Black Stone Minerals, L.P.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
BSM$13.67-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows F-
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net income | $299,932 | $271,326 | $422,549 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation, depletion, and amortization | 36,887 | 45,196 | 45,683 |
| Accretion of asset retirement obligations | 1,374 | 1,298 | 1,042 |
| Amortization of deferred charges | 1,085 | 1,079 | 1,039 |
| (Gain) loss on commodity derivative instruments | (47,591) | 5,730 | (91,117) |
| Net cash (paid) received on settlement of commodity derivative instruments | 10,989 | 45,214 | 82,723 |
| Equity-based compensation | 9,620 | 8,564 | 10,829 |
| Gain on sale of assets, net | — | — | (73) |
| Changes in operating assets and liabilities: | |||
| Accrued revenue and accounts receivable | 5,545 | 11,244 | 53,053 |
| Prepaid expenses and other current assets | (6,614) | (789) | (414) |
| Accounts payable, accrued liabilities, and other | (286) | 1,042 | (3,827) |
| Settlement of asset retirement obligations | (774) | (861) | (236) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 310,167 | 389,043 | 521,251 |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Acquisitions of oil and natural gas properties | (107,052) | (109,393) | (14,605) |
| Additions to oil and natural gas properties | (640) | (790) | (4,213) |
| Additions to oil and natural gas properties leasehold costs | (11,118) | (3,423) | (545) |
| Purchases of other property and equipment | (298) | (1,425) | (450) |
| Proceeds from the sale of oil and natural gas properties | 834 | 2,795 | 73 |
| NET CASH USED IN INVESTING ACTIVITIES | (118,274) | (112,236) | (19,740) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Distributions to common unitholders | (285,654) | (336,931) | (398,824) |
| Distributions to Series B cumulative convertible preferred unitholders | (29,466) | (28,126) | (21,000) |
| Repurchases of common units | (3,777) | (4,449) | (5,496) |
| Borrowings under credit facility | 373,000 | 97,000 | 64,000 |
| Repayments under credit facility | (244,000) | (72,000) | (74,000) |
| Debt issuance costs and other | (3,037) | (64) | (216) |
| NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (192,934) | (344,570) | (435,536) |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,041) | (67,763) | 65,975 |
| Cash and cash equivalents — beginning of the year | 2,519 | 70,282 | 4,307 |
| Cash and cash equivalents — end of the year | $1,478 | $2,519 | $70,282 |
| SUPPLEMENTAL DISCLOSURE | |||
| Interest paid | $7,383 | $1,961 | $1,736 |
| Common units issued for property acquisitions | $7,417 | $1,039 | $— |
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