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olivLaw · US equity research

Dorchester Minerals, L.P. DMLP

Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)

27.81USD−1.44% · 1 dayClose 04 Nov 2026

Dorchester Minerals is a Nasdaq-listed limited partnership that holds mineral, royalty and net profits interests in oil and natural gas across 28 states without operating the wells. Its income depends on oil and gas prices, which fell sharply for gas in the first half of 2026 while oil rose, and the company has kept adding acreage through unit-for-interest acquisitions.

At the close of 04 Nov 2026, Dorchester Minerals, L.P. (DMLP) stock was 27.81 USD (−1.44% on the day), with market capitalisation 1.4 bn USD, P/E 24.0 on diluted EPS of 1.16 USD over the last 12 months, beta 0.23, 52-week range 21.26–30.69 USD. Latest reported quarter (Q2 2026): revenue of 56.1 m USD (+73.1% YoY), net income of 30.9 m USD (+150.0% YoY), diluted EPS 0.62 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.4 bn USD
shares as of 06 Aug 2026
P/E (TTM)
24.0
Diluted EPS TTM 1.16 · TTM to 31 Dec 2025
E/P (TTM)
4.17%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.23
Volatility (1y) 26%
52-week range
21.2630.69

Price history

Loading chart…

Technical reading

RSI (14)
32.0
weak (30–45)
Bollinger (20, 2)
28.25 – 31.40
below the lower band · %B -0.14 · band width 10.6%
SMA 50 / 200
29.42 / 27.42
mixed trend
MACD (12, 26, 9)
-0.13 / 0.18
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−4.1%−2.0%−2.1 pp—
3 months+9.0%−2.2%+11.2 pp—
6 months+6.5%+4.3%+2.3 pp—
Year to date+24.4%+10.6%+13.8 pp—
1 year+18.7%+10.5%+8.3 pp+26.1%
3 years−2.1%+73.7%−75.8 pp+12.1%
5 years+44.7%+61.7%−17.0 pp—
Max drawdown (1y)
−13.2%
19 May 2026 → 18 Jun 2026
Max drawdown (5y)
−40.0%
03 Apr 2024 → 26 Nov 2025
Compound annual growth (5y)
+7.7%
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
56.1 m USD
+73.1% YoY
Net income
30.9 m USD
+150.0% YoY
Diluted EPS
0.62
+148.0% YoY
net / operating
55.1% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue53.5 m39.7 m43.2 m32.4 m35.4 m41.9 m58.9 m56.1 m
Depreciation & amortisation10.0 m18.0 m16.8 m14.7 m17.0 m17.8 m20.9 m15.8 m
Net income36.4 m14.2 m17.6 m12.3 m11.2 m16.2 m29.1 m30.9 m
Diluted EPS0.87—0.360.250.23—0.590.62
Operating cash flow43.7 m ≈31.5 m33.4 m30.5 m ≈34.3 m ≈34.3 m23.9 m64.2 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 6-quarter history (min 8.9, median 13.4, max 19.3; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue73.3 m78.8 m46.9 m93.4 m170.8 m163.8 m161.5 m152.8 m
Revenue YoY+27.9%+7.5%−40.4%+99.1%+82.8%−4.1%−1.4%−5.4%
Net income53.9 m52.8 m21.9 m70.2 m130.6 m114.1 m92.4 m57.4 m
Net income YoY+40.3%−2.1%−58.6%+220.9%+86.1%−12.6%−19.0%−38.0%
Diluted EPSunavailableunavailable0.611.943.352.852.131.16
Diluted EPS YoYunavailableunavailableunavailable+218.0%+72.7%−14.9%−25.3%−45.5%
net %73.6%67.0%46.6%75.1%76.5%69.7%57.2%37.5%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
41.9 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
unavailable USD
Total assets
309.6 m USD
Debt / equity
unavailable
Current ratio
15.54x
ROE
unavailable
ROA
17.0%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
163.8 m
2024
161.5 m
2025
152.8 m

SEC (XBRL)· 24 Feb 2026verified

Depreciation & amortisation
2023
26.3 m
2024
42.6 m
2025
66.3 m

SEC (XBRL)· 24 Feb 2026verified

Net income
2023
114.1 m
2024
92.4 m
2025
57.4 m

SEC (XBRL)· 24 Feb 2026verified

Diluted EPS
2023
2.85
2024
2.13
2025
1.16

SEC (XBRL)· 24 Feb 2026verified

Balance sheet · USD

Cash
2023
47.0 m
2024
42.5 m
2025
41.9 m

SEC (XBRL)· 24 Feb 2026verified

Current assets
2023
69.7 m
2024
67.8 m
2025
58.9 m

SEC (XBRL)· 24 Feb 2026verified

Total assets
2023
191.1 m
2024
366.8 m
2025
309.6 m

SEC (XBRL)· 24 Feb 2026verified

Accounts payable
2023
4.2 m
2024
4.0 m
2025
3.5 m

SEC (XBRL)· 24 Feb 2026verified

Current liabilities
2023
4.5 m
2024
4.2 m
2025
3.8 m

SEC (XBRL)· 24 Feb 2026verified

Total liabilities
2023
5.5 m
2024
5.0 m
2025
4.3 m

SEC (XBRL)· 24 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
139.8 m
2024
132.6 m
2025
132.5 m

SEC (XBRL)· 24 Feb 2026verified

Investing cash flow
2023
2.3 m
2024
—
2025
—

SEC (XBRL)· 22 Feb 2024verified

Computed indicators

Growth

Revenue growth (YoY)
-5.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
-3.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
26.6%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-38.0%
computed by olivLawFY 2025
Net income CAGR 3Y
-24.0%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
21.3%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-45.5%
computed by olivLawFY 2025
EPS CAGR 3Y
-29.8%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
13.7%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
45.5%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
unavailable
input data missing
ROA
27.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
13.9x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
10.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
156.7 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
1.4 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
15.6x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
15.6x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
6.4%
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
input data missing
P/S
7.1x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 37.5% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

27.81 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.4 bn USD

Key indicators

Market capitalisation
1.4 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
15.6x
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
unavailable
input data missing
Net margin
45.5%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-5.4%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

12/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 06 Aug 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 905derived 66

Score by group

38% · Insufficient data

Estimated value range

Low
13.28
USD per share
Mid
16.93
USD per share
High
22.54
USD per share
Price: 27.81 USD
The price is above the range
Potential to the central value: -39.1% (value / price − 1)
Margin of safety: -64.3% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.28 – 22.54 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E13.28 – 22.54 (Mid 16.93)
    18 companies used · median multiple 9.5x · quartiles 7.5x – 12.7x
    APA, CKX, DEC, DVN, EOG, EQT, EXE, GPRK, KRP, MNR, MTDR, OVV, OXY, PARR, PR, REPX, SD, TTE
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Crude Petroleum & Natural Gas (SIC 1311)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality45.5%95 (vs peers)17%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-3.6%0 (on a fixed band)22%
EPS CAGR 3Y · Growth-29.8%0 (on a fixed band)22%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet13.9x100 (on a fixed band)11%
P/E (TTM) · Valuation15.6x29 (vs peers)28%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality· partial95/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial29/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Dorchester Minerals, L.P. (DMLP). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 152.8 m USD in 2025; YoY growth -5.4%; net margin 45.5%.

The estimated value range is 13.28–22.54 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 16.93 USD, the price of 27.80 USD leaves a potential of -39.1% (value / price − 1) and a margin of safety of -64.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 45.5%
  • Current ratio: 13.9x

What contradicts it

  • Revenue CAGR 3Y: -3.6%
  • EPS CAGR 3Y: -29.8%
  • P/E (TTM): 15.6x
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
15.6x
vertical median 10.1x
above median (+54.7%)
EV/EBITDA
—
vertical median 4.6x
P/S
7.1x
vertical median 1.6x
above median (+337.3%)
P/B
—
vertical median 1.4x
ROE
—
vertical median 10.9%
Net margin
45.5%
vertical median 7.8%
above median (+479.9%)
EBIT margin
—
vertical median 14.4%
Revenue YoY
-5.4%
vertical median -3.4%
below median
Net debt/EBITDA
—
vertical median 0.9x
Dividend yield
—
vertical median 2.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TTETotalEnergies SE199.6 bn15.711.3%6.5%−6.2%+38% / +33%
PBRPetrobras - Petroleo Brasileiro SA145.9 bn33.810.9%8.2%−10.7%+56% / +28%
EOGEog Resources, Inc.81.4 bn12.122.5%25.4%−4.5%+44% / +26%
OXYOccidental Petroleum Corporation60.4 bn9.118.9%33.7%−1.9%+44% / +2%
FANGDiamondback Energy, Inc.53.9 bn37.43.8%8.6%+35.8%+26% / +25%
DVNDevon Energy Corp52.4 bn11.311.5%16.7%+7.8%+28% / +6%
EQTEqt Corporation33.9 bn12.910.9%28.4%+63.9%−11% / +36%
EXEExpand Energy Corporation20.8 bn7.814.6%19.8%+186.3%−26% / +12%
PRPermian Resources Corporation20.1 bn15.911.5%21.5%+1.3%+66% / +83%
OVVOvintiv Inc.17.9 bn13.412.1%12.8%−2.7%+62% / +50%
APAApa Corporation16.7 bn10.125.9%—unavailable+91% / +33%
MTDRMatador Resources Company6.2 bn8.612.8%19.9%+5.5%+19% / −13%
CRCCalifornia Resources Corp4.3 bn—-15.5%-18.1%+14.7%+1% / −6%
PARRPar Pacific Holdings, Inc.3.5 bn4.154.7%9.9%−6.4%+53% / +103%
TALOTalos Energy Inc.2.6 bn—-17.8%-20.5%−9.8%+36% / +12%
NOGNorthern Oil And Gas, Inc.2.4 bn—-22.1%-25.4%+11.2%−1% / −40%
MNRMach Natural Resources LP1.7 bn19.1—7.4%+21.2%−15% / −43%
DMLPDorchester Minerals, L.P.1.4 bn15.6—45.5%−5.4%+19% / −2%
REPXRiley Exploration Permian, Inc.950.0 m7.819.9%24.5%−4.4%+57% / +74%
DECDiversified Energy Company943.4 m2.347.6%22.6%+141.5%−11% / +1,434%
EGYVaalco Energy Inc568.0 m—-24.4%-31.1%−25.0%+51% / +16%
GPRKGeoPark LTD487.6 m9.922.1%10.1%−25.5%+16% / +4%
SDSandridge Energy, Inc.468.3 m5.716.2%46.1%+24.8%−11% / −9%
KRPKimbell Royalty Partners, LP415.5 m4.1—29.7%+7.9%+24% / +1%
GTEGran Tierra Energy Inc.355.6 m—-97.9%-40.0%−4.0%+122% / +59%

1- and 3-year price returns: for DMLP from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
15.09
Total return -46% · Per year -46%
26.79
Total return -4% · Per year -4%
40.51
Total return 46% · Per year 46%
3 years
12.35
Total return -56% · Per year -24%
24.88
Total return -11% · Per year -4%
41.63
Total return 50% · Per year 14%
5 years
10.10
Total return -64% · Per year -18%
23.10
Total return -17% · Per year -4%
42.77
Total return 54% · Per year 9%
What moves the 3-year price the most
  • Exit P/E± 6.22
  • Net margin± 4.35
  • Annual revenue growth± 3.88
  • Annual dilution± 0.37

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Dorchester Minerals is a Nasdaq-listed limited partnership that holds mineral, royalty and net profits interests in oil and natural gas across 28 states without operating the wells. Its income depends on oil and gas prices, which fell sharply for gas in the first half of 2026 while oil rose, and the company has kept adding acreage through unit-for-interest acquisitions.

SWOT

Strengths

  • A debt-free structure and a policy of distributing all available cash give unitholders clear financial discipline.
  • Acreage spread across many states and counties reduces dependence on a single region or operator.
  • The company bears no direct drilling costs, which limits its exposure to technical production risks.

Weaknesses

  • The company does not control development of its properties or operator decisions, which limits its influence over volumes.
  • Revenue depends on oil and gas prices with no hedging, so price declines flow directly into distributions.
  • Limited financial and human resources leave the company at a disadvantage in bidding for new properties.

Opportunities

  • Continued operator development of acreage could bring new production that offsets natural decline.
  • Unit-for-interest acquisitions such as the Williston Basin deal could widen the revenue base if the market accepts them.
  • Lease bonus and assignment payments could add revenue if operators keep leasing activity going.

Threats

  • Price volatility, influenced by OPEC+ and geopolitical conflict, could cut distributions quickly.
  • Lower drilling activity or operator consolidation could reduce volumes and acquisition opportunities.
  • Environmental and tax regulation and tariffs could raise operator costs and affect output.

Risks

  • Dependence on oil and gas priceshigh

    Distributions depend heavily on realized prices, which have been very volatile, and the company does not hedge its production 12.

  • Lack of control over operationshigh

    The company does not decide on drilling or development, and operators can reduce activity or abandon wells 1.

  • Suspension of payments over title issuesmedium

    Operators can suspend royalty payments if title documentation is judged insufficient, which can materially affect cash flow 1.

  • Lease expiry or terminationmedium

    If operators do not drill enough, leases can expire and development rights revert to the company without immediate income 1.

  • Operator insolvencymedium

    If an operator enters bankruptcy, recovery of amounts owed can be delayed or only partial 1.

Investment thesis

What would need to be true (bull case)

  • If oil prices stay firm and volumes keep rising through acquisitions, distributions could support unitholder yield.
  • The debt-free structure and acreage spread across many states could offer stability through periods of volatility.
  • If operators step up development, new production could offset the natural decline of reserves.

What would break the thesis

  • If gas prices stay low, Royalty Properties revenue could keep shrinking, as seen in the first half of 2026.
  • The company cannot control operator decisions, and a cut in drilling activity could hit volumes and distributions.
  • Acquisitions paid in units dilute existing unitholders, and the per-unit benefit depends on the yield of the acreage bought.

What to watch

  • Gas and oil price trends in Royalty Properties revenueQ4 2026
  • Quarterly distribution per unit and size of cash flowQ4 2026
  • Effect of the Williston Basin acquisition on NPI and Royalty volumes2027
  • NPI capital commitments and drilling activity in the Bakkennext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Dorchester Minerals, L.P. is a Delaware limited partnership run from Dallas whose stated goal is to provide an attractive yield to unitholders. It does not operate wells; it owns mineral, royalty, overriding royalty and net profits interests, and most income comes from the Royalty Properties and the NPI, which pays 96.97% of net profits realized by the Operating Partnership in the prior month 1. The partnership must distribute 100% of available cash each quarter and has no credit facility, so it grows by issuing units in exchange for interests 1.

Acquisitions are mostly non-taxable exchanges of common units for mineral and royalty interests. These have included acreage in Colorado, Texas and New Mexico and, on July 31, 2026, about 3,100 net royalty acres in the Williston Basin of North Dakota 23. The company aims to avoid unrelated business taxable income, which limits direct participation in development 1.

Revenue is recognized when production occurs, based on estimates, because cash revenue checks usually arrive two to three months after the production month 1. The company also receives lease bonus and assignment income, which can vary considerably from one quarter to the next 3.

Segments

Royalty Properties

Royalty Properties make up most quarterly receipts, at about 37.0 million dollars in the third quarter of 2026 3. Volumes rose in the first half of 2026 versus the prior year, but the average gas price fell to 0.19 dollars per mcf in the second quarter 2.

Net Profits Interest (NPI)

The NPI brings a smaller stream, with receipts of about 3.0 million dollars in the third quarter of 2026 3. Payments depend on deducted capital costs, and at June 30, 2026 the NPI had outstanding capital commitments of 10.4 million dollars, mainly in the Bakken 2.

Lease bonus and other income

This line was significant in 2025, when lease bonuses and leasehold assignments helped lift revenue above 2024 1. In the third quarter of 2026 receipts were about 6.3 million dollars, but the amount shifts from period to period 3.

Market context

Oil and gas prices are driven by factors outside the company's control, including OPEC+, Middle East conflict and tariffs, and management says it cannot predict their effect 2. In the first half of 2026 the average royalty oil price rose 11 percent year on year while the gas price fell 40 percent, a divergent pattern 2. Higher oil prices could support revenue if volumes hold, and associated gas could become more valuable if oil output is curtailed 2.

The company does not sell to customers directly; it receives payments from operators, and customer concentration is modest, although Exxon Mobil and Chevron together accounted for about 25 percent of operating revenues in 2025 1. If an operator suspends payments over title issues, revenue can be delayed significantly 1.

Trends

  • Oil and gas price volatilitymixed

    Average royalty gas prices fell from 2.50 dollars per mcf to 1.49 dollars in the first half of 2026 while oil rose 2. If volatility persists, distributions could fluctuate sharply from quarter to quarter 1.

  • Volume growth from acquisitionstailwind

    Royalty oil and gas volumes rose 31 and 10 percent respectively in the first half of 2026, supported by new acreage in Colorado and the Williston Basin 23. If acquisitions continue, the production base could keep expanding.

  • Natural decline of reservesheadwind

    Oil and gas reserves are depleting assets, so production falls over time and must be replaced through new acquisitions or operator development 1. Lower drilling activity by operators, as seen in the Bakken, directly reduces NPI volumes 12.

  • Tariff and geopolitical uncertaintymixed

    Tariffs and conflicts involving Iran, Ukraine and Venezuela create uncertainty over costs and prices, and management says their effects are hard to predict 2. Outcomes could be favourable or unfavourable depending on how events unfold.

Competitive position

The company competes for mineral and royalty interests with larger companies that can pay more and bid on more properties 1. It also competes indirectly with other energy sources, mainly on relative price 1. Its limited financial and human resources can leave it at a disadvantage in bidding 1.

The operators of its properties face their own competition from integrated companies, and consolidation in the industry can shift operator interest away from certain areas 1. The company cannot guarantee it will find new properties at attractive prices, since that depends on its ability to evaluate and select suitable acreage 1.

  • Exxon Mobil CorporationXOM

    Major operator of some of the company's properties; together with Chevron it accounted for a substantial share of royalty operating revenues.

  • Chevron CorporationCVX

    Important operator of certain properties which, together with Exxon Mobil, represented a significant share of the company's operating revenues.

  • Integrated oil and gas companies in the Permian and Bakken

    Larger operators that can more easily absorb regulation and offer more for productive properties, competing with the company for acquisitions.

  • Other mineral and royalty companies

    Direct competitors for acreage and royalty interests, some of which may have greater financial resources than the company.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Current report02 Nov 2026
    Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
  • Current report22 Oct 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report20 Oct 2026
    Material agreement · Regulation FD disclosure · Financial statements and exhibits
  • Current report07 Aug 2026
    Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
  • Quarterly report06 Aug 2026
  • Current report03 Aug 2026
    Regulation FD disclosure · Other events · Financial statements and exhibits
  • Current report23 Jul 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report06 Jul 2026
    Regulation FD disclosure · Other events · Financial statements and exhibits
  • Current report15 May 2026
    Shareholder vote
  • Current report12 May 2026
    Regulation FD disclosure · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Dorchester Minerals, L.P. · 24 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Dorchester Minerals, L.P. · 06 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Dorchester Minerals, L.P. · 22 Oct 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.