Dorchester Minerals, L.P. (NASDAQ:DMLP) is among the most profitable oil stocks to buy now. According to a recent disclosure with the SEC, Goldman Sachs Group Inc. raised its position in Dorchester Minerals, L.P. (NASDAQ:DMLP) by 6.3% during the first quarter. Following the acquisition of 2,101 shares, the global bank now owns 35,684 shares of the energy company’s stock, which translates to an investment of $1,073,000 and an ownership of nearly 0.08%. The one thing that is truly interesting about Dorchest ...

Group 1 - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, with a focus on banks, telecommunications, logistics, and hotels [1] - The popularity of insurance companies in the Philippines has influenced investment strategies, leading to diversification beyond traditional savings in banks and properties [1] - The trend of investing in blue-chip companies has evolved, with a broader portfolio now including various industries and market capitalizations [1] Group 2 - The entry into the US market occurred in 2020, following a period of learning and utilizing a relative's trading account, which provided insights into the US market dynamics [1] - The analysis of US stocks has been compared with those in the Philippine market, indicating a strategic approach to investment across different regions [1] - The engagement with platforms like Seeking Alpha has facilitated knowledge sharing and enhanced understanding of market trends and investment opportunities [1]

Company Overview - Dorchester Minerals, L.P. is based in Dallas and owns producing and non-producing oil and natural gas mineral interests across 28 states [2] Recent Acquisition - The company announced the completion of an acquisition of mineral interests totaling approximately 3,050 net royalty acres located in Adams County, Colorado [1] - The transaction was structured as a non-taxable contribution and exchange, with contributing entities conveying their interests in exchange for 915,694 common units representing limited partnership interests in Dorchester Minerals, L.P. [1]

Group 1 - Dorchester Minerals (NASDAQ: DMLP) announced a distribution of approximately $0.62 per unit for Q2 2025, which represents a decrease of around 15% compared to its Q1 2025 distribution [2] - The decline in distribution was attributed to lower sales volumes and weaker commodity prices [2] Group 2 - The article highlights the expertise of Aaron Chow, who has over 15 years of analytical experience and is recognized as a top-rated analyst on TipRanks [2] - Aaron Chow co-founded a mobile gaming company that was acquired by PENN Entertainment and has experience in designing economic models for mobile apps with significant user engagement [2]

[Disclosure Regarding Forward-Looking Statements](index=4&type=section&id=DISCLOSURE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section outlines that statements in the report are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially - Statements in this report that are not historical facts are forward-looking and involve a number of risks and uncertainties[8](index=8&type=chunk)[9](index=9&type=chunk) - Actual results could differ materially from those expressed or implied due to factors such as changes in oil and natural gas prices or demand, economic and industry conditions, regulatory requirements, and geopolitical conflicts[9](index=9&type=chunk) [Part I – Financial Information](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) This part presents the unaudited condensed consolidated financial statements and management's discussion and analysis for the reporting period [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) This section presents the unaudited condensed consolidated financial statements for Dorchester Minerals, L.P., covering the balance sheets, income statements, statements of changes in partnership capital, and cash flows for the periods ended June 30, 2025, and December 31, 2024 (balance sheet), or June 30, 2024 (income, cash flow, capital) [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section provides a snapshot of the Partnership's financial position at specific dates, detailing assets, liabilities, and partnership capital | Metric | June 30, 2025 (in Thousands) | December 31, 2024 (in Thousands) | Change (vs. Dec 31, 2024) | | :----------------------------- | :----------------------------- | :------------------------------- | :------------------------ | | Total assets | $325,632 | $366,812 | -$41,180 (-11.2%) | | Total liabilities | $5,793 | $5,024 | +$769 (+15.3%) | | Total partnership capital | $319,839 | $361,788 | -$41,949 (-11.6%) | [Condensed Consolidated Income Statements](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20INCOME%20STATEMENTS) This section presents the Partnership's financial performance over specific periods, detailing revenues, expenses, and net income | Metric (in Thousands, except per unit) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :------------------------------------- | :------------------------------- | :------------------------------- | :----------- | :------------------------------- | :------------------------------- | :----------- | | Total operating revenues | $32,395 | $37,360 | -13.3% | $75,559 | $68,339 | +10.6% | | Total costs and expenses | $20,048 | $13,732 | +46.0% | $45,570 | $26,544 | +71.7% | | Net income | $12,347 | $23,628 | -47.8% | $29,989 | $41,795 | -28.3% | | Net income per common unit | $0.25 | $0.57 | -56.1% | $0.61 | $1.01 | -39.6% | [Condensed Consolidated Statements of Changes in Partnership Capital](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20PARTNERSHIP%20CAPITAL) This section outlines the changes in the Partnership's equity over specific periods, including net income and distributions | Metric (in Thousands) | June 30, 2025 | June 30, 2024 | | :-------------------- | :------------ | :------------ | | Total Partnership Capital (Q2) | $319,839 | $170,546 | | Total Partnership Capital (YTD) | $319,839 | $170,546 | | Distributions per common unit (Q2) | $0.725835 | $0.781837 | | Distributions per common unit (YTD) | $1.465247 | $1.789711 | - Partnership capital increased significantly from Q2 2024 to Q2 2025, primarily due to acquisitions of oil and natural gas properties for common units in 2024[20](index=20&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) This section details the cash inflows and outflows from operating, investing, and financing activities for the Partnership | Metric (in Thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (YoY) | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------- | | Net cash provided by operating activities | $63,916 | $57,388 | +11.4% | | Net cash contributed in acquisitions | $2,028 | $4,595 | -55.9% | | Distributions paid | $(71,938) | $(73,847) | -2.6% | | Decrease in cash and cash equivalents | $(5,994) | $(11,864) | -49.5% | | Cash and cash equivalents at end of period | $36,514 | $35,161 | +3.8% | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides additional information and explanations regarding the accounting policies and significant transactions presented in the financial statements - The Partnership's business involves the acquisition, ownership, and administration of Royalty Properties and Net Profits Interest (NPI) across **594 counties and parishes in 28 states**[25](index=25&type=chunk) - In November 2024, FASB issued ASU 2024-03, requiring additional expense disaggregation disclosures, effective for annual periods beginning after December 15, 2026. Management is currently evaluating its impact[29](index=29&type=chunk) - The Partnership completed significant acquisitions of mineral, royalty, and overriding royalty interests in September 2024 and March 2024, primarily in New Mexico, Texas, and Colorado, in exchange for common units valued at **$202.6 million**, **$16.0 million**, and **$17.0 million** respectively[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) - A cash distribution for the second quarter of 2025 of **$0.620216 per common unit** was announced on July 24, 2025, payable on August 14, 2025[35](index=35&type=chunk) - The Partnership operates as a single operating and reportable segment, with the CEO using Net income to assess financial performance and allocate resources on a consolidated basis[36](index=36&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=12&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on the financial performance and condition, highlighting key drivers of changes in net income and cash flows, including commodity prices, sales volumes, and operational expenses, for the three and six months ended June 30, 2025, compared to the prior year [Overview of Business and Operations](index=12&type=section&id=Overview) This section describes the Partnership's core business activities, including its ownership of various mineral and royalty interests - The Partnership owns producing and nonproducing mineral, royalty, overriding royalty, net profits, and leasehold interests (Royalty Properties) in **594 counties and parishes across 28 states**[40](index=40&type=chunk) - The Partnership holds a **96.97% Net Profits Interest (NPI)** in various properties owned by Dorchester Minerals Operating LP, receiving monthly payments based on net profits[41](index=41&type=chunk) - As of June 30, 2025, the NPI was in a surplus position with **$7.3 million in cash on hand** for outstanding capital commitments, primarily in the Bakken region[42](index=42&type=chunk) [Commodity Price Risks and Tariffs](index=12&type=section&id=Commodity%20Price%20Risks) This section discusses the significant impact of fluctuating commodity prices and trade tariffs on the Partnership's profitability and operations - The Partnership's profitability is significantly affected by fluctuating oil and natural gas market prices, which are determined by global supply and demand, geopolitical events (e.g., war in Ukraine, Middle East conflicts), interest rates, and actions taken by OPEC+[43](index=43&type=chunk)[44](index=44&type=chunk) - Increased U.S. tariffs and potential retaliatory tariffs by foreign jurisdictions create uncertainty regarding raw material costs, availability, and inflation, impacting the markets where the Partnership owns properties[45](index=45&type=chunk) [Results of Operations](index=14&type=section&id=Results%20of%20Operations) This section analyzes the key factors influencing the Partnership's revenues, expenses, and net income for the reporting periods - The Partnership completed significant acquisitions in September 2024 (**14,225 net mineral acres in NM/TX for $202.6 million in common units**; **1,204 net royalty acres in CO for $16.0 million in common units**) and March 2024 (**1,485 net royalty acres in CO for $17.0 million in common units**), which impacted the Partnership's asset base[48](index=48&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) | Metric | Q2 2025 | Q2 2024 | Q2 Change (YoY) | YTD 2025 | YTD 2024 | YTD Change (YoY) | | :-------------------------------- | :------ | :------ | :-------------- | :------- | :------- | :--------------- | | **Sales Volumes:** | | | | | | | | Royalty Properties natural gas (mmcf) | 1,341 | 1,275 | +5% | 2,824 | 2,543 | +11% | | Royalty Properties oil (mbbls) | 399 | 423 | -6% | 917 | 766 | +20% | | NPI natural gas (mmcf) | 493 | 493 | 0% | 929 | 982 | -5% | | NPI oil (mbbls) | 163 | 131 | +24% | 298 | 307 | -3% | | **Average Sales Prices:** | | | | | | | | Royalty Properties natural gas ($/mcf) | $1.39 | $1.47 | -5% | $2.50 | $1.54 | +62% | | Royalty Properties oil ($/bbl) | $56.51 | $70.28 | -20% | $60.18 | $68.63 | -12% | | NPI natural gas ($/mcf) | $2.20 | $2.34 | -6% | $3.00 | $1.93 | +55% | | NPI oil ($/bbl) | $61.86 | $69.26 | -11% | $61.62 | $67.61 | -9% | - Lease bonus revenue significantly increased to **$3.6 million in Q2 2025** (vs. $0.1 million in Q2 2024) and **$3.8 million YTD 2025** (vs. $0.1 million YTD 2024), primarily from a lease extension in Reagan County, Texas[17](index=17&type=chunk)[56](index=56&type=chunk) - Operating costs decreased **28% in Q2 2025 YoY** due to lower proportionate production taxes and post-production costs, but increased **13% YTD 2025 YoY** due to higher production taxes, post-production costs, and ad valorem taxes[57](index=57&type=chunk)[58](index=58&type=chunk) - Depreciation, depletion, and amortization (DD&A) increased significantly by **92% in Q2 2025 YoY** and **116% YTD 2025 YoY**, driven by changes in oil and natural gas reserves estimates and recent acquisitions[59](index=59&type=chunk) - General and administrative (G&A) expenses increased **11% in Q2 2025 YoY** and **23% YTD 2025 YoY**, mainly due to higher data services costs, compensation expenses (including an expanded equity program), increased legal fees, and regulatory filing fees[60](index=60&type=chunk) - Net cash provided by operating activities increased **11% YTD 2025 YoY**, primarily due to higher Royalty Properties revenue and lease bonus receipts, partially offset by lower NPI payments and higher G&A expenses[61](index=61&type=chunk) [Liquidity and Capital Resources](index=17&type=section&id=Liquidity%20and%20Capital%20Resources) This section evaluates the Partnership's ability to meet its financial obligations and fund operations through its cash flows and capital structure - The Partnership's primary sources of capital are cash flows from Royalty Properties and the Net Profits Interest (NPI), with a partnership agreement requiring quarterly distributions of all funds received, less certain expenses and reasonable reserves[66](index=66&type=chunk) | Year | Lease Payments (in Thousands) | | :--- | :---------------------------- | | 2025 | $182 | | 2026 | $368 | | 2027 | $374 | | 2028 | $380 | | 2029 | $63 | | Total Lease Payments | $1,367 | | Less amount representing interest | $(460) | | Total Lease Obligation | $907 | - The Partnership expects sufficient liquidity to fund distributions and operations despite potential uncertainties from global military conflicts, inflation, and interest rates, but acknowledges risks from oil and natural gas price volatility and trade policy changes[69](index=69&type=chunk)[70](index=70&type=chunk) | Date | Amount (in Millions) | | :----------- | :----- | | June 30, 2025 | $36.5 | | December 31, 2024 | $42.5 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=19&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) No significant changes in the Partnership's exposure to market risk were reported for the three months ended June 30, 2025, compared to previous disclosures in the Annual Report - There have been no significant changes in the Partnership's exposure to market risk during the three months ended June 30, 2025[74](index=74&type=chunk) [Item 4. Controls and Procedures](index=19&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) The Partnership's principal executive and financial officers evaluated the effectiveness of disclosure controls and procedures, concluding they were effective as of June 30, 2025. No material changes in internal control over financial reporting occurred during the quarter - The principal executive officer and principal financial officer concluded that the Partnership's disclosure controls and procedures were effective as of June 30, 2025[75](index=75&type=chunk) - There were no material changes in the Partnership's internal control over financial reporting during the quarter ended June 30, 2025[76](index=76&type=chunk) [Part II – Other Information](index=19&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This part includes disclosures on legal proceedings, risk factors, equity sales, other information, and exhibits [Item 1. Legal Proceedings](index=19&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The Partnership and its operating subsidiary are involved in routine legal and administrative proceedings, none of which are anticipated to have a material impact on their consolidated financial position, cash flows, or operating results - The Partnership and Dorchester Minerals Operating LP are involved in ordinary course legal and administrative proceedings, none of which are believed to have any material effect on consolidated financial position, cash flows, or operating results[78](index=78&type=chunk) [Item 1A. Risk Factors](index=19&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the Partnership's Annual Report on Form 10-K - There have been no material changes to the Partnership's risk factors as disclosed in its Annual Report[79](index=79&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=19&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details the purchases of common units by the Operating Partnership during the second quarter of 2025, specifically 10,000 units in April, for the purpose of satisfying equity awards under the Equity Incentive Program | Period | Total Number of Units Purchased | Average Price Paid per Unit | Total Number of Units Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Units that May Yet Be Purchased Under the Plans or Programs | | :----------------------------- | :------------------------------ | :-------------------------- | :---------------------------------------------------------------------------- | :---------------------------------------------------------------------------- | | April 1, 2025 – April 30, 2025 | 10,000 | $28.76 | 10,000 | 133,306 (1) | | May 1, 2025 – May 31, 2025 | - | N/A | - | 133,306 (1) | | June 1, 2025 – June 30, 2025 | - | N/A | - | 133,306 (1) | | Total | 10,000 | $28.76 | 10,000 | 133,306 (1) | - The purchases were open-market purchases by the Operating Partnership, an affiliate of the Partnership, pursuant to a Rule 10b5-1 plan to satisfy equity awards under the Equity Incentive Program[81](index=81&type=chunk) [Item 5. Other Information](index=20&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No executive officers or directors adopted or terminated any Rule 10b5-1 trading arrangements or Non-Rule 10b5-1 trading arrangements during the second quarter and six months ended June 30, 2025 - None of the executive officers or directors adopted or terminated any Rule 10b5-1 trading arrangements or Non-Rule 10b5-1 trading arrangements during the second quarter and six months ended June 30, 2025[83](index=83&type=chunk) [Item 6. Exhibits](index=21&type=section&id=ITEM%206.%20EXHIBITS) This section provides a comprehensive list of all exhibits filed with the Form 10-Q, including organizational documents, partnership agreements, and certifications, ensuring transparency and compliance with SEC regulations - The report includes various exhibits such as Certificate of Limited Partnership, Amended and Restated Agreement of Limited Partnership, and certifications of the Chief Executive Officer and Chief Financial Officer[84](index=84&type=chunk)[86](index=86&type=chunk) [Signatures](index=24&type=section&id=SIGNATURES) This section formally attests to the accuracy and completeness of the report through the signatures of the principal executive and financial officers - The report was signed by Bradley Ehrman, Chief Executive Officer, and Leslie Moriyama, Chief Financial Officer, on August 7, 2025[89](index=89&type=chunk)

Financial Performance - Dorchester Minerals, L.P. reported a net income of $12,347,000 for the quarter ended June 30, 2025, translating to $0.25 per common unit [1] - Operating revenues for the quarter were $32,395,000, a decrease from $37,360,000 in the same quarter of 2024 [1] - Net income for the first half of 2025 was $29,989,000, down from $41,795,000 in the first half of 2024 [1] Distribution Information - The Partnership declared a second quarter distribution of $0.620216 per common unit, payable on August 14, 2025, to common unitholders of record as of August 4, 2025 [1] Company Overview - Dorchester Minerals, L.P. is based in Dallas and owns producing and non-producing oil and natural gas mineral interests across 28 states [2] - The company's common units are traded on the NASDAQ Global Select Market under the symbol DMLP [2]

Market Overview - The current market is showing signs of concern due to global tariffs and job-related issues, with volatility increasing across various asset classes including stocks, currencies, and high-yield bonds [1][2][6] - The dollar is appreciating, and the yield premium for high-risk bonds relative to US Treasuries is rising modestly, indicating growing investor caution [6][8] Volatility and Market Trends - Historical data suggests that while the market has been bullish, the likelihood of a correction is increasing, particularly as the market has traded above the 20-day moving average for an extended period [9][10] - The upcoming seasonally weak period in the market is expected to contribute to increased volatility, with August and September typically being the weakest months [10][11] Energy Sector Insights - Dorchester Minerals LP (DMLP) is being targeted as a high-yield investment opportunity, capitalizing on the expected recovery in oil and gas prices, appealing to risk-tolerant investors [12][14] - The energy sector has seen rare dividend cuts, primarily affecting companies directly tied to energy prices, while overall supply and demand dynamics remain positive [13][16] - North American shale producers are maintaining discipline by aligning output and capital expenditure decisions with commodity price signals, which is expected to be a key theme in upcoming earnings calls [15][16]

[Filing Information](index=1&type=section&id=Filing%20Information) This section provides essential administrative and identification details for the Form 8-K filing [General Company and Filing Details](index=1&type=section&id=General%20Company%20and%20Filing%20Details) This section provides the foundational details of the Form 8-K filing, identifying Dorchester Minerals, L.P. as the registrant, specifying the filing date, and confirming its trading symbol and exchange - The registrant is **DORCHESTER MINERALS, L.P.**, a Delaware entity[1](index=1&type=chunk) - The report date is **July 24, 2025**[1](index=1&type=chunk) | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Common Units Representing Limited Partnership Interest | DMLP | NASDAQ Global Select Market | - The registrant is not an emerging growth company[3](index=3&type=chunk) [Financial Reporting and Disclosure](index=2&type=section&id=Financial%20Reporting%20and%20Disclosure) This section details the company's financial results and compliance with Regulation FD disclosure requirements [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This item reports the announcement of Dorchester Minerals, L.P.'s cash distribution for the quarter ended June 30, 2025, through a press release attached as Exhibit 99.1 - The Registrant is furnishing a press release dated **July 24, 2025**, announcing its cash distribution for the quarter ended **June 30, 2025**[4](index=4&type=chunk) - The press release is attached as **Exhibit 99.1** and incorporated by reference[4](index=4&type=chunk) [Item 7.01 Regulation FD Disclosure](index=2&type=section&id=Item%207.01%20Regulation%20FD%20Disclosure) This section reiterates the disclosure of the cash distribution for the quarter ended June 30, 2025, via a press release, and specifies the limitations on its incorporation by reference - On **July 24, 2025**, the Registrant issued a press release announcing its cash distribution for the quarter ended **June 30, 2025**[5](index=5&type=chunk) - The press release (**Exhibit 99.1**) is furnished under this item and is not deemed 'filed' for **Section 18** purposes of the **Securities Exchange Act of 1934**, nor incorporated by reference into any filing under the **Securities Act of 1933**[5](index=5&type=chunk)[6](index=6&type=chunk) [Exhibits and Signatures](index=2&type=section&id=Exhibits%20and%20Signatures) This section lists all accompanying exhibits and provides the formal signature confirming the filing's authenticity [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This item lists the exhibits accompanying the Form 8-K, primarily the press release detailing the cash distribution and the interactive data file | Exhibits | | :------- | | 99.1 Press Release dated July 24, 2025, announcing the Registrant's cash distribution for the quarter ended June 30, 2025 | | 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signature](index=2&type=section&id=Signature) This section formally concludes the Form 8-K filing with the authorized signature of the registrant's Chief Financial Officer - The report was signed on behalf of **DORCHESTER MINERALS, L.P.** by **Leslie A. Moriyama**, Chief Financial Officer, on **July 24, 2025**[8](index=8&type=chunk)[9](index=9&type=chunk)

Acquisition and Assets - Dorchester Minerals, LP (DMLP) actively pursues accretive acquisition opportunities to enhance the value of its assets[8] - In Q3 2024, DMLP acquired 14,225 net royalty acres (NRA) in 14 counties within the Texas & New Mexico Permian Basin, with 65% in the Delaware Basin and 35% in the Midland Basin[15] - DMLP acquired 1,485 NRA in 2 counties and issued 505,369 units to contributors in the DJ Basin in Q1 2024[14] - DMLP acquired 1,204 NRA in 1 county and issued 530,000 units to a contributor in the DJ Basin in Q3 2024[14] - DMLP's Permian acquisition in Q3 2024 expands its inventory with minimal incremental general and administrative (G&A) expenses[15] - DMLP has 96,500 net mineral acres in the Permian Basin and 10,200 net mineral acres in Bakken/Three Forks[44] Financial Performance and Distributions - DMLP's trailing 12 months revenue was $44.9 million, with a net operating income of $27 million and an operating margin of 60%[28] - DMLP's trailing 3 months revenue was $10.1 million, with a net operating income of $5.6 million and an operating margin of 55%[28] - Royalties accounted for 78% of DMLP's revenue, NPI accounted for 14%, and other revenue accounted for 8%[20] - Management's LP interest is ~2X Management's GP interest[65] - In 2024, LP & GP distributions were $152.6 million, while Management LP & GP distributions were $134.8 million[65] Production and Reserves - DMLP's 2024 production replaced 179% of 2024 production[36] - DMLP's 2024 revisions were 3.7 MMBoe[36] - DMLP's 2024 acquisitions were 3.3 MMBoe[36] - Oil accounted for 86% of DMLP's net revenue by product, gas accounted for 10%, and NGL accounted for 4%[29] - From year-end 2023 to year-end 2024, DMLP's oil reserves increased by 33% from 8,318 MBOe to 11,069 MBOe[38] - From year-end 2023 to year-end 2024, DMLP's gas reserves increased by 7% from 33.4 Bcf to 35.6 Bcf[38]

Group 1 - Dorchester Minerals (NASDAQ: DMLP) announced a Q1 2025 distribution of approximately $0.726 per unit, which is about 2% lower than the Q4 2024 distribution [2] - The expectation for organic production is flat to slightly declining in the current oil pricing environment [2] - The article highlights the author's extensive experience in analytical roles and a focus on value opportunities and distressed plays, particularly in the energy sector [2]