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 · 2026-08-04 vs the prior 10-Q · 2026-05-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +30 | −13 | ~30 | 57 |
| Market risk (Item 3) | Text added/removed | +2 | −3 | ~2 | 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 · 2026-08-04
At the end of the second quarter, Adamas Energy (formerly Aethon Energy, "Adamas") was operating two rigs on our Angelina and San Augustine acreage in the Shelby Trough. Adamas successfully turned to sales 4 gross (0.4 net) wells in July 2026. Adamas’s development program remains on track with the d…
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 the Permian Basin, Blue Arrow Operating is in progress on a development of 25 gross (1.9 net) wells in the southern Delaware Basin. Three wells were turned to sales during the quarter with the remaining expected to come online in the second half of 2026 and first half of 2027.
Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025
Total revenue for the quarter ended June 30, 2026 decreased compared to the quarter ended June 30, 2025. The decrease in total revenue in the second quarter of 2026 is primarily due to lower gains on our commodity derivative instruments and lower natural gas and NGL sales partially offset by increas…
Text removed vs the prior filing · source: 10-Q · 2026-05-05
During the first quarter, Adamas Energy (formerly Aethon Energy, "Adamas") was operating three rigs on our Angelina and San Augustine acreage in the Shelby Trough. Adamas’s development program remains on track, with 4 wells spud in the first quarter of 2026 as part of the current program year ending…
completed gross lateral-foot targets at one well per 7,000 lateral feet, allowing longer laterals while keeping overall development levels unchanged. Revenant spud two wells in the first quarter of 2026, one of which experienced a loss of well control incident in April 2026. We are currently assessi…
In the Permian Basin, Coterra Energy continues to develop our acreage in Culberson County, Texas. During the first quarter, 17 gross wells (0.6 net) were turned to sales. A separate development by another Permian operator of 25 gross (1.9 net) wells in the southern Delaware Basin is expected to come…
Unrealized (gain) loss on commodity derivative instruments52,306 52,390
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-08-04
Commodity prices have been historically volatile based upon the dynamics of supply and demand. To estimate the effect lower prices would have on our reserves, we applied a 10% discount to the SEC commodity pricing for the three months ended June 30, 2026. Applying this discount results in an approxi…
Our derivative contracts expose us to credit risk in the event of nonperformance by counterparties. While we do not require our counterparties to our derivative contracts to post collateral, we do evaluate the credit standing of such counterparties as we deem appropriate. This evaluation includes re…
Text removed vs the prior filing · source: 10-Q · 2026-05-05
contracts. These hypothetical changes in fair value could result in a gain or loss depending on whether commodity prices increase or decrease.
Commodity prices have been historically volatile based upon the dynamics of supply and demand. To estimate the effect lower prices would have on our reserves, we applied a 10% discount to the SEC commodity pricing for the three months ended March 31, 2026. Applying this discount results in an approx…
Our derivative contracts expose us to credit risk in the event of nonperformance by counterparties. While we do not require our counterparties to our derivative contracts to post collateral, we do evaluate the credit standing of such counterparties as we deem appropriate. This evaluation includes re…
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