of this capital is anticipated to be spent on workovers and recompletions on existing wells in which we own a working interest. Through September 30, 2025, we have also spent $4.8 million acquiring leases in areas around our drilling programs.

*Acquisitions*

During the nine months ended September 30, 2025, we acquired mineral and royalty interests that consisted of primarily unproved oil and natural gas properties from various sellers for an aggregate of $65.7 million, including capitalized direct transaction costs. The consideration paid consisted of $58.3 million in cash that was funded from operating activities and $7.4 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. These acquisitions were considered asset acquisitions and were primarily located in the Gulf Coast land region. Our current commercial strategy includes the continuation of meaningful, targeted mineral and royalty acquisitions to complement our existing positions.

See "Note 3 – Oil and Natural Gas Properties" to the unaudited interim consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

*Shelby Trough Development Agreements* 

We are party to a series of JEAs with unaffiliated operators covering portions of our undeveloped leasehold and mineral acreage in the Shelby Trough area of East Texas. These agreements grant the operator exclusive rights to develop designated acreage in exchange for meeting minimum annual drilling commitments. Each JEA also includes a banked well provision, which allows operators that exceed their annual drilling commitments to carry forward excess wells to satisfy future obligations, subject to defined caps. Wells drilled are typically required to turn to sales within 260 days of rig release. The agreements are structured to generate value from our undeveloped acreage while limiting our exposure to capital and operational costs.

*Aethon Joint Exploration Agreements*

We have two joint exploration agreements ("JEAs"; each, a "JEA") with Aethon covering portions of our acreage in San Augustine and Angelina counties, Texas. In May 2025, the parties entered into a letter agreement amending the JEAs. As amended, the agreements provide for a combined annual minimum drilling commitment of 16 wells across both contract areas.

Aethon expects to drill a total of 15 wells in the current program year that began in July 2025 and apply one of its banked wells toward its commitment. As of September 30, 2025, Aethon had spud three wells in the current program year and had an inventory of 12 wells drilled in the previous program year that are expected to be turned to sales during the fourth quarter of 2025 and early 2026.

One of the wells drilled in the previous program year was replaced with a banked well. As of September 30, 2025, Aethon had a total of 10 banked wells.

------

*Revenant Joint Exploration Agreement*

In May 2025, we entered into a JEA with Revenant covering an expanded portion of our Shelby Trough acreage, primarily located in Angelina, Nacogdoches, and San Augustine counties in Texas. The agreement grants Revenant exclusive development rights across three designated areas of interest ("AOIs") and requires annual well commitments, including test wells in certain areas, to maintain development rights across the full contract area. The agreement allows for non-operated working interest participation, and in June 2025 we entered into a farmout agreement with an external capital provider covering all of our undivided 35% working interest.

The well commitments under the agreement escalate over a five-year period, with the following table summarizing the well commitments across the three AOIs:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Program Year** | **Calendar Year** | **AOI 1** | **AOI 2** | **AOI 3** | **Total Wells** |
| 1 | 2026 | 6 |  |  | 6 |
| 2 | 2027 | 8 |  |  | 8 |
| 3 | 2028 | 10 | 1 |  | 11 |
| 4 | 2029 | 12 | 2 | 2 | 16 |
| 5 and thereafter | 2030 and beyond | 15 | 5 | 5 | 25 |

---

***Credit Facility***

We maintain a senior secured revolving credit agreement, as amended, (the "Credit Facility"). The Credit Facility has an aggregate maximum credit amount of $1.0 billion. The commitment of the lenders equals the least of the aggregate maximum credit amount, the then-effective borrowing base, and the aggregate elected commitment, as it may be adjusted from time to time. The amount of the borrowing base is redetermined semi-annually, usually in April and October. The November 2024 and April 2025 borrowing base redeterminations reaffirmed the borrowing base at $580.0 million. In October 2025, we amended the Credit Facility to extend the maturity date from October 31, 2027 to October 31, 2030 and reduce the adjustment applied to secured overnight financing rate ("SOFR") loans. Concurrent with the Credit Facility amendment, the borrowing base under the Credit Facility was reaffirmed at $580.0 million and we elected to maintain cash commitments under the Credit Facility at $375.0 million. All existing banks in the lender syndicate elected to continue participating in the Credit Facility. No other significant terms were changed as part of the amendment. The next semi-annual redetermination is scheduled for April 2026.

We are subject to various affirmative, negative, and financial maintenance covenants which pose limitations on future borrowings, leases, hedging, and sales of assets. As of September 30, 2025, we were in compliance with all debt covenants.

See "Note 6 – Credit Facility" to the unaudited interim consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

***Contractual Obligations***

As of September 30, 2025, there have been no material changes to our contractual obligations previously disclosed in our 2024 Annual Report on Form 10-K.

***Critical Accounting Policies and Related Estimates***

As of September 30, 2025, there have been no significant changes to our critical accounting policies and related estimates previously disclosed in our 2024 Annual Report on Form 10-K.

**Item 3. Quantitative and Qualitative Disclosures about Market Risk** 

***Commodity Price Risk***

Our major market risk exposure is the pricing of oil, natural gas, and NGLs produced by our operators. Realized prices are primarily driven by the prevailing global prices for oil and prices for natural gas and NGLs in the United States. Prices for oil, natural gas, and NGLs have been historically volatile, and we expect this unpredictability to continue in the future. The prices that our operators receive for production depend on many factors outside of our or their control. To reduce the impact of fluctuations in oil and natural gas prices on our revenues, we use commodity derivative financial instruments to reduce our

------

exposure to price volatility of oil and natural gas. The counterparties to the contracts are unrelated third parties. The contracts settle monthly in cash based on the difference between the fixed contract price and the market settlement price. The market settlement price is based on the NYMEX benchmark for oil and natural gas. We have not designated any of our contracts as fair value or cash flow hedges. Accordingly, the changes in fair value of the contracts are included in net income in the period of the change. See "Note 4 - Commodity Derivative Financial Instruments" and "Note 5 - Fair Value Measurements" to the unaudited interim consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.

Commodity prices have been historically volatile based upon the dynamics of supply and demand. To estimate the effect lower prices would have on our reserves, we applied a 10% discount to the SEC commodity pricing for the three months ended September 30, 2025. Applying this discount results in an approximate 1.3% reduction of proved reserve volumes as compared to the undiscounted September 30, 2025 SEC pricing scenario.

***Counterparty and Customer Credit Risk***

Our derivative contracts expose us to credit risk in the event of nonperformance by counterparties. While we do not require our counterparties to our derivative contracts to post collateral, we do evaluate the credit standing of such counterparties as we deem appropriate. This evaluation includes reviewing a counterparty's credit rating and latest financial information. As of September 30, 2025, we had seven counterparties, all of which were rated Baa2 or better by Moody's and are lenders under our Credit Facility.

Our principal exposure to credit risk results from receivables generated by the production activities of our operators. The inability or failure of our significant operators to meet their obligations to us or their insolvency or liquidation may adversely affect our financial results. However, we believe the credit risk associated with our operators and customers is acceptable.

***Interest Rate Risk***

We have exposure to changes in interest rates on our indebtedness. During the nine months ended September 30, 2025, we had $82.5 million weighted average outstanding borrowings under our Credit Facility, bearing interest at a weighted average interest rate of 7.16%. The impact of a 1% increase in the interest rate on this amount of debt would have resulted in an increase in interest expense, and a corresponding decrease in our results of operations, of $0.6 million for the nine months ended September 30, 2025, assuming that our indebtedness remained constant throughout the period. We may use certain derivative instruments to hedge our exposure to variable interest rates in the future, but we do not currently have any interest rate hedges in place.

**Item 4. Controls and Procedures**

***Evaluation of Disclosure Controls and Procedures***

As required by Rule 13a-15(b) under the Securities Exchange Act of 1934 (the "Exchange Act"), we have evaluated, under the supervision and with the participation of management of our general partner, including our general partner's principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our general partner's principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon that evaluation, our general partner's principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2025 to provide reasonable assurance.

***Changes in Internal Control over Financial Reporting***

There were no changes in our internal control over financial reporting during the quarter ended September 30, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**PART II – OTHER INFORMATION**

**Item 1. Legal Proceedings**

Due to the nature of our business, we are, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities. In the opinion of our management, none of the pending litigation, disputes or claims against us, if decided adversely, will have a material adverse effect on our financial condition, cash flows, or results of operations.

**Item 1A. Risk Factors**

In addition to the other information set forth in this report, readers should carefully consider the risks under the heading "Risk Factors" in our 2024 Annual Report on Form 10-K. Except to the extent updated below, there has been no material change in our risk factors from those described in our 2024 Annual Report on Form 10-K. These risks are not the only risks that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially adversely affect our business, financial condition or results of operations.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

***Recent Sales of Unregistered Securities***

None.

***Purchases of Equity Securities by the Issuer and Affiliated Purchasers***

None.

**Item 5. Other Information**

During the three months ended September 30, 2025, none of our directors or executive officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

***Form 8-K***

<u>Item 1.01</u> <u>Entry into a Material Definitive Agreement</u>

On October 31, 2025, Black Stone Minerals Company, L.P., as borrower (the "Borrower") under that certain Fifth Amended and Restated Credit Agreement, dated as of October 31, 2025, by and among the Borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders signatory thereto (the "Credit Agreement"), together with Black Stone Minerals, L.P. (the "Partnership") and certain of its other subsidiaries, as guarantors, entered into the First Amendment to Fifth Amended and Restated Credit Agreement (the "First Amendment"). The First Amendment principally modifies the Credit Agreement to (i) extend the maturity date from October 31, 2027 to October 31, 2030 and (ii) reduce the adjustment applied to SOFR loans.

The foregoing description of the First Amendment is not complete and is qualified in its entirety by reference to the full text of the First Amendment, which is attached hereto as Exhibit 10.2 to this Quarterly Report on Form 10-Q and incorporated by reference into this Item 1.01.

<u>Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</u>.

The information set forth under Item 1.01 is incorporated herein by reference.

------

**Item 6. Exhibits**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1621434/000119312515098669/d792115dex31.htm)</u> | Certificate of Limited Partnership of Black Stone Minerals, L.P. (incorporated herein by reference to Exhibit 3.1 to Black Stone Minerals, L.P.'s Registration Statement on Form S-1 filed on March 19, 2015 (SEC File No. 333-202875)). |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1621434/000119312515098669/d792115dex32.htm)</u> | Certificate of Amendment to Certificate of Limited Partnership of Black Stone Minerals, L.P. (incorporated herein by reference to Exhibit 3.2 to Black Stone Minerals, L.P.'s Registration Statement on Form S-1 filed on March 19, 2015 (SEC File No. 333-202875)). |
| <u>[3.3](https://www.sec.gov/Archives/edgar/data/1621434/000119312515174845/d920470dex31.htm)</u> | First Amended and Restated Agreement of Limited Partnership of Black Stone Minerals, L.P., dated May 6, 2015, by and among Black Stone Minerals GP, L.L.C. and Black Stone Minerals Company, L.P., (incorporated herein by reference to Exhibit 3.1 of Black Stone Minerals, L.P.'s Current Report on Form 8-K filed on May 6, 2015 (SEC File No. 001-37362)). |
| <u>[3.4](https://www.sec.gov/Archives/edgar/data/1621434/000119312516546500/d161770dex31.htm)</u> | Amendment No. 1 to First Amended and Restated Agreement of Limited Partnership of Black Stone Minerals, L.P., dated as of April 15, 2016 (incorporated herein by reference to Exhibit 3.1 of Black Stone Minerals, L.P.'s Current Report on Form 8-K filed on April 19, 2016 (SEC File No. 001-37362)). |
| <u>[3.5](https://www.sec.gov/Archives/edgar/data/1621434/000119312517354250/d463186dex31.htm)</u> | Amendment No. 2 to First Amended and Restated Agreement of Limited Partnership of Black Stone Minerals, L.P., dated as of November 28, 2017 (incorporated herein by reference to Exhibit 3.1 of Black Stone Minerals, L.P.'s Current Report on Form 8-K filed on November 29, 2017 (SEC File No. 001-37362)). |
| <u>[3.6](https://www.sec.gov/Archives/edgar/data/1621434/000119312517367566/d477540dex31.htm)</u> | Amendment No. 3 to First Amended and Restated Agreement of Limited Partnership of Black Stone Minerals, L.P., dated as of December 11, 2017 (incorporated herein by reference to Exhibit 3.1 of Black Stone Minerals, L.P.'s Current Report on Form 8-K filed on December 12, 2017 (SEC File No. 001-37362)). |
| <u>[3.7](https://www.sec.gov/Archives/edgar/data/1621434/000119312520119238/d911963dex31.htm)</u> | Amendment No. 4 to First Amended and Restated Agreement of Limited Partnership of the Black Stone Minerals, L.P., dated as of April 22, 2020 (incorporated herein by reference to Exhibit 3.1 of Black Stone Minerals, L.P.'s Current Report on Form 8-K filed on April 24, 2020 (SEC File No. 001-37362)). |
| <u>[4](https://www.sec.gov/Archives/edgar/data/1621434/000119312517354250/d463186dex41.htm)</u><u>[.](https://www.sec.gov/Archives/edgar/data/1621434/000119312517354250/d463186dex41.htm)1</u> | Registration Rights Agreement, dated as of November 28, 2017, by and between Black Stone Minerals, L.P. and Mineral Royalties One, L.L.C. (incorporated herein by reference to Exhibit 4.1 of Black Stone Minerals, L.P.'s Current Report on Form 8-K filed on November 29, 2017 (SEC File No. 001-37362)). |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1621434/000162143425000119/bsm-unitholderagreementxex.htm)</u> | Unitholder Agreement, dated as of August 22, 2025, by and between Black Stone Minerals, L.P. and AP Basileia SPV, LLC. (incorporated herein by reference to Exhibit 10.1 of Black Stone Minerals, L.P. Current Report on Form 8-K filed on August 22, 2025 (SEC File No. 001-37362)). |
| <u>[10.2](wellsfargo_blackstoneminer.htm)</u>\* | First Amendment to Fifth Amended and Restated Credit Agreement, among Black Stone Minerals Company, L.P., as Borrower, Black Stone Minerals, L.P., as Parent MLP, Wells Fargo Bank, National Association, as Administrative Agent, dated as of October 31, 2025. |
| <u>[10.3](bsm-2025ltipxcommonunitgra.htm)</u>^\* | 2025 Form of Non-Employee Director Unit Grant Notice and Award Agreement under the Black Stone Minerals, L.P. 2025 Long-Term Incentive Plan |
| <u>[10.4](bsm-2025ltipxformofpsuawar.htm)</u>^\* | 2025 Form of LTI Award Grant Notice and LTI Award Agreement (Leadership Performance Units) under the Black Stone Minerals, L.P. 2025 Long-Term Incentive Plan |
| <u>[10.5](bsm-2025ltipxformofrestric.htm)</u>^\* | 2025 Form of LTI Award Grant Notice and LTI Award Agreement (Leadership Restricted Units) under the Black Stone Minerals, L.P. 2025 Long-Term Incentive Plan |
| <u>[10.6](bsm-2025ltipxformofstiawar.htm)</u>^\* | 2025 Form of STI Award Letter under the Black Stone Minerals, L.P. 2025 Long-Term Incentive Plan |
| <u>[31.1](bsm930202510-qex311.htm)</u>\* | Certification of Chief Executive Officer of Black Stone Minerals, L.P. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[31.2](bsm930202510-qex312.htm)</u>\* | Certification of Chief Financial Officer of Black Stone Minerals, L.P. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[32.1](bsm930202510-qex321.htm)</u>\* | Certification of Chief Executive Officer and Chief Financial Officer of Black Stone Minerals, L.P. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 101.INS\* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH\* | Inline XBRL Schema Document |
| 101.CAL\* | Inline XBRL Calculation Linkbase Document |
| 101.LAB\* | Inline XBRL Label Linkbase Document |
| 101.PRE\* | Inline XBRL Presentation Linkbase Document |
| 101.DEF\* | Inline XBRL Definition Linkbase Document |

---

------

104\* Cover Page Interactive Data File - the cover page iXBRL tags are embedded within the Inline XBRL document.

\*&nbsp;&nbsp;&nbsp;&nbsp;Filed or furnished herewith.

^ Management contract or compensatory plan or arrangement.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | BLACK STONE MINERALS, L.P. | BLACK STONE MINERALS, L.P. |
| | By: | Black Stone Minerals GP, L.L.C.,<br>its general partner |
| Date: November 4, 2025 | By: | /s/ Thomas L. Carter, Jr. |
|  |  | Thomas L. Carter, Jr. |
|  |  | President, Chief Executive Officer, and Chairman |
|  |  | (Principal Executive Officer) |
| Date: November 4, 2025 | By: | /s/ H. Taylor DeWalch |
|  |  | H. Taylor DeWalch |
|  |  | Senior Vice President, Chief Financial Officer, and Treasurer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 10.2

**FIRST AMENDMENT TO FIFTH AMENDED** 

**AND RESTATED CREDIT AGREEMENT**

**THIS FIRST AMENDMENT TO FIFTH AMENDED AND RESTATED CREDIT AGREEMENT** (this "<u>Amendment</u>") dated as of October 31, 2025, is among: BLACK STONE MINERALS COMPANY, L.P., a Delaware limited partnership, as Borrower; BLACK STONE MINERALS, L.P., a Delaware limited partnership, as Parent MLP; the parties hereto that are "Lenders" prior to the effectiveness of this Amendment under and as defined in the Original Credit Agreement referred to below (the "<u>Lenders</u>"); and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent. Capitalized terms used herein but not otherwise defined herein have the meaning given such terms in the Credit Agreement.

**RECITALS**

Borrower, Parent MLP, Administrative Agent and the Lenders are parties to that certain Fifth Amended and Restated Credit Agreement dated as of October 31, 2022 (as amended, modified or supplemented prior to the date hereof, the "<u>Original Credit Agreement</u>," and as amended hereby and as may be further amended, modified or supplemented from time to time, the "<u>Credit Agreement</u>").

The Borrower and Parent MLP have requested that the Lenders amend the Original Credit Agreement to make certain changes to the Original Credit Agreement as provided herein.

THEREFORE, the parties hereto hereby agree as follows:

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments to Original Credit Agreement</u>. Section 1.02 of the Original Credit Agreement is hereby amended by deleting the following definitions in their entirety and replacing them with the following:

"<u>Termination Date</u>" shall mean, unless the Commitments are sooner terminated pursuant to Section 2.03(b) or Section 10.02, October 31, 2030.

"<u>Term SOFR Adjustment</u>" means a percentage equal to 0.00% per annum.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrowing Base and Elected Revolving Commitment Amount Reaffirmation</u>. Pursuant to Section 2.08(d) of the Credit Agreement, Administrative Agent hereby notifies Borrower and Revolving Lenders that, in satisfaction of the Scheduled Redetermination of the Borrowing Base required to take place on or about October 1, 2025 pursuant to Section 2.08(c) of the Credit Agreement, from and after the date hereof until the next redetermination of the Borrowing Base, the amount of the Borrowing Base shall be reaffirmed at $580,000,000.

------

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions Precedent</u>. This Amendment shall become effective on the date (such date, the "<u>Effective Date</u>"), when each of the following conditions is satisfied (or waived in accordance with Section 12.04):

&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;from the Lenders, the Parent MLP, and the Borrower, counterparts (in such number as may be requested by the Administrative Agent) of this Amendment signed on behalf of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;a certificate of the Secretary or an Assistant Secretary of the General Partner of the Borrower and of each Guarantor setting forth (i) resolutions of its board of managers, board of directors or other appropriate governing body with respect to the authorization of the Borrower or such Guarantor to execute and deliver the Loan Documents to which it is a party and to enter into the transactions contemplated in those documents, (ii) the officers of the General Partner and each Guarantor (y) who are authorized to sign the Loan Documents to which the Borrower or each Guarantor, as applicable, is a party and (z) who will, until replaced by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with this Agreement and the transactions contemplated hereby, (iii) specimen signatures of such authorized officers, and (iv) the articles, certificate of incorporation, limited partnership agreement and bylaws, as applicable, of the Borrower and each Guarantor, certified as being true and complete. The Administrative Agent and the Lenders may conclusively rely on such certificate until the Administrative Agent receives notice in writing from the Borrower to the contrary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;certificates from the applicable state of organization of the Borrower and each Guarantor with respect to the existence, qualification and good standing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;reasonable satisfaction that the Security Instruments create first priority, perfected Liens (subject only to Excepted Liens identified in clauses (a) to (e), (g) and (h) of the definition thereof) on the Oil and Gas Properties evaluated in the most recent Reserve Report having a total PV9% value based upon the Administrative Agent's commodity price projections and assumptions of not less than the effective Borrowing Base as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;an opinion of Vinson & Elkins LLP, counsel to the Borrower reasonably acceptable to the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;a certificate of insurance coverage of the Borrower evidencing that the Borrower is carrying insurance in accordance with Section 7.18 of the Credit Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;appropriate UCC search certificates reflecting no prior liens or security interests encumbering the Mortgaged Properties for each of Delaware and Texas other

&nbsp;&nbsp;&nbsp;&nbsp;2&nbsp;&nbsp;&nbsp;&nbsp;First Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Credit Agreement

------

than those naming the Administrative Agent as the secured party or Liens permitted by Section 9.03 of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall have received the Consent and Agreement attached to this Amendment executed by the Guarantors (in such numbers as may be requested by the Administrative Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the date hereof, including, to the extent invoiced, reimbursement or payment of all documented out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;No Default or Event of Default shall have occurred and be continuing as of the date hereof, immediately after giving effect to the terms of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent is hereby authorized and directed to declare this Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 of this Amendment or the waiver of such conditions as permitted in Section 12.04. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.

Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Post-Closing Covenant</u>. Within 30 days of the Effective Date (or such later date as the Administrative Agent may reasonably agree), the Borrower will deliver (i) amendments to the mortgages and deeds of trust constituting Security Instruments reflecting the extension of the Termination Date by this Amendment, in form and substance reasonably satisfactory to the Administrative Agent executed by the Borrower and acknowledged (in such numbers as may be requested by the Administrative Agent) and (ii) opinions of local counsel to the Borrower regarding those amendments to the mortgages and deeds of trust to be filed in Texas, North Dakota, California and Louisiana reasonably acceptable to the Administrative Agent.

Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Confirmation</u>. The provisions of the Credit Agreement, as amended hereby, shall remain in full force and effect following the effectiveness hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Ratification and Affirmation; Representations and Warranties</u>. Each of Borrower and Parent MLP hereby (a) ratifies and affirms each Loan Party's obligations under, and acknowledges each Loan Party's continued liability under, each Loan Document to which such Loan Party is a party and agrees that each Loan Document to which any Loan Party is a party remains in full force and effect as expressly amended hereby and (b) represents and warrants to Administrative Agent and Lenders that as of the date hereof, after giving effect to the terms hereof:

&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;First Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Credit Agreement

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)all of the representations and warranties contained in each Loan Document to which any Loan Party is a party are true and correct in all material respects (unless otherwise qualified as to materiality), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct as of such specified earlier date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)no Default or Event of Default has occurred and is continuing, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Amendment by electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4&nbsp;&nbsp;&nbsp;&nbsp;<u>NO ORAL AGREEMENT</u>. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;<u>GOVERNING LAW</u>. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Loan Document</u>. This Amendment is a Loan Document.

*[Signature pages follow]*

&nbsp;&nbsp;&nbsp;&nbsp;4&nbsp;&nbsp;&nbsp;&nbsp;First Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Credit Agreement

------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.

**BLACK STONE MINERALS COMPANY, L.P.**, as Borrower

By:&nbsp;&nbsp;&nbsp;&nbsp;BSMC GP, L.L.C., its General Partner

By:&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals, L.P., its Sole Member

By:&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals GP, L.L.C.,

&nbsp;&nbsp;&nbsp;&nbsp;its General Partner

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Taylor DeWalch

Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

**BLACK STONE MINERALS, L.P.**,

as Parent MLP

By:&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals GP, L.L.C.,

&nbsp;&nbsp;&nbsp;&nbsp;its General Partner

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Taylor DeWalch

Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;S-1&nbsp;&nbsp;&nbsp;&nbsp;First Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Credit Agreement

------

**WELLS FARGO BANK, NATIONAL ASSOCIATION**,

as Administrative Agent, Issuing Bank, Swingline Lender and a Lender

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

&nbsp;&nbsp;&nbsp;&nbsp;S-2&nbsp;&nbsp;&nbsp;&nbsp;First Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Credit Agreement

------

**BANK OF AMERICA, N.A.**,

as a Lender

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

&nbsp;&nbsp;&nbsp;&nbsp;S-3&nbsp;&nbsp;&nbsp;&nbsp;First Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Credit Agreement

------

**PNC BANK, NATIONAL ASSOCIATION**,

as a Lender

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

&nbsp;&nbsp;&nbsp;&nbsp;S-4&nbsp;&nbsp;&nbsp;&nbsp;First Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Credit Agreement

------

**JPMORGAN CHASE BANK N.A.**,

as a Lender

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

&nbsp;&nbsp;&nbsp;&nbsp;S-5&nbsp;&nbsp;&nbsp;&nbsp;First Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Credit Agreement

------

**KEYBANK NATIONAL ASSOCIATION**,

as a Lender

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

&nbsp;&nbsp;&nbsp;&nbsp;S-6&nbsp;&nbsp;&nbsp;&nbsp;First Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Credit Agreement

------

**ZIONS BANCORPORATION, N.A. dba AMEGY BANK**, as a Lender

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

&nbsp;&nbsp;&nbsp;&nbsp;S-7&nbsp;&nbsp;&nbsp;&nbsp;First Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Credit Agreement

------

**BOKF, NA DBA BANK OF TEXAS**, as a Lender

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

&nbsp;&nbsp;&nbsp;&nbsp;S-8&nbsp;&nbsp;&nbsp;&nbsp;First Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Credit Agreement

------

**COMERICA BANK**,

as a Lender

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

&nbsp;&nbsp;&nbsp;&nbsp;S-9&nbsp;&nbsp;&nbsp;&nbsp;First Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Credit Agreement

------

**FIRST HORIZON BANK**,

as a Lender

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:

Title:

&nbsp;&nbsp;&nbsp;&nbsp;S-10&nbsp;&nbsp;&nbsp;&nbsp;First Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Credit Agreement

------

[First Amendment]

CONSENT AND AGREEMENT

Each of the undersigned hereby (i) consents to the provisions of this Amendment and the transactions contemplated herein, (ii) ratifies and confirms the Sixth Amended and Restated Guarantee and Collateral Agreement dated as of October 31, 2022, as amended, modified or supplemented to date, made by it for the benefit of Administrative Agent and Lenders, executed pursuant to the Credit Agreement and the other Loan Documents, (iii) ratifies and confirms all other Loan Documents made by it for the benefit of Administrative Agent and Lenders, (iv) agrees that all of its respective obligations and covenants thereunder, except as may be amended or modified hereby, shall remain unimpaired by the execution and delivery of this Amendment and the other documents and instruments executed in connection herewith and (v) agrees that such Sixth Amended and Restated Guarantee and Collateral Agreement and such other Loan Documents shall remain in full force and effect.

[SIGNATURES BEGIN NEXT PAGE]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

IN WITNESS WHEREOF, the parties hereto have caused this Consent and Agreement to be duly executed as of the date first written above.

**BLACK STONE ENERGY COMPANY, L.L.C.**

**BLACK STONE NATURAL RESOURCES, L.L.C.**

**BSMC LOUISIANA LLC**

By:&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals Company, L.P.,

its Sole Member

By:&nbsp;&nbsp;&nbsp;&nbsp;BSMC GP, L.L.C.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its General Partner

By:&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals, L.P.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its Sole Member

By:&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals GP, L.L.C.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its General Partner

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Taylor DeWalch

Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

**BLACK STONE MINERALS, L.P.**

By:&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals GP, L.L.C.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its General Partner

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;

Name:&nbsp;&nbsp;&nbsp;&nbsp;Taylor DeWalch

Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

SIGNATURE PAGE

CONSENT TO FIRST AMENDMENT TO CREDIT AGREEMENT

------

**BSMC GP, L.L.C.**

By:&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals, L.P.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its Sole Member

By:&nbsp;&nbsp;&nbsp;&nbsp;Black Stone Minerals GP, L.L.C.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;its General Partner

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;

Name:&nbsp;&nbsp;&nbsp;&nbsp;Taylor DeWalch

Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

SIGNATURE PAGE

CONSENT TO FIRST AMENDMENT TO CREDIT AGREEMENT

## Exhibit 10.3

**Form for Non-Employee Directors&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**BLACK STONE MINERALS, L.P.**

**2025 LONG-TERM INCENTIVE PLAN**

**COMMON UNIT GRANT NOTICE**

Pursuant to the terms and conditions of the Black Stone Minerals, L.P. 2025 Long-Term Incentive Plan, as amended from time to time (the "<u>Plan</u>"), Black Stone Minerals GP, L.L.C., a Delaware limited liability company (the "<u>General Partner</u>"), hereby grants to the individual listed below ("<u>you</u>" or the "<u>Participant</u>") the number of vested Common Units set forth below. This award of Common Units (this "<u>Award</u>") is subject to the terms and conditions set forth herein as well as the terms and conditions set forth in the Common Unit Award Agreement attached hereto as <u>Exhibit A</u> (the "<u>Agreement</u>") and in the Plan, each of which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

---

| | |
|:---|:---|
| **Participant:** | [●] |
| **Date of Grant:** | [●] |
| **Total Number of Units:** | [●] Common Units |

---

**You will be deemed to have accepted this Award on the terms and conditions of the Plan, the Agreement and this Common Unit Grant Notice (this "<u>Grant Notice</u>") unless you provide written notice to the General Partner <u>within 30 days following the Date of Grant</u> stating that you do not wish to accept this Award.** Any such notice must be sent to: Black Stone Minerals GP, L.L.C., 1001 Fannin Street, Suite 2020, Houston, Texas 77002, Attention: Senior Vice President, General Counsel. Upon the General Partner's receipt of any such notice, this Award granted hereunder will automatically be forfeited and the General Partner, Black Stone Minerals, L.P. and their respective Affiliates will not have any further obligations to you under this Grant Notice or the Agreement.

Unless you provide written notice to the General Partner in the manner described above stating that you do not wish to accept this Award, you will be deemed to have acknowledged that (i) you have reviewed the Agreement, the Plan and this Grant Notice in their entirety and fully understand all provisions of the Agreement, the Plan and this Grant Notice and (ii) you agree to accept as binding, conclusive and final all decisions or interpretations of the Committee regarding any questions or determinations arising under the Agreement, the Plan or this Grant Notice.

[Remainder of Page Intentionally Blank;

Signature Page Follows]

------

**IN WITNESS WHEREOF**, the General Partner has caused this Grant Notice to be executed by an officer thereunto duly authorized, effective for all purposes as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BLACK STONE MINERALS GP, L.L.C.**<br>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Steve Putman<br>Senior Vice President, General Counsel, and Secretary&nbsp;&nbsp;&nbsp;&nbsp;<br>

Signature Page to

Common Unit Grant Notice

------

**<u>EXHIBIT A</u>**

**COMMON UNIT AWARD AGREEMENT**

This Common Unit Award Agreement (this "<u>Agreement</u>") is made as of the Date of Grant set forth in the Grant Notice to which this Agreement is attached (the "<u>Date of Grant</u>") by and between Black Stone Minerals GP, L.L.C., a Delaware limited liability company (the "<u>General Partner</u>"), and [●] ("<u>Director</u>"). Capitalized terms used but not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**<u>Award</u>**. Effective as of the Date of Grant, the General Partner hereby grants to Director the number of Common Units set forth in the Grant Notice on the terms and conditions set forth in the Grant Notice, this Agreement and the Plan, which is incorporated herein by reference as a part of this Agreement. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**<u>Tax Withholding</u>**. Upon any taxable event arising in connection with the Common Units, the General Partner shall have the authority and the right to deduct or withhold (or cause to be deducted or withheld), or to require Director to remit to the General Partner or one of its Affiliates an amount sufficient to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to such event. In satisfaction of the foregoing requirement, unless otherwise determined by the Committee, the General Partner or one of its Affiliates shall withhold, or cause to be surrendered, from any cash or equity remuneration (including any of the Common Units issued under this Agreement) then or thereafter payable to Director an amount equal to the aggregate amount of taxes required to be withheld with respect to such event. If such tax obligations are satisfied through the withholding or surrender of Common Units pursuant to this Agreement, the maximum number of Common Units that may be so withheld (or surrendered) shall be the number of Common Units that have an aggregate Fair Market Value on the date of withholding (or surrender) equal to the aggregate amount of taxes required to be withheld, determined based on the greatest withholding rates for federal, state, local and foreign income tax and payroll tax purposes that may be utilized without resulting in adverse accounting, tax or other consequences to the General Partner or any of its Affiliates (other than immaterial administrative, reporting or similar consequences), as determined by the Committee. Director acknowledges and agrees that none of the Board, the Committee, the General Partner, the Partnership or any of their respective Affiliates has made any representation or warranty as to the tax consequences to Director as a result of the receipt of the Common Units. Director represents that he is in no manner relying on the Board, the Committee, the General Partner, the Partnership or any of their respective Affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including, without limitation, attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. Director represents that he has consulted with any tax consultants that Director deems advisable in connection with the Common Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**<u>Compliance with Securities Law</u>**. Notwithstanding any provision of this Agreement to the contrary, the issuance of Common Units hereunder will be subject to

Exhibit A-1

------

compliance with all applicable requirements of applicable law with respect to such securities and with the requirements of any securities exchange or market system upon which the Common Units may then be listed. No Common Units will be issued hereunder if such issuance would constitute a violation of any applicable law or regulation or the requirements of any securities exchange or market system upon which the Common Units may then be listed. In addition, Common Units will not be issued hereunder unless (a) a registration statement under the Securities Act of 1933, as amended (the "<u>Securities Act</u>") is in effect at the time of such issuance with respect to the Common Units to be issued or (b) in the opinion of legal counsel to the Partnership, the Common Units to be issued are permitted to be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. The inability of the Partnership to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Partnership's legal counsel to be necessary for the lawful issuance and sale of any Common Units hereunder will relieve the Partnership of any liability in respect of the failure to issue such Common Units as to which such requisite authority has not been obtained. As a condition to any issuance of Common Units hereunder, the General Partner or the Partnership may require Director to satisfy any requirements that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect to such compliance as may be requested by the General Partner or the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**<u>No Right to Continued Awards</u>**. The grant of the Common Units is a one-time Award and does not create any contractual or other right to receive a grant of Awards or benefits in lieu of Awards in the future. Future Awards will be at the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**<u>Notices</u>**. Any notices or other communications provided for in this Agreement shall be sufficient if in writing. In the case of Director, such notices or communications shall be effectively delivered if hand delivered to Director at Director's principal residence or if sent by registered or certified mail to Director at the last address Director has filed with the General Partner. In the case of the Partnership or General Partner, such notices or communications shall be effectively delivered if sent by registered or certified mail to the General Partner at its principal executive offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**<u>Agreement to Furnish Information</u>**. Director agrees to furnish to the General Partner all information requested by the General Partner to enable the General Partner or any of its Affiliates to comply with any reporting or other requirement imposed upon the General Partner or any of its Affiliates by or under any applicable statute or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**<u>Entire Agreement; Amendment</u>**. This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the Common Units granted hereby. Without limiting the scope of the preceding sentence, except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect. The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; *provided*, *however*, that except as otherwise

Exhibit A-2

------

provided in the Plan or this Agreement, any such amendment that materially reduces the rights of Director shall be effective only if it is in writing and signed by both Director and an authorized officer of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**<u>Governing Law</u>**. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**<u>Successors and Assigns</u>**. The General Partner may assign any of its rights under this Agreement without Director's consent. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the General Partner. Subject to the restrictions on transfer set forth in the Plan, this Agreement will be binding upon Director and Director's beneficiaries, executors, administrators and the person(s) to whom the Common Units may be transferred by will or the laws of descent or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**<u>Clawback</u>**. Notwithstanding any provision in this Agreement, the Grant Notice or the Plan to the contrary, to the extent required by (a) applicable law, including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any Securities and Exchange Commission rule or any applicable securities exchange listing standards and/or (b) any policy that may be adopted or amended by the Board from time to time, all Common Units issued hereunder shall be subject to forfeiture, repurchase, recoupment and/or cancellation to the extent necessary to comply with such law(s) and/or policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**<u>Severability</u>**. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of such provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect.

[Remainder of Page Intentionally Blank]

Exhibit A-3

## Exhibit 10.4

**BLACK STONE MINERALS, L.P.**

**2025 LONG-TERM INCENTIVE PLAN**

**LTI AWARD GRANT NOTICE**

Pursuant to the terms and conditions of the Black Stone Minerals, L.P. 2025 Long-Term Incentive Plan, as amended from time to time (the "<u>Plan</u>"), Black Stone Minerals GP, L.L.C., a Delaware limited liability company (the "<u>General Partner</u>"), hereby grants to the individual listed below ("<u>you</u>" or "<u>Employee</u>") the number of performance-based Phantom Units (the "<u>Performance Units</u>") set forth below. This award of Performance Units (this "<u>Award</u>") is subject to the terms and conditions set forth herein as well as the terms and conditions set forth in the LTI Award Agreement attached hereto as <u>Exhibit A</u> (the "<u>Agreement</u>") and in the Plan, each of which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

---

| | |
|:---|:---|
| **Employee:** | [•] |
| **Date of Grant:** | [•] |
| **Employer:** | Black Stone Natural Resources Management Company or any other entity that may employ Employee after the Date of Grant and which entity is the General Partner, Black Stone Minerals, L.P., a Delaware limited partnership (the "<u>Partnership</u>"), or any of their respective Affiliates. |
| **Target Performance Units:** | [•] Performance Units (the "<u>Target Amount Performance Units</u>") |
| **Performance Period:** | [•] through [•] |
| **Qualifying Termination Percentage:** | 100% |
| **Earning of Performance Units:** | Subject to the terms and conditions set forth herein, in the Agreement and in the Plan, the Performance Units shall become earned in the manner set forth below so long as you remain continuously employed by the Employer from the Date of Grant through the end of the Performance Period. The number of Performance Units, if any, that become earned in the Performance Period will be determined in accordance with the following table (the "<u>Performance Goals</u>"): |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Below Threshold</u>** | <br>**<u>Threshold</u>** | <br>**<u>Target</u>** | <br>**<u>Maximum</u>** |
| Average Performance Percentage | ˂ 70% | 70% | 100% | 130% |
| Percentage of Target Amount Performance Units that are Earned\* | 0% | 50% | 100% | 200% |
| <br>\*If the Average Performance Percentage is between the Threshold amount and the Target amount set forth in the first row of the table above, then the percentage of the Target Amount Performance Units that are earned shall be determined by linear interpolation between Threshold (50%) and Target (100%) based on the Average Performance Percentage. If the Average Performance Percentage is between the Target amount and the Maximum amount set forth in the first row of the table above, then the percentage of the Target Amount Performance Units that are earned shall be determined by linear interpolation between Target (100%) and Maximum (200%) based on the Average Performance Percentage. Each percentage of Target Amount Performance Units that are earned as determined by linear interpolation shall be rounded to four decimal places. | <br>\*If the Average Performance Percentage is between the Threshold amount and the Target amount set forth in the first row of the table above, then the percentage of the Target Amount Performance Units that are earned shall be determined by linear interpolation between Threshold (50%) and Target (100%) based on the Average Performance Percentage. If the Average Performance Percentage is between the Target amount and the Maximum amount set forth in the first row of the table above, then the percentage of the Target Amount Performance Units that are earned shall be determined by linear interpolation between Target (100%) and Maximum (200%) based on the Average Performance Percentage. Each percentage of Target Amount Performance Units that are earned as determined by linear interpolation shall be rounded to four decimal places. | <br>\*If the Average Performance Percentage is between the Threshold amount and the Target amount set forth in the first row of the table above, then the percentage of the Target Amount Performance Units that are earned shall be determined by linear interpolation between Threshold (50%) and Target (100%) based on the Average Performance Percentage. If the Average Performance Percentage is between the Target amount and the Maximum amount set forth in the first row of the table above, then the percentage of the Target Amount Performance Units that are earned shall be determined by linear interpolation between Target (100%) and Maximum (200%) based on the Average Performance Percentage. Each percentage of Target Amount Performance Units that are earned as determined by linear interpolation shall be rounded to four decimal places. | <br>\*If the Average Performance Percentage is between the Threshold amount and the Target amount set forth in the first row of the table above, then the percentage of the Target Amount Performance Units that are earned shall be determined by linear interpolation between Threshold (50%) and Target (100%) based on the Average Performance Percentage. If the Average Performance Percentage is between the Target amount and the Maximum amount set forth in the first row of the table above, then the percentage of the Target Amount Performance Units that are earned shall be determined by linear interpolation between Target (100%) and Maximum (200%) based on the Average Performance Percentage. Each percentage of Target Amount Performance Units that are earned as determined by linear interpolation shall be rounded to four decimal places. | <br>\*If the Average Performance Percentage is between the Threshold amount and the Target amount set forth in the first row of the table above, then the percentage of the Target Amount Performance Units that are earned shall be determined by linear interpolation between Threshold (50%) and Target (100%) based on the Average Performance Percentage. If the Average Performance Percentage is between the Target amount and the Maximum amount set forth in the first row of the table above, then the percentage of the Target Amount Performance Units that are earned shall be determined by linear interpolation between Target (100%) and Maximum (200%) based on the Average Performance Percentage. Each percentage of Target Amount Performance Units that are earned as determined by linear interpolation shall be rounded to four decimal places. |
| As used herein, the following terms have the meanings set forth below: <br>"<u>Average Performance Percentage</u>" means, except as otherwise provided in the Agreement with respect to a Qualifying Termination, the average of the Production Performance Percentage and the Reserve Performance Percentage for the three Performance Period Years in the Performance Period.<br>"<u>BOE</u>" means a barrel of oil equivalent that is one barrel (42 US gallons) of crude oil or six thousand (6000) cubic feet of natural gas. | As used herein, the following terms have the meanings set forth below: <br>"<u>Average Performance Percentage</u>" means, except as otherwise provided in the Agreement with respect to a Qualifying Termination, the average of the Production Performance Percentage and the Reserve Performance Percentage for the three Performance Period Years in the Performance Period.<br>"<u>BOE</u>" means a barrel of oil equivalent that is one barrel (42 US gallons) of crude oil or six thousand (6000) cubic feet of natural gas. | As used herein, the following terms have the meanings set forth below: <br>"<u>Average Performance Percentage</u>" means, except as otherwise provided in the Agreement with respect to a Qualifying Termination, the average of the Production Performance Percentage and the Reserve Performance Percentage for the three Performance Period Years in the Performance Period.<br>"<u>BOE</u>" means a barrel of oil equivalent that is one barrel (42 US gallons) of crude oil or six thousand (6000) cubic feet of natural gas. | As used herein, the following terms have the meanings set forth below: <br>"<u>Average Performance Percentage</u>" means, except as otherwise provided in the Agreement with respect to a Qualifying Termination, the average of the Production Performance Percentage and the Reserve Performance Percentage for the three Performance Period Years in the Performance Period.<br>"<u>BOE</u>" means a barrel of oil equivalent that is one barrel (42 US gallons) of crude oil or six thousand (6000) cubic feet of natural gas. | As used herein, the following terms have the meanings set forth below: <br>"<u>Average Performance Percentage</u>" means, except as otherwise provided in the Agreement with respect to a Qualifying Termination, the average of the Production Performance Percentage and the Reserve Performance Percentage for the three Performance Period Years in the Performance Period.<br>"<u>BOE</u>" means a barrel of oil equivalent that is one barrel (42 US gallons) of crude oil or six thousand (6000) cubic feet of natural gas. |

---

------

"<u>Budget</u>" means, with respect to a Performance Period Year, the annual budget adopted by the Board for such Performance Period Year."<u>Performance Period Year</u>" means each calendar year during the Performance Period.<br>"<u>Production Performance Percentage</u>" means, with respect to a Performance Period Year, the quotient of (i) the amount of production (expressed as BOE) achieved by the Partnership and its subsidiaries for such Performance Period Year per weighted average Units outstanding for such Performance Period Year divided by (ii) the Production Target for such Performance Period Year per budgeted weighted average Units outstanding for such Performance Period Year.<br>"<u>Production Target</u>" means, with respect to a Performance Period Year, the budgeted amount of the Partnership's and its subsidiaries' production (expressed as BOE) for such Performance Period Year set forth in the Budget for such Performance Period Year. <br>"<u>Reserve Performance Percentage</u>" means, with respect to a Performance Period Year, the quotient of (i) the amount of the Partnership's and its subsidiaries' reserves (expressed as BOE) as of the last day of such Performance Period Year per Units outstanding on the last day of such Performance Period Year divided by (ii) the Reserve Target for such Performance Period Year per budgeted Units outstanding on the last day of such Performance Period Year.<br>"<u>Reserve Target</u>" means, with respect to a Performance Period Year, the budgeted amount of the Partnership's and its subsidiaries' reserves (expressed as BOE) as of the last day of such Performance Period Year as set forth in the Budget for such Performance Period Year.<br>"<u>Unit</u>" has the meaning given to it in the Partnership Agreement and shall include the Preferred Units (as defined in the Partnership Agreement) on an as-converted basis.<br>

By clicking to accept, you agree to be bound by the terms and conditions of the Plan, the Agreement and this LTI Award Grant Notice (this "<u>Grant Notice</u>"). You acknowledge that you have reviewed the Agreement, the Plan and this Grant Notice in their entirety and fully understand all provisions of the Agreement, the Plan and this Grant Notice. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee regarding any questions or determinations arising under the Agreement, the Plan or this Grant Notice.

------

In lieu of receiving documents in paper format, you agree, to the fullest extent permitted by applicable law, to accept electronic delivery of any documents that the General Partner or any Affiliate may be required to deliver (including prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other award made or offered by the General Partner. Electronic delivery may be made via the electronic mail system of the General Partner or one of its Affiliates or by reference to a location on an intranet site to which you have access. You hereby consent to any and all procedures the General Partner has established or may establish for an electronic signature system for delivery and acceptance of any such documents.

*You acknowledge and agree that clicking to accept this Award constitutes your electronic signature and is intended to have the same force and effect as your manual signature.*

Remainder of Page Intentionally Blank;

Signature Page Follows

------

**IN WITNESS WHEREOF**, the General Partner has caused this Grant Notice to be executed by an officer thereunto duly authorized effective for all purposes as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BLACK STONE MINERALS GP, L.L.C.**<br>By:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Steve Putman<br>Senior Vice President, General Counsel, and Secretary<br>

Signature Page to

LTI Award Grant Notice

------

**<u>EXHIBIT A</u>**

**LTI AWARD AGREEMENT**

This LTI Award Agreement (this "<u>Agreement</u>") is made as of the Date of Grant set forth in the Grant Notice to which this Agreement is attached (the "<u>Date of Grant</u>") by and between Black Stone Minerals GP, L.L.C., a Delaware limited liability company (the "<u>General Partner</u>"), and [•] ("<u>Employee</u>"). Capitalized terms used but not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**<u>Award</u>**. Effective as of the Date of Grant, the General Partner hereby grants to Employee the number of performance-based Phantom Units set forth in the Grant Notice (the "<u>Performance Units</u>") on the terms and conditions set forth in the Grant Notice, this Agreement and the Plan, which is incorporated herein by reference as a part of this Agreement. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. To the extent earned, each Performance Unit represents the right to receive one Common Unit, subject to the terms and conditions set forth in the Grant Notice, this Agreement and the Plan. Unless and until the Performance Units have become earned in the manner set forth in the Grant Notice and this Agreement, Employee will have no right to receive any Common Units or other payments in respect of the Performance Units. Prior to settlement of this Award, the Performance Units and this Award represent an unsecured obligation of Black Stone Minerals, L.P., a Delaware limited partnership (the "<u>Partnership</u>"), payable only from the general assets of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**<u>Earning of Performance Units</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Following the end of the Performance Period, the Committee will determine the level of achievement of the Performance Goals for the Performance Period. The number of Performance Units, if any, that actually become earned for the Performance Period will be determined by the Committee in accordance with the Grant Notice (and any Performance Units that do not become so earned shall be automatically forfeited). Unless and until the Performance Units have become earned and been settled in accordance with Section 3, Employee will have no right to receive any distributions with respect to the Performance Units. In the event of the termination of Employee's employment prior to the last day of the Performance Period, except as otherwise provided in Sections 2(b) and 2(c) below, all of the Performance Units (and all rights arising from such Performance Units and from being a holder thereof), will terminate automatically without any further action by the General Partner or the Partnership and will be automatically forfeited without further notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event of a Qualifying Termination (as defined in Section 2(e)) prior to the end of the Performance Period and prior to a Change of Control or more than 24 months following a Change of Control, then, subject to Employee's compliance with the release requirement described in Section 2(d), notwithstanding anything to the contrary in the Grant Notice, (i) the Performance Period shall end as of the date of such Qualifying Termination; (ii) the definition of "Average Performance Percentage" shall mean the average of (x) the Production Performance Percentage(s) and the Reserve Performance Percentage(s) for each

Exhibit A-1

------

completed Performance Period Year, if any, ending prior to the date of such Qualifying Termination and (y) the Production Performance Percentage and the Reserve Performance Percentage for the Performance Period Year in which such Qualifying Termination occurs (determined based on year-to-date annualized performance as of the date of such Qualifying Termination); and (iii) the number of Performance Units, if any, that actually become earned for the Performance Period as of the date of such Qualifying Termination shall be determined by multiplying (x) Employee's Target Amount Performance Units for the Performance Period by (y) a fraction, the numerator of which is the number of days Employee was employed by the Employer during the Performance Period and the denominator of which is the number of days in the Performance Period, and by (z) the Qualifying Termination Percentage set forth in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If a Qualifying Termination occurs within 24 months following a Change of Control or in the event of a termination of Employee's employment due to Employee's Disability or death prior to the end of the Performance Period, then, subject to Employee's compliance with the release requirement described in Section 2(d), notwithstanding anything to the contrary in the Grant Notice, the number of Performance Units, if any, that actually become earned for the Performance Period will be determined by the Committee in accordance with the Grant Notice assuming that (i) the Performance Period ended as of the date of such termination of employment; and (ii) the definition of "Average Performance Percentage" means the average of (x) the Production Performance Percentage(s) and the Reserve Performance Percentage(s) for each completed Performance Period Year, if any, ending prior to the date of such termination of employment, (y) the Production Performance Percentage and the Reserve Performance Percentage for the Performance Period Year in which such termination of employment occurs (determined based on year-to-date annualized performance as of the date of such termination of employment), and (z) the Production Performance Percentage(s) and the Reserve Performance Percentage(s) for the remaining Performance Period Year(s), if any, assuming the Production Performance Percentage and the Reserve Performance Percentage are each 100% for each such Performance Period Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)As a condition to the application of the provisions of Section 2(b) or Section 2(c) (other than in the event of a termination of Employee's employment due to Employee's death), Employee must first execute within the time provided to do so (and not revoke in any time provided to do so), a release, in a form acceptable to the General Partner, releasing the Committee, the Employer, the Partnership, the General Partner, their respective Affiliates, and each of the foregoing entities' respective shareholders, members, partners, officers, managers, directors, fiduciaries, employees, representatives, agents and benefit plans (and fiduciaries of such plans) from any and all claims, including any and all causes of action arising out of Employee's employment with the Employer and any of its Affiliates or the termination of such employment, but excluding all claims to payments under the Plan and this Agreement.

Exhibit A-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)As used herein, the following terms have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Cause</u>" has the meaning assigned to such term in Employee's severance agreement with the General Partner or one of its Affiliates; *provided*, *however*, that if Employee does not have a severance agreement with the General Partner or one of its Affiliates or if such agreement does not define the term "Cause," then "Cause" means a determination by the Employer that Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)willfully and continually failed to substantially perform Employee's duties to the Partnership and its Affiliates (other than a failure resulting from Employee's Disability);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)willfully engaged in conduct that is demonstrably and materially injurious to the Partnership, the General Partner or any of their respective Affiliates, monetarily or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)has been convicted of, or has plead guilty or *nolo contendere* to, a misdemeanor involving moral turpitude or a felony;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)has committed an act of fraud, or material embezzlement or material theft, in each case, in the course of Employee's employment relationship with the Employer or one of its Affiliates, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)has materially breached any obligations of Employee under any written agreement (including any non-compete, non-solicitation or confidentiality covenants) entered into between Employee and the Partnership, the General Partner or any of their respective Affiliates.

Notwithstanding the foregoing, except for a failure, breach or refusal that, by its nature, cannot reasonably be expected to be cured, Employee shall have 30 days following the delivery of written notice by the Employer or one of its Affiliates within which to cure any actions or omissions described in clauses (1), (2), (4) or (5) constituting Cause; provided however, that, if the Employer reasonably expects irreparable injury from a delay of 30 days, the Employer or one of its Affiliates may give Employee notice of such shorter period within which to cure as is reasonable under the circumstances, which may include the termination of Employee's employment without notice and with immediate effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)"<u>Disability</u>" means Employee's incapacity, due to accident, sickness or another circumstance that renders Employee unable to perform the essential functions of Employee's job function, with reasonable accommodation, for a period of at least 90 consecutive days or 120 days in any 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)"<u>Good Reason</u>" has the meaning assigned to such term in Employee's severance agreement with the General Partner or one of its Affiliates; *provided*, *however*, that if Employee does not have a severance agreement with the General Partner or one of its Affiliates or if such agreement does not define the term "Good Reason," then "Good

Exhibit A-3

------

Reason" means the occurrence of any of the following events without Employee's written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)a reduction in Employee's total compensation other than a general reduction in compensation that affects all similarly situated employees in substantially the same proportions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)a relocation of Employee's principal place of employment by more than 50 miles from the location of Employee's principal place of employment as of the Date of Grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)any material breach by the Partnership or the General Partner of any material provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)a material, adverse change in Employee's title, authority, duties or responsibilities (other than while Employee has a Disability);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)a material adverse change in the reporting structure applicable to Employee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)following a Change of Control, either (x) a failure of the General Partner or one of its Affiliates to continue in effect any benefit plan or compensation arrangement in which Employee was participating immediately prior to such Change of Control or (y) the taking of any action by the General Partner or one of its Affiliates that adversely affects Employee's participation in, or materially reduces Employee's benefits or compensation under, any such benefit plan or compensation arrangement, unless, in the case of either clause (x) or (y), there is substituted a comparable benefit plan or compensation arrangement that is at least economically equivalent to the benefit plan or compensation arrangement being terminated or in which Employee's participation is being adversely affected or Employee's benefits or compensation are being materially reduced.

Notwithstanding the foregoing provisions of this definition or any other provision of the Agreement to the contrary, any assertion by Employee of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied: (A) Employee must provide written notice to the General Partner of the existence of the condition(s) providing grounds for termination for Good Reason within 30 days of the initial existence of such grounds; (B) the condition(s) specified in such notice must remain uncorrected for 30 days following the General Partner's receipt of such written notice; and (C) the date of Employee's termination of employment must occur within 60 days after the initial existence of the condition(s) specified in such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)"<u>Qualifying Termination</u>" means a termination of Employee's employment (1) by the Employer without Cause or (2) as a result of Employee's resignation for Good Reason.

Exhibit A-4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**<u>Settlement of Performance Units</u>**. As soon as administratively practicable following the Committee's determination of the level of achievement of the Performance Goals for the Performance Period, but in no event later than March 15 following the end of such Performance Period, Employee (or Employee's permitted transferee, if applicable) shall be issued a number of Common Units equal to the number of Performance Units subject to this Award that become earned based on the level of achievement of the Performance Goals as determined by the Committee in accordance with Section 2. Any fractional Performance Unit that becomes earned hereunder will be rounded down to the next whole Performance Unit if it is less than 0.5 and rounded up to the next whole Performance Unit if it is 0.5 or more. No fractional Common Units, nor the cash value of any fractional Common Units, will be issuable or payable to Employee pursuant to this Agreement. All Common Units issued hereunder shall be delivered either by delivering one or more certificates for such Common Units to Employee or by entering such Common Units in book-entry form, as determined by the Committee in its sole discretion. The value of Common Units shall not bear any interest owing to the passage of time. Neither this Section 3 nor any action taken pursuant to or in accordance with this Agreement shall be construed to create a trust or a funded or secured obligation of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**<u>DERs</u>**. Each Performance Unit subject to this Award is hereby granted in tandem with a corresponding DER. Each DER granted hereunder shall remain outstanding from the Date of Grant until the earlier of the settlement or forfeiture of the Performance Unit to which it corresponds (the "<u>DER Period</u>"). If a Common Unit is issued pursuant to Section 3 in settlement of a Performance Unit that becomes earned, then, as soon as administratively practicable following the issuance of such Common Unit, but in no event later than 60 days after the date such Performance Unit becomes earned, the General Partner shall issue to Employee, with respect to the DER corresponding to the earned Performance Unit settled by the issuance of such Common Unit, additional Common Units with a value at the time of issuance equal to the aggregate amount of cash distributions that would have been paid to Employee if Employee were the record owner of the Common Unit issued to Employee in settlement of Employee's Performance Units as of the applicable record date for each cash distribution paid by the Partnership during the DER Period applicable to such Performance Unit. DERs shall not entitle Employee to any payments relating to distributions paid after the earlier to occur of the applicable Performance Unit settlement date or the forfeiture of the Performance Unit underlying such DER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**<u>Rights as Unitholder</u>**. Neither Employee nor any person claiming under or through Employee shall have any of the rights or privileges of a holder of Common Units in respect of any Common Units that may become deliverable hereunder unless and until certificates representing such Common Units have been issued or recorded in book entry form on the records of the Partnership or its transfer agents or registrars, and delivered in certificate or book entry form to Employee or any person claiming under or through Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**<u>Tax Withholding</u>**. Upon any taxable event arising in connection with the Performance Units or the DERs, the General Partner shall have the authority and the right to deduct or withhold (or cause the Employer or one of its Affiliates to deduct or withhold), or to require Employee to remit to the General Partner (or the Employer or one of its Affiliates), an

Exhibit A-5

------

amount sufficient to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to such event. In satisfaction of the foregoing requirement, unless otherwise determined by the Committee, the General Partner or the Employer or one of its Affiliates shall withhold from any cash or equity remuneration (including, if applicable, any of the Common Units otherwise deliverable under this Agreement) then or thereafter payable to Employee an amount equal to the aggregate amount of taxes required to be withheld with respect to such event. If such tax obligations are satisfied through the withholding or surrender of Common Units pursuant to this Agreement, the maximum number of Common Units that may be so withheld (or surrendered) shall be the number of Common Units that have an aggregate Fair Market Value on the date of withholding (or surrender) equal to the aggregate amount of taxes required to be withheld, determined based on the greatest withholding rates for federal, state, local and foreign income tax and payroll tax purposes that may be utilized without resulting in adverse accounting, tax or other consequences to the General Partner or any of its Affiliates (other than immaterial administrative, reporting or similar consequences), as determined by the Committee. Employee acknowledges and agrees that none of the Board, the Committee, the General Partner, the Partnership, the Employer or any of their respective Affiliates have made any representation or warranty as to the tax consequences to Employee as a result of the receipt of the Performance Units and the DERs, the earning of the Performance Units and the DERs or the forfeiture of any of the Performance Units and the DERs. Employee represents that he is in no manner relying on the Board, the Committee, the General Partner, the Partnership, the Employer or any of their respective Affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including, without limitation, attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. Employee represents that he has consulted with any tax consultants that Employee deems advisable in connection with the Performance Units and the DERs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**<u>Refusal to Transfer; Stop-Transfer Notices</u>**. The Partnership shall not be required (a) to transfer on its books any Common Units that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (b) to treat as owner of such Common Units or to accord the right to vote or pay distributions to any purchaser or other transferee to whom such Common Units shall have been so transferred. Employee agrees that, in order to ensure compliance with the restrictions referred to herein, the Partnership or the General Partner may issue appropriate "stop transfer" instructions to its transfer agent, if any, and that, if the Partnership transfers its own securities, it may make appropriate notations to the same effect in its own records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**<u>Non-Transferability</u>**. None of the Performance Units, the DERs or any interest or right therein shall be (a) sold, pledged, assigned or transferred in any manner during the lifetime of Employee other than by will or the laws of descent and distribution, unless and until the Common Units underlying the Performance Units have been issued, and all restrictions applicable to such Common Units have lapsed, or (b) liable for the debts, contracts or engagements of Employee or his or her successors in interest. Except to the extent expressly permitted by the preceding sentence, any purported sale, pledge, assignment, transfer, attachment or encumbrance of the Performance Units, the DERs or any interest or right therein shall be null,

Exhibit A-6

------

void and unenforceable against the Partnership, the General Partner, the Employer and their respective Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Compliance with Securities Law</u>**. Notwithstanding any provision of this Agreement to the contrary, the issuance of Common Units hereunder will be subject to compliance with all applicable requirements of applicable law with respect to such securities and with the requirements of any securities exchange or market system upon which the Common Units may then be listed. No Common Units will be issued hereunder if such issuance would constitute a violation of any applicable law or regulation or the requirements of any securities exchange or market system upon which the Common Units may then be listed. In addition, Common Units will not be issued hereunder unless (a) a registration statement under the Securities Act of 1933, as amended (the "<u>Securities Act</u>") is in effect at the time of such issuance with respect to the Common Units to be issued or (b) in the opinion of legal counsel to the Partnership, the Common Units to be issued are permitted to be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. The inability of the Partnership to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Partnership's legal counsel to be necessary for the lawful issuance and sale of any Common Units hereunder will relieve the Partnership of any liability in respect of the failure to issue such Common Units as to which such requisite authority has not been obtained. As a condition to any issuance of Common Units hereunder, the General Partner or the Partnership may require Employee to satisfy any requirements that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect to such compliance as may be requested by the General Partner or the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**<u>No Right to Continued Employment or Awards</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For purposes of this Agreement, Employee shall be considered to be employed by the Employer as long as Employee remains an "Employee" (as such term is defined in the Plan), or an employee of a corporation or other entity (or a parent or subsidiary of such corporation or other entity) assuming or substituting a new award for this Award. Without limiting the scope of the preceding sentence, it is specifically provided that Employee shall be considered to have terminated employment at the time of the termination of the status of the entity or other organization that employs Employee as an "Affiliate" of the General Partner. Nothing in the adoption of the Plan, nor the award of the Performance Units or DERs thereunder pursuant to the Grant Notice and this Agreement, shall confer upon Employee the right to continued employment by, or a continued service relationship with, the Employer or any of its Affiliates, or any other entity, or affect in any way the right of the Employer or any such Affiliate, or any other entity to terminate such employment at any time. Unless otherwise provided in a written employment agreement or by applicable law, Employee's employment by the Employer, or any such Affiliate, or any other entity shall be on an at-will basis, and the employment relationship may be terminated at any time by either Employee or the Employer, or any such Affiliate, or other entity for any reason whatsoever, with or without cause or notice. Any question as to whether and when there has been a termination of such employment, and the

Exhibit A-7

------

cause of such termination, shall be determined by the Committee or its delegate, and such determination shall be final, conclusive and binding for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The grant of the Performance Units and DERs is a one-time Award and does not create any contractual or other right to receive a grant of Awards or benefits in lieu of Awards in the future. Future Awards will be at the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**<u>Notices</u>**. Any notices or other communications provided for in this Agreement shall be sufficient if in writing. In the case of Employee, such notices or communications shall be effectively delivered if hand delivered to Employee at Employee's principal place of employment or if sent by registered or certified mail to Employee at the last address Employee has filed with the Employer. In the case of the Partnership or General Partner, such notices or communications shall be effectively delivered if sent by registered or certified mail to the General Partner at its principal executive offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**<u>Agreement to Furnish Information</u>**. Employee agrees to furnish to the General Partner all information requested by the General Partner to enable the General Partner or any of its Affiliates to comply with any reporting or other requirement imposed upon the General Partner or any of its Affiliates by or under any applicable statute or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**<u>Entire Agreement; Amendment</u>**. This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the Performance Units and DERs granted hereunder; *provided, however*, that the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any employment and/or severance agreement between the Partnership, the General Partner, the Employer or any of their respective Affiliates and Employee in effect as of the date a determination is to be made under this Agreement. Without limiting the scope of the preceding sentence, except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect. The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; *provided*, *however*, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of Employee shall be effective only if it is in writing and signed by both Employee and an authorized officer of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**<u>Governing Law</u>**. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**<u>Successors and Assigns</u>**. The General Partner may assign any of its rights under this Agreement without Employee's consent. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the General Partner. Subject to the restrictions on transfer set forth herein and in the Plan, this Agreement will be binding upon Employee and Employee's beneficiaries, executors, administrators and the person(s) to whom the Performance Units or DERs may be transferred by will or the laws of descent or distribution.

Exhibit A-8

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.**<u>Clawback</u>**. Notwithstanding any provision in this Agreement or the Grant Notice to the contrary, to the extent required by (a) applicable law, including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any Securities and Exchange Commission rule or any applicable securities exchange listing standards and/or (b) any policy that may be adopted or amended by the Board from time to time, all Common Units issued hereunder shall be subject to forfeiture, repurchase, recoupment and/or cancellation to the extent necessary to comply with such law(s) and/or policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.**<u>Severability</u>**. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of such provision shall not affect the validity or enforceability of any other provision of this Agreement and all other provisions shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.**<u>Code Section 409A</u>**. None of the Performance Units, DERs or any amounts payable pursuant to this Agreement are intended to constitute or provide for a deferral of compensation that is subject to Section 409A of the Code and the Treasury regulations and other interpretive guidance issued thereunder (collectively, "<u>Section 409A</u>"), and the Award granted pursuant to this Agreement shall be construed and interpreted in accordance with such intent. Nevertheless, to the extent that the Committee determines that the Performance Units or DERs may not be exempt from Section 409A, then, if Employee is deemed to be a "specified employee" within the meaning of Section 409A, as determined by the Committee, at a time when Employee becomes eligible for settlement of the Performance Units or DERs upon his "separation from service" within the meaning of Section 409A, then to the extent necessary to prevent any accelerated or additional tax under Section 409A, such settlement will be delayed until the earlier of: (a) the date that is six months following Employee's separation from service and (b) Employee's death. Notwithstanding the foregoing, none of the Partnership, the General Partner, the Employer or any of their respective Affiliates makes any representations that the payments provided under this Agreement are exempt from or compliant with Section 409A and in no event shall the Partnership, the General Partner, the Employer or any of their respective Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with Section 409A.

Remainder of Page Intentionally Blank

Exhibit A-9

## Exhibit 10.5

**BLACK STONE MINERALS, L.P.**

**2025 LONG-TERM INCENTIVE PLAN**

**RESTRICTED UNIT AWARD GRANT NOTICE**

Pursuant to the terms and conditions of the Black Stone Minerals, L.P. 2025 Long-Term Incentive Plan, as amended from time to time (the "<u>Plan</u>"), Black Stone Minerals GP, L.L.C., a Delaware limited liability company (the "<u>General Partner</u>"), hereby grants to the individual listed below ("<u>you</u>" or "<u>Employee</u>") the number of Restricted Units (all of which shall consist of Common Units) set forth below (the "<u>Restricted Units</u>"). This award of Restricted Units (this "<u>Award</u>") is subject to the terms and conditions set forth herein as well as the terms and conditions set forth in the Restricted Unit Award Agreement attached hereto as <u>Exhibit A</u> (the "<u>Agreement</u>") and in the Plan, each of which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

---

| | | |
|:---|:---|:---|
| **Employee:** | [•] | [•] |
| **Date of Grant:** | [•] | [•] |
| **Employer:** | Black Stone Natural Resources Management Company or any other entity that may employ Employee after the Date of Grant and which entity is the General Partner, Black Stone Minerals, L.P., a Delaware limited partnership (the "<u>Partnership</u>"), or any of their respective Affiliates. | Black Stone Natural Resources Management Company or any other entity that may employ Employee after the Date of Grant and which entity is the General Partner, Black Stone Minerals, L.P., a Delaware limited partnership (the "<u>Partnership</u>"), or any of their respective Affiliates. |
| **Number of Restricted Units Granted:** | [•] Restricted Units | [•] Restricted Units |
| **Qualifying Termination Percentage:** | 100% |  |
| **Vesting Schedule:** | Subject to the Agreement, the Plan and the other terms and conditions set forth herein, the Restricted Units (rounded to the nearest whole number of Restricted Units, except in the case of the final vesting date) shall vest in accordance with the following schedule so long as you remain continuously employed by the Employer from the Date of Grant through each vesting date set forth below: | Subject to the Agreement, the Plan and the other terms and conditions set forth herein, the Restricted Units (rounded to the nearest whole number of Restricted Units, except in the case of the final vesting date) shall vest in accordance with the following schedule so long as you remain continuously employed by the Employer from the Date of Grant through each vesting date set forth below: |
| **Vesting Schedule:** | <br>**<u>Vesting Date</u>** | **Portion of the Award** <br>**<u>that Becomes Vested</u>** |
| **Vesting Schedule:** | [•] | 1/3 |
| **Vesting Schedule:** | [•] | 1/3 |
| **Vesting Schedule:** | [•] | 1/3 |

---

By clicking to accept, you agree to be bound by the terms and conditions of the Plan, the Agreement and this Restricted Unit Award Grant Notice (this "<u>Grant Notice</u>"). You acknowledge that you have reviewed the Agreement, the Plan and this Grant Notice in their

------

entirety and fully understand all provisions of the Agreement, the Plan and this Grant Notice. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee regarding any questions or determinations arising under the Agreement, the Plan or this Grant Notice.

In lieu of receiving documents in paper format, you agree, to the fullest extent permitted by applicable law, to accept electronic delivery of any documents that the General Partner or any Affiliate may be required to deliver (including prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other award made or offered by the General Partner. Electronic delivery may be made via the electronic mail system of the General Partner or one of its Affiliates or by reference to a location on an intranet site to which you have access. You hereby consent to any and all procedures the General Partner has established or may establish for an electronic signature system for delivery and acceptance of any such documents.

You also understand and acknowledge that you should consult with your tax advisor regarding the advisability of filing with the Internal Revenue Service an election under Section 83(b) of the Internal Revenue Code (a "<u>Section 83(b) Election</u>") with respect to the Restricted Units. This election must be filed no later than 30 days after Date of Grant. This time period cannot be extended. If you wish to file a Section 83(b) Election, an election form is attached to this Grant Notice as <u>Exhibit B</u>. By clicking to accept, you acknowledge that (a) you have been advised to consult with a tax advisor regarding the tax consequences of the Restricted Units and (b) the timely filing of a Section 83(b) Election is your sole responsibility, even if you request the Employer, the General Partner or any of their respective Affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) to assist in making such filing or to file such election on your behalf.

*You acknowledge and agree that clicking to accept this Award constitutes your electronic signature and is intended to have the same force and effect as your manual signature.*

Remainder of Page Intentionally Blank;

Signature Page Follows

------

**IN WITNESS WHEREOF**, the General Partner has caused this Grant Notice to be executed by an officer thereunto duly authorized effective for all purposes as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BLACK STONE MINERALS GP, L.L.C.**<br>By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Steve Putman <br>Senior Vice President, General Counsel<br>and Secretary<br>

Signature Page to

Restricted Unit Award Grant Notice

------

**<u>EXHIBIT A</u>**

**RESTRICTED UNIT AWARD AGREEMENT**

This Restricted Unit Award Agreement (this "<u>Agreement</u>") is made as of the Date of Grant set forth in the Grant Notice to which this Agreement is attached (the "<u>Date of Grant</u>") by and between Black Stone Minerals GP, L.L.C., a Delaware limited liability company (the "<u>General Partner</u>"), and [•] ("<u>Employee</u>"). Capitalized terms used but not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**<u>Award</u>**. Effective as of the Date of Grant, the General Partner hereby grants to Employee the number of Restricted Units (all of which shall consist of Common Units) set forth in the Grant Notice (the "<u>Restricted Units</u>") on the terms and conditions set forth in the Grant Notice, this Agreement and the Plan, which is incorporated herein by reference as a part of this Agreement. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**<u>Issuance Mechanics</u>**. The General Partner shall (a) cause a certificate or certificates representing such Common Units to be registered in the name of Employee, or (b) cause such Common Units to be held in book-entry form. If a certificate is issued, it shall be delivered to and held in custody by the General Partner and shall bear such legend or legends as the Committee deems appropriate in order to reflect the Forfeiture Restrictions (as defined below) and to ensure compliance with the terms and provisions of this Agreement, the rules, regulations and other requirements of the United States Securities and Exchange Commission, any applicable federal or state securities laws or any securities exchange on which the Common Units are then listed or quoted. If the Common Units are held in book-entry form, then such entry will reflect that the Common Units are subject to the restrictions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**<u>Forfeiture Restrictions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Restricted Units may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of except as provided in this Agreement or the Plan. In the event of the termination of Employee's employment with the Employer, except as otherwise expressly provided in this Agreement, Employee shall immediately and without any further action by the General Partner, forfeit and surrender for no consideration all of the Restricted Units with respect to which the Forfeiture Restrictions have not lapsed as of the date of such termination. The prohibition against transfer and the obligation to forfeit and surrender the Restricted Units upon termination of Employee's employment as provided in this Section 3(a) are referred to herein as the "<u>Forfeiture Restrictions</u>." The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of the Restricted Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event of a Qualifying Termination (as defined in Section 3(d)) prior to the vesting of all of the Restricted Units, subject to Employee's compliance with the release requirement described in Section 3(f), the Forfeiture Restrictions on the Applicable Restricted Units (as defined in Section 3(d)) shall automatically lapse and the Applicable Restricted Units

Exhibit A-1

------

shall immediately thereafter become Earned Units so long as Employee has remained continuously employed by the Employer from the Date of Grant through the date of such Qualifying Termination; provided, however, that if such Qualifying Termination occurs within 24 months following a Change of Control, the Forfeiture Restrictions on all unvested Restricted Units will lapse automatically in accordance with Section 3(e) without any further action by the General Partner or the Partnership and such Restricted Units shall immediately thereafter become Earned Units so long as Employee has remained continuously employed by the Employer from the Date of Grant through the date of such Qualifying Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event of a termination of Employee's employment due to Employee's Disability (as defined in Section 3(d)) or death prior to the vesting of all of the Restricted Units, the Forfeiture Restrictions on all unvested Restricted Units will lapse automatically in accordance with Section 3(e) without any further action by the General Partner or the Partnership and such Restricted Units shall immediately thereafter become Earned Units so long as Employee has remained continuously employed by the Employer from the Date of Grant through the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)As used herein, the following terms have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Applicable Restricted Units</u>" means the number of Restricted Units equal to A *minus* B, where "A" is the product of (x) the number of Restricted Units granted hereunder,(y) a fraction, the numerator of which is the number of days during the period beginning on the Date of Grant and ending on the date of Employee's Qualifying Termination, and the denominator of which is the number of days during the period beginning on the Date of Grant and ending on the last vesting date set forth in the Grant Notice, and, (z) the Qualifying Termination Percentage set forth in the Grant Notice; and "B" is the cumulative number of Restricted Units that became vested prior to the date of Employee's Qualifying Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)"<u>Cause</u>" has the meaning assigned to such term in Employee's severance agreement with the General Partner or one of its Affiliates; *provided*, *however*, that if Employee does not have a severance agreement with the General Partner or one of its Affiliates or if such agreement does not define the term "Cause," then "Cause" means a determination by the Employer that Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)willfully and continually failed to substantially perform Employee's duties to the Partnership and its Affiliates (other than a failure resulting from Employee's Disability);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)willfully engaged in conduct that is demonstrably and materially injurious to the Partnership, the General Partner or any of their respective Affiliates, monetarily or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)has been convicted of, or has plead guilty or *nolo contendere* to, a misdemeanor involving moral turpitude or a felony;

Exhibit A-2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)has committed an act of fraud, or material embezzlement or material theft, in each case, in the course of Employee's employment relationship with the Employer or one of its Affiliates, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)has materially breached any obligations of Employee under any written agreement (including any non-compete, non-solicitation or confidentiality covenants) entered into between Employee and the Partnership, the General Partner or any of their respective Affiliates.

Notwithstanding the foregoing, except for a failure, breach or refusal that, by its nature, cannot reasonably be expected to be cured, Employee shall have 30 days following the delivery of written notice by the Employer or one of its Affiliates within which to cure any actions or omissions described in clauses (1), (2), (4) or (5) constituting Cause; provided however, that, if the Employer reasonably expects irreparable injury from a delay of 30 days, the Employer or one of its Affiliates may give Employee notice of such shorter period within which to cure as is reasonable under the circumstances, which may include the termination of Employee's employment without notice and with immediate effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)"<u>Disability</u>" means Employee's incapacity, due to accident, sickness or another circumstance, that renders Employee unable to perform the essential functions of Employee's job function, with reasonable accommodation, for a period of at least 90 consecutive days or 120 days in any 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)"<u>Good Reason</u>" has the meaning assigned to such term in Employee's severance agreement with the General Partner or one of its Affiliates; *provided*, *however*, that if Employee does not have a severance agreement with the General Partner or one of its Affiliates or if such agreement does not define the term "Good Reason," then "Good Reason" means the occurrence of any of the following events without Employee's written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)a reduction in Employee's total compensation other than a general reduction in compensation that affects all similarly situated employees in substantially the same proportions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)a relocation of Employee's principal place of employment by more than 50 miles from the location of Employee's principal place of employment as of the Date of Grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)any material breach by the Partnership or the General Partner of any material provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)a material, adverse change in Employee's title, authority, duties or responsibilities (other than while Employee has a Disability);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)a material adverse change in the reporting structure applicable to Employee; or

Exhibit A-3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)following a Change of Control, either (x) a failure of the General Partner or one of its Affiliates to continue in effect any benefit plan or compensation arrangement in which Employee was participating immediately prior to such Change of Control or (y) the taking of any action by the General Partner or one of its Affiliates that adversely affects Employee's participation in, or materially reduces Employee's benefits or compensation under, any such benefit plan or compensation arrangement, unless, in the case of either clause (x) or (y), there is substituted a comparable benefit plan or compensation arrangement that is at least economically equivalent to the benefit plan or compensation arrangement being terminated or in which Employee's participation is being adversely affected or Employee's benefits or compensation are being materially reduced.

Notwithstanding the foregoing provisions of this definition or any other provision of the Agreement to the contrary, any assertion by Employee of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied: (A) Employee must provide written notice to the General Partner of the existence of the condition(s) providing grounds for termination for Good Reason within 30 days of the initial existence of such grounds; (B) the condition(s) specified in such notice must remain uncorrected for 30 days following the General Partner's receipt of such written notice; and (C) the date of Employee's termination of employment must occur within 60 days after the initial existence of the condition(s) specified in such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)"<u>Qualifying Termination</u>" means a termination of Employee's employment by reason of (1) a termination of Employee's employment by the Employer without Cause, or (2) Employee's resignation for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Restricted Units shall be released from the Forfeiture Restrictions in accordance with the vesting schedule set forth in the Grant Notice. The Restricted Units with respect to which the Forfeiture Restrictions lapse without forfeiture are referred to herein as the "<u>Earned Units</u>." As soon as administratively practicable following the release of any Restricted Units from the Forfeiture Restrictions, the General Partner shall, as applicable, either deliver to Employee the certificate or certificates representing such Common Units in the General Partner's possession belonging to Employee, or, if the Common Units are held in book-entry form, then the General Partner shall remove the notations indicating that the Common Units are subject to the restrictions of this Agreement. Employee (or the beneficiary or personal representative of Employee in the event of Employee's death or disability, as the case may be) shall deliver to the General Partner any representations or other documents or assurances as the General Partner or its representatives deem necessary or advisable in connection with any such delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)As a condition to any accelerated vesting described herein, Employee must first execute within the time provided to do so (and not revoke in any time provided to do so), a release, in a form acceptable to the General Partner, releasing the Committee, the Employer, the Partnership, the General Partner, their respective Affiliates, and each of the foregoing entities' respective shareholders, members, partners, officers, managers, directors, fiduciaries, employees, representatives, agents and benefit plans (and fiduciaries of such plans) from any and all claims,

Exhibit A-4

------

including any and all causes of action arising out of Employee's employment with the Employer and any of its Affiliates or the termination of such employment, but excluding all claims to payments under the Plan and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**<u>Distributions</u>**. Distributions that are paid or distributed with respect to a Restricted Unit (whether in the form of Units or other property (including cash)) shall be paid and distributed to Employee on or within 30 days following the date distributions are made to the unitholders of the Partnership, regardless of whether the Restricted Units have become vested. Distributions paid or distributed in the form of securities with respect to Restricted Units shall bear such legends, if any, as may be determined by the Committee from time to time to reflect the terms and conditions of this Agreement and to comply with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**<u>Rights as Unitholder</u>**. Except as otherwise provided herein, upon issuance of the Restricted Units, Employee shall have all the rights of a holder of Common Units with respect to such Restricted Units subject to the restrictions herein, including the right to vote the Common Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**<u>Tax Withholding</u>**. Upon any taxable event arising in connection with the Restricted Units, the General Partner shall have the authority and the right to deduct or withhold (or cause the Employer or one of its Affiliates to deduct or withhold), or to require Employee to remit to the General Partner (or the Employer or one of its Affiliates), an amount sufficient to satisfy all applicable federal, state and local taxes required by law to be withheld with respect to such event. In satisfaction of the foregoing requirement, unless otherwise determined by the Committee, the General Partner or the Employer or one of its Affiliates shall withhold, or cause to be surrendered, from any cash or equity remuneration (including any of the Common Units issued under this Agreement) then or thereafter payable to Employee an amount equal to the aggregate amount of taxes required to be withheld with respect to such event. If such tax obligations are satisfied through the withholding or surrender of Common Units pursuant to this Agreement, the maximum number of Common Units so withheld (or surrendered) shall be the number of Common Units that have an aggregate Fair Market Value on the date of withholding (or surrender) equal to the aggregate amount of taxes required to be withheld, determined based on the greatest withholding rates for federal, state, local and foreign income tax and payroll tax purposes that may be utilized without resulting in adverse accounting, tax, or other consequences to the General Partner or any of its Affiliates (other than immaterial administrative, reporting, or similar consequences), as determined by the Committee. Employee acknowledges and agrees that none of the Board, the Committee, the General Partner, the Partnership, the Employer or any of their respective Affiliates has made any representation or warranty as to the tax consequences to Employee as a result of the receipt of the Restricted Units, the lapse of any Forfeiture Restrictions or the forfeiture of any of the Restricted Units pursuant to the Forfeiture Restrictions. Employee represents that he is in no manner relying on the Board, the Committee, the Partnership, General Partner, the Employer or any of their respective Affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including, without limitation, attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. Employee

Exhibit A-5

------

represents that he has consulted with any tax consultants that Employee deems advisable in connection with the Restricted Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**<u>Refusal to Transfer; Stop-Transfer Notices</u>**. The Partnership shall not be required (a) to transfer on its books any Common Units that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (b) to treat as owner of such Common Units or to accord the right to vote or pay distributions to any purchaser or other transferee to whom such Common Units shall have been so transferred. Employee agrees that, in order to ensure compliance with the restrictions referred to herein, the Partnership or the General Partner may issue appropriate "stop transfer" instructions to its transfer agent, if any, and that, if the Partnership transfers its own securities, it may make appropriate notations to the same effect in its own records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**<u>Restricted Units Not Transferable</u>**. Prior to becoming Earned Units, the Restricted Units may not be (a) sold, pledged, assigned or transferred in any manner during the lifetime of Employee other than by will or the laws of descent and distribution, unless and until the Forfeiture Restrictions have lapsed, or (b) liable for the debts, contracts or engagements of Employee or his or her successors in interest. Except to the extent expressly permitted by the preceding sentence, any purported sale, pledge, assignment, transfer, attachment or encumbrance of the Restricted Units or any interest or right therein shall be null, void and unenforceable against the Partnership, the General Partner, the Employer and their respective Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**<u>Section 83(b) Election</u>**. If Employee makes an election under Section 83(b) of the Code to be taxed with respect to the Restricted Units as of the Date of Grant rather than as of the date or dates upon which Employee would otherwise be taxable under Section 83(a) of the Code, Employee hereby agrees to (a) use the election form provided in <u>Exhibit B</u> for such purpose and (b) deliver a copy of such election to the General Partner promptly after filing such election with the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**<u>No Right to Continued Employment or Awards</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For purposes of this Agreement, Employee shall be considered to be employed by the Employer as long as Employee remains an "Employee" (as such term is defined in the Plan), or an employee of a corporation or other entity (or a parent or subsidiary of such corporation or other entity) assuming or substituting a new award for this Award. Without limiting the scope of the preceding sentence, it is specifically provided that Employee shall be considered to have terminated employment at the time of the termination of the status of the entity or other organization that employs Employee as an "Affiliate" of the General Partner. Nothing in the adoption of the Plan, nor the grant of the Restricted Units pursuant to the Grant Notice and this Agreement, shall confer upon Employee the right to continued employment by, or a continued service relationship with, the Employer or any of its Affiliates, or any other entity, or affect in any way the right of the Employer or any such Affiliate, or any other entity to terminate such employment at any time. Unless otherwise provided in a written employment agreement or by applicable law, Employee's employment by the Employer, or any such Affiliate, or any other entity shall be on an at-will basis, and the employment relationship may be terminated at any time by either Employee or the Employer, or any such Affiliate, or other entity

Exhibit A-6

------

for any reason whatsoever, with or without cause or notice. Any question as to whether and when there has been a termination of such employment, and the cause of such termination, shall be determined by the Committee or its delegate, and such determination shall be final, conclusive and binding for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The grant of the Restricted Units is a one-time Award and does not create any contractual or other right to receive a grant of Awards or benefits in lieu of Awards in the future. Future Awards will be at the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**<u>Notices</u>**. Any notices or other communications provided for in this Agreement shall be sufficient if in writing. In the case of Employee, such notices or communications shall be effectively delivered if hand delivered to Employee at Employee's principal place of employment or if sent by registered or certified mail to Employee at the last address Employee has filed with the Employer. In the case of the Partnership or General Partner, such notices or communications shall be effectively delivered if sent by registered or certified mail to the General Partner at its principal executive offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**<u>Agreement to Furnish Information</u>**. Employee agrees to furnish to the General Partner all information requested by the General Partner to enable the General Partner or any of its Affiliates to comply with any reporting or other requirement imposed upon the General Partner or any of its Affiliates by or under any applicable statute or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**<u>Entire Agreement; Amendment</u>**. This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the Restricted Units granted hereunder; *provided, however*, that the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any employment and/or severance agreement between the Partnership, the General Partner, the Employer or any of their respective Affiliates and Employee in effect as of the date a determination is to be made under this Agreement. Without limiting the scope of the preceding sentence, except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect. The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; *provided*, *however*, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of Employee shall be effective only if it is in writing and signed by both Employee and an authorized officer of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**<u>Governing Law</u>**. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.**<u>Successors and Assigns</u>**. The General Partner may assign any of its rights under this Agreement without Employee's consent. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the General Partner. Subject to the restrictions on transfer set forth herein and in the Plan, this Agreement will be binding upon Employee and

Exhibit A-7

------

Employee's beneficiaries, executors, administrators and the person(s) to whom the Restricted Units may be transferred by will or the laws of descent or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.**<u>Clawback</u>**. Notwithstanding any provision in this Agreement or the Grant Notice to the contrary, to the extent required by (a) applicable law, including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any Securities and Exchange Commission rule or any applicable securities exchange listing standards and/or (b) any policy that may be adopted or amended by the Board from time to time, all Restricted Units granted hereunder shall be subject to forfeiture, repurchase, recoupment and/or cancellation to the extent necessary to comply with such law(s) and/or policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.**<u>Severability</u>**. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of such provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect.

Remainder of Page Intentionally Blank

Exhibit A-8

------

**<u>EXHIBIT B</u>**

**SECTION 83(b) ELECTION**

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in gross income as compensation for services the excess (if any) of the fair market value of the property described below over the amount paid for such property.

1.&nbsp;&nbsp;&nbsp;&nbsp;The name, taxpayer identification number and address of the undersigned (the "<u>Taxpayer</u>"), and the taxable year for which this election is being made are:

Taxpayer's Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Taxpayer's Social

Security Number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - -<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

**&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Taxpayer's Address: &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Taxable Year:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calendar Year <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

2.&nbsp;&nbsp;&nbsp;&nbsp;The property that is the subject of this election (the "<u>Property</u>") is ________ common units of Black Stone Minerals, L.P.

3.&nbsp;&nbsp;&nbsp;&nbsp;The Property was transferred to the Taxpayer on ___________________.

4.&nbsp;&nbsp;&nbsp;&nbsp;The Property is subject to the following restrictions: The units are subject to various transfer restrictions and are subject to forfeiture in the event certain service conditions are not satisfied.

5.&nbsp;&nbsp;&nbsp;&nbsp;The fair market value of the Property at the time of transfer (determined without regard to any restriction other than a nonlapse restriction as defined in Section 1.83-3(h) of the Income Tax Regulations) is $__________ per unit x ________ units = $_______________.

6.&nbsp;&nbsp;&nbsp;&nbsp;The amount paid by the Taxpayer for the Property is $__________ per unit x ________ units = $_______________.

7.&nbsp;&nbsp;&nbsp;&nbsp;The amount to include in gross income is $_______________.

*The undersigned taxpayer will file this election with the Internal Revenue Service office with which the taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the Property. A copy of the election also will be furnished to the person for whom the services were performed. Additionally, the undersigned will include a copy of the election with his or her income tax return for the taxable year in which the Property is transferred. The undersigned is the person performing the services in connection with which the Property was transferred.*

Dated: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxpayer's Signature

Exhibit B-1

## Exhibit 10.6

***By Electronic Delivery - Certent***

Dear [•],

Black Stone Minerals GP, L.L.C., a Delaware limited liability company (the "<u>General Partner</u>") is pleased to inform you that you are eligible to earn a short-term incentive award (the "<u>STI Award</u>") on the terms and conditions set forth herein and in the Black Stone Minerals, L.P. 2025 Long-Term Incentive Plan, as amended from time to time (the "<u>Plan</u>"), which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

---

| | |
|:---|:---|
| **Target STI Award:** | $[•] (the "<u>Target Amount</u>") |
| **Performance Period:** | [•] through [•] |

---

**A.&nbsp;&nbsp;&nbsp;&nbsp;Earning of STI Award**

Subject to the terms and conditions set forth herein and in the Plan, the STI Award shall become earned in the manner set forth below so long as you remain continuously employed by Black Stone Natural Resources Management Company, the General Partner, Black Stone Minerals, L.P., a Delaware limited partnership (the "<u>Partnership</u>"), or any of their respective Affiliates (the "<u>Employer</u>") from the date hereof through the end of the Performance Period. The extent to which the STI Award becomes earned will be determined based on the Partnership's EBITDAX (as defined below) for the Performance Period determined in accordance with the following table (the "<u>Performance Goals</u>"); provided, however, that notwithstanding any provision herein, the Committee may, in its sole discretion, reduce or increase the amount of the STI Award that actually becomes earned and payable based on individual or team performance during the Performance Period. Following the end of the Performance Period, the Committee will determine the level of achievement of the Performance Goals for the Performance Period. The amount of the STI Award, if any, that actually becomes earned for the Performance Period will be determined by the Committee (and any portion of the STI Award that does not become so earned shall be automatically forfeited).

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Below Threshold</u>** | <br>**<u>Threshold</u>** | <br>**<u>Target</u>** | <br>**<u>Maximum</u>** |
| Partnership's EBITDAX for the Performance Period | ˂$[•] | $[•] | $[•] | ≥$[•] |
| Percentage of Target Amount that is Earned\* | 0% | 50% | 100% | 200% |

---

\*If the Partnership's EBITDAX for the Performance Period is between the amount in the Threshold and Target columns set forth in the first row of the table above, then the percentage of the Target Amount that is earned shall be determined by linear interpolation between Threshold

------

(50%) and Target (100%) based on the Partnership's EBITDAX for the Performance Period. If the Partnership's EBITDAX for the Performance Period is between the amount in the Target and Maximum columns set forth in the first row of the table above, then the percentage of the Target Amount that is earned shall be determined by linear interpolation between Target (100%) and Maximum (200%) based on the Partnership's EBITDAX for the Performance Period. Each percentage of the Target Amount that is earned as determined by linear interpolation shall be rounded to four decimal places.

As used herein, the term "<u>EBITDAX</u>" means net income or net loss for the Performance Period, determined in accordance with generally accepted accounting principles in the United States, plus the following expenses or charges to the extent deducted therefrom: interest, taxes, depreciation, depletion, amortization, impairments and other noncash charges, exploration expenses, delay rental expenses, dry hole expenses, gains/losses on sales of assets, and certain adjustments as determined by the Committee.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Termination of Employment** 

In the event of a termination of your employment prior to the end of the Performance Period (i) by the Employer without Cause (as defined below), (ii) as a result of your resignation for Good Reason (as defined below), or (iii) as a result of your death or Disability (as defined below), then, subject to your execution of, and non-revocation of, a release in a form acceptable to the General Partner (which release will be provided to you within seven days following the termination of your employment), a portion of the unearned STI Award equal to the Target Amount multiplied by a fraction, the numerator of which is the number of days you were employed by the Employer during the Performance Period and the denominator of which is the number of days in the Performance Period shall become earned as of the date on which the Committee makes the determination of the level of achievement of the Performance Goals, as described under "Earning of STI Award" above.

As used herein "<u>Cause</u>" has the meaning assigned to such term in your severance agreement with the General Partner or one of its Affiliates; *provided*, *however*, that if you do not have a severance agreement with the General Partner or one of its Affiliates or if such agreement does not define the term "Cause," then "Cause" means a determination by the Employer that you: (i) willfully and continually failed to substantially perform your duties to the Partnership and its Affiliates (other than a failure resulting from your Disability); (ii) willfully engaged in conduct that is demonstrably and materially injurious to the Partnership, the General Partner or any of their respective Affiliates, monetarily or otherwise; (iii) have been convicted of, or has plead guilty or *nolo contendere* to, a misdemeanor involving moral turpitude or a felony; (iv) have committed an act of fraud, or material embezzlement or material theft, in each case, in the course of you employment relationship with the Employer or one of its Affiliates, or (v) have materially breached any of your obligations under any written agreement (including any non-compete, non-solicitation or confidentiality covenants) entered into between you and the Partnership, the General Partner or any of their respective Affiliates. Notwithstanding the foregoing, except for a failure, breach or refusal that, by its nature, cannot reasonably be expected to be cured, you shall have 30 days following the delivery of written notice by the

------

Employer or one of its Affiliates within which to cure any actions or omissions described in clauses (i), (ii), (iv) or (v) constituting Cause; *provided, however*, that, if the Employer reasonably expects irreparable injury from a delay of 30 days, the Employer or one of its Affiliates may give you notice of such shorter period within which to cure as is reasonable under the circumstances, which may include the termination of you employment without notice and with immediate effect.

As used herein, "<u>Disability</u>" means your incapacity, due to accident, sickness or another circumstance that renders you unable to perform the essential functions of your job function, after accounting for reasonable accommodation, for a period of at least 90 consecutive days or 120 days in any 12-month period.

As used herein, "<u>Good Reason</u>" has the meaning assigned to such term in your severance agreement with the General Partner or one of its Affiliates; *provided*, *however*, that if you do not have a severance agreement with the General Partner or one of its Affiliates or if such agreement does not define the term "Good Reason," then "Good Reason" means the occurrence of any of the following events without your written consent: (i) a reduction in your total compensation other than a general reduction in compensation that affects all similarly situated employees in substantially the same proportions; (ii) a relocation of your principal place of employment by more than 50 miles from the location of your principal place of employment as of the date hereof; (iii) any material breach by the Partnership or the General Partner of any material provision of this letter; (iv) a material, adverse change in your title, authority, duties or responsibilities (other than due to a Disability); (v) a material adverse change in the reporting structure applicable to you; or (vi) following a Change of Control, either (x) a failure of the General Partner or one of its Affiliates to continue in effect any benefit plan or compensation arrangement in which you were participating immediately prior to such Change of Control or (y) the taking of any action by the General Partner or one of its Affiliates that adversely affects your participation in, or materially reduces your benefits or compensation under, any such benefit plan or compensation arrangement, unless, in the case of either clause (x) or (y), there is substituted a comparable benefit plan or compensation arrangement that is at least economically equivalent to the benefit plan or compensation arrangement being terminated or in which your participation is being adversely affected or your benefits or compensation are being materially reduced. Notwithstanding the foregoing provisions of this definition or any other provision of the Agreement to the contrary, any assertion by you of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied: (A) you must provide written notice to the General Partner of the existence of the condition(s) providing grounds for termination for Good Reason within 30 days of the initial existence of such grounds; (B) the condition(s) specified in such notice must remain uncorrected for 30 days following the General Partner's receipt of such written notice; and (C) the date of your termination of employment must occur within 60 days after the initial existence of the condition(s) specified in such notice.

------

**C.&nbsp;&nbsp;&nbsp;&nbsp;Settlement**

As soon as administratively practicable following the Committee's determination of the level of achievement of the Performance Goals for the Performance Period, but in no event later than March 15 following the end of the Performance Period, the General Partner shall pay or cause to be paid to you a lump-sum cash amount equal to the portion of the STI Award that becomes earned based on the level of achievement of the Performance Goals as determined by the Committee, less any applicable tax withholding.

If you have any questions regarding your STI Award please contact [•] at [•].

Sincerely,

**BLACK STONE MINERALS GP, L.L.C**.

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name:&nbsp;&nbsp;&nbsp;&nbsp;Steve Putman

Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President, General Counsel, and Secretary

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer**

**pursuant to Rule 13a-14(a) and Rule 15d-14(a)**

**of the Securities Exchange Act of 1934, as amended**

I, Thomas L. Carter, Jr., certify that:

1. I have reviewed this report on Form 10-Q of Black Stone Minerals, L.P. (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 4, 2025 | /s/ Thomas L. Carter, Jr. |
| | Thomas L. Carter, Jr. |
| | Chief Executive Officer |
| | Black Stone Minerals GP, L.L.C.,<br>the general partner of Black Stone Minerals, L.P. |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer**

**pursuant to Rule 13a-14(a) and Rule 15d-14(a)**

**of the Securities Exchange Act of 1934, as amended**

I, H. Taylor DeWalch, certify that:

1. I have reviewed this report on Form 10-Q of Black Stone Minerals, L.P. (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 4, 2025 | /s/ H. Taylor DeWalch |
| | H. Taylor DeWalch |
| | Chief Financial Officer |
| | Black Stone Minerals GP, L.L.C.,<br>the general partner of Black Stone Minerals, L.P. |

---

## Exhibit 32.1

**Exhibit 32.1**

**Certification of**

**Chief Executive Officer and Chief Financial Officer**

**under Section 906 of the**

**Sarbanes Oxley Act of 2002, 18 U.S.C. § 1350**

In connection with the report on Form 10-Q of Black Stone Minerals, L.P. (the "Partnership"), as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Thomas L. Carter, Jr., Chief Executive Officer of the Partnership, and H. Taylor DeWalch, Chief Financial Officer of the Partnership, each certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

---

| | |
|:---|:---|
| Date: November 4, 2025 | /s/ Thomas L. Carter, Jr. |
|  | Thomas L. Carter, Jr.<br>Chief Executive Officer<br>Black Stone Minerals GP, L.L.C.,<br>the general partner of Black Stone Minerals, L.P. |
| Date: November 4, 2025 | /s/ H. Taylor DeWalch |
|  | H. Taylor DeWalch<br>Chief Financial Officer<br>Black Stone Minerals GP, L.L.C.,<br>the general partner of Black Stone Minerals, L.P. |

---

<br>