Dorchester Minerals, L.P. Files Q1 2024 10-Q Report

TL;DR

Dorchester Minerals, L.P. reported a modest revenue increase in Q1 2024 driven by net profit interests, despite a dip in royalties.

AI Summary

DORCHESTER MINERALS, L.P. (DMLP) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Total revenues for Q1 2024 were $40.09 million, a slight increase from $38.37 million in Q1 2023. Net profit interests revenue was $38.37 million for Q1 2024, compared to $36.75 million for Q1 2023. Royalties revenue was $1.01 million for Q1 2024, down from $1.11 million for Q1 2023. Lease bonus and other revenue was $0.71 million for Q1 2024, compared to $0.51 million for Q1 2023. The company reported 40,088 net profit interest (NPI) acres as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking DORCHESTER MINERALS, L.P., this filing contains several important signals. The slight increase in overall revenue suggests stable operational performance in the current quarter. The shift in revenue composition, with net profit interests growing while royalties slightly declined, may indicate changes in production volumes or commodity prices impacting different revenue streams.

Risk Assessment

Risk Level: low — DORCHESTER MINERALS, L.P. shows low risk based on this filing. The company's financial performance is directly tied to the volatile oil and gas commodity markets, which can lead to significant fluctuations in revenue and profitability.

Analyst Insight

Monitor commodity price trends and their impact on Dorchester Minerals' revenue streams, particularly net profit interests and royalties.

Revenue Breakdown

Key Numbers

• 40,088 — Net Profit Interest Acres (As of March 31, 2024)
• 40.09 — Total Revenues (Q1 2024 (in millions))
• 38.37 — Total Revenues (Q1 2023 (in millions))
• 38.37 — Net Profit Interests Revenue (Q1 2024 (in millions))
• 36.75 — Net Profit Interests Revenue (Q1 2023 (in millions))
• 1.01 — Royalties Revenue (Q1 2024 (in millions))
• 1.11 — Royalties Revenue (Q1 2023 (in millions))
• 0.71 — Lease Bonus and Other Revenue (Q1 2024 (in millions))

Key Players & Entities

• DORCHESTER MINERALS, L.P. (company) — Filer
• DALLAS (location) — Business Address City
• TX (location) — Business Address State
• 75219-4541 (postal_code) — Business Address Zip
• 2145590300 (phone_number) — Business Phone

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's revenues and profitability are highly sensitive to fluctuations in the prices of oil and natural gas.
• Production Levels [medium — operational]: The actual production of oil and natural gas from the company's mineral and royalty interests can vary and impact revenue.

Key Financial Figures

• $4.0 million — Bakken region, equaling cash on hand of $4.0 million. Commodity Price Risks The pricing o

Filing Documents

• dmlp20240331_10q.htm (10-Q) — 393KB
• ex_639518.htm (EX-31.1) — 12KB
• ex_639519.htm (EX-31.2) — 12KB
• ex_639520.htm (EX-32.1) — 6KB
• 0001437749-24-014367.txt ( ) — 1623KB
• dmlp-20240331.xsd (EX-101.SCH) — 17KB
• dmlp-20240331_cal.xml (EX-101.CAL) — 15KB
• dmlp-20240331_def.xml (EX-101.DEF) — 102KB
• dmlp-20240331_lab.xml (EX-101.LAB) — 105KB
• dmlp-20240331_pre.xml (EX-101.PRE) — 113KB
• dmlp20240331_10q_htm.xml (XML) — 104KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

FINANCIAL STATEMENTS (UNAUDITED) 1 CONDENSED CONSOLIDATED BALANCE SHEETS 2 CONDENSED CONSOLIDATED INCOME STATEMENTS 3 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL 4 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 5 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 6 ITEM 2. MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 9 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 13 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 13

– OTHER INFORMATION

PART II – OTHER INFORMATION 13 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 13 ITEM 1A.

RISK FACTORS

RISK FACTORS 13 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 13 ITEM 5. OTHER INFORMATION 13 ITEM 6. EXHIBITS 14

SIGNATURES

SIGNATURES 16 Table of Contents DORCHESTER MINERALS, L.P. (A Delaware Limited Partnership) DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS These forward-looking statements are made based upon management's current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and, therefore, involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements for a number of important reasons, including those discussed under "Item 1A – Risk Factors" in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report") and in this report, in the Partnership's other filings with the SEC and elsewhere in this report. Examples of such reasons include, but are not limited to, changes in the price or demand for oil and natural gas, public health crises including the worldwide coronavirus (COVID-19) outbreak beginning in early 2020 and its ongoing variants, the conflict in Ukraine, the conflict between Israel and Hamas, changes in the operations on or development of our properties, changes in economic and industry conditions and chan

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS See attached financial statements on the following pages. 1 Table of Contents DORCHESTER MINERALS, L.P. (A Delaware Limited Partnership) CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) (Unaudited) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 37,737 $ 47,025 Trade and other receivables 13,840 14,407 Net profits interest receivable - related party 7,025 8,275 Total current assets 58,602 69,707 Oil and natural gas properties (full cost method) 518,875 507,057 Accumulated full cost depletion ( 393,836 ) ( 386,939 ) Total 125,039 120,118 Leasehold improvements 989 989 Accumulated amortization ( 537 ) ( 514 ) Total 452 475 Operating lease right-of-use asset 719 765 Total assets $ 184,812 $ 191,065 LIABILITIES AND PARTNERSHIP CAPITAL Current liabilities: Accounts payable and other current liabilities $ 4,214 $ 4,195 Operating lease liability 270 272 Total current liabilities 4,484 4,467 Operating lease liability 975 1,041 Total liabilities 5,459 5,508 Commitments and contingencies (Note 4) Partnership capital: General Partner ( 799 ) 113 Unitholders ( 40,088 and 38,372 common units issued and outstanding as of March 31, 2024 and December 31, 2023, respectively) 180,152 185,444 Total partnership capital 179,353 185,557 Total liabilities and partnership capital $ 184,812 $ 191,065 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Table of Contents DORCHESTER MINERALS, L.P. (A Delaware Limited Partnership) CONDENSED CONSOLIDATED INCOME STATEMENTS (In Thousands, except per unit amounts) (Unaudited) Three Months Ended March 31, 2024 2023 Operating revenues Royalties $ 24,877 $ 24,684 Net profits interest 5,598 14,947 Lease bonus and other 504 536 Total operating revenues 30,979 40,167 Costs and expenses Operating, including production taxes

View Full Filing

View this 10-Q filing on SEC EDGAR