Dorchester Minerals, L.P. Files 2023 Annual Report on Form 10-K

TL;DR

Dorchester Minerals, L.P. filed its 2023 10-K, detailing significant assets and debt, with royalty and net profit interests revenue reported for the fiscal year.

AI Summary

DORCHESTER MINERALS, L.P. (DMLP) filed a Annual Report (10-K) with the SEC on February 22, 2024. Dorchester Minerals, L.P. reported total assets of $39,583 million and total debt of $38,372 million for the fiscal year ended December 31, 2023. The company's net profit interests revenue was $1.53 million for the fiscal year ended December 31, 2023. Royalty revenue for Dorchester Minerals, L.P. was $3.50 million for the fiscal year ended December 31, 2023. The company's net profit interests revenue was $3.40 million for the fiscal year ended December 31, 2022. Pioneer Natural Resources was a significant customer, representing royalty revenue in 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking DORCHESTER MINERALS, L.P., this filing contains several important signals. The filing provides a comprehensive overview of the company's financial position, including substantial asset and debt figures, which are crucial for investors assessing financial health and leverage. Details on royalty and net profit interests revenue, along with customer concentration, offer insights into the company's operational performance and revenue streams within the oil and gas sector.

Risk Assessment

Risk Level: medium — DORCHESTER MINERALS, L.P. shows moderate risk based on this filing. The company has significant debt relative to its assets ($38,372 million debt vs. $39,583 million assets), indicating a potentially high level of financial leverage and risk.

Analyst Insight

Investors should analyze the company's debt repayment strategies and cash flow generation to understand its ability to manage its substantial debt obligations.

Financial Highlights

total Assets

39,583

total Debt

38,372

Revenue Breakdown

Key Numbers

• 39,583 — Total Assets (As of December 31, 2023)
• 38,372 — Total Debt (As of December 31, 2023)
• 1.53 — Net Profit Interests Revenue (Fiscal Year Ended December 31, 2023 (in millions))
• 3.50 — Royalty Revenue (Fiscal Year Ended December 31, 2023 (in millions))
• 3.40 — Net Profit Interests Revenue (Fiscal Year Ended December 31, 2022 (in millions))

Key Players & Entities

• DORCHESTER MINERALS, L.P. (company) — Filer
• Pioneer Natural Resources (company) — Significant customer for royalty revenue

FAQ

Risk Factors

• Significant Debt Levels [high — financial]: The company carries substantial total debt ($38,372 million) relative to its total assets ($39,583 million), which could pose financial risks.
• Customer Concentration Risk [medium — market]: A significant portion of royalty revenue is derived from Pioneer Natural Resources, creating concentration risk if this customer's business is impacted.

Key Dates

• 2024-02-22: Filing Date — Submission of the 2023 Form 10-K

Key Financial Figures

• $29.96 — mpleted second fiscal quarter, based on $29.96 per unit, the closing price of the comm
• $50,000 — , excluding trade payable, in excess of $50,000 in the aggregate at any given time or w

Filing Documents

• dmlp20231231_10k.htm (10-K) — 1063KB
• ex_627367.htm (EX-4.1) — 76KB
• ex_628307.htm (EX-10.9) — 20KB
• ex_628308.htm (EX-10.10) — 33KB
• ex_614554.htm (EX-21.1) — 5KB
• ex_614555.htm (EX-23.1) — 3KB
• ex_614556.htm (EX-23.2) — 6KB
• ex_614557.htm (EX-31.1) — 12KB
• ex_614558.htm (EX-31.2) — 12KB
• ex_614559.htm (EX-32.1) — 7KB
• ex_614564.htm (EX-99.1) — 34KB
• ex_614565.htm (EX-99.2) — 34KB
• a01.jpg (GRAPHIC) — 53KB
• j1.jpg (GRAPHIC) — 17KB
• j2.jpg (GRAPHIC) — 4KB
• l01.jpg (GRAPHIC) — 5KB
• 0001437749-24-005193.txt ( ) — 3696KB
• dmlp-20231231.xsd (EX-101.SCH) — 29KB
• dmlp-20231231_cal.xml (EX-101.CAL) — 22KB
• dmlp-20231231_def.xml (EX-101.DEF) — 180KB
• dmlp-20231231_lab.xml (EX-101.LAB) — 178KB
• dmlp-20231231_pre.xml (EX-101.PRE) — 197KB
• dmlp20231231_10k_htm.xml (XML) — 282KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 5 ITEM 1B. UNRESOLVED STAFF COMMENTS 18 ITEM 1C. CYBERSECURITY 18 ITEM 2.

PROPERTIES

PROPERTIES 19 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 22 ITEM 4. MINE SAFETY DISCLOSURES 22 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED UNITHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 22 ITEM 6. [RESERVED] 23 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 24 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 31 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 31 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 32 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 32 ITEM 9B. OTHER INFORMATION 32 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURSIDICTIONS THAT PREVENT INSPECTIONS 32 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 33 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 33 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS 33 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 33 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 33 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 34 ITEM 16. FORM 10-K SUMMARY 35 GLOSSARY OF CERTAIN OIL AND NATURAL GAS TERMS 36

SIGNATURES

SIGNATURES 38 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1 Table of Contents PART I.

BUSINESS

ITEM 1. BUSINESS General Dorchester Minerals, L.P. is a publicly traded Delaware limited partnership that commenced operations on January 31, 2003, upon the combination of Dorchester Hugoton, Ltd., Republic Royalty Company, L.P. and Spinnaker Royalty Company, L.P. Dorchester Hugoton was a publicly traded Texas limited partnership, and Republic and Spinnaker were private Texas limited partnerships. We have established a website at www.dmlp.net that contains the last annual meeting presentation and a link to the NASDAQ website. You may obtain all current filings free of charge at our website. We will provide electronic or paper copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished to the Securities and Exchange Commission ("SEC") free of charge upon written request at our executive offices. In this report, the term "Partnership," as well as the terms "us," "our," "we," and "its" are sometimes used as abbreviated references to Dorchester Minerals, L.P. itself or Dorchester Minerals, L.P. and its related entities. Our general partner is Dorchester Minerals Management LP, which is managed by its general partner, Dorchester Minerals Management GP LLC. As a result, the Board of Managers of Dorchester Minerals Management GP LLC exercises effective control of the Partnership. In this report, the term "General Partner" is used as an abbreviated reference to Dorchester Minerals Management LP. Our General Partner also controls and owns, directly and indirectly, all of the Partnership interests in Dorchester Minerals Operating LP and its general partner. Dorchester Minerals Operating LP owns working interests and other properties underlying our Net Profits Interest (or "NPI"), provides day-to-day operational and administrative services to us and our General Partner, and is the employer of all the employees who perform such services. In this report, the term "Operating Partners

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View this 10-K filing on SEC EDGAR