Dorchester Minerals 2025 earnings and revenue drop

Dorchester Minerals, L.P. reported full-year 2025 net income of $57.4 million, or $1.16 per common unit, down from $92.4 million, or $2.13 per unit, in 2024.

Rhea-AI Filing Summary

Dorchester Minerals, L.P. reported full-year 2025 net income of $57.4 million, or $1.16 per common unit, down from $92.4 million, or $2.13 per unit, in 2024. Operating revenues declined to $152.8 million from $161.5 million, reflecting weaker overall results.

As of December 31, 2025, the Partnership’s independent engineering consultant estimated total proved oil and natural gas reserves at 15.6 million barrels of oil equivalent, 61% of which are oil and natural gas liquids and all classified as proved developed producing. About 86% of reserves are tied to Royalty Properties and 14% to Net Profits Interests.

From May 2025 through February 2026, Dorchester Minerals distributed $133.5 million to common unitholders attributable to 2025 activity, highlighting substantial cash distributions despite lower earnings.

Positive

• None.

Negative

• Material earnings decline: 2025 net income fell to $57.4 million from $92.4 million and net income per common unit dropped to $1.16 from $2.13, a significant year-over-year reduction in profitability.

Insights

Energy income and royalty partnerships analyst

2025 earnings and cash flow weakened even as reserves and payouts remained solid.

Dorchester Minerals, L.P. posted a sharp decline in performance, with 2025 net income of $57.352M versus $92.449M in 2024 and net income per common unit dropping from $2.13 to $1.16. Operating revenues also fell from $161.523M to $152.832M, indicating a tougher commodity or volume environment.

Despite weaker earnings, the business continues to be underpinned by significant proved reserves of 15.6M boe as of December 31, 2025, all proved developed producing and 61% liquids, which typically carry higher margins. The reserve mix is heavily weighted to Royalty Properties, which generally have no operating cost burden.

The Partnership distributed $133.5M to unitholders from May 2025 through February 2026 attributable to 2025 activity, signaling continued strong cash returns relative to earnings. Actual sustainability of these distributions will depend on future commodity prices, development activity on its properties, and any changes in regulatory or economic conditions outlined in its SEC filings.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Dorchester Minerals (DMLP) perform financially in 2025?

Dorchester Minerals reported 2025 net income of $57.352 million, or $1.16 per common unit. This was down from $92.449 million, or $2.13 per unit, in 2024, reflecting weaker profitability despite continued royalty-based operations.

What were Dorchester Minerals’ 2025 operating revenues?

Operating revenues for 2025 were $152.832 million, compared with $161.523 million in 2024. The decline in revenue contributed to lower net income and earnings per unit, underscoring a softer year for the Partnership’s oil and natural gas interests.

What proved reserves does Dorchester Minerals (DMLP) report as of year-end 2025?

As of December 31, 2025, Dorchester Minerals’ independent engineering consultant estimated 15.6 million barrels of oil equivalent in total proved reserves. About 61% are oil and natural gas liquids, and all reserves are classified as proved developed producing.

How are Dorchester Minerals’ reserves split between Royalty Properties and Net Profits Interests?

Approximately 86% of the Partnership’s 15.6 mmboe proved reserves are attributable to its Royalty Properties, while about 14% relate to its Net Profits Interest. This emphasizes a predominantly royalty-driven asset base with limited direct operating exposure.

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

Dorchester Minerals distributed a total of $133.5 million to common unitholders from May 2025 through February 2026 attributable to 2025 activity. These substantial cash distributions came despite a notable year-over-year decline in earnings.

On which exchange do Dorchester Minerals common units trade and under what symbol?

Dorchester Minerals’ common units trade on the NASDAQ Global Select Market under the symbol DMLP. The Partnership owns producing and non-producing mineral, royalty, overriding royalty, net profits, and leasehold interests across 28 U.S. states.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/24/2026 - 05:22 PM Learn about SEC filing dates

false 0001172358 0001172358 2026-02-24 2026-02-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2026

DORCHESTER MINERALS, L.P.

(Exact name of registrant as specified in its charter)

Delaware		000-50175		81-0551518
(State or other jurisdiction of		(Commission		(IRS Employer
incorporation)		File Number)		Identification No.)

3838 Oak Lawn, Suite 300, Dallas, Texas 75219

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:  (214) 559-0300

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company         ☐                                

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.         ☐

Item 2.02 Results of Operations and Financial Condition

The Registrant is furnishing its press release dated February 24, 2026, which announces the Registrant's results for the year ended December 31, 2025.  The press release is attached hereto as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

Item 7.01

And 9.01 Regulation FD Disclosure and Financial Statements and Exhibits

(c) Exhibits

99.1 Press Release dated February 24, 2026, announcing the Registrant's results for the year ended December 31, 2025. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.   See Item 2.02. Results of Operations and Financial Condition.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

Limitation on Incorporation by Reference

In accordance with general instructions B.2 and B.6 of Form 8-K, the information disclosed in this report under Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DORCHESTER MINERALS, L.P.

Registrant

by  Dorchester Minerals Management LP

its General Partner,

by  Dorchester Minerals Management GP LLC

its General Partner

Date: February 24, 2026

By:         /s/ Leslie A. Moriyama

Leslie A. Moriyama

Chief Financial Officer

Exhibit 99.1

NEWS RELEASE Dorchester Minerals, L.P.

Release Date:	February 24, 2026	3838 Oak Lawn Ave., Suite 300
		Dallas, Texas 75219-4541
Contact:	Martye Miller	(214) 559-0300

Dorchester Minerals, L.P. Announces 2025 Results

DALLAS, TEXAS -- 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.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 14.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 11.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 15.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.3 KB