Black Stone Minerals, L.P.
For the period ended Sep 30, 2025. Filed Nov 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 4, 2025
BSM$13.74-1.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations
(In thousands, except per unit amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| REVENUE | ||||
| Oil and condensate sales | $57,091 | $63,999 | $162,991 | $209,112 |
| Natural gas and natural gas liquids sales | 43,086 | 37,039 | 147,510 | 115,543 |
| Lease bonus and other income | 5,006 | 2,143 | 16,645 | 10,480 |
| Revenue from contracts with customers | 105,183 | 103,181 | 327,146 | 335,135 |
| Gain (loss) on commodity derivative instruments | 27,287 | 31,675 | 24,070 | 14,838 |
| TOTAL REVENUE | 132,470 | 134,856 | 351,216 | 349,973 |
| OPERATING (INCOME) EXPENSE | ||||
| Lease operating expense | 2,753 | 2,422 | 7,905 | 7,433 |
| Production costs and ad valorem taxes | 10,935 | 12,369 | 30,146 | 38,876 |
| Exploration expense | 2,151 | 2,562 | 9,010 | 2,579 |
| Depreciation, depletion, and amortization | 9,900 | 11,258 | 28,217 | 34,253 |
| General and administrative | 12,287 | 12,801 | 41,383 | 40,286 |
| Accretion of asset retirement obligations | 344 | 324 | 1,013 | 962 |
| TOTAL OPERATING EXPENSE | 38,370 | 41,736 | 117,674 | 124,389 |
| INCOME FROM OPERATIONS | 94,100 | 93,120 | 233,542 | 225,584 |
| OTHER INCOME (EXPENSE) | ||||
| Interest and investment income | 62 | 344 | 182 | 1,476 |
| Interest expense | (2,426) | (724) | (6,093) | (1,979) |
| Other income (expense) | (7) | (9) | 74 | (101) |
| TOTAL OTHER EXPENSE | (2,371) | (389) | (5,837) | (604) |
| NET INCOME | 91,729 | 92,731 | 227,705 | 224,980 |
| Distributions on Series B cumulative convertible preferred units | (7,366) | (7,366) | (22,099) | (22,099) |
| NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS | $84,363 | $85,365 | $205,606 | $202,881 |
| ALLOCATION OF NET INCOME: | ||||
| General partner interest | $— | $— | $— | $— |
| Common units | 84,363 | 85,365 | 205,606 | 202,881 |
| $84,363 | $85,365 | $205,606 | $202,881 | |
| NET INCOME ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT: | ||||
| Per common unit (basic) | $0.40 | $0.41 | $0.97 | $0.96 |
| Per common unit (diluted) | $0.40 | $0.41 | $0.97 | $0.96 |
| WEIGHTED AVERAGE COMMON UNITS OUTSTANDING: | ||||
| Weighted average common units outstanding (basic) | 211,852 | 210,687 | 211,600 | 210,680 |
| Weighted average common units outstanding (diluted) | 211,852 | 210,687 | 211,600 | 210,680 |
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