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Dorchester Minerals L.P. Common Units Lt Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 2, 2011 04:56PM
Dorchester Minerals L.P. Common Units Lt (DMLP) filed Quarterly Report for the period ended 2011-09-30. Dorchester Minerals L.p. Common Units Ltd. has a market cap of $740.2 million; its shares were traded at around $24.13 with a P/E ratio of 21.5 and P/S ratio of 12.1. The dividend yield of Dorchester Minerals L.p. Common Units Ltd. stocks is 7.5%.
Highlight of Business Operations:The weighted average oil sales prices attributable to our interest in Royalty Properties increased 23.1% from $71.23/bbl during the third quarter of 2010 to $87.69/bbl during the third quarter of 2011 and increased 24.8% from $73.04/bbl during the first nine months of 2010 to $91.17/bbl during the same period of 2011. Third quarter weighted average natural gas sales prices from Royalty Properties decreased 4.1% from $4.11/mcf during 2010 to $3.94/mcf during 2011. The nine months ended September 30 weighted average Royalty Properties natural gas sales prices decreased 10.2% from $4.40/mcf during 2010 to $3.95/mcf during 2011. Both oil and natural gas price changes resulted from changing market conditions.
Third quarter weighted average oil sales prices from the NPIs increased 28.2% from $64.54/bbl in 2010 to $82.74/bbl in 2011. The first nine months NPIs oil sales prices increased 24.4% from $68.06/bbl in 2010 to $84.68/bbl in 2011. Changing market conditions resulted in increased oil prices. Third quarter weighted average natural gas sales prices attributable to the NPIs were about the same at $4.08/mcf in 2010 compared to $4.10/mcf in 2011. The first nine months ended September 30, 2011 natural gas prices decreased 6.9% to $4.19/mcf from $4.50/mcf in the same period of 2010. Natural gas sales price changes during the three- and nine-month periods resulted from changing market conditions.
Our third quarter net operating revenues increased 11.3% from $16,467,000 during 2010 to $18,326,000 during 2011. Net operating revenues for the first nine months of 2011 increased 6.0% from $46,262,000 during 2010 to $49,049,000 during 2011. Both the quarterly and nine-month increases resulted primarily from increased oil prices and oil and gas sales volumes discussed above.
Third quarter net earnings allocable to common units increased 21.1% from $9,201,000 during 2010 to $11,139,000 during 2011. First nine months common unit net earnings increased 9.9% from $25,497,000 during 2010 to $28,030,000 during 2011. Both increases are primarily the result of increased oil prices and natural gas sales volumes as discussed above, partially offset by reduced lease bonus income.
Net cash provided by operating activities decreased 2.7% from $15,307,000 during the third quarter of 2010 to $14,892,000 during the third quarter of 2011 and was about the same at $42,892,000 for the first nine months of 2010 compared to $42,506,000 during the same period of 2011. Decreases in both periods are primarily due to decreased lease bonus income partially offset by increased oil and natural gas sales volumes.
Stocks Discussed: DMLP,