Dorchester Minerals (DMLP) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 04, 2022
Document Information [Line Items]
Entity Central Index Key	0001172358
Entity Registrant Name	Dorchester Minerals, L.P.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	000-50175
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-0551518
Entity Address, Address Line One	3838 Oak Lawn Avenue, Suite 300
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75219
City Area Code	214
Local Phone Number	559-0300
Title of 12(b) Security	Common Units Representing Limited Partnership Interest
Trading Symbol	DMLP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,554,774

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 42,976	$ 28,306
Trade and other receivables	20,341	11,533
Net profits interest receivable - related party	9,331	6,822
Total current assets	72,648	46,661
Oil and natural gas properties (full cost method)	453,799	440,052
Accumulated full cost depletion	(350,926)	(341,733)
Total	102,873	98,319
Operating lease right-of-use asset	1,061	1,168
Total assets	177,195	146,807
Current liabilities:
Accounts payable and other current liabilities	4,084	2,512
Operating lease liability	286	291
Total current liabilities	4,370	2,803
Operating lease liability	1,452	1,594
Total liabilities	5,822	4,397
Commitments and contingencies (Note 4)
Partnership capital:
General Partner	1,497	982
Unitholders	169,876	141,428
Total partnership capital	171,373	142,410
Total liabilities and partnership capital	177,195	146,807
Leasehold Improvements [Member]
Current assets:
Leasehold improvements	989	989
Accumulated amortization	(376)	(330)
Total	$ 613	$ 659

Condensed Consolidated Income S

Condensed Consolidated Income Statements (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net operating revenues:
Operating revenues	$ 47,459	$ 21,361	$ 87,860	$ 39,150
Costs and expenses:
Operating, including production taxes	3,807	1,644	7,075	3,165
Depreciation, depletion and amortization	4,773	2,484	9,239	4,782
General and administrative expenses	1,555	724	3,598	2,893
Total costs and expenses	10,135	4,852	19,912	10,840
Net income	37,324	16,509	67,948	28,310
Allocation of net income:
General partner	1,253	551	2,335	948
Unitholders	$ 36,071	$ 15,958	$ 65,613	$ 27,362
Net income per common unit (basic and diluted) (in dollars per share)	$ 0.96	$ 0.46	$ 1.76	$ 0.79
Weighted average basic and diluted common units outstanding (in shares)	37,555	34,688	37,275	34,684
Royalties [Member]
Net operating revenues:
Operating revenues	$ 37,140	$ 16,770	$ 72,019	$ 31,141
Net Profits Interest [Member]
Net operating revenues:
Operating revenues	9,013	4,224	14,483	7,199
Lease Bonus and Other [Member]
Net operating revenues:
Operating revenues	1,253	7	1,253	444
Product and Service, Other [Member]
Net operating revenues:
Operating revenues	$ 53	$ 360	$ 105	$ 366

Condensed Consolidated Statemen

Condensed Consolidated Statements of Changes in Partnership Capital (Unaudited) - USD ($) $ in Thousands	General Partner [Member]	Limited Partner [Member]	Total
Balance at Dec. 31, 2020	$ 536	$ 84,028	$ 84,564
Balance (in shares) at Dec. 31, 2020		34,680,000
Net income	948	$ 27,362	28,310
Acquisition of assets for units	0	$ 12,216	12,216
Acquisition of assets for units (in shares)		725,000
Distributions	(653)	$ (18,925)	(19,578)
Balance at Jun. 30, 2021	831	$ 104,681	105,512
Balance (in shares) at Jun. 30, 2021		35,405,000
Balance at Mar. 31, 2021	654	$ 87,030	87,684
Balance (in shares) at Mar. 31, 2021		34,680,000
Net income	551	$ 15,958	16,509
Acquisition of assets for units	0	$ 12,216	12,216
Acquisition of assets for units (in shares)		725,000
Distributions	(374)	$ (10,523)	(10,897)
Balance at Jun. 30, 2021	831	$ 104,681	105,512
Balance (in shares) at Jun. 30, 2021		35,405,000
Balance at Dec. 31, 2021	982	$ 141,428	142,410
Balance (in shares) at Dec. 31, 2021		36,985,000
Net income	2,335	$ 65,613	67,948
Acquisition of assets for units	0	$ 14,792	14,792
Acquisition of assets for units (in shares)		570
Distributions	(1,820)	$ (51,957)	(53,777)
Balance at Jun. 30, 2022	1,497	$ 169,876	171,373
Balance (in shares) at Jun. 30, 2022		37,555,000
Balance at Mar. 31, 2022	1,209	$ 162,118	163,327
Balance (in shares) at Mar. 31, 2022		37,555,000
Net income	1,253	$ 36,071	37,324
Distributions	(965)	(28,313)	(29,278)
Balance at Jun. 30, 2022	$ 1,497	$ 169,876	$ 171,373
Balance (in shares) at Jun. 30, 2022		37,555,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Partnership Capital (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Limited Partner [Member]
Distributions, per unit (in dollars per share)	$ 0.753926	$ 0.303441	$ 1.393213	$ 0.545701

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net cash provided by operating activities	$ 67,444	$ 28,211
Cash flows provided by investing activities:
Net cash contributed in acquisitions of oil and natural gas properties	1,003	352
Proceeds from the sale of oil and natural gas properties	0	262
Total cash flows provided by investing activities	1,003	614
Cash flows used in financing activities:
Distributions paid to General Partner and unitholders	(53,777)	(19,578)
Increase in cash and cash equivalents	14,670	9,247
Cash and cash equivalents at beginning of period	28,306	11,232
Cash and cash equivalents at end of period	42,976	20,479
Non-cash investing and financing activities:
Fair value of common units issued for acquisition of oil and natural gas properties	$ 14,792	$ 12,216

Note 1 - Business and Basis of

Note 1 - Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1. Business and Basis of Presentation Description of the Business Dorchester Minerals, L.P. (the “Partnership”) is a publicly traded Delaware limited partnership that commenced operations on January 31, 2003. may Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Partnership have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements do not 2021 10 not 1 10 not The unaudited condensed consolidated financial statements include the accounts of the Partnership and its wholly-owned subsidiaries Dorchester Minerals Oklahoma LP, Dorchester Minerals Oklahoma GP, Inc., Maecenas Minerals LLP, Dorchester-Maecenas GP LLC, The Buffalo Co., A Limited Partnership, and DMLPTBC GP LLC. All significant intercompany balances and transactions have been eliminated in consolidation. Recent Events In January 2020, 19” March 2020, 19 19 2021 2021 In February 2022, may We are continuing to closely monitor the overall impact and the evolution of the COVID- 19 may may 19 may 19 19

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Partnership evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Partnership considers reasonable in each circumstance. Any effects on the Partnership’s business, financial position, or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Although the Partnership believes these estimates are reasonable, actual results could differ from those estimates. Recent Accounting Pronouncements The Partnership considers the applicability and impact of all ASUs. There are no not

Note 3 - Acquisitions for Units

Note 3 - Acquisitions for Units	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Acquisition of Producing and Nonproducing Royalty and Mineral Rights [Text Block]	3. Acquisitions for Units On March 31, 2022, third 4. three June 30, 2022, $0.9 six June 30, 2022. June 30, 2022 On December 31, 2021, 5 4. October 1, 2021 December 31, 2021 December 31, 2021 six June 30, 2022, $0.1 six June 30, 2022. On June 30, 2021, 4. six June 30, 2021. December 31, 2021

Note 4 - Commitments and Contin

Note 4 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	4. Commitments and Contingencies The Partnership and Dorchester Minerals Operating LP, a Delaware limited partnership owned directly and indirectly by our General Partner, are involved in legal and/or administrative proceedings arising in the ordinary course of their businesses, none none

Note 5 - Distributions to Holde

Note 5 - Distributions to Holders of Common Units	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Partners' Capital Notes Disclosure [Text Block]	5. Distributions to Holders of Common Units The distribution for the second 2022 second 2022 August 11, 2022. second 2021 third November 14, 2022.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Partnership have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements do not 2021 10 not 1 10 not The unaudited condensed consolidated financial statements include the accounts of the Partnership and its wholly-owned subsidiaries Dorchester Minerals Oklahoma LP, Dorchester Minerals Oklahoma GP, Inc., Maecenas Minerals LLP, Dorchester-Maecenas GP LLC, The Buffalo Co., A Limited Partnership, and DMLPTBC GP LLC. All significant intercompany balances and transactions have been eliminated in consolidation.
Recent Events, Policy [Policy Text Block]	Recent Events In January 2020, 19” March 2020, 19 19 2021 2021 In February 2022, may We are continuing to closely monitor the overall impact and the evolution of the COVID- 19 may may 19 may 19 19

Note 1 - Business and Basis o_2

Note 1 - Business and Basis of Presentation (Details Textual) shares in Thousands	6 Months Ended
	Jun. 30, 2022 shares
Number Of Counties In Which Entity Operates	590
Number of States in which Entity Operates	28
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0

Note 3 - Acquisitions for Uni_2

Note 3 - Acquisitions for Units (Details Textual) $ in Thousands			3 Months Ended		6 Months Ended
	Dec. 31, 2021 USD ($) a shares	Jun. 30, 2021 USD ($) a shares	Mar. 31, 2022 USD ($) a shares	Dec. 31, 2021 USD ($) a	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($) a
Number Of Counties In Which Entity Operates					590
Oil and Gas Property, Full Cost Method, Net, Total	$ 98,319			$ 98,319	$ 102,873
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received					1,003	$ 352
Royalty Interests in Bakken Trend [Member] | Partnership Interest [Member]
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable, Number of Shares (in shares) | shares		725,000
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable		$ 12,200
Oil and Gas Property, Full Cost Method, Net, Total	$ 11,500			$ 11,500
Asset Acquisition, Consideration Transferred, Transaction Cost						$ 400
Unrelated Third Parties [Member] | dmlp_Mineral And Royalty Interest [Member]
Area of Real Estate Property (Acre) | a			3,600
Number Of Counties In Which Entity Operates			13
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable, Number of Shares (in shares) | shares			570,000
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable			$ 14,800
Oil and Gas Property, Full Cost Method, Net, Total					13,800
Gemini 5 Thirty, LP [Member] | dmlp_Mineral And Royalty Interest [Member]
Area of Real Estate Property (Acre) | a	4,600			4,600
Number Of Counties In Which Entity Operates	27			27
Gemini 5 Thirty, LP [Member] | Mineral and Royalty Interests [Member]
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable, Number of Shares (in shares) | shares	1,580,000
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable	$ 31,300
Oil and Gas Property, Full Cost Method, Net, Total	$ 29,300			$ 29,300
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received				$ 1,900
Asset Acquisition, Consideration Transferred, Transaction Cost					$ 100
JSFM, LLC [Member] | Property Located in Dunn, McKenzie, McLean and Mountrail Counties, North Dakota [Member]
Area of Real Estate Property (Acre) | a		6,400				6,400

Note 5 - Distributions to Hol_2

Note 5 - Distributions to Holders of Common Units (Details Textual) - $ / shares	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number of Units That Cash Distributions Were Paid on During the Period (in shares)	37,554,774	35,404,774
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in dollars per share)	$ 0.969012