Dorchester Minerals, L.P. Announces 2020 Results

Rhea-AI Summary

Dorchester Minerals, L.P. (DMLP) reported a net income of $21.87 million ($0.61 per common unit) for the year ended December 31, 2020, significantly down from $52.77 million in 2019. Operating revenues also declined to $46.93 million from $78.80 million the previous year. As of year-end, total proved reserves stood at 89.8 billion cubic feet of natural gas equivalents, with 38% attributed to natural gas. The Partnership distributed $44.1 million to unitholders between May 2020 and February 2021.

Positive

• Distributed a total of $44.1 million to common unitholders from May 2020 through February 2021.
• Independent engineering consultant estimated proved reserves at 89.8 billion cubic feet as of December 31, 2020.

Negative

• Net income dropped to $21.87 million from $52.77 million year-over-year.
• Operating revenues decreased from $78.80 million in 2019 to $46.93 million in 2020.
• Net income per common unit fell from $1.50 in 2019 to $0.61 in 2020.

DALLAS, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Dorchester Minerals, L.P. (the “Partnership”) (NASDAQ-DMLP) announced today the Partnership’s net income for the year ended December 31, 2020 of $21,867,000, or $0.61 per common unit.

A comparison of the Partnership’s consolidated results for the twelve month periods ended December 31, 2020 and 2019 are set forth below:

	Twelve Months Ended
	December 31,
	2020			2019
Operating Revenues	$	46,928,000		$	78,799,000
Net Income	$	21,867,000		$	52,765,000
Net Income Per Common Unit	$	0.61		$	1.50

The Partnership’s independent engineering consultant estimated its total proved oil and natural gas reserves to be 89.8 billion cubic feet of natural gas equivalents (bcfe) as of December 31, 2020. Approximately 15% of these reserves are attributable to the Partnership’s Net Profits Interests and 85% are attributable to its Royalty Properties. Natural gas accounted for 38% of proved reserves as of December 31, 2020, all of which were classified as proved developed producing.

The Partnership distributed a total of $44.1 million to its common unitholders from May 2020 through February 2021 attributable to 2020 activity.

Dorchester Minerals, L.P. is a Dallas based owner of producing and non-producing crude oil and natural gas mineral, royalty, overriding royalty, net profits, and leasehold interests in 27 states. Its common units trade on the NASDAQ Global Select Market under the symbol DMLP.

FORWARD-LOOKING STATEMENTS

Portions of this document may constitute "forward-looking statements" as defined by federal law. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Examples of such uncertainties and risk factors include, but are not limited to, changes in the price or demand for oil and natural gas, changes in the operations on or development of the Partnership’s properties, changes in economic and industry conditions and changes in regulatory requirements (including changes in environmental requirements) and the Partnership’s financial position, business strategy and other plans and objectives for future operations. These and other factors are set forth in the Partnership's filings with the Securities and Exchange Commission.

Contact:

Martye Miller

(214) 559-0300

FAQ

What were Dorchester Minerals' financial results for 2020?

Dorchester Minerals reported a net income of $21.87 million ($0.61 per common unit) for 2020, down from $52.77 million in 2019.

How much did Dorchester Minerals distribute to unitholders in 2021?

The Partnership distributed a total of $44.1 million to common unitholders from May 2020 through February 2021.

What are the total proved reserves for Dorchester Minerals as of December 31, 2020?

As of December 31, 2020, Dorchester Minerals had total proved reserves of 89.8 billion cubic feet of natural gas equivalents.

How did Dorchester Minerals' operating revenues change from 2019 to 2020?

Operating revenues decreased from $78.80 million in 2019 to $46.93 million in 2020.

What was the net income per common unit for Dorchester Minerals in 2020?

The net income per common unit for Dorchester Minerals fell to $0.61 in 2020, down from $1.50 in 2019.