Dorchester Minerals, L.P. Announces 2025 Results

Rhea-AI Summary

Dorchester Minerals, L.P. (NASDAQ: DMLP) reported 2025 net income of $57,352,000 or $1.16 per common unit on operating revenues of $152,832,000 for the year ended December 31, 2025.

An independent engineer estimated total proved reserves of 15.6 mmboe as of December 31, 2025, with about 86% in royalty properties and 61% oil and natural gas liquids (all proved developed producing). The Partnership distributed $133.5 million to common unitholders for 2025 activity.

Positive

• Distributed $133.5 million to common unitholders
• Proved reserves of 15.6 mmboe as of December 31, 2025
• 61% of proved reserves are oil and natural gas liquids, all PDP

Negative

• Net income declined to $57.35M in 2025 from $92.45M in 2024 (~38% decline)
• Net income per common unit fell to $1.16 from $2.13 year-over-year (~45% decline)

Key Figures

2025 Net Income: $57,352,000 2025 EPS: $1.16 per common unit 2025 Operating Revenues: $152,832,000 +5 more

8 metrics

2025 Net Income $57,352,000 Year ended December 31, 2025

2025 EPS $1.16 per common unit Year ended December 31, 2025

2025 Operating Revenues $152,832,000 Year ended December 31, 2025

2024 Operating Revenues $161,523,000 Year ended December 31, 2024

2024 Net Income $92,449,000 Year ended December 31, 2024

2024 EPS $2.13 per common unit Year ended December 31, 2024

2025 Distributions $133.5 million Distributed May 2025–Feb 2026 attributable to 2025 activity

Proved Reserves 15.6 mmboe Total proved oil and natural gas reserves as of Dec 31, 2025

Market Reality Check

Price: $25.44 Vol: Volume 184,581 is near th...

normal vol

$25.44 Last Close

Volume Volume 184,581 is near the 20-day average of 181,589 (relative volume 1.02). normal

Technical Price 25.47 is trading slightly above the 200-day MA at 25.23 and about 20.65% below the 52-week high of 32.10.

Peers on Argus

With DMLP up 0.32%, peers in the broader oil & gas group showed mixed moves: TAL...

1 Up 1 Down

With DMLP up 0.32%, peers in the broader oil & gas group showed mixed moves: TALO down 4.72% and KOS up 1.82%. Scanner data flags no coordinated sector trend, suggesting today’s action is more stock-specific around the results.

Historical Context

5 past events · Latest: Feb 17 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 17	Board appointment	Positive	+0.6%	New independent manager appointed, filling vacancy left by prior director’s death.
Jan 22	Distribution announcement	Positive	+3.8%	Announced Q4 2025 cash distribution and detailed underlying cash receipts.
Dec 09	Leadership transition	Neutral	-1.3%	Retirement of long-tenured board member and appointments of new chairman and manager.
Nov 06	Quarterly earnings	Negative	-1.8%	Q3 2025 results showed lower revenues and net income versus prior-year period.
Nov 04	Director passing	Negative	-1.8%	Announcement of death of audit committee chair and outline of succession plans.

Pattern Detected

Recent news events (distributions, management changes, earnings) have generally seen price moves that align directionally with the underlying news tone.

Recent Company History

Over the past several months, Dorchester Minerals has focused on governance changes, quarterly distributions, and earnings. A board vacancy from the passing of C.W. “Bill” Russell was followed by new appointments to the board and audit-related roles. Earnings in Q3 2025 showed weaker revenues and net income versus the prior year, while distributions remained consistent. Today’s full-year 2025 results, which show lower revenues and net income versus 2024, extend that trend of softer fundamentals but sustained capital returns.

Market Pulse Summary

This announcement details full-year 2025 results, with operating revenues of $152.8M and net income ...

Analysis

This announcement details full-year 2025 results, with operating revenues of $152.8M and net income of $57.35M, both below 2024 levels, alongside 15.6 mmboe of proved reserves and $133.5M distributed for 2025 activity. Investors may weigh the durability of distributions against softer earnings and commodity risk. Watching future quarterly results, reserve updates, and distribution declarations will be key to assessing the trajectory from these levels.

Key Terms

net profits interest, proved oil and natural gas reserves, barrels of oil equivalent, overriding royalty, +2 more

6 terms

net profits interest financial

"14% of these reserves are attributable to its Net Profits Interest."

A net profits interest (NPI) is a contractual right to receive a fixed percentage of a project’s or asset’s profits after allowable costs are paid, rather than a share of gross revenue or ownership. For investors, it matters because it gives upside tied to actual profitability while shielding the holder from direct operating expenses and capital calls, similar to getting a portion of the leftover profits from a business after the bills are settled.

proved oil and natural gas reserves technical

"estimated its total proved oil and natural gas reserves to be 15.6 million..."

Proved oil and natural gas reserves are the quantities of hydrocarbons that geological and engineering evidence show are very likely to be recoverable from known wells and fields using current technology and economic conditions. Think of them as the oil and gas a company can reliably draw from its property today, not optimistic guesses — investors use this “proven inventory” to judge future production, revenue potential and how long a company’s assets will generate cash.

barrels of oil equivalent technical

"reserves to be 15.6 million barrels of oil equivalent (mmboe)..."

Barrels of oil equivalent (BOE) is a way to measure and compare different types of energy resources, like oil and natural gas, in a common unit. It helps investors understand the total amount of energy a company has or produces, regardless of the resource type, by converting natural gas into a comparable oil amount. This simplifies assessing a company's overall energy assets and making informed investment decisions.

overriding royalty financial

"owner of producing and non-producing crude oil and natural gas mineral, royalty, overriding royalty..."

An overriding royalty is a contract right that gives its holder a fixed percentage of revenue from the sale of produced resources (like oil, gas, or minerals) without owning the underlying property or bearing production costs. Think of it as a persistent slice of future sales left on a product even after the owner sells the asset; investors care because it reduces the seller’s future cash flow and can create predictable income for the royalty holder, affecting company value and deal economics.

forward-looking statements regulatory

"FORWARD-LOOKING STATEMENTS Portions of this document may constitute "forward-looking statements"..."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

proved developed producing technical

"all of which were classified as proved developed producing."

Proved developed producing (PDP) describes oil or gas reserves that are confirmed, already connected to production equipment, and actively yielding hydrocarbons. For investors, PDP is like money already in a company's cash register: it represents low-risk, near-term revenue because the wells are drilled, hooked up, and producing, so future income and cash flow estimates based on PDP are more reliable than projections for undeveloped or unproven reserves.

AI-generated analysis. Not financial advice.

DALLAS, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Dorchester Minerals, L.P. (the “Partnership”) (NASDAQ-DMLP) announced today the Partnership’s net income for the year ended December 31, 2025 of $57,352,000 or $1.16 per common unit.

A comparison of the Partnership’s consolidated results for the twelve month periods ended December 31, 2025 and 2024 are set forth below:

	Twelve Months Ended
	December 31,
	2025			2024
Operating Revenues	$	152,832,000		$	161,523,000
Net Income	$	57,352,000		$	92,449,000
Net Income Per Common Unit	$	1.16		$	2.13

The Partnership’s independent engineering consultant estimated its total proved oil and natural gas reserves to be 15.6 million barrels of oil equivalent (mmboe) as of December 31, 2025. Approximately 86% of these reserves are attributable to the Partnership’s Royalty Properties and 14% are attributable to its Net Profits Interest. Oil and natural gas liquids accounted for 61% of proved reserves as of December 31, 2025, all of which were classified as proved developed producing.

The Partnership distributed a total of $133.5 million to its common unitholders from May 2025 through February 2026 attributable to 2025 activity.

Dorchester Minerals, L.P. is a Dallas based owner of producing and non-producing crude oil and natural gas mineral, royalty, overriding royalty, net profits, and leasehold interests in 28 states. Its common units trade on the NASDAQ Global Select Market under the symbol DMLP.

FORWARD-LOOKING STATEMENTS

Portions of this document may constitute "forward-looking statements" as defined by federal law. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Examples of such uncertainties and risk factors include, but are not limited to, changes in the price or demand for oil and natural gas, changes in the operations on or development of the Partnership’s properties, changes in economic and industry conditions and changes in regulatory requirements (including changes in environmental requirements) and the Partnership’s financial position, business strategy and other plans and objectives for future operations. These and other factors are set forth in the Partnership's filings with the Securities and Exchange Commission.

		3838 Oak Lawn Ave., Suite 300
		Dallas, Texas 75219-4541
Contact:	Martye Miller	(214) 559-0300

FAQ

What was Dorchester Minerals (DMLP) net income for 2025?

Net income was $57,352,000 for the year ended December 31, 2025. According to the company, this equals $1.16 per common unit and compares to $92,449,000 in 2024.

How much revenue did DMLP report in 2025?

Operating revenues for 2025 were $152,832,000. According to the company, this compares with $161,523,000 reported for 2024.

What proved reserves did Dorchester Minerals report as of December 31, 2025?

Total proved oil and natural gas reserves were 15.6 million barrels of oil equivalent (mmboe) as of December 31, 2025. According to the company, ~86% are royalty properties and 14% net profits interest.

What portion of DMLP's 2025 reserves are oil and natural gas liquids?

61% of proved reserves were oil and natural gas liquids as of December 31, 2025. According to the company, all of those oil and NGL reserves were classified as proved developed producing.

How much did Dorchester Minerals distribute to unitholders for 2025 activity?

The Partnership distributed a total of $133.5 million to common unitholders from May 2025 through February 2026. According to the company, these distributions are attributable to 2025 activity.

How did DMLP's earnings per unit change from 2024 to 2025?

Earnings per common unit fell to $1.16 in 2025 from $2.13 in 2024. According to the company, this reflects the reported net income decline between the two years.