Dorchester Minerals LP

dmlp.net

Dorchester Minerals LP (NASDAQ: DMLP) is an oil and natural gas royalty partnership that owns and manages mineral interests, royalty interests, and net profits interests across multiple U.S. basins. It makes money by collecting royalty and net profits interest payments from operators who drill and produce oil and gas on acreage where Dorchester holds the underlying mineral rights, bearing no drilling or operating costs itself. The partnership grows its asset base through non-taxable contribution and exchange agreements, issuing common units to acquire mineral and royalty acreage from third parties. Recent acquisitions include approximately 1,485 net royalty acres in Colorado (closed March 28, 2024) and approximately 1,204 net royalty acres in Weld County, Colorado (closed September 30, 2024), both in exchange for common units. Additional acreage was acquired from Carrollton Mineral Partners and affiliated entities on September 30, 2024. Dorchester distributes substantially all available cash to unitholders, structured as a master limited partnership. The fiscal year covered by the source 10-K filing ended December 31, 2025, filed February 24, 2026.