Pure-play US minerals & royalty LP: owns fee mineral, royalty and net-profits interests across ~25 states with production concentrated in the Permian and Mid-Continent. Collects top-line royalty and NPI revenue with essentially no capital or operating cost, so nearly all cash converts to unitholder distributions. Debt-free balance sheet (total debt <$1M vs ~$28M cash) and a policy of distributing substantially all available cash drive a ~10% trailing yield.
FY2025 revenue of $152.8M and net income of $57.4M were down from 2024 ($161.5M / $92.4M) on softer oil and gas prices, with distributions of $133.5M (~$1.16/unit earnings). Growth comes not from drilling but from tax-efficient unit-for-mineral acquisition swaps that steadily expand the royalty footprint; the key sensitivities are commodity prices and the drilling appetite of operators on DMLP's acreage.
Its EV/EBITDA of 10.3x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 9.9% is higher than the 6.5% median, and at $82.05/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Dorchester Minerals, L.P. scores 53/100, strongest on safety (67/100). Sub-scores: value 40, quality 50, growth 66, risk 33 (higher = riskier).
Dorchester Minerals, L.P. holds approximately 0.02 billion boe of proved (1P) reserves with FY2025 production of about 8 thousand boe/d (61% liquids), a reserve life of roughly 5.2 years. Break-even: n/a (royalty model — no operating breakeven) — receives revenue with no capex/opex/debt; economics driven by lessee drilling and price
For Dorchester Minerals, L.P., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Royalty Properties | United States | Mineral/royalty | ~86% of reserves; fee mineral & royalty across ~25 states and hundreds of counties |
| Net Profits Interests | United States | NPI | ~14% of reserves; net-profits interests in producing properties |
| Permian Basin | United States | Royalty | Delaware & Midland; primary oil volume and value growth driver |
| Bakken / Williston | United States | Royalty | North Dakota oil royalty exposure |
| Anadarko / Mid-Continent | United States | Royalty | Oklahoma & Texas Panhandle gas and oil royalties |
| Fayetteville Shale | United States | NPI | Arkansas natural gas net-profits interest |
| Eagle Ford / South Texas | United States | Royalty | oil & gas royalty interests |
| Acquisition program | United States | Growth | tax-free unit-for-mineral swaps expand footprint with no debt |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 7 | 8 | 8 | 9 | 8 |
| Proved reserves (bnboe) | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 |
| Revenue ($bn) | 0.1 | 0.2 | 0.1 | 0.2 | 0.1 |
| EBITDA ($bn) | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 |
| Net income ($bn) | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Free cash flow ($bn) | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 |
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✓ FY2025 figures verified against primary sources:
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