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SEC Filings
10-Q
BLACK STONE MINERALS, L.P. filed this Form 10-Q on 11/07/2017
Entire Document
 
PART I – FINANCIAL INFORMATION



Item 1. Financial Statements 
BLACK STONE MINERALS, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
                                                                               (In thousands)
 
September 30, 2017
 
December 31, 2016
ASSETS
 
 

 
 

CURRENT ASSETS
 
 

 
 

Cash and cash equivalents
 
$
8,911

 
$
9,772

Accounts receivable
 
68,895

 
68,181

Commodity derivative assets
 
4,724

 

Prepaid expenses and other current assets
 
1,269

 
1,036

TOTAL CURRENT ASSETS
 
83,799

 
78,989

PROPERTY AND EQUIPMENT
 
 

 
 

Oil and natural gas properties, at cost, using the successful efforts method of accounting, includes unproved properties of $731,978 and $605,736 at September 30, 2017 and December 31, 2016, respectively
 
2,892,447

 
2,697,073

Accumulated depreciation, depletion, amortization, and impairment
 
(1,736,695
)
 
(1,652,930
)
Oil and natural gas properties, net
 
1,155,752

 
1,044,143

Other property and equipment, net of accumulated depreciation of $14,384 and $14,327 at September 30, 2017 and December 31, 2016, respectively
 
519

 
528

NET PROPERTY AND EQUIPMENT
 
1,156,271

 
1,044,671

DEFERRED CHARGES AND OTHER LONG-TERM ASSETS
 
6,000

 
5,167

TOTAL ASSETS
 
$
1,246,070

 
$
1,128,827

LIABILITIES, MEZZANINE EQUITY AND EQUITY
 
 

 
 

CURRENT LIABILITIES
 
 

 
 

Accounts payable
 
$
3,659

 
$
4,142

Accrued liabilities
 
38,336

 
50,952

Commodity derivative liabilities
 

 
16,237

Other current liabilities
 
302

 

TOTAL CURRENT LIABILITIES
 
42,297

 
71,331

LONG-TERM LIABILITIES
 
 

 
 

Credit facility
 
362,000

 
316,000

Accrued incentive compensation
 
2,883

 
1,485

Commodity derivative liabilities
 

 
482

Deferred revenue
 

 
518

Asset retirement obligations
 
13,909

 
13,350

Other long-term liability
 
6,592

 

TOTAL LIABILITIES
 
427,681

 
403,166

COMMITMENTS AND CONTINGENCIES (Note 8)
 


 


MEZZANINE EQUITY
 
 

 
 

Partners' equity - convertible redeemable preferred units, 26 and 53 units outstanding at September 30, 2017 and December 31, 2016, respectively
 
27,092

 
54,015

EQUITY
 
 

 
 

Partners' equity - general partner interest
 

 

Partners' equity - common units, 103,324 and 95,721 units outstanding at September 30, 2017 and December 31, 2016, respectively
 
608,998

 
489,023

Partners' equity - subordinated units, 95,388 and 95,164 units outstanding at September 30, 2017 and December 31, 2016, respectively
 
181,395

 
181,602

Noncontrolling interests
 
904

 
1,021

TOTAL EQUITY
 
791,297

 
671,646

TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY
 
$
1,246,070

 
$
1,128,827

The accompanying notes are an integral part of these consolidated financial statements.

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