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Dorchester Minerals L.P. Common Units Lt Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 8, 2012 02:24PM
Dorchester Minerals L.P. Common Units Lt (DMLP) filed Quarterly Report for the period ended 2012-06-30. Dorchester Minerals Lp has a market cap of $668.4 million; its shares were traded at around $22.4 with a P/E ratio of 16.5 and P/S ratio of 9.6. The dividend yield of Dorchester Minerals Lp stocks is 8.4%.
Highlight of Business Operations:The weighted average oil sales prices attributable to our interest in Royalty Properties decreased 10.9% from $98.44/bbl during the second quarter of 2011 to $87.69/bbl during the second quarter of 2012 and were about the same at $93.07/bbl during the first six months of 2011 compared to $93.44/bbl during the same period of 2012. Second quarter weighted average natural gas sales prices from Royalty Properties decreased 46.8% from $3.95/mcf during 2011 to $2.10/mcf during 2012 and decreased 41.8% from $3.95/mcf during the first six months of 2011 to $2.30/mcf during the same period of 2012. Both oil and natural gas price changes resulted from changing market conditions.
Second quarter weighted average oil sales prices from the NPIs decreased 16.6% from $97.02/bbl in 2011 to $80.88/bbl in 2012 and decreased 2.9% from $91.35/bbl during the first six months of 2011 to $88.72/bbl during the same period of 2012. Second quarter weighted average natural gas sales prices attributable to the NPIs decreased 50.1% from $4.33/mcf during 2011 to $2.16/mcf in 2012 and decreased 46.8% from $4.25/mcf during the first six months of 2011 to $2.26/mcf during the same period of 2012. Price changes during the three- and six-month periods resulted from changing market conditions.
Our second quarter total operating revenues decreased 7.3% from $16,434,000 during 2011 to $15,242,000 during 2012, and our first six months net operating revenues decreased 6.7% from $30,723,000 during 2011 to $28,675,000 during 2012 as a result of continued capital expenditures in the Minerals NPI, a first quarter 2012 Hugoton NPI litigation settlement reserve of $500,000, and decreased oil and gas prices. These amounts were partially offset by increased oil and gas sales volumes as discussed above.
Second quarter net earnings allocable to common units was down 11.5% from $9,420,000 during 2011 to $8,339,000 during 2012. First six months common unit net earnings decreased 9.1% from $16,891,000 during 2011 to $15,353,000 during 2012 due to decreased natural gas sales prices and the litigation reserve as discussed above, which was partially offset by oil and natural gas sales volumes and lease bonus income.
Net cash provided by operating activities increased 9.2% from $13,684,000 during the second quarter of 2011 to $14,946,000 during the second quarter of 2012 and increased 17.7% from $27,614,000 during the first six months of 2011 to $32,493,000 during the same period of 2012. These increases are due to increased lease bonus income along with increased oil and natural gas sales volumes.
Stocks Discussed: DMLP,