DMLP · Dorchester Minerals, L.P.

Dorchester Minerals, L.P. reported strong cash generation from its Royalty Properties in the first quarter of 2026, with total receipts of approximately $26.6 million primarily driven by oil and natural gas sales. Notably, 76% of these receipts stemmed from oil sales in December 2025 through February 2026 and natural gas sales from November 2025 through January 2026, reflecting the timing lag typical in royalty income recognition. Realized prices held steady at $51.79 per barrel for oil and $2.27 per thousand cubic feet for natural gas, supporting the Partnership's distribution capacity. The absence of cash receipts from Net Profits Interests was attributed to capital expenditures reserved by the Operating Partnership for Bakken drilling commitments, highlighting exposure to upstream operator decisions and development activity in key shale plays. Additional income from lease bonuses and other sources contributed $1.4 million, diversifying cash inflows. The announced distribution of $0.475036 per common unit underscores the Partnership's focus on returning substantially all available cash to unitholders, payable on May 14, 2026. As a pure-play mineral and royalty owner across 28 states, this quarterly payout provides investors with direct exposure to commodity prices and production volumes without operational risks or debt obligations. The press release notes forward-looking risks including commodity price volatility, operational changes, and regulatory shifts, but no specific guidance was provided beyond the current distribution.