Dorchester Minerals, L.P. Announces Second Quarter Results

Rhea-AI Summary

Dorchester Minerals, L.P. (NASDAQ-DMLP) reported a net income of $1,192,000, or $0.03 per common unit, for the quarter ending June 30, 2020. This marks a significant decrease from the previous year, where net income was $13,596,000. Operating revenues also fell to $6,795,000 compared to $20,600,000 in 2019. A distribution of $0.226318 per common unit is payable on August 13, 2020, to shareholders on record as of August 3, 2020. The company holds interests in oil and natural gas across 27 states.

Positive

• Distribution of $0.226318 per common unit declared, payable August 13, 2020.

Negative

• Net income dropped to $1,192,000 from $13,596,000 YoY.
• Operating revenues decreased significantly from $20,600,000 in 2019 to $6,795,000 in 2020.
• Net income per common unit fell to $0.03 from $0.38 YoY.

DALLAS, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Dorchester Minerals, L.P. (the “Partnership”) (NASDAQ-DMLP) announced today the Partnership’s net income for the quarter ended June 30, 2020 of $1,192,000, or $0.03 per common unit.

A comparison of the Partnership’s consolidated results for the quarter ended June 30, 2020 and 2019 are set forth below:

	Three Months Ended							Six Months Ended
	June 30,							June 30,
		2020			2019				2020			2019
Operating Revenues	$	6,795,000			$	20,600,000		$	22,271,000			$	39,631,000
Net Income	$	1,192,000			$	13,596,000		$	9,953,000			$	27,575,000
Net Income Per Common Unit	$	0.03			$	0.38		$	0.28			$	0.80

The Partnership previously declared its second quarter distribution in the amount of $0.226318 per common unit payable on August 13, 2020 to common unit holders of record as of August 3, 2020. The Partnership’s cash distributions are not comparable to its net earnings due to timing and other differences including depletion.

Dorchester Minerals, L.P. is a Dallas based owner of producing and non-producing oil and natural gas mineral, royalty, overriding royalty, net profits, and leasehold interests located 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 was Dorchester Minerals' net income for the second quarter of 2020?

Dorchester Minerals reported a net income of $1,192,000 for the second quarter of 2020.

What are the operating revenues for Dorchester Minerals in Q2 2020?

The operating revenues for Dorchester Minerals in Q2 2020 were $6,795,000.

When is the distribution for Dorchester Minerals common unit holders payable?

The distribution for Dorchester Minerals common unit holders is payable on August 13, 2020.

What was the net income per common unit for Dorchester Minerals in Q2 2020?

The net income per common unit for Dorchester Minerals in Q2 2020 was $0.03.

How does the Q2 2020 net income compare to the same period in 2019 for Dorchester Minerals?

The net income for Q2 2020 decreased to $1,192,000, down from $13,596,000 in Q2 2019.