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Dorchester Minerals L.P. Common Units Lt Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 5, 2011 07:47PM
Dorchester Minerals L.P. Common Units Lt (DMLP) filed Quarterly Report for the period ended 2011-06-30. Dorchester Minerals L.p. Common Units Ltd. has a market cap of $759.5 million; its shares were traded at around $24.76 with a P/E ratio of 23.3 and P/S ratio of 12.5. The dividend yield of Dorchester Minerals L.p. Common Units Ltd. stocks is 6.7%.
Highlight of Business Operations:
The weighted average oil sales prices attributable to our interest in Royalty Properties increased 33.9% from $73.54/bbl during the second quarter of 2010 to $98.44/bbl during the second quarter of 2011 and increased 25.9% from $73.95/bbl during the first six months of 2010 to $93.07/bbl during the same period of 2011. Second quarter weighted average natural gas sales prices from Royalty Properties were $3.91/mcf during 2010 compared to $3.95/mcf during 2011. The six months ended June 30 weighted average Royalty Properties natural gas sales prices decreased 13.6% from $4.57/mcf during 2010 to $3.95/mcf during 2011. Both oil and natural gas price changes resulted from changing market conditions.
Second quarter weighted average oil sales prices from the NPIs increased 40.1% from $69.27/bbl in 2010 to $97.02/bbl in 2011. The first six months NPIs oil sales prices increased 31.0% from $69.73/bbl in 2010 to $91.35/bbl in 2011. Changing market conditions resulted in increased oil prices. Second quarter weighted average natural gas sales prices attributable to the NPIs increased 3.3% from $4.19/mcf in 2010 to $4.33/mcf in 2011. The first six months ended June 30, 2011 natural gas prices decreased 9.8% to $4.25/mcf from $4.71/mcf in the same period of 2010. Natural gas sales price changes during the three- and six-month periods resulted from changing market conditions.
Our second quarter net operating revenues increased 15.3% from $14,256,000 during 2010 to $16,434,000 during 2011. Net operating revenues for the first six months of 2011 increased 3.1% from $29,795,000 during 2010 to $30,723,000 during 2011. Both the quarterly and six-month increases resulted primarily from increased oil prices and gas sales volumes.
Costs and expenses increased 5.3% from $6,330,000 during the second quarter of 2010 to $6,664,000 during the second quarter of 2011, while six months ended June 30 costs and expenses increased 2.1% from $12,945,000 during 2010 to $13,213,000 during 2011. The second quarter and six-month increase primarily resulted from increased production tax on higher operating revenues in 2011.
Depletion and amortization costs were about the same at $4,539,000 and $8,774,000 during the second quarter and six months ended June 30, 2010, respectively, compared to $4,581,000 and $8,823,000 during the same periods of 2011. Higher sales volumes during 2011 did not have a significant impact on the depletion calculation as upward reserve revisions over 2010 year-end more than offset the increase in full cost basis related to the acquisition of Maecenas Minerals at March 31, 2010.
Net cash provided by operating activities increased slightly from $13,430,000 during the second quarter of 2010 to $13,684,000 during the second quarter of 2011 and $27,585,000 for the first six months of 2010 to $27,614,000 during the same period of 2011. Increases in both periods are primarily due to increased oil prices and natural gas sales volumes.
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