Annual Report Reveals 38% Net Income Drop, Lower Distributions, and Decreased Oil Reserves for 2025

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Dorchester Minerals, L.P.'s 2025 annual report highlights a significant decline in financial performance, with net income falling by 38% year-over-year and distributions to limited partners also decreasing. The company experienced a notable reduction in proved oil reserves, although natural gas reserves saw a slight increase. While natural gas prices improved, lower oil prices and increased operating and general and administrative expenses contributed to the overall negative financial results. The company continued its strategy of acquiring mineral interests through the issuance of common units, including a $23.0 million acquisition in 2025. The report also details the adoption of a new clawback policy and an insider trading policy, along with confirmation of effective internal controls, which are positive governance developments. Investors should note the ongoing litigation related to the Dakota Access Pipeline, which could impact Bakken region revenues.

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• Significant Net Income Decline

  Net income for 2025 decreased to $57.4 million, a substantial 38% drop from $92.4 million in 2024.

• Reduced Distributions to Unitholders

  Total distributions to limited partners in 2025 were $132.0 million, down from $146.5 million in 2024. The Q4 2025 distribution was $0.755712 per common unit.

• Decrease in Proved Oil Reserves

  Proved developed producing oil reserves decreased by approximately 14% to 9,472 mbbls in 2025, while natural gas reserves saw a modest increase.

• Continued Acquisitions for Equity

  The company acquired mineral interests for 915,694 common units valued at $23.0 million in August 2025, continuing its strategy of equity-based acquisitions.

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Dorchester Minerals, L.P.'s 2025 annual report highlights a significant decline in financial performance, with net income falling by 38% year-over-year and distributions to limited partners also decreasing. The company experienced a notable reduction in proved oil reserves, although natural gas reserves saw a slight increase. While natural gas prices improved, lower oil prices and increased operating and general and administrative expenses contributed to the overall negative financial results. The company continued its strategy of acquiring mineral interests through the issuance of common units, including a $23.0 million acquisition in 2025. The report also details the adoption of a new clawback policy and an insider trading policy, along with confirmation of effective internal controls, which are positive governance developments. Investors should note the ongoing litigation related to the Dakota Access Pipeline, which could impact Bakken region revenues.