$BSM

Black Stone Minerals, L.P.

CIK:0001621434|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE
Revenue from contracts with customers	$ 122,122	$ 106,710	$ 246,031	$ 221,963
Gain (loss) on commodity derivative instruments, net	26,850	52,784	(37,700)	(3,217)
TOTAL REVENUE	148,972	159,494	208,331	218,746
OPERATING (INCOME) EXPENSE
Lease operating expense	2,098	2,990	3,991	5,152
Production costs and ad valorem taxes	6,108	9,026	15,308	19,211
Exploration expense	4,825	1,749	9,450	6,859
Depreciation, depletion, and amortization	9,402	9,187	19,187	18,317
General and administrative	16,076	13,924	32,908	29,096
Accretion of asset retirement obligations	393	337	782	669
TOTAL OPERATING EXPENSE	38,902	37,213	81,626	79,304
INCOME FROM OPERATIONS	110,070	122,281	126,705	139,442
OTHER INCOME (EXPENSE)
Interest and investment income	57	56	89	120
Interest expense	(3,816)	(2,270)	(7,177)	(3,667)
Other income (expense), net	47	(39)	13	81
TOTAL OTHER EXPENSE	(3,712)	(2,253)	(7,075)	(3,466)
NET INCOME	106,358	120,028	119,630	135,976
Distributions on Series B cumulative convertible preferred units	(7,366)	(7,367)	(14,732)	(14,733)
NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS	98,992	112,661	104,898	121,243
ALLOCATION OF NET INCOME:
General partner interest	0	0	0	0
Common units	98,992	112,661	104,898	121,243
NET INCOME ATTRIBUTABLE TO THE GENERAL PARTNER AND COMMON UNITS	$ 98,992	$ 112,661	$ 104,898	$ 121,243
NET INCOME ATTRIBUTABLE TO LIMITED PARTNERS PER COMMON UNIT:
Per common unit (basic) (in dollars per share)	$ 0.47	$ 0.53	$ 0.49	$ 0.57
Per common unit (diluted) (in dollars per share)	$ 0.47	$ 0.53	$ 0.49	$ 0.57
WEIGHTED AVERAGE COMMON UNITS OUTSTANDING:
Weighted average common units outstanding (basic) (in shares)	212,596	211,689	212,483	211,472
Weighted average common units outstanding (diluted) (in shares)	212,596	226,761	212,483	211,472
Oil and condensate sales
REVENUE
Revenue from contracts with customers	$ 75,151	$ 55,807	$ 129,265	$ 105,900
Natural gas and natural gas liquids sales
REVENUE
Revenue from contracts with customers	40,275	46,189	103,683	104,424
Lease bonus and other income
REVENUE
Revenue from contracts with customers	$ 6,696	$ 4,714	$ 13,083	$ 11,639

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 106,358	$ 120,028	$ 119,630	$ 135,976
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion, and amortization	9,402	9,187	19,187	18,317
Accretion of asset retirement obligations	393	337	782	669
Amortization of deferred charges			525	550
(Gain) loss on commodity derivative instruments, net	(26,850)	(52,784)	37,700	3,217
Net cash (paid) received on settlement of commodity derivative instruments			(21,012)	(465)
Equity-based compensation			6,031	5,015
Changes in operating assets and liabilities:
Accrued revenue and accounts receivable			(5,516)	(8,948)
Prepaid expenses and other current assets			3,296	(5,623)
Accounts payable, accrued liabilities, and other			(4,984)	(3,297)
Settlement of asset retirement obligations			(112)	(100)
NET CASH PROVIDED BY OPERATING ACTIVITIES			155,527	145,311
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of oil and natural gas properties			(45,904)	(37,990)
Additions to oil and natural gas properties			(344)	(326)
Additions to oil and natural gas properties leasehold costs			(6,296)	(4,620)
Purchases of other property and equipment			(355)	(151)
Proceeds from the sale of oil and natural gas properties			121	400
NET CASH USED IN INVESTING ACTIVITIES			(52,778)	(42,687)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under credit facility			179,000	179,000
Repayments under credit facility			(137,000)	(105,000)
Debt issuance costs and other			(36)	(62)
NET CASH USED IN FINANCING ACTIVITIES			(102,553)	(102,624)
NET CHANGE IN CASH AND CASH EQUIVALENTS			196	0
Cash and cash equivalents – beginning of the period			1,478	2,519	$ 2,519
Cash and cash equivalents – end of the period	$ 1,674	$ 2,519	1,674	2,519	$ 1,478
SUPPLEMENTAL DISCLOSURE
Interest paid			6,643	2,939
Common units issued for property acquisitions			2,800	7,417
Common units
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to unitholders			(127,450)	(158,540)
Repurchases of common units			(2,335)	(3,289)
Preferred Units
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to unitholders			$ (14,732)	$ (14,733)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 1,674	$ 1,478
Accrued revenue and accounts receivable	71,060	65,572
Commodity derivative assets, net	9,848	18,864
Prepaid expenses and other current assets	6,425	9,722
TOTAL CURRENT ASSETS	89,007	95,636
PROPERTY AND EQUIPMENT
Oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of $1,099,220 and $1,063,709 at June 30, 2026 and December 31, 2025, respectively	3,134,600	3,079,340
Accumulated depreciation, depletion, amortization and impairment	(1,874,181)	(1,855,332)
Oil and natural gas properties, net	1,260,419	1,224,008
Other property and equipment, net of accumulated depreciation of $16,229 and $15,768 at June 30, 2026 and December 31, 2025, respectively	1,020	1,126
NET PROPERTY AND EQUIPMENT	1,261,439	1,225,134
DEFERRED CHARGES AND OTHER LONG-TERM ASSETS	15,465	14,784
TOTAL ASSETS	1,365,911	1,335,554
CURRENT LIABILITIES
Accounts payable	4,133	2,823
Accrued liabilities	12,111	19,388
Commodity derivative liabilities, net	5,823	0
Other current liabilities	1,627	2,412
TOTAL CURRENT LIABILITIES	23,694	24,623
LONG–TERM LIABILITIES
Credit facility	196,000	154,000
Accrued incentive compensation	841	1,011
Commodity derivative liabilities, net	3,072	0
Asset retirement obligations	23,312	22,716
Other long-term liabilities	5,526	4,748
TOTAL LIABILITIES	252,445	207,098
COMMITMENTS AND CONTINGENCIES (Note 7)
EQUITY
Partners' equity – general partner interest	0	0
TOTAL EQUITY	812,988	827,978
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY	1,365,911	1,335,554
Preferred Units
MEZZANINE EQUITY
Partners' equity – Series B cumulative convertible preferred units, 14,711 units outstanding at June 30, 2026 and December 31, 2025, respectively	300,478	300,478
Common units
EQUITY
Partners' equity – common units, 212,703 and 211,873 units outstanding at June 30, 2026 and December 31, 2025, respectively	$ 812,988	$ 827,978