$DMLP
DORCHESTER MINERALS, L.P.

2024 Q1 Form 10-K Financial Statement

#000143774924005193 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $30.98M $50.42M $163.8M
YoY Change -22.87% 29.67% -4.1%
Cost Of Revenue $2.623M $3.025M $12.21M
YoY Change -3.5% 15.02% -5.26%
Gross Profit $28.36M $47.39M $151.6M
YoY Change -24.28% 30.73% -4.0%
Gross Profit Margin 91.53% 94.0% 92.55%
Selling, General & Admin $3.269M $2.904M $11.16M
YoY Change 19.39% 32.12% 35.8%
% of Gross Profit 11.53% 6.13% 7.36%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.920M $7.710M $26.31M
YoY Change 4.2% 37.75% 37.86%
% of Gross Profit 24.4% 16.27% 17.35%
Operating Expenses $10.19M $10.61M $37.47M
YoY Change 8.64% 36.16% 37.24%
Operating Profit $18.17M $36.78M $114.1M
YoY Change -35.28% 29.24% -12.63%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $18.17M $36.78M $114.1M
YoY Change -35.28% 29.24% -12.63%
Income Tax
% Of Pretax Income
Net Earnings $18.17M $35.50M $114.1M
YoY Change -35.28% 28.64% -12.63%
Net Earnings / Revenue 58.64% 70.4% 69.67%
Basic Earnings Per Share $0.44 $2.85
Diluted Earnings Per Share $0.44 $0.90 $2.85
COMMON SHARES
Basic Shares Outstanding 39.58M 39.58M 38.78M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.74M $47.03M $47.03M
YoY Change -16.14% 15.39% 15.39%
Cash & Equivalents $37.74M $47.03M $47.03M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $13.84M $14.41M $14.41M
Other Receivables $7.025M $8.275M $8.275M
Total Short-Term Assets $58.60M $69.71M $69.71M
YoY Change -5.74% 11.59% 11.59%
LONG-TERM ASSETS
Property, Plant & Equipment $126.2M $121.4M $121.4M
YoY Change 17.82% 6.66% 6.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $126.2M $121.4M $121.4M
YoY Change 17.82% 6.66% 6.66%
TOTAL ASSETS
Total Short-Term Assets $58.60M $69.71M $69.71M
Total Long-Term Assets $126.2M $121.4M $121.4M
Total Assets $184.8M $191.1M $191.1M
YoY Change 9.17% 8.41% 8.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.214M $4.195M $4.195M
YoY Change 30.3% 33.98% 33.98%
Accrued Expenses $270.0K $272.0K $272.0K
YoY Change -3.23% -3.2% -3.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.484M $4.467M $4.467M
YoY Change 27.64% 30.92% 30.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $975.0K $1.041M $1.041M
YoY Change -21.62% -20.72% -20.72%
Total Long-Term Liabilities $975.0K $1.041M $1.041M
YoY Change -21.62% -20.72% -20.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.484M $4.467M $4.467M
Total Long-Term Liabilities $975.0K $1.041M $1.041M
Total Liabilities $5.459M $5.508M $5.508M
YoY Change 14.76% 16.57% 16.57%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $179.4M $185.6M $185.6M
YoY Change
Total Liabilities & Shareholders Equity $184.8M $191.1M $191.1M
YoY Change 9.17% 8.41% 8.41%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $18.17M $35.50M $114.1M
YoY Change -35.28% 28.64% -12.63%
Depreciation, Depletion And Amortization $6.920M $7.710M $26.31M
YoY Change 4.2% 37.75% 37.86%
Cash From Operating Activities $27.97M $37.94M $139.8M
YoY Change -27.82% 12.69% -4.9%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $4.157M $284.0K $2.284M
YoY Change 655.82% 7.58% 9.33%
Cash From Investing Activities $4.157M $284.0K $2.284M
YoY Change 655.82% 7.58% 9.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -41.41M -34.65M -135.9M
YoY Change 18.15% -23.28% -0.61%
NET CHANGE
Cash From Operating Activities $27.97M 37.94M $139.8M
Cash From Investing Activities 4.157M 284.0K $2.284M
Cash From Financing Activities -41.41M -34.65M -135.9M
Net Change In Cash -$9.288M 3.571M $6.271M
YoY Change -318.8% -131.79% -49.62%
FREE CASH FLOW
Cash From Operating Activities $27.97M $37.94M $139.8M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"><i>Use of Estimates </i>— 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. Actual results could differ from those estimates.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"></p>
CY2023 us-gaap Incentive Distribution Policy Managing Member Or General Partner Description
IncentiveDistributionPolicyManagingMemberOrGeneralPartnerDescription
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"><i>General Partner </i>— Our<i> </i>general partner is Dorchester Minerals Management LP, referred to in these Notes as “our General Partner.” Our General Partner owns all of the partnership interests in Dorchester Minerals Operating LP, the Operating Partnership. See Note <em style="font: inherit;">4</em> —Related Party Transactions. The General Partner is allocated 4% and 1% of our Royalty Properties’ net revenues and Net Profits Interest ("NPI") proceeds received by the Operating Partnership, respectively. The Royalty Properties consist of producing and nonproducing mineral, royalty, overriding royalty, net profits, and leasehold interests located in 593 counties and parishes in 28 states (“Royalty Properties”).</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"></p>
CY2023Q4 dmlp Number Of Counties In Which Entity Operates
NumberOfCountiesInWhichEntityOperates
593 pure
CY2023Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
28 pure
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"><i>Concentration of Credit Risks and Significant Customers </i>— Our<i> </i>Partnership, as a royalty and NPI owner, has <em style="font: inherit;">no</em> control over the volumes or method of sale of oil and natural gas produced and sold from the Royalty Properties and NPI. Royalty revenues from properties operated by Pioneer Natural Resources Company represented approximately 11%, 12%, and 13% of total operating revenues for the years ended <em style="font: inherit;"> December 31, 2023, </em><em style="font: inherit;">2022</em> and <em style="font: inherit;">2021</em>, respectively. If we were to lose a significant customer, such loss could impact revenue. The loss of any single customer is mitigated by our diversified customer base, and we do <em style="font: inherit;">not</em> believe that the loss of any single customer would have a long-term material adverse effect on our financial position or the results of operations.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:18pt;"></p>
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
0 usd
CY2023 dmlp Future Net Revenues To Proved Oil And Natural Gas Reserves Discount Percentage
FutureNetRevenuesToProvedOilAndNaturalGasReservesDiscountPercentage
10 pure
CY2023 us-gaap Impairment Of Oil And Gas Properties
ImpairmentOfOilAndGasProperties
0 usd
CY2023 dmlp Gain Loss Recognition Upon Disposition Of Oil And Gas Minimum Percent Of Reserves
GainLossRecognitionUponDispositionOfOilAndGasMinimumPercentOfReserves
25 pure
CY2023 dmlp Texas Franchise Tax Rate
TexasFranchiseTaxRate
0.75 pure
CY2023 dmlp General And Administrative Reimbursement Maximum Percentage
GeneralAndAdministrativeReimbursementMaximumPercentage
0.05 pure
CY2022 dmlp General And Administrative Reimbursement Maximum Percentage
GeneralAndAdministrativeReimbursementMaximumPercentage
0.05 pure
CY2023Q4 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
1.007874
CY2018Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P129M
CY2018Q2 us-gaap Deferred Rent Credit
DeferredRentCredit
700000 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
350000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
344000 usd
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
338000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P62M
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P74M
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P86M
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05 pure
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05 pure
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
356000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
362000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
368000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
374000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
380000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
63000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1903000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
590000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1313000 usd

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