Dorchester Minerals Q2 Net Income More Than Doubles on 44% Oil Volume Surge
DMLP sits 25% above its 52-week low of $20.85.
Summary
Dorchester Minerals reported Q2 net income of $30.9 million, up 150% year-over-year, driven by a 44% jump in oil volumes to 573 mbbls and a 35% increase in realized oil prices to $76.12 per barrel. Net income per unit rose to $0.62 from $0.25 a year ago. The strong oil performance was partially offset by an 86% collapse in natural gas prices to $0.19 per mcf. This follows the July 23 declaration of a $1.27 per unit distribution and the August 3 closing of the Williston Basin acquisition, which added 835,958 units. The earnings beat underscores the partnership's leverage to Permian Basin and Rockies production growth, with suspense releases on new wells providing a one-time volume boost. The distribution coverage remains robust, but the natural gas price weakness warrants monitoring if it persists.
At the time of this announcement, DMLP was trading at $25.99 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $20.85 to $28.95. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.