Dorchester Minerals, L.P. reported a net income of $57.4 million for the fiscal year ending December 31, 2025, a decrease from $66.5 million in 2024. The partnership distributed $132 million to its limited partners, reflecting a consistent commitment to returning capital to investors. The decline in net income was attributed to lower realized oil prices and decreased sales volumes from net profits interest (NPI) properties, particularly in the Bakken region, alongside increased capital expenditures deducted under the NPI calculation. In contrast, revenues from Royalty Properties saw an uptick due to higher production volumes from recent acquisitions and increased leasing activity.
The partnership executed several significant acquisitions during the fiscal year, including mineral interests totaling approximately 3,050 net royalty acres in Adams County, Colorado, for 915,694 common units valued at $23 million. Additionally, it acquired 14,225 net mineral acres across New Mexico and Texas in exchange for 6.7 million common units valued at $202.6 million. These strategic moves are part of Dorchester's ongoing efforts to enhance its asset base and capitalize on the development of its mineral interests.
Operationally, Dorchester reported first payments on 761 gross and 5 net new wells on its Royalty Properties, with significant activity concentrated in the Permian Basin and Rockies. The partnership's total gross and net productive wells reached 1,445 and 37, respectively, as of December 31, 2025. The increase in lease bonus revenue to $4 million was primarily driven by the extension of existing leases, including a notable lease in Reagan County, Texas, which generated $3.6 million at a rate of $15,000 per acre.
Looking ahead, Dorchester Minerals remains focused on maintaining a conservative capital structure while pursuing additional accretive acquisitions. The partnership's strategy includes leveraging its existing mineral interests to offset production declines and enhance cash flow. However, the partnership acknowledges the inherent risks associated with oil and natural gas price volatility, which could impact future revenues and distributions. The management's outlook emphasizes a commitment to strategic growth while navigating the challenges posed by market conditions and regulatory environments.
About DORCHESTER MINERALS, L.P.
Dorchester Minerals, L.P. is a publicly traded partnership that owns and manages oil and natural gas royalty and mineral interests across multiple U.S. states. It generates revenue primarily from royalty payments and net profits interests, focusing on acquiring, developing, and overseeing producing properties. The company emphasizes conservative capital management, asset protection, and strategic acquisitions to provide unitholders with attractive yields from its diversified energy assets.
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