Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 02, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 40,088,612 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 37,737 | $ 47,025 |
Trade and other receivables | 13,840 | 14,407 |
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 |
Operating lease right-of-use asset | 719 | 765 |
Total assets | 184,812 | 191,065 |
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 |
Leasehold Improvements [Member] | ||
Current assets: | ||
Leasehold improvements | 989 | 989 |
Accumulated amortization | (537) | (514) |
Total | 452 | 475 |
Related Party [Member] | ||
Current assets: | ||
Net profits interest receivable - related party | $ 7,025 | $ 8,275 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - shares shares in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Common units (in shares) | 40,088 | 38,372 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating revenues | ||
Operating revenues | $ 30,979 | $ 40,167 |
Costs and expenses | ||
Operating, including production taxes | 2,623 | 2,718 |
Depreciation, depletion and amortization | 6,920 | 6,641 |
General and administrative | 3,269 | 2,738 |
Total costs and expenses | 12,812 | 12,097 |
Net income | 18,167 | 28,070 |
Allocation of net income | ||
General Partner | 605 | 760 |
Unitholders | $ 17,562 | $ 27,310 |
Net income per common unit (basic and diluted) (in dollars per share) | $ 0.44 | $ 0.71 |
Weighted average basic and diluted common units outstanding (in shares) | 39,605 | 38,372 |
Royalties [Member] | ||
Operating revenues | ||
Operating revenues | $ 24,877 | $ 24,684 |
Net Profit Interests [Member] | ||
Operating revenues | ||
Operating revenues | 5,598 | 14,947 |
Lease Bonus and Other [Member] | ||
Operating revenues | ||
Operating revenues | $ 504 | $ 536 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Changes in Partnership Capital (Unaudited) - USD ($) shares in Thousands, $ in Thousands | General Partner [Member] | Limited Partner [Member] | Total |
Balance at Dec. 31, 2022 | $ 676 | $ 170,842 | $ 171,518 |
Balance (in shares) at Dec. 31, 2022 | 38,372 | ||
Net income | 760 | $ 27,310 | 28,070 |
Distributions | (1,117) | (33,933) | (35,050) |
Balance at Mar. 31, 2023 | 319 | $ 164,219 | 164,538 |
Balance (in shares) at Mar. 31, 2023 | 38,372 | ||
Balance at Dec. 31, 2023 | 113 | $ 185,444 | 185,557 |
Balance (in shares) at Dec. 31, 2023 | 39,583 | ||
Net income | 605 | $ 17,562 | 18,167 |
Distributions | (1,517) | (39,895) | (41,412) |
Acquisition of assets for units | 0 | $ 17,041 | 17,041 |
Acquisition of assets for units (in shares) | 505 | ||
Balance at Mar. 31, 2024 | $ (799) | $ 180,152 | $ 179,353 |
Balance (in shares) at Mar. 31, 2024 | 40,088 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Partnership Capital (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Limited Partner [Member] | ||
Distributions, per unit (in dollars per share) | $ 1.007874 | $ 0.884339 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net cash provided by operating activities | $ 27,967 | $ 38,745 |
Cash flows provided by investing activities: | ||
Net cash contributed in acquisitions of oil and natural gas properties | 4,157 | 550 |
Cash flows used in financing activities: | ||
Distributions paid to General Partner and unitholders | (41,412) | (35,050) |
(Decrease) increase in cash and cash equivalents | (9,288) | 4,245 |
Cash and cash equivalents at beginning of period | 47,025 | 40,754 |
Cash and cash equivalents at end of period | 37,737 | 44,999 |
Non-cash investing and financing activities: | ||
Fair value of common units issued for acquisition of oil and natural gas properties | $ 17,041 | $ 0 |
Note 1 - Business and Basis of
Note 1 - Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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 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. Segment Reporting The Partnership operates in a single operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Partnership’s Chief Executive Officer (“CEO”) has been determined to be the chief operating decision maker and allocates resources and assesses performance based upon financial information at the consolidated level. Recent Events Recent Events January 2020, 19” March 2020, 19 19 2021 2021 May 2023, 19 no Furthermore, during 2022 2023, may not We are continuing to closely monitor the overall impact and the evolution of the COVID- 19 2022 2023, may 19 19 19 May 2023, 19 no may 19 may 19. 2024 19 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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 In November 2023, 2023 07, 280 2023 07” 2023 07, 280 2023 07 December 15, 2023, December 15, 2024, not The Partnership considers the applicability and impact of all ASUs. There are no not |
Note 3 - Acquisitions for Commo
Note 3 - Acquisitions for Common Units | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Acquisition of Producing and Nonproducing Royalty and Mineral Rights [Text Block] | 3. Acquisitions for Common Units On March 28, 2024, third 4. January 1, 2024 March 25, 2024 three March 31, 2024. March 31, 2024 On September 29, 2023, third 4. December 31, 2023 On August 31, 2023, third 4. December 31, 2023 three March 31, 2024. On July 12, 2023, third 4. December 31, 2023 On September 30, 2022, 4. three March 31, 2023. |
Note 4 - Commitments and Contin
Note 4 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 4. Commitments and Contingencies Our 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 | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Partners' Capital Notes Disclosure [Text Block] | 5. Distributions to Holders of Common Units On April 18, 2024, first 2024 three March 31, 2024, April 29, 2024. May 9, 2024. August 14, 2024. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. OTHER INFORMATION Rule 10b5 1 During the three March 31, 2024 none 10b5 1 10b5 1 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In November 2023, 2023 07, 280 2023 07” 2023 07, 280 2023 07 December 15, 2023, December 15, 2024, not The Partnership considers the applicability and impact of all ASUs. There are no not |
Note 1 - Business and Basis o_2
Note 1 - Business and Basis of Presentation (Details Textual) shares in Thousands | 3 Months Ended |
Mar. 31, 2024 shares | |
Number Of Counties In Which Entity Operates | 594 |
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 Com_2
Note 3 - Acquisitions for Common Units (Details Textual) $ in Thousands | 3 Months Ended | ||||||||
Mar. 28, 2024 USD ($) a shares | Sep. 29, 2023 USD ($) a shares | Aug. 31, 2023 USD ($) a shares | Jul. 12, 2023 USD ($) a shares | Sep. 30, 2022 USD ($) a shares | Mar. 31, 2024 USD ($) | Mar. 25, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Number Of Counties In Which Entity Operates | 594 | ||||||||
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received | $ 4,157 | $ 550 | |||||||
Oil and Gas, Full Cost Method, Property and Equipment, after Accumulated Depletion | 125,039 | $ 120,118 | |||||||
Multiple Unrelated Third Party [Member] | Mineral And Royalty Interest [Member] | |||||||||
Area of Real Estate Property (Acre) | a | 1,485 | ||||||||
Number Of Counties In Which Entity Operates | 2 | ||||||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable, Number of Shares (in shares) | shares | 505,369 | ||||||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | $ 17,000 | ||||||||
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received | 4,000 | $ 4,000 | |||||||
Oil and Gas, Full Cost Method, Property and Equipment, after Accumulated Depletion | 12,000 | ||||||||
Multiple Unrelated Third Party [Member] | Mineral And Royalty Interest [Member] | TEXAS | |||||||||
Area of Real Estate Property (Acre) | a | 568 | ||||||||
Number Of Counties In Which Entity Operates | 3 | ||||||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable, Number of Shares (in shares) | shares | 374,000 | ||||||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | $ 10,400 | ||||||||
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received | $ 200 | ||||||||
Oil and Gas, Full Cost Method, Property and Equipment, after Accumulated Depletion | 10,100 | ||||||||
An Unrelated Third Party [Member] | Mineral And Royalty Interest [Member] | |||||||||
Area of Real Estate Property (Acre) | a | 716 | ||||||||
Number Of Counties In Which Entity Operates | 3 | ||||||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable, Number of Shares (in shares) | shares | 494,000 | ||||||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | $ 14,400 | ||||||||
Oil and Gas, Full Cost Method, Property and Equipment, after Accumulated Depletion | 13,400 | ||||||||
Excess Energy, LLC [Member] | Mineral And Royalty Interest [Member] | |||||||||
Area of Real Estate Property (Acre) | a | 900 | 2,100 | |||||||
Number Of Counties In Which Entity Operates | 13 | 12 | |||||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable, Number of Shares (in shares) | shares | 343,750 | 816,719 | |||||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | $ 11,000 | $ 20,400 | |||||||
Oil and Gas, Full Cost Method, Property and Equipment, after Accumulated Depletion | $ 10,400 | ||||||||
Unrelated Third Parties [Member] | Mineral And Royalty Interest [Member] | Excess [Member] | |||||||||
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received | $ 500 |
Note 5 - Distributions to Hol_2
Note 5 - Distributions to Holders of Common Units (Details Textual) | 3 Months Ended |
Mar. 31, 2024 $ / shares | |
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in dollars per share) | $ 0.781837 |