Dorchester Minerals, L.P.

dmlp.net

What Do They Do?

Owns mineral and royalty interests in oil and natural gas properties and leases acreage to exploration and production companies.

How Do They Make Money?

Oil and gas remitters send royalties and net-profits payments based on production, usually by check two to three months after the production month. Exploration and production companies also pay lease bonuses for mineral leases, which the partnership receives upon payment.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Royalties Usage-based	84% FY2022: 78%	Usage-based
Net Profit Interests Usage-based	9.1% FY2022: 17%	Usage-based
Lease Bonus Sold outright	6.2%	Sold outright
Other Revenue	1.1%

Who Are Their Customers?

Oil and gas operators generate royalties from the properties, while exploration and production companies lease mineral interests. The partnership receives production payments from remitters by check and lease bonuses from lessees.

Customers above 10% of revenue, FY2025

of revenue from two customers (15%, 10%)

FY2024: 31% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 38 cents of every revenue dollar as net income in FY2025.

Net income, FY2025

38% of revenue

▼ −38% vs FY2024 ($92.4M, 57%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +73%; vs $32.4M in Q2 FY2025
Net income: ▲ +150%; vs $12.3M in Q2 FY2025

Royalties share of revenue vs 75.4% in Q2 FY2025

Aug 3, 2026 Completed acquisition of mineral and royalty interests in North Dakota The transaction covered approximately 3,100 net royalty acres in five Williston Basin counties in exchange for 835,958 common units.

Growing. Revenue grew 64% in 4 years, from $93.4M in FY2021 to $152.8M in FY2025, about 13% a year.

Revenue over time

Royalties Net Profit Interests Lease Bonus Other Revenue Product and Service, Other Lease Bonus and Other

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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