D
DORCHESTER MINERALS, L.P.
DMLPCIK 0001172358NasdaqLarge AcceleratedCrude Petroleum & Natural GasDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$57.35M
Total Assets
$309.55M
Equity
—
Shares Out
48.26M
Op. Cash Flow
$132.49M
Business
DORCHESTER MINERALS, L.P. is a publicly traded limited partnership that acquires, owns and administers mineral, royalty and net profits interests in oil and natural gas properties. It derives revenue by receiving royalty, overriding royalty, leasehold and net profits payments from operators and through a net profits interest in properties owned by its Operating Partnership. The Partnership’s key business components are its Royalty Properties portfolio and its Net Profits Interest (NPI), supported operationally by the Operating Partnership and overseen by its General Partner. Its interests span numerous counties across many U.S. states, including Texas, New Mexico, Colorado and Louisiana, and it collects payments from a diversified base of oil and gas operators.
Summary from filing dated 2025-02-20
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Operating revenues | 153 | 162 | 164 | 171 | 93 | |
| Production taxes | 6 | 7 | 6 | 7 | 4 | |
| Operating expenses | 10 | 8 | 6 | 6 | 4 | |
| Depreciation, depletion and amortization | 66 | 43 | 26 | 19 | 10 | |
| Total costs and expenses | 95 | 69 | 50 | 40 | 23 | |
| Net income | 57 | 92 | 114 | 131 | 70 | |
| General Partner | 2 | 3 | 4 | 4 | 2 | |
| Unitholders | 55 | 89 | 110 | 126 | 68 | |
| Net income per common unit (basic and diluted) (in dollars per share) | 1.16 | 2.13 | 2.85 | 3.35 | 1.94 | |
| Weighted average basic and diluted common units outstanding (in shares) | 48 | 42 | 39 | 38 | 35 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 42 | 43 | 47 | 41 | 28 | |
| Prepaid expenses and other current assets | 526,000 | 539,000 | — | — | — | |
| Total current assets | 59 | 68 | 70 | 62 | 47 | |
| Oil and natural gas properties (full cost method) | 746 | 727 | 507 | 473 | 440 | |
| Accumulated full cost depletion | −496 | −429 | −387 | −361 | −342 | |
| Total | 250 | 298 | 120 | 112 | 98 | |
| Operating lease right-of-use asset | 423,000 | 586,000 | 765,000 | 959,000 | 1 | |
| Total assets | 310 | 367 | 191 | 176 | 147 | |
| Accounts payable and other current liabilities | 4 | 4 | 4 | 3 | 3 | |
| Operating lease liability | 256,000 | 263,000 | 272,000 | 281,000 | 291,000 | |
| Total current liabilities | 4 | 4 | 4 | 3 | 3 | |
| Operating lease liability | 521,000 | 777,000 | 1 | 1 | 2 | |
| Total liabilities | 4 | 5 | 6 | 5 | 4 | |
| Commitments and contingencies (Note 5) | — | — | — | — | — | |
| General Partner | −5 | −2 | 113,000 | 676,000 | 982,000 | |
| Unitholders (48,256 and 47,340 common units issued and outstanding as of December 31, 2025 and 2024, respectively) | 310 | 364 | 185 | 171 | 141 | |
| Total partnership capital | 305 | 362 | 186 | 172 | 142 | |
| Total liabilities and partnership capital | 310 | 367 | 191 | 176 | 147 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Amortization of operating lease right-of-use asset | 163,000 | 179,000 | 194,000 | 209,000 | 224,000 | |
| Accounts receivable | 6 | −5 | −467,000 | — | — | |
| Net profits interest receivable - related party | 3 | 3 | −1 | −348,000 | −5 | |
| Prepaid expenses and other current assets | −13,000 | −133,000 | −25,000 | — | — | |
| Accounts payable and other current liabilities | −135,000 | −522,000 | 1 | 930,000 | 623,000 | |
| Operating lease liability | −263,000 | −273,000 | −281,000 | −291,000 | −300,000 | |
| Net cash provided by operating activities | 132 | 133 | 140 | 147 | 70 | |
| Net cash contributed in acquisitions of oil and natural gas properties | 4 | 15 | 2 | 2 | — | |
| Distributions paid to General Partner and unitholders | −137 | −152 | −136 | −137 | −56 | |
| (Decrease) Increase in cash and cash equivalents | −571,000 | −5 | 6 | 12 | 17 | |
| Fair value of common units issued for acquisitions of oil and natural gas properties | 23 | 236 | 36 | 35 | 43 |
Filings
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