How did BSM's revenue and expenses shift in Q4 2024?

Black Stone Minerals (BSM) experienced a significant shift in its revenue and expenses in Q4 2024, primarily driven by changes in the oil and condensate segment and commodity derivative instruments:

1. **Oil and Condensate Segment Dominance**:
- BSM's revenue from the oil and condensate segment reached $269.06 million and $209.11 million, indicating a strong performance in this segment.
- The natural gas and natural gas liquids segment also contributed significantly, with revenues of $157.91 million and $115.54 million.
2. **Commodity Derivative Instruments**:
- BSM faced a $5.73 million expense in commodity derivative instruments, which is a notable figure considering the overall revenue and expense structure.
- This suggests that while BSM is generating substantial revenue from its core operations, it is also facing challenges from derivative instruments, potentially due to market fluctuations or operational risks.
3. **Lease Bonus and Other Income**:
- BSM earned $14.84 million from commodity derivative instruments and $12.46 million from lease bonus and other income, indicating diversification in its revenue streams.
- However, the negative $5.73 million from commodity derivative instruments highlights the need for effective risk management to mitigate potential losses.

|code|Ticker|Name|Date|Business Composition|Revenue By Business|market_code|
|---|---|---|---|---|---|---|
|BSM|BSM.N|Black Stone Minerals|20240101-2024|Commodity Derivative Instruments|-5730000|169|
|BSM|BSM.N|Black Stone Minerals|20240101-2024|Commodity Derivative Instruments|1.4838E7|169|
|BSM|BSM.N|Black Stone Minerals|20240101-2024|Commodity Derivative Instruments|-1.6837E7|169|
|BSM|BSM.N|Black Stone Minerals|20240101-2024|Commodity Derivative Instruments|-1.129E7|169|
|BSM|BSM.N|Black Stone Minerals|20240101-2024|Lease Bonus and Other Income|3548000|169|
|BSM|BSM.N|Black Stone Minerals|20240101-2024|Commodity Derivative Instruments|-1.129E7|169|
|BSM|BSM.N|Black Stone Minerals|20240101-2024|Oil and Condensate|7.1224E7|169|
|BSM|BSM.N|Black Stone Minerals|20240101-2024|Natural Gas and Natural Gas Liquids|4.2011E7|169|