Dorchester Minerals, L.P. Announces 2022 Results

Rhea-AI Summary

Dorchester Minerals, L.P. (NASDAQ-DMLP) reported a net income of $130.6 million or $3.35 per common unit for the year ending December 31, 2022. This marks a significant increase in income compared to $70.2 million in 2021. Operating revenues rose to $170.8 million from $93.4 million in the prior year. The Partnership's total proved oil and natural gas reserves were estimated at 92.7 billion cubic feet of natural gas equivalents, with natural gas comprising 42% of these reserves. Additionally, $142.2 million was distributed to unitholders from May 2022 to February 2023.

Positive

• Net income increased to $130.6 million in 2022, up from $70.2 million in 2021.
• Operating revenues rose to $170.8 million compared to $93.4 million in the previous year.
• Total proved reserves estimated at 92.7 billion cubic feet of natural gas equivalents.

Negative

• None.

DALLAS, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Dorchester Minerals, L.P. (the “Partnership”) (NASDAQ-DMLP) announced today the Partnership’s net income for the year ended December 31, 2022 of $130,607,000 or $3.35 per common unit.

A comparison of the Partnership’s consolidated results for the twelve month periods ended December 31, 2022 and 2021 are set forth below:

		Twelve Months Ended
		December 31,
			2022			2021
	Operating Revenues	$170,800,000			$ 93,423,000
	Net Income	$130,607,000			$ 70,174,000
	Net Income Per Common Unit	$3.35			$1.94

The Partnership’s independent engineering consultant estimated its total proved oil and natural gas reserves to be 92.7 billion cubic feet of natural gas equivalents (bcfe) as of December 31, 2022. Approximately 81% of these reserves are attributable to the Partnership’s Royalty Properties and 19% are attributable to its Net Profits Interests. Natural gas accounted for 42% of proved reserves as of December 31, 2022, all of which were classified as proved developed producing.

The Partnership distributed a total of $142.2 million to its common unitholders from May 2022 through February 2023 attributable to 2022 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 28 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.

		Dorchester Minerals, L.P.
		3838 Oak Lawn Ave., Suite 300
		Dallas, Texas 75219-4541
Contact:	Martye Miller	(214) 559-0300

FAQ

What was Dorchester Minerals' net income for 2022?

Dorchester Minerals reported a net income of $130.6 million for the year ended December 31, 2022.

How much did Dorchester Minerals distribute to unitholders from May 2022 to February 2023?

The Partnership distributed a total of $142.2 million to its common unitholders during that period.

What were Dorchester Minerals' operating revenues in 2022?

Operating revenues for Dorchester Minerals in 2022 were $170.8 million.

What are the total proved oil and natural gas reserves of Dorchester Minerals?

The total proved reserves are estimated at 92.7 billion cubic feet of natural gas equivalents.

What was the net income per common unit for Dorchester Minerals in 2022?

The net income per common unit for Dorchester Minerals in 2022 was $3.35.