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DORCHESTER MINERALS, L.P. (DMLP)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 operating revenues were $32.395M and net income was $12.347M ($0.25 per unit), down year over year as lower commodity realizations and timing drove a sequential decline vs. Q1 2025 .
  • The Partnership declared a cash distribution of $0.620216 per unit for Q2 2025, with cash receipts comprised of $26.6M Royalty, $3.1M Net Profits Interest, and $4.2M lease bonus/other income .
  • No formal guidance is provided; consensus estimates from S&P Global appear unavailable for EPS and revenue, implying limited Street coverage; comparisons to estimates are not applicable (values retrieved from S&P Global).
  • Near-term narrative centered on commodity price sensitivity and timing of cash receipts; distribution levels remain the key stock reaction catalyst given the MLP structure .

What Went Well and What Went Wrong

What Went Well

  • Distribution integrity maintained: Q2 distribution of $0.620216 per unit announced, supported by quarter cash receipts and bonus income .
  • Strong cash inflows breakdown: $26.6M Royalty Properties receipts and $4.2M lease bonus/other income provided incremental cash support .
  • Administrative clarity: Company reiterated forward-looking risk framework and operating footprint across 28 states, reinforcing transparency and scale .

What Went Wrong

  • Sequential revenue and EPS decline: Operating revenues fell to $32.395M and EPS to $0.25 from Q1 $43.164M and $0.36, reflecting commodity/timing headwinds .
  • Year-over-year compression: Q2 net income of $12.347M and EPS $0.25 were below Q2 2024 net income $23.628M and EPS $0.57, driven by lower operating revenues vs. prior year .
  • Lack of earnings call/strategic color: No Q2 2025 earnings call transcript available in filings, limiting narrative detail beyond press releases (no additional call commentary found in the document set).

Financial Results

Quarterly Trend (oldest → newest)

MetricQ4 2024Q1 2025Q2 2025
Operating Revenues ($USD)$30.94M*$43.164M $32.395M
Net Income ($USD)$13.696M*$17.642M $12.347M
Net Income per Common Unit ($)$0.289*$0.36 $0.25
EBITDA ($USD)$28.162M*$34.401M*$27.056M*
EBITDA Margin (%)79.5%*79.7%*83.5%*

Values retrieved from S&P Global.*

Year-over-Year Comparison

MetricQ2 2024Q2 2025
Operating Revenues ($USD)$37.360M $32.395M
Net Income ($USD)$23.628M $12.347M
Net Income per Common Unit ($)$0.57 $0.25

KPIs (Q2 2025 Cash Receipts Composition)

KPIAmount ($USD)Notes
Royalty Properties Cash Receipts$26.6M 73% oil Mar–May 2025; gas Feb–Apr 2025; 27% prior periods
Net Profits Interest Cash Receipts$3.1M 66% sales Feb–Apr 2025; 34% prior periods
Lease Bonus & Other Income$4.2M Included in distribution cash generation
Declared Distribution per Unit$0.620216 Payable Aug 14, 2025; record Aug 4, 2025

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue/EBIT/EBITDAQ3 2025N/ANo formal guidance providedMaintained: N/A
Tax rate/OpEx/OI&EFY 2025N/ANo formal guidance providedMaintained: N/A
Distribution per Common UnitQ2 2025Prior quarter distribution $0.725835 (Q1) $0.620216 Lowered sequentially (timing/commodity factors)

Earnings Call Themes & Trends

No Q2 2025 earnings call transcript found in the filings/press release set for DMLP this quarter; trends derived from press releases and distribution disclosures.

TopicPrevious Mentions (Q4 2024)Previous Mentions (Q1 2025)Current Period (Q2 2025)Trend
Commodity price sensitivityDistribution tied to receipts timing and commodity mix Receipts reflect commodity periods; distribution cadence maintained Sequential lower revenues/EPS; receipts timing noted Stable theme; continued sensitivity
Receipts timing mechanicsMix of current/prior period receipts 68–32% (Royalty current vs prior); 74–26% (NPI current vs prior) 73–27% (Royalty); 66–34% (NPI) Similar structure
Regulatory/tax disclosure (K-3)Qualified notice and withholding for non-U.S. investors Qualified notice reiterated 2024 Schedule K-3 available online Incremental admin clarity
Reserve/asset base commentaryProved reserves: 17.0 mmboe; 28-state footprint Footprint reiterated Footprint reiterated Consistent
Capital/portfolio actionsN/A in quarterN/A in quarterAcquisition of ~3,050 net royalty acres (announced 9/2/25) Expansion post-Q2

Management Commentary

  • “Dorchester Minerals, L.P. announced today the Partnership’s net income for the quarter ended June 30, 2025 of $12,347,000, or $0.25 per common unit.”
  • “The Partnership previously declared its second quarter distribution in the amount of $0.620216 per common unit…”
  • Distribution cash mechanics: “Cash receipts… Royalty Properties totaled approximately $26.6 million… Net Profits Interest totaled approximately $3.1 million… lease bonus and other income totaled approximately $4.2 million.”
  • Risk framing: forward-looking statements highlight exposure to oil and gas price/demand changes, operations/development, regulatory changes, and economic conditions .

Q&A Highlights

  • No public Q2 2025 earnings call transcript was available; therefore, no analyst Q&A themes or guidance clarifications can be cited from a call this quarter within the filings set.

Estimates Context

  • S&P Global consensus appears unavailable for DMLP: EPS and revenue estimate series were not populated; estimate counts were also unavailable. Comparisons vs. Street consensus are not applicable this quarter (values retrieved from S&P Global).
  • Actuals recorded in S&P Global for reference: Q2 2025 Revenue $32.395M*, EBITDA $27.056M*, EPS $0.25 from filings .
    Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Distribution remains the dominant driver; Q2 per-unit distribution of $0.620216 aligns with cash receipts and bonus inflows despite sequential revenue/EPS declines .
  • Sequential downtick vs. Q1 reflects commodity/timing dynamics; quarter-over-quarter variability should be expected given receipt lags and mix .
  • Year-over-year compression underscores sensitivity to commodity realizations; monitor crude and gas price trends and activity on royalty/NPI properties .
  • Lack of formal guidance and limited Street coverage (no consensus) keeps the narrative focused on reported cash receipts and declared distributions (values retrieved from S&P Global).
  • Administrative updates (K-3 availability; qualified notice) are neutral-to-positive for investor clarity and tax preparation .
  • Post-Q2 expansion via Adams County acquisition (Sept 2) adds to the asset base and may support future receipts; monitor integration and production trajectory .
  • Near-term trading: distribution declarations and commodity price momentum are likely catalysts; medium-term thesis rests on steady royalty cash generation, potential portfolio additions, and disciplined distribution policy .