Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 03, 2023 | |
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 | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 | 38,715,243 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 35,324 | $ 40,754 |
Trade and other receivables | 10,758 | 14,543 |
Total current assets | 51,387 | 62,467 |
Oil and natural gas properties (full cost method) | 473,013 | 472,974 |
Accumulated full cost depletion | (372,656) | (360,724) |
Total | 100,357 | 112,250 |
Operating lease right-of-use asset | 860 | 959 |
Total assets | 153,125 | 176,243 |
Current liabilities | ||
Accounts payable and other current liabilities | 6,341 | 3,131 |
Operating lease liability | 277 | 281 |
Total current liabilities | 6,618 | 3,412 |
Operating lease liability | 1,175 | 1,313 |
Total liabilities | 7,793 | 4,725 |
Partnership capital | ||
General Partner | (60) | 676 |
Unitholders | 145,392 | 170,842 |
Total partnership capital | 145,332 | 171,518 |
Total liabilities and partnership capital | 153,125 | 176,243 |
Leasehold Improvements [Member] | ||
Current assets | ||
Leasehold improvements | 989 | 989 |
Accumulated amortization | (468) | (422) |
Total | 521 | 567 |
Related Party [Member] | ||
Current assets | ||
Net profits interest receivable - related party | $ 5,305 | $ 7,170 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating revenues | ||||
Operating revenues | $ 30,619 | $ 47,459 | $ 70,786 | $ 87,860 |
Costs and expenses | ||||
Operating, including production taxes | 2,754 | 3,807 | 5,472 | 7,075 |
Depreciation, depletion and amortization | 5,337 | 4,773 | 11,978 | 9,239 |
General and administrative | 2,724 | 1,555 | 5,462 | 3,598 |
Total costs and expenses | 10,815 | 10,135 | 22,912 | 19,912 |
Net income | 19,804 | 37,324 | 47,874 | 67,948 |
Allocation of net income | ||||
General partner | 656 | 1,253 | 1,416 | 2,335 |
Unitholders | $ 19,148 | $ 36,071 | $ 46,458 | $ 65,613 |
Net income per common unit (basic and diluted) (in dollars per share) | $ 0.50 | $ 0.96 | $ 1.21 | $ 1.76 |
Weighted average basic and diluted common units outstanding (in shares) | 38,372 | 37,555 | 38,372 | 37,275 |
Royalties [Member] | ||||
Operating revenues | ||||
Operating revenues | $ 23,613 | $ 37,140 | $ 48,297 | $ 72,019 |
Net Profit Interests [Member] | ||||
Operating revenues | ||||
Operating revenues | 5,830 | 9,013 | 20,777 | 14,483 |
Lease Bonus and Other [Member] | ||||
Operating revenues | ||||
Operating revenues | $ 1,176 | $ 1,306 | $ 1,712 | $ 1,358 |
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, 2021 | $ 982 | $ 141,428 | $ 142,410 |
Balance (in shares) at Dec. 31, 2021 | 36,985 | ||
Net income | 2,335 | $ 65,613 | 67,948 |
Distributions | (1,820) | (51,957) | (53,777) |
Acquisition of assets for units | 0 | $ 14,792 | 14,792 |
Acquisition of assets for units (in shares) | 570 | ||
Balance at Jun. 30, 2022 | 1,497 | $ 169,876 | 171,373 |
Balance (in shares) at Jun. 30, 2022 | 37,555 | ||
Balance at Mar. 31, 2022 | 1,209 | $ 162,118 | 163,327 |
Balance (in shares) at Mar. 31, 2022 | 37,555 | ||
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 | ||
Balance at Dec. 31, 2022 | 676 | $ 170,842 | 171,518 |
Balance (in shares) at Dec. 31, 2022 | 38,372 | ||
Net income | 1,416 | $ 46,458 | 47,874 |
Distributions | (2,152) | (71,908) | (74,060) |
Balance at Jun. 30, 2023 | (60) | $ 145,392 | 145,332 |
Balance (in shares) at Jun. 30, 2023 | 38,372 | ||
Balance at Mar. 31, 2023 | 319 | $ 164,219 | 164,538 |
Balance (in shares) at Mar. 31, 2023 | 38,372 | ||
Net income | 656 | $ 19,148 | 19,804 |
Distributions | (1,035) | (37,975) | (39,010) |
Balance at Jun. 30, 2023 | $ (60) | $ 145,392 | $ 145,332 |
Balance (in shares) at Jun. 30, 2023 | 38,372 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Partnership Capital (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Limited Partner [Member] | ||||
Distributions, per unit (in dollars per share) | $ 0.989656 | $ 0.753926 | $ 1.873995 | $ 1.393213 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Net cash provided by operating activities | $ 68,081 | $ 67,444 |
Cash flows provided by investing activities: | ||
Net cash contributed in acquisitions of oil and natural gas properties | 549 | 1,003 |
Cash flows used in financing activities: | ||
Distributions paid to General Partner and unitholders | (74,060) | (53,777) |
Increase (decrease) in cash and cash equivalents | (5,430) | 14,670 |
Cash and cash equivalents at beginning of period | 40,754 | 28,306 |
Cash and cash equivalents at end of period | 35,324 | 42,976 |
Non-cash investing and financing activities: | ||
Fair value of common units issued for acquisition of oil and natural gas properties | $ 0 | $ 14,792 |
Note 1 - Business and Basis of
Note 1 - Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | DORCHESTER MINERALS, L.P. (A Delaware Limited Partnership) (Unaudited) 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. Recent Events In January 2020, 19” March 2020, 19 19 2021 2021 May 2023, 19 no In February 2022, first 2022 second 2022 first six 2023, 19 may We are continuing to closely monitor the overall impact and the evolution of the COVID- 19 may 19 19 19 May 2023 19 no may 19 may 19. 19 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
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 Recently Adopted Pronouncements In June 2016, 2016 13, 326 2016 13” not 2019 10, 326 2016 13 December 15, 2022. 2016 13 January 1, 2023. not Accounting Pronouncements Not 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, 2023 | |
Notes to Financial Statements | |
Acquisition of Producing and Nonproducing Royalty and Mineral Rights [Text Block] | 3. Acquisitions for Units On July 12, 2023, third 4. On September 30, 2022, 4. six June 30, 2023. December 31, 2022 December 31, 2022 On March 31, 2022, third 4. six June 30, 2022. December 31, 2022 |
Note 4 - Commitments and Contin
Note 4 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 | |
Notes to Financial Statements | |
Partners' Capital Notes Disclosure [Text Block] | 5. Distributions to Holders of Common Units The distribution for the second 2023 second 2023 August 10, 2023. second 2022 third 2023 November 14, 2023. |
Item 5 - Other Information
Item 5 - Other Information | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Issuer Rule 10b5-1, Material Terms [Text Block] | 5. OTHER INFORMATION Annual Meeting The 2023 2 October 4, 2023, 30 one 2022 www.virtualshareholdermeeting.com/DMLP2023. 1934 10 2023 3838 300, 75219 4541, no August 15, 2023 ( Rule 10b5 1 During the quarter and six June 30, 2023, none 10b5 1 10b5 1 |
Note 1 - Business and Basis o_2
Note 1 - Business and Basis of Presentation (Details Textual) shares in Thousands | 6 Months Ended |
Jun. 30, 2023 shares | |
Number Of Counties In Which Entity Operates | 592 |
Number of States in which Entity Operates | 28 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Jun. 30, 2023 USD ($) |
Accounts Receivable, Allowance for Credit Loss, Current | $ 0 |
Note 3 - Acquisitions for Uni_2
Note 3 - Acquisitions for Units (Details Textual) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jul. 12, 2023 USD ($) a shares | Sep. 30, 2022 USD ($) a shares | Mar. 31, 2022 USD ($) a shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Number Of Counties In Which Entity Operates | 592 | |||||
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received | $ 549 | $ 1,003 | ||||
Oil and Gas Property, Full Cost Method, Net, Total | 100,357 | $ 112,250 | ||||
Subsequent Event [Member] | ||||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | $ 11,000 | |||||
dmlp_Mineral And Royalty Interest [Member] | Partnership Interest [Member] | ||||||
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received | $ 900 | |||||
Excess Energy, LLC [Member] | dmlp_Mineral And Royalty Interest [Member] | ||||||
Area of Real Estate Property (Acre) | a | 2,100 | |||||
Number Of Counties In Which Entity Operates | 12 | |||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable, Number of Shares (in shares) | shares | 816,719 | |||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | $ 20,400 | |||||
Asset Acquisition Consideration Transferred Royalty and Mineral Revenue Received | $ 500 | |||||
Oil and Gas Property, Full Cost Method, Net, Total | 19,000 | |||||
Costs Incurred, Acquisition of Unproved Oil and Gas Properties | 1,800 | |||||
Excess Energy, LLC [Member] | dmlp_Mineral And Royalty Interest [Member] | Subsequent Event [Member] | ||||||
Area of Real Estate Property (Acre) | a | 900 | |||||
Number Of Counties In Which Entity Operates | 13 | |||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable, Number of Shares (in shares) | shares | 343,750 | |||||
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 | $ 14,000 |
Note 5 - Distributions to Hol_2
Note 5 - Distributions to Holders of Common Units (Details Textual) - $ / shares | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Number of Units That Cash Distributions Were Paid on During the Period (in shares) | 38,715,243 | 37,554,774 |
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in dollars per share) | $ 0.676818 |