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SEC Filings
10-Q
BLACK STONE MINERALS, L.P. filed this Form 10-Q on 11/07/2017
Entire Document
 
BLACK STONE MINERALS, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 
For the nine months ended
 
September 30, 2017
 
(In thousands)
Beginning asset retirement obligations
$
13,350

  Liabilities incurred
290

  Liabilities settled
(113
)
  Accretion expense
760

  Dispositions
(5
)
  Revisions
(71
)
Ending asset retirement obligations
$
14,211

  Current asset retirement obligations
$
302

  Non-current asset retirement obligations
$
13,909

 
 
NOTE 4—ACQUISITIONS AND DISPOSITIONS
    
Acquisitions of proved oil and natural gas properties and working interests are considered business combinations and are recorded at their estimated fair value as of the acquisition date. Acquisitions of unproved oil and natural gas properties are considered asset acquisitions and are recorded at cost.
2017 Acquisitions
During the nine months ended September 30, 2017, the Partnership closed on multiple acquisitions of mineral and royalty interests in the Delaware Basin and East Texas, which also included producing properties.
The following table summarizes the asset acquisitions which included producing properties:
    

Proved
Unproved
Net Working Capital
Total Fair Value
Acquisition-Related Costs1

Cash
Fair Value of Common Units Issued

(in thousands)
January
$
5,135

$
34,008

$
263

$
39,406
 
$
1,162


$
27,380

$
12,026

June
5,006

45,477


50,483
 
1,468


4,802

45,681

August
3,277

9,984


13,261
 
89


4,289

8,972

September
3,120



3,120
 


3,120


   Total fair value
$
16,538

$
89,469

$
263

$
106,270
 
$
2,719


$
39,591

$
66,679

1 Acquisition-related costs were expensed and included in the general and administrative line item of the 2017 consolidated statement of operations.
In addition, the Partnership acquired mineral and royalty interests from various sellers in East Texas as follows:
        

Unproved
Cash
Fair Value of Common Units Issued

(in thousands)
Q1 2017
$
21,189

$
21,017

$
172

Q2 2017
13,329

13,329


Q3 2017
19,946

15,205

4,741


$
54,464

$
49,551

$
4,913



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