Dorchester Minerals, L.P. Announces First Quarter Results and the Acquisition of Royalty Properties
May 06 2021 - 1:24PM
Dorchester Minerals, L.P. (the “Partnership”) (NASDAQ-DMLP)
announced today the Partnership’s net income for the quarter ended
March 31, 2021 of $11,801,000, or $0.33 per common unit.
A comparison of the Partnership’s consolidated
results for the quarter ended March 31, 2021 and 2020 are set
forth below:
|
Three Months
Ended |
|
March 31, |
|
|
2021 |
|
|
2020 |
Operating
Revenues |
$ |
17,789,000 |
|
$ |
15,476,000 |
Net
Income |
$ |
11,801,000 |
|
$ |
8,761,000 |
Net
Income Per Common Unit |
$ |
0.33 |
|
$ |
0.25 |
|
|
|
|
|
|
The Partnership previously declared its first
quarter distribution in the amount of $0.303441 per common unit
payable on May 13, 2021 to common unit holders of record as of May
3, 2021. The Partnership’s cash distributions are not comparable to
its net earnings due to timing and other differences including
depletion.
On April 30, 2021, the Partnership entered into
a contribution and exchange agreement with an unrelated third party
to acquire overriding royalty interests in the Bakken Trend
totaling approximately 6,400 net royalty acres under 63,000 gross
acres in Dunn, McKenzie, McLean and Mountrail Counties, North
Dakota. The transaction is structured as a non-taxable contribution
and exchange. The contributing entity will convey their interests
to DMLP in exchange for 725,000 common limited partnership units of
Dorchester Minerals, L.P. The acquisition is expected to close on
June 30, 2021, subject to customary closing conditions, with a cash
receipt reference date of April 1, 2021.
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 26 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 |
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