Dorchester Minerals (DMLP) Q2 2024 earnings summary

Executive summary

• Reported net income of $23.6 million for Q2 2024, up 19% year-over-year, and $41.8 million for the first half of 2024, down from $47.9 million in the prior year period.

• Operating revenues for Q2 2024 were $37.4 million, a 22% increase compared to Q2 2023, driven by higher oil and natural gas sales volumes and prices.

• The partnership completed a $17.0 million acquisition of mineral interests in Colorado, adding 1,485 net royalty acres in Q2 2024.

Financial highlights

• Q2 2024 net income per common unit was $0.57, up from $0.50 in Q2 2023; six-month EPS was $1.01, down from $1.21 year-over-year.

• Cash and cash equivalents stood at $35.2 million as of June 30, 2024, down from $47.0 million at year-end 2023.

• Net cash provided by operating activities for the first half of 2024 was $57.4 million, a 16% decrease from $68.1 million in the prior year period.

• Distributions paid to unitholders totaled $73.8 million for the first half of 2024.

• Six-month operating revenues were $68.3 million in 2024, compared to $70.8 million in 2023.

Outlook and guidance

• The partnership announced a Q2 2024 cash distribution of $0.702058 per common unit, payable August 8, 2024.

• Management expects sufficient liquidity to fund distributions and operations despite ongoing global conflicts and market volatility.

• Forward-looking statements highlight risks related to oil and gas prices, property development, economic and industry conditions, and regulatory changes.