DORCHESTER MINERALS, L.P. (DMLP) Form 10-Q — Aug 6, 2026

$DMLPForm 10-QFiled Aug 6, 2026, 5:26 PM ET0001437749-26-026367Original filing

Dorchester Minerals reported Q2 2026 net income of $30.9 million ($0.62 per common unit), up 150% from $12.3 million ($0.25) a year earlier, on operating revenues of $56.1 million, up 73% year over year. First-half revenue reached $115.0 million with net income of $60.0 million and operating cash flow of $88.1 million, up 38%. The partnership held $72.5 million in cash at June 30, 2026 with essentially no debt, and declared a Q2 distribution of $1.272943 per unit payable August 13, 2026 — up 75% from the $0.725835 paid for Q2 2025.

Key figures

Eps: $0.62 Q2 2026 (vs $0.25 Q2 2025); $1.20 H1 2026 (vs $0.61 H1 2025)
Revenue: $56.1M Q2 2026 (vs $32.4M Q2 2025); $115.0M H1 2026 (vs $75.6M H1 2025)
Net Income: $30.9M Q2 2026 (vs $12.3M Q2 2025); $60.0M H1 2026 (vs $30.0M H1 2025)
Total Debt: $0 — partnership agreement bars indebtedness above nominal amounts; total liabilities of $10.3M are mostly lease obligations
Revenue Yoy: +73% Q2 YoY; +52% H1 YoY
Total Assets: $314.0M
Cash Position: $72.5M at June 30, 2026 (vs $41.9M at December 31, 2025)
Shares Outstanding: 49091408
Williston acquisition: 3,100 net royalty acres in 5 ND counties for 835,958 units valued at $23.1M, closed July 31, 2026
Npi capital commitments: $10.4M (primarily Bakken)
Q2 distribution per unit: $1.272943 (record Aug 3, payable Aug 13, 2026)
Royalty gas price q2 2026: $0.19/mcf (-86% YoY)
Royalty oil price q2 2026: $76.12/bbl (+35% YoY)
Distributions paid h1 2026: $61.6M
Midland settlement proceeds: $15.5M (Q1 2026)
Operating cash flow h1 2026: $88.1M (+38% YoY)
Royalty oil volumes q2 2026: 573 mbbls (+44% YoY)
Equity award units remaining: 125691
Q2 2025 distribution per unit: $0.725835

Price after filing

1 day: +0.1%7 days: +8.3%30 days: +14.6%

Close on the filing date to close N calendar days later (from $25.48). Historical, not a forecast.

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