Dorchester Minerals' Third-Quarter Profit Turns Lower

The Tip Desk · November 11, 2026 · 2 min read

Net income was $27.6 million, or $0.54 a unit, as operating revenues were $51.4 million.

Dorchester Minerals, L.P. (DMLP), a Dallas-based owner of producing and non-producing oil and natural gas mineral, royalty, overriding royalty, net profits and leasehold interests in 28 states, reported net income of $27.583 million, or $0.54 a common unit, for the quarter ended September 30, 2026.

That compared with $11.173 million, or $0.23 a unit, a year earlier. Operating revenues were $51.411 million in the three months ended September 30, 2026, up from $35.416 million in the year-ago quarter.

Sequentially, both revenue and profit receded from the second quarter. Operating revenues fell to $51.411 million from $56.075 million in the three months ended June 30, 2026. Net income declined to $27.583 million, or $0.54 a unit, from $30.871 million, or $0.62 a unit, in the June quarter.

The Partnership previously declared a third-quarter cash distribution of $0.882297 per common unit, payable November 12, 2026 to common unitholders of record as of November 2, 2026. That payout was down from the second-quarter distribution of $1.272943 a unit. Dorchester said cash distributions are not comparable to net earnings because of timing and other differences, including depletion.

Cash receipts attributable to Royalty Properties in the third quarter totaled approximately $37.0 million. About 80% of those receipts reflected oil sales during June 2026 through August 2026 and natural gas sales during May 2026 through July 2026, with about 20% from prior sales periods. Cash receipts attributable to the Net Profits Interest totaled approximately $3.0 million, split about 50% from oil and natural gas sales during May 2026 through July 2026 and about 50% from prior sales periods.

Lease bonus and other income cash receipts in the third quarter totaled approximately $6.3 million. Contributed cash attributed to an acquisition that closed on July 31, 2026, totaled approximately $4.4 million.

For the nine months ended September 30, 2026, operating revenues were $166.361 million and net income was $87.591 million, or $1.75 a common unit. A year earlier, for the same nine-month period, operating revenues were $110.975 million and net income was $41.162 million, or $0.84 a unit.

The Partnership’s common units trade on the NASDAQ Global Select Market under the symbol DMLP.