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Dorchester Minerals L.P. Common Units Lt Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 9, 2012 08:25PM
Dorchester Minerals L.P. Common Units Lt (DMLP) filed Quarterly Report for the period ended 2012-03-31. Dorchester Mnrl has a market cap of $720.6 million; its shares were traded at around $23.34 with a P/E ratio of 17.7 and P/S ratio of 10.4. The dividend yield of Dorchester Mnrl stocks is 9.2%.
Highlight of Business Operations:First quarter weighted average oil sales prices from the NPIs increased 14.2% from $85.46/bbl in 2011 to $97.57/bbl in 2012. First quarter weighted average natural gas sales prices attributable to the NPIs decreased 43.5% from $4.16/mcf during 2011 to $2.35/mcf in 2012. Both changes during the three-month period resulted from changing market conditions.
Costs and expenses of $6,147,000 during the first quarter of 2012 were down 6.1% from $6,549,000 during the same period of 2011. The first quarter 2012 increases in depletion and amortization costs offset decreased production tax on lower operating revenues in 2012. Reductions in general and administrative expenses compared to 2011 related primarily to timing of expenses in 2011 and other non-recurring costs.
Depletion and amortization costs were $4,312,000 during the first quarter of 2012 compared to $4,242,000 during the same period of 2011. Higher sales volumes during 2012 were offset by the effects of upward reserve revisions at 2011 year-end along with the inclusion of Minerals NPI reserves.
Cash receipts attributable to our Royalty Properties during the 2012 first quarter totaled approximately $13,100,000. These receipts generally reflect oil sales during December 2011 through February 2012 and natural gas sales during November 2011 through January 2012. The weighted average indicated prices for oil and natural gas sales during the 2012 first quarter attributable to the Royalty Properties were $97.70/bbl and $3.13/mcf, respectively.
Cash receipts attributable to our NPIs during the 2012 first quarter totaled approximately $5,400,000 and include Net Profits Interest payments from the Minerals NPI of approximately $688,000. These receipts reflect oil and natural gas sales from the properties underlying the NPIs generally during November 2011 through January 2012. The weighted average indicated prices received during the 2012 first quarter for oil and natural gas sales were $89.33/bbl and $6.07/mcf, respectively. The natural gas weighted average indicated price for the quarter was increased by $2.97/mcf due to the receipt of a natural gas liquids payment of $3,300,000 for 2011 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
Stocks Discussed: DMLP,