Dorchester Minerals Reports 38% Net Income Drop to $57.4M in 2025
Dorchester Minerals reported net income of $57.4 million ($1.16/unit) for 2025, down from $92.4 million ($2.13/unit) in 2024, on operating revenues declining to $152.8 million from $161.5 million. The Partnership held 15.6 mmboe of proved reserves (61% oil and liquids) and distributed $133.5 million to unitholders.
1. 2025 Financial Results
Dorchester Minerals recorded net income of $57.35 million ($1.16 per common unit) for the year ended December 31, 2025, compared with $92.45 million ($2.13 per unit) in 2024. Operating revenues decreased to $152.83 million from $161.52 million in the prior year.
2. Proved Reserves Composition
Independent engineering estimates placed proved oil and natural gas reserves at 15.6 million barrels of oil equivalent as of December 31, 2025, with 86% attributed to royalty properties and 14% to net profits interests. Oil and natural gas liquids accounted for 61% of reserves, all classified as proved developed producing.
3. Unitholder Distributions
The Partnership distributed $133.5 million to common unitholders from May 2025 through February 2026 attributable to 2025 activity, underscoring its commitment to returning cash generated by its reserve base.