BSM — what changed in the latest 10-Q
A section-by-section comparison of BSM's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-03 vs the prior 10-Q · 2026-08-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +20 | −10 | ~45 | 62 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~4 | 2 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-03
Our agreement with Revenant Energy ("Revenant") covers 270,000 gross acres in which we currently control approximately 122,000 undeveloped net acres, primarily located in Angelina, Nacogdoches, and San Augustine counties in Texas. The agreement includes minimum annual drilling commitments across thr…
In November 2025, we entered into a 220,000 gross acre development agreement with an affiliate of Caturus Energy, LLC ("Caturus") covering acreage primarily in Angelina, Cherokee, Houston, and Nacogdoches counties in Texas, which aims to push the Shelby Trough westward toward the Western Haynesville…
In October 2026, we entered into an amended and restated development agreement with Caturus that expands the contract area by 730,000 gross acres to a total of 950,000 gross acres and provides for incremental development commitments across two additional development areas primarily located in Housto…
In the third quarter of 2026, consistent with our previously announced acquisition strategy, we acquired $14.6 million of additional (primarily non-producing) mineral and royalty interests. In October 2026, we acquired additional mineral and royalty interests and surface rights in the expanded Shelb…
From September 2023 through October 2026, we completed $335.5 million of acquisitions, primarily consisting of mineral and royalty interests in the expanded Shelby Trough area.
Text removed vs the prior filing · source: 10-Q · 2026-08-04
Our agreement with Revenant Energy ("Revenant") covers 270,000 gross acres in which we currently control approximately 122,000 undeveloped net acres. Under the original agreement, Revenant was obligated to drill a minimum of 6 wells in 2026, increasing annually to a minimum of 25 wells per year by 2…
laterals while keeping overall development levels unchanged. In May 2026, we entered into an amendment to the JEA that reduced the Program Year 1 drilling commitments to 4 wells following the well control incident in April 2026 affecting one of the two wells spud in the first quarter of 2026. The am…
In November 2025, we entered into a 220,000 gross acre development agreement with Caturus Energy, LLC ("Caturus"), which aims to push the Shelby Trough westward towards the Western Haynesville. Activity will begin with approximately 2 gross (0.2 net) wells in the second half of 2026 and ramp to appr…
In the second quarter of 2026, consistent with our previously announced acquisition strategy, we acquired $37.2 million of additional (primarily non-producing) mineral and royalty interests. From September 2023 through June 2026, we have completed $299.7 million of mineral and royalty acquisitions, …
Net natural gas exports averaged 17.2 Bcf per day during the second quarter of 2026, a 14% increase from the 2025 average. The EIA forecasts average exports of 17.3 Bcf per day for the remainder of 2026 and 18.6 Bcf per day for 2027. The EIA forecast reflects assumptions that LNG exports will increa…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice