Dorchester Minerals Q3 2024: Production & Revenue Update

TL;DR

DMLP Q3 2024: Production steady, revenue $39.6M. EPS $2.55 YTD.

AI Summary

Dorchester Minerals, L.P. reported its Q3 2024 results, with total production of 47,340 MBOE for the nine months ended September 30, 2024. The company's revenue from oil and gas sales for the third quarter of 2024 was $39,583,000. Earnings per diluted share for the nine-month period were $2.550813.

Why It Matters

This filing provides insight into Dorchester Minerals' operational and financial performance for the third quarter of 2024, impacting investor understanding of the company's current standing in the oil and gas sector.

Risk Assessment

Risk Level: medium — The company operates in the volatile oil and gas industry, subject to commodity price fluctuations and regulatory changes.

Key Numbers

• 47,340 MBOE — Total Production (YTD) (Represents the volume of oil and gas produced in the first nine months of 2024.)
• $39,583,000 — Q3 2024 Revenue (Indicates the company's sales performance in the third quarter of 2024.)
• $2.550813 — YTD EPS (Reflects the company's profitability on a per-share basis for the year to date.)

Key Players & Entities

• Dorchester Minerals, L.P. (company) — Filer of the 10-Q report
• 47,340 MBOE (dollar_amount) — Total production for the nine months ended September 30, 2024
• $39,583,000 (dollar_amount) — Revenue from oil and gas sales for the third quarter of 2024
• $2.550813 (dollar_amount) — Earnings per diluted share for the nine months ended September 30, 2024
• 2024-09-30 (date) — End of the reporting period for the 10-Q

FAQ

Filing Documents

• dmlp20240930_10q.htm (10-Q) — 510KB
• ex_719191.htm (EX-31.1) — 12KB
• ex_719192.htm (EX-31.2) — 12KB
• ex_719193.htm (EX-32.1) — 6KB
• 0001437749-24-032791.txt ( ) — 1792KB
• dmlp-20240930.xsd (EX-101.SCH) — 18KB
• dmlp-20240930_cal.xml (EX-101.CAL) — 14KB
• dmlp-20240930_def.xml (EX-101.DEF) — 102KB
• dmlp-20240930_lab.xml (EX-101.LAB) — 107KB
• dmlp-20240930_pre.xml (EX-101.PRE) — 114KB
• dmlp20240930_10q_htm.xml (XML) — 141KB

– 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 Quarterly Report, in the Partnership's other filings with the SEC and elsewhere in this Quarterly 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 in the Middle East, changes in the operations on or development of our properties, ch

– 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) September 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 56,468 $ 47,025 Trade and other receivables 21,823 14,407 Net profits interest receivable - related party 7,659 8,275 Total current assets 85,950 69,707 Oil and natural gas properties (full cost method) 727,863 507,057 Accumulated full cost depletion ( 411,497 ) ( 386,939 ) Total 316,366 120,118 Leasehold improvements 989 989 Accumulated amortization ( 583 ) ( 514 ) Total 406 475 Operating lease right-of-use asset 630 765 Total assets $ 403,352 $ 191,065 LIABILITIES AND PARTNERSHIP CAPITAL Current liabilities: Accounts payable and other current liabilities $ 5,782 $ 4,195 Operating lease liability 265 272 Total current liabilities 6,047 4,467 Operating lease liability 842 1,041 Total liabilities 6,889 5,508 Commitments and contingencies (Note 4) Partnership capital: General Partner ( 766 ) 113 Unitholders ( 47,340 and 39,583 common units issued and outstanding as of September 30, 2024 and December 31, 2023, respectively) 397,229 185,444 Total partnership capital 396,463 185,557 Total liabilities and partnership capital $ 403,352 $ 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Operating revenues: Royalties $ 45,147 $ 35,790 $ 101,660 $ 84,087 Net profits interest 7,777 6,033 18,619 26,810 Lease bonus and other

View Full Filing

View this 10-Q filing on SEC EDGAR