Dorchester Minerals (DMLP) Q3 2026 earnings summary

Executive summary

• Q3 2026 net income was $27.583M, or $0.54 per common unit; nine-month net income was $87.591M, or $1.75 per unit.

• Q3 net profits interest income was zero as higher capital costs pushed the NPI into deficit; results were supported by stronger royalty revenues and lease bonus activity.

Financial highlights

• Q3 operating revenue was $51.411M vs. $35.416M in Q3 2025; nine-month revenue was $166.361M vs. $110.975M.

• Q3 net income was $27.583M vs. $11.173M; nine-month net income was $87.591M vs. $41.162M.

• Net income per common unit was $0.54 vs. $0.23 in Q3; nine-month net income per unit was $1.75 vs. $0.84.

• Nine-month operating cash flow rose 34% YoY to $131.1M, primarily on higher royalty, NPI and lease bonus receipts.

Segment performance

• Operations are managed as one operating and reportable segment; consolidated net income is the CEO’s measure for assessing performance and allocating resources.

• Royalty Properties oil sales volumes rose 19% in Q3 and 26% in 9M YoY; natural gas volumes fell 3% in Q3 and rose 5% in 9M.

• Royalty Properties average oil sales prices rose 25% in Q3 and 16% in 9M YoY; natural gas prices fell 19% in Q3 and 7% in 9M.

• Royalty Properties oil and gas sales revenue was $45.2M in Q3 and $130.1M in 9M, up from $31.5M and $93.8M, respectively; lease bonus revenue increased with higher Permian Basin leasing activity.