Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 05, 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 | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 32,969 | $ 28,306 |
Trade and other receivables | 20,226 | 11,533 |
Net profits interest receivable - related party | 5,406 | 6,822 |
Total current assets | 58,601 | 46,661 |
Oil and natural gas properties (full cost method) | 453,830 | 440,052 |
Accumulated full cost depletion | (346,176) | (341,733) |
Total | 107,654 | 98,319 |
Operating lease right-of-use asset | 1,114 | 1,168 |
Total assets | 168,005 | 146,807 |
Current liabilities: | ||
Accounts payable and other current liabilities | 2,867 | 2,512 |
Operating lease liability | 288 | 291 |
Total current liabilities | 3,155 | 2,803 |
Operating lease liability | 1,523 | 1,594 |
Total liabilities | 4,678 | 4,397 |
Commitments and contingencies (Note 3) | ||
Partnership capital: | ||
General Partner | 1,209 | 982 |
Unitholders | 162,118 | 141,428 |
Total partnership capital | 163,327 | 142,410 |
Total liabilities and partnership capital | 168,005 | 146,807 |
Leasehold Improvements [Member] | ||
Current assets: | ||
Leasehold improvements | 989 | 989 |
Accumulated amortization | (353) | (330) |
Total | $ 636 | $ 659 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating revenues: | ||
Operating revenues | $ 40,401 | $ 17,789 |
Costs and expenses: | ||
Operating, including production taxes | 3,268 | 1,521 |
Depreciation, depletion and amortization | 4,466 | 2,298 |
General and administrative | 2,043 | 2,169 |
Total costs and expenses | 9,777 | 5,988 |
Net income | 30,624 | 11,801 |
Allocation of net income: | ||
General partner | 1,082 | 397 |
Unitholders | $ 29,542 | $ 11,404 |
Net income per common unit (basic and diluted) (in dollars per share) | $ 0.80 | $ 0.33 |
Weighted average basic and diluted common units outstanding (in shares) | 36,991 | 34,680 |
Royalties [Member] | ||
Operating revenues: | ||
Operating revenues | $ 34,879 | $ 14,371 |
Net Profits Interest [Member] | ||
Operating revenues: | ||
Operating revenues | 5,470 | 2,975 |
Lease Bonus and Other [Member] | ||
Operating revenues: | ||
Operating revenues | $ 52 | $ 443 |
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, 2020 | $ 536 | $ 84,028 | $ 84,564 |
Balance (in shares) at Dec. 31, 2020 | 34,680 | ||
Net income | 397 | $ 11,404 | 11,801 |
Distributions | (279) | (8,402) | (8,681) |
Balance at Mar. 31, 2021 | 654 | $ 87,030 | 87,684 |
Balance (in shares) at Mar. 31, 2021 | 34,680 | ||
Balance at Dec. 31, 2021 | 982 | $ 141,428 | 142,410 |
Balance (in shares) at Dec. 31, 2021 | 36,985 | ||
Net income | 1,082 | $ 29,542 | 30,624 |
Distributions | (855) | (23,644) | (24,499) |
Acquisition of assets for units | 0 | $ 14,792 | 14,792 |
Acquisition of assets for units (in shares) | 570 | ||
Balance at Mar. 31, 2022 | $ 1,209 | $ 162,118 | $ 163,327 |
Balance (in shares) at Mar. 31, 2022 | 37,555 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Partnership Capital (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Limited Partner [Member] | ||
Distributions, per unit (in dollars per share) | $ 0.639287 | $ 0.242260 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net cash provided by operating activities | $ 28,415 | $ 10,509 |
Cash flows provided by investing activities: | ||
Net cash contributed in acquisitions of oil and natural gas properties | 747 | 0 |
Proceeds from the sale of oil and natural gas properties | 0 | 262 |
Total cash flows provided by investing activities | 747 | 262 |
Cash flows used in financing activities: | ||
Distributions paid to General Partner and unitholders | (24,499) | (8,681) |
Increase in cash and cash equivalents | 4,663 | 2,090 |
Cash and cash equivalents at beginning of period | 28,306 | 11,232 |
Cash and cash equivalents at end of period | 32,969 | 13,322 |
Non-cash investing and financing activities: | ||
Fair value of common units issued for acquisition of oil and natural gas properties | $ 14,792 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Basis of Presentation Dorchester Minerals, L.P. (the “Partnership”) is a publicly traded Delaware limited partnership that was formed in December 2001 January 31, 2003. 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 reflect all adjustments (consisting only of normal and recurring adjustments unless indicated otherwise) that are, in the opinion of management, necessary for the fair presentation of our financial position and operating results for the interim period. Interim period results are not 1 10 not 2021 10 The accompanying unaudited condensed consolidated financial statements include the consolidated results of the Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. 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. For example, estimates of uncollected revenues and unpaid expenses from Royalty Properties (which consist of producing and nonproducing mineral, royalty, overriding royalty, net profits, and leasehold interests located in 590 counties and parishes in 28 states (“Royalty Properties”)) and net profits overriding royalty interests (referred to as the Net Profits Interest, or “NPI”) operated by non-affiliated entities are particularly subjective due to our inability to gain accurate and timely information. Actual results could differ from those estimates. Recent Events 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 2021 19 19 Revenue Recognition no Revenues from Royalty Properties and the NPI are recorded under the cash receipts approach as directly received from the remitters’ statement accompanying the revenue check. Since the revenue checks are generally received two four not not The Partnership does not no not Revenues from lease bonus payments are recorded upon receipt. The lease bonus is separate from the lease itself and is recognized as revenue to the Partnership upon receipt of payment. The Partnership generates lease bonus revenue by leasing its mineral interests to exploration and production companies and includes proceeds from assignments of leasehold interests where the Partnership retains an interest. A lease agreement represents the Partnership’s contract with a lessee and generally transfers the rights to develop oil or natural gas, grants the Partnership a right to a specified royalty interest, and requires that drilling and completion operations commence within a specified time period. Upon signing a lease agreement, no no |
Note 2 - Acquisitions for Units
Note 2 - Acquisitions for Units | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Acquisition of Producing and Nonproducing Royalty and Mineral Rights [Text Block] | 2. Acquisitions for Units On March 31, 2022, third 4. January 1, 2022 March 31, 2022 three March 31, 2022. March 31, 2022 On December 31, 2021, 5 4. October 1, 2021 December 31, 2021 December 31, 2021 three March 31, 2022, three March 31, 2022. On June 30, 2021, 4. April 1, 2021 June 30, 2021 December 31, 2021 |
Note 3 - Commitments and Contin
Note 3 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 3. 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 4 - Distributions to Holde
Note 4 - Distributions to Holders of Common Units | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Partners' Capital Notes Disclosure [Text Block] | 4. Distributions to Holders of Common Units The distribution for the first 2022 first 2021 first 2022 May 12, 2022. second August 14, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Dorchester Minerals, L.P. (the “Partnership”) is a publicly traded Delaware limited partnership that was formed in December 2001 January 31, 2003. 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 reflect all adjustments (consisting only of normal and recurring adjustments unless indicated otherwise) that are, in the opinion of management, necessary for the fair presentation of our financial position and operating results for the interim period. Interim period results are not 1 10 not 2021 10 The accompanying unaudited condensed consolidated financial statements include the consolidated results of the Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. 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. For example, estimates of uncollected revenues and unpaid expenses from Royalty Properties (which consist of producing and nonproducing mineral, royalty, overriding royalty, net profits, and leasehold interests located in 590 counties and parishes in 28 states (“Royalty Properties”)) and net profits overriding royalty interests (referred to as the Net Profits Interest, or “NPI”) operated by non-affiliated entities are particularly subjective due to our inability to gain accurate and timely information. Actual results could differ from those estimates. |
Recent Events, Policy [Policy Text Block] | Recent Events 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 2021 19 19 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition no Revenues from Royalty Properties and the NPI are recorded under the cash receipts approach as directly received from the remitters’ statement accompanying the revenue check. Since the revenue checks are generally received two four not not The Partnership does not no not Revenues from lease bonus payments are recorded upon receipt. The lease bonus is separate from the lease itself and is recognized as revenue to the Partnership upon receipt of payment. The Partnership generates lease bonus revenue by leasing its mineral interests to exploration and production companies and includes proceeds from assignments of leasehold interests where the Partnership retains an interest. A lease agreement represents the Partnership’s contract with a lessee and generally transfers the rights to develop oil or natural gas, grants the Partnership a right to a specified royalty interest, and requires that drilling and completion operations commence within a specified time period. Upon signing a lease agreement, no no |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) shares in Thousands | 3 Months Ended |
Mar. 31, 2022shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 |
Number Of Counties In Which Entity Operates | 590 |
Number of States in which Entity Operates | 28 |
Note 2 - Acquisitions for Uni_2
Note 2 - Acquisitions for Units (Details Textual) $ in Thousands | Dec. 31, 2021USD ($)ashares | Jun. 30, 2021USD ($)ashares | Mar. 31, 2022USD ($)ashares | Dec. 31, 2021USD ($)a | Jun. 30, 2021USD ($)a | Mar. 31, 2021USD ($) |
Number Of Counties In Which Entity Operates | 590 | |||||
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received | $ 747 | $ 0 | ||||
Oil and Gas Property, Full Cost Method, Net, Total | $ 98,319 | $ 107,654 | $ 98,319 | |||
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, Royalty Revenue Received | $ 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 | |||||
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received | 700 | |||||
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 | |||||
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received | 400 | $ 1,900 | ||||
Oil and Gas Property, Full Cost Method, Net, Total | $ 29,300 | $ 29,300 | ||||
Asset Acquisition, Consideration Transferred, Transaction Cost | $ 300 | |||||
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 4 - Distributions to Hol_2
Note 4 - Distributions to Holders of Common Units (Details Textual) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Number of Units That Cash Distributions Were Paid on During the Period (in shares) | 37,554,774 | 34,679,774 |
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in dollars per share) | $ 0.753926 |