Dorchester Minerals L.P. Common Units Lt (DMLP, Financial) filed Quarterly Report for the period ended 2010-09-30.
Dorchester Minerals L.p. Common Units Lt has a market cap of $850.8 million; its shares were traded at around $27.5619 with a P/E ratio of 36.5 and P/S ratio of 19.5. The dividend yield of Dorchester Minerals L.p. Common Units Lt stocks is 6.9%.DMLP is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jean-Marie Eveillard of First Eagle Investment Management, LLC.
Third quarter weighted average oil sales prices from the NPIs increased 9.8% from $58.76/bbl in 2009 to $64.54/bbl in 2010. The first nine months NPIs oil sales prices increased 44.0% from $47.27/bbl in 2009 to $68.06/bbl in 2010. Changing market conditions resulted in increased oil prices. Weighted average natural gas sales prices attributable to the NPIs increased during the third quarter of 2010 and first nine months of 2010 compared to the same periods of 2009. Third quarter natural gas sales prices of $4.08/mcf in 2010 were 34.2% higher than 2009 prices of $3.04/mcf. The nine months ended September 30, 2010 natural gas prices increased 45.2% to $4.50/mcf from $3.10/mcf in the same period of 2009. Natural gas sales price increases during the three- and nine-month periods resulted from changing market conditions.
Our third quarter net operating revenues increased 53.8% from $10,706,000 during 2009 to $16,467,000 during 2010. Net operating revenues for the first nine months of 2010 increased 58.4% from $29,214,000 during 2009 to $46,262,000 during 2010. Both the quarterly and nine-month increases resulted primarily from increased oil and gas sales prices, along with increased lease bonus income from the Granite Wash Trend as discussed below.
Costs and expenses increased 10.1% from $6,312,000 during the third quarter of 2009 to $6,950,000 during the third quarter of 2010, while nine months ended September 30 costs and expenses increased 20.4% from $16,520,000 during 2009 to $19,895,000 during 2010. The third quarter and nine-month increase primarily resulted from increased depletion related to the Barnett Shale acquisition on June 30, 2009 and the Maecenas Minerals LLP acquisition on March 31, 2010, along with increased production tax on higher operating revenues in 2010.
Depletion and amortization increased 12.0% during the third quarter ended September 30, 2010 and 22.5% during the nine months ended September 30, 2010 when compared to the same periods of 2009. The increases from $4,524,000 and $11,297,000 during the third quarter and nine months ended September 30, 2009, respectively, to $5,068,000 and $13,842,000 during the same periods of 2010 respectively, resulted primarily from a higher depletable base due to the June 30, 2009 acquisition of properties in the Barnett Shale and the March 31, 2010 Maecenas Minerals acquisition.
Net cash provided by operating activities increased 66.7% from $9,181,000 during the third quarter of 2009 to $15,307,000 during the third quarter of 2010 and increased 49.5% from $28,692,000 for the first nine months of 2009 to $42,892,000 during the same period of 2010. Increases in both periods are primarily due to increased oil and natural gas sales prices and lease bonus income.
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Dorchester Minerals L.p. Common Units Lt has a market cap of $850.8 million; its shares were traded at around $27.5619 with a P/E ratio of 36.5 and P/S ratio of 19.5. The dividend yield of Dorchester Minerals L.p. Common Units Lt stocks is 6.9%.DMLP is in the portfolios of Jim Simons of Renaissance Technologies LLC, Jean-Marie Eveillard of First Eagle Investment Management, LLC.
Highlight of Business Operations:
The weighted average oil sales prices attributable to our interest in Royalty Properties increased 11.4% from $63.94/bbl during the third quarter of 2009 to $71.23/bbl during the third quarter of 2010 and increased 38.5% from $52.74/bbl during the first nine months of 2009 to $73.04/bbl during the same period of 2010. Third quarter weighted average natural gas sales prices from Royalty Properties increased 21.2% from $3.39/mcf during 2009 to $4.11/mcf during 2010. The nine months ended September 30 weighted average Royalty Properties natural gas sales prices increased 21.2% from $3.63/mcf during 2009 to $4.40/mcf during 2010. Both oil and natural gas price changes resulted from changing market conditions.Third quarter weighted average oil sales prices from the NPIs increased 9.8% from $58.76/bbl in 2009 to $64.54/bbl in 2010. The first nine months NPIs oil sales prices increased 44.0% from $47.27/bbl in 2009 to $68.06/bbl in 2010. Changing market conditions resulted in increased oil prices. Weighted average natural gas sales prices attributable to the NPIs increased during the third quarter of 2010 and first nine months of 2010 compared to the same periods of 2009. Third quarter natural gas sales prices of $4.08/mcf in 2010 were 34.2% higher than 2009 prices of $3.04/mcf. The nine months ended September 30, 2010 natural gas prices increased 45.2% to $4.50/mcf from $3.10/mcf in the same period of 2009. Natural gas sales price increases during the three- and nine-month periods resulted from changing market conditions.
Our third quarter net operating revenues increased 53.8% from $10,706,000 during 2009 to $16,467,000 during 2010. Net operating revenues for the first nine months of 2010 increased 58.4% from $29,214,000 during 2009 to $46,262,000 during 2010. Both the quarterly and nine-month increases resulted primarily from increased oil and gas sales prices, along with increased lease bonus income from the Granite Wash Trend as discussed below.
Costs and expenses increased 10.1% from $6,312,000 during the third quarter of 2009 to $6,950,000 during the third quarter of 2010, while nine months ended September 30 costs and expenses increased 20.4% from $16,520,000 during 2009 to $19,895,000 during 2010. The third quarter and nine-month increase primarily resulted from increased depletion related to the Barnett Shale acquisition on June 30, 2009 and the Maecenas Minerals LLP acquisition on March 31, 2010, along with increased production tax on higher operating revenues in 2010.
Depletion and amortization increased 12.0% during the third quarter ended September 30, 2010 and 22.5% during the nine months ended September 30, 2010 when compared to the same periods of 2009. The increases from $4,524,000 and $11,297,000 during the third quarter and nine months ended September 30, 2009, respectively, to $5,068,000 and $13,842,000 during the same periods of 2010 respectively, resulted primarily from a higher depletable base due to the June 30, 2009 acquisition of properties in the Barnett Shale and the March 31, 2010 Maecenas Minerals acquisition.
Net cash provided by operating activities increased 66.7% from $9,181,000 during the third quarter of 2009 to $15,307,000 during the third quarter of 2010 and increased 49.5% from $28,692,000 for the first nine months of 2009 to $42,892,000 during the same period of 2010. Increases in both periods are primarily due to increased oil and natural gas sales prices and lease bonus income.
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