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Dorchester Minerals L.P. Common Units Lt Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 5, 2011 03:32PM
Dorchester Minerals L.P. Common Units Lt (DMLP) filed Quarterly Report for the period ended 2011-03-31. Dorchester Minerals L.p. Common Units Ltd. has a market cap of $858 million; its shares were traded at around $27.97 with a P/E ratio of 25.2 and P/S ratio of 14.1. The dividend yield of Dorchester Minerals L.p. Common Units Ltd. stocks is 6.2%.
Highlight of Business Operations:
The weighted average oil sales prices attributable to our interest in Royalty Properties increased 17.6% from $74.44/bbl during first quarter 2010 to $87.52/bbl during first quarter 2011. First quarter weighted average natural gas sales prices from Royalty Properties decreased 23.2% from $5.14/mcf during 2010 to $3.95/mcf during 2011. Both oil and natural gas price changes resulted from changing market conditions.
First quarter weighted average oil sales prices from the NPIs increased 21.5% from $70.33/bbl in 2010 to $85.46/bbl in 2011. Weighted average natural gas sales prices attributable to the NPIs decreased 20.5% from $5.23/mcf during first quarter 2010 to $4.16/mcf during first quarter 2011. Both oil and natural gas price changes resulted from changing market conditions.
Costs and expenses of $6,549,000 during first quarter 2011 were essentially the same as $6,615,000 during first quarter 2010.
Cash receipts attributable to our Royalty Properties during first quarter 2011 totaled approximately $10,700,000. These receipts generally reflect oil sales during December 2010 through February 2011 and natural gas sales during November 2010 through January 2011. The weighted average indicated prices for oil and natural gas sales during first quarter 2011 attributable to the Royalty Properties were $84.02/bbl and $3.73/mcf, respectively.
Cash receipts attributable to our NPIs during first quarter 2011 totaled approximately $4,200,000. These receipts reflect oil and natural gas sales from the properties underlying the NPIs generally during November 2010 through January 2011. The weighted average indicated prices received during first quarter 2011 for oil and natural gas sales were $76.25/bbl and $7.16/mcf, respectively. The natural gas weighted average indicated price for the quarter was increased by $3.17/mcf due to the receipt of a natural gas liquids payment of $2,400,000 for 2010 production. The natural gas liquids payment is based on an Oklahoma Guymon-Hugoton field 1994 gas delivery agreement that is in effect through 2015. Under the terms of the agreement, when the market price of natural gas liquids increases sufficiently disproportionately to natural gas market prices, the operating partnership receives a portion of that increase in an annual payment based on calendar year data. In the event the evaluation at the end of the annual contract period shows the payment to be determinable and collectable, the revenue is accrued.
Cash and cash equivalents totaled $13,930,000 at March 31, 2011 and $11,253,000 at December 31, 2010.
Stocks Discussed: DMLP,