DMLP · Dorchester Minerals, L.P.

Dorchester Minerals, L.P. delivered a materially stronger first quarter in 2026, with operating revenues increasing 36% year-over-year to $58.9 million and net income rising 65% to $29.1 million. This performance reflects favorable conditions in the underlying oil and natural gas royalty business — likely driven by higher realized commodity prices, increased production from existing mineral and royalty interests across 28 states, or a combination of both — though the press release does not specify drivers. Net income per common unit climbed to $0.59, well above the $0.475036 distribution declared for the quarter, resulting in a coverage ratio of approximately 1.24x, suggesting financial resilience and potential capacity for future distribution growth. The filing explicitly notes that cash distributions are not comparable to net earnings due to timing and other differences including depletion, underscoring that net income includes non-cash charges that do not affect distributable cash flow. While no forward-looking guidance is provided in Exhibit 99.1, the robust year-over-year improvement reinforces the Partnership’s core business model of generating passive income from long-lived mineral and royalty assets. Investors should monitor subsequent quarters for sustainability of this revenue and earnings growth, particularly in light of disclosed risks related to commodity price volatility, regulatory changes, and operational developments on partner-operated properties.