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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

The table below summarizes the fair value and classification of the Partnership’s derivative instruments:

As of September 30, 2017
Classification
 
Balance Sheet Location
 
Gross Fair
Value
 
Effect of
Counterparty
Netting
 
Net Carrying
Value on
Balance Sheet
 
 
 
 
 

 
(In thousands)
 
 
Assets:
 
 
 
 

 
 

 
 

Current asset
 
Commodity derivative assets
 
$
5,338

 
$
(614
)
 
$
4,724

Long-term asset
 
Deferred charges and other
long-term assets
 
1,822

 
(217
)
 
1,605

Total assets
 
 
 
$
7,160

 
$
(831
)
 
$
6,329

Liabilities:
 
 
 
 

 
 

 
 

Current liability
 
Commodity derivative liabilities
 
$
614

 
$
(614
)
 
$

Long-term liability
 
Commodity derivative liabilities
 
217

 
(217
)
 

Total liabilities
 
 
 
$
831

 
$
(831
)
 
$

 
As of December 31, 2016
Classification
 
Balance Sheet Location
 
Gross Fair
Value
 
Effect of
Counterparty
Netting
 
Net Carrying
Value on
Balance Sheet
 
 
 
 
 

 
(In thousands)
 
 
Assets:
 
 
 
 

 
 

 
 

Current asset
 
Commodity derivative assets
 
$
3,879

 
$
(3,879
)
 
$

Long-term asset
 
Deferred charges and other
long-term assets
 

 

 

Total assets
 
 
 
$
3,879

 
$
(3,879
)
 
$

Liabilities:
 
 
 
 

 
 

 
 

Current liability
 
Commodity derivative liabilities
 
$
20,116

 
$
(3,879
)
 
$
16,237

Long-term liability
 
Commodity derivative liabilities
 
482

 

 
482

Total liabilities
 
 
 
$
20,598

 
$
(3,879
)
 
$
16,719

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. Changes in the fair value of the Partnership’s commodity derivative instruments (both assets and liabilities) are as follows:
 
 
For the Nine Months Ended September 30,
Derivatives not designated as hedging instruments
 
2017
 
2016
 
 
(In thousands)
Beginning fair value of commodity derivative instruments
 
$
(16,719
)
 
$
64,534

Gain (loss) on oil derivative instruments
 
18,306

 
(8,906
)
Gain (loss) on natural gas derivative instruments
 
17,081

 
(3,389
)
Net cash received on settlements of oil derivative
   instruments
 
(10,682
)
 
(23,034
)
Net cash received on settlements of natural gas
   derivative instruments
 
(1,657
)
 
(16,186
)
Net change in fair value of commodity derivative
   instruments
 
23,048

 
(51,515
)
Ending fair value of commodity derivative instruments
 
$
6,329

 
$
13,019


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