Dorchester Minerals LP

Dorchester Minerals, L.P. announced net income of $30,871,000, or $0.62 per common unit, for the quarter ended June 30, 2026. Operating revenues for the quarter were $56,075,000, compared to $32,395,000 in the same period last year. For the first six months of 2026, net income totaled $60,008,000, or $1.20 per common unit, on operating revenues of $114,950,000. The partnership previously declared a second-quarter distribution of $1.272943 per common unit, payable on August 13, 2026 to unitholders of record as of August 3, 2026.

Dorchester Minerals, L.P. has closed its acquisition of mineral and royalty interests totaling approximately 3,100 net royalty acres across five counties in North Dakota's Williston Basin. The transaction was structured as a non-taxable contribution and exchange, with the contributing entities receiving 835,958 common units of the Partnership. Dorchester Minerals is a Dallas-based owner of producing and non-producing oil and natural gas interests across 28 states, and its common units trade on the NASDAQ Global Select Market under the symbol DMLP.

Dorchester Minerals declared a second quarter 2026 cash distribution of $1.272943 per common unit, payable on August 13 to unitholders of record on August 3. The distribution covers activity through June 30 and arrives as the units trade at $27.79, with a year-to-date share price return of 19.53% and a five-year total shareholder return of 181.60%. The stock carries a price-to-earnings ratio of 20.2 times, above the US Oil and Gas industry average of 14.3 times and the peer average of 14.6 times, while a Simply Wall St discounted cash flow model estimates a future cash flow value of $65.50 per unit, suggesting significant undervaluation.

Dorchester Minerals, L.P. has entered into an agreement to acquire mineral and royalty interests totaling approximately 3,100 net royalty acres in five counties across the Williston Basin in North Dakota. The contributing entities will convey their interests in exchange for 850,000 common units of the Partnership, as adjusted. Cash received by the contributing entities on or after April 1, 2026, will be contributed to the Partnership at closing. The acquisition is expected to close on July 31, 2026, subject to customary closing conditions.