Dorchester Minerals L.P. Common Units Lt (DMLP, Financial) filed Quarterly Report for the period ended 2010-03-31.
Dorchester Minerals L.p. Common Units Lt has a market cap of $787.7 million; its shares were traded at around $26.4 with a P/E ratio of 34.7 and P/S ratio of 18.1. The dividend yield of Dorchester Minerals L.p. Common Units Lt stocks is 6.8%.DMLP is in the portfolios of Jim Simons of Renaissance Technologies LLC.
First quarter weighted average oil sales prices from the NPIs increased 145.7% from $28.63/bbl in 2009 to $70.33/bbl in 2010. Weighted average natural gas sales prices attributable to the NPIs increased 57.5% from $3.32/mcf during first quarter 2009 to $5.23/mcf during first quarter 2010. Changing market conditions resulted in increased oil and natural gas prices.
Costs and expenses increased 30.4% from $5,074,000 during first quarter 2009 to $6,615,000 during first quarter 2010 primarily as a result of increased depletion related to the Barnett Shale acquisition on June 30, 2009 along with increased production tax on higher operating revenues.
Depletion and amortization increased 28.3% from $3,300,000 during first quarter 2009 to $4,235,000 during first quarter 2010 primarily due to a higher depletable base after the June 30, 2009 acquisition of properties in the Barnett Shale.
Cash receipts attributable to our Royalty Properties during first quarter 2010 totaled approximately $10,500,000. These receipts generally reflect oil sales during December 2009 through February 2010 and natural gas sales during November 2009 through January 2010. The weighted average indicated prices for oil and natural gas sales during first quarter 2010 attributable to the Royalty Properties were $72.23/bbl and $4.64/mcf, respectively.
Cash receipts attributable to our NPIs during first quarter 2010 totaled approximately $4,800,000. These receipts reflect oil and natural gas sales from the properties underlying the NPIs generally during November 2009 through January 2010. The weighted average indicated prices received during first quarter 2010 for oil and natural gas sales were $66.97/bbl and $7.03/mcf, respectively. The natural gas weighted average indicated price for the quarter was increased by $2.09/mcf due to the receipt of a natural gas liquids payment of $1,700,000 for 2009 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 disproportionately to natural gas market prices, the operating partnership receives a portion of that increase in an annual payment based on calendar year data. In the event the evaluation at the end of the annual contract period shows the payment to be determinable and collectable, the revenue is accrued.
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Dorchester Minerals L.p. Common Units Lt has a market cap of $787.7 million; its shares were traded at around $26.4 with a P/E ratio of 34.7 and P/S ratio of 18.1. The dividend yield of Dorchester Minerals L.p. Common Units Lt stocks is 6.8%.DMLP is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The weighted average oil sales prices attributable to our interest in Royalty Properties increased 93.6% from $38.45/bbl during first quarter 2009 to $74.44/bbl during first quarter 2010. First quarter weighted average natural gas sales prices from Royalty Properties increased 26.9% from $4.05/mcf during 2009 to $5.14/mcf during 2010. Both oil and natural gas price changes resulted from changing market conditions.First quarter weighted average oil sales prices from the NPIs increased 145.7% from $28.63/bbl in 2009 to $70.33/bbl in 2010. Weighted average natural gas sales prices attributable to the NPIs increased 57.5% from $3.32/mcf during first quarter 2009 to $5.23/mcf during first quarter 2010. Changing market conditions resulted in increased oil and natural gas prices.
Costs and expenses increased 30.4% from $5,074,000 during first quarter 2009 to $6,615,000 during first quarter 2010 primarily as a result of increased depletion related to the Barnett Shale acquisition on June 30, 2009 along with increased production tax on higher operating revenues.
Depletion and amortization increased 28.3% from $3,300,000 during first quarter 2009 to $4,235,000 during first quarter 2010 primarily due to a higher depletable base after the June 30, 2009 acquisition of properties in the Barnett Shale.
Cash receipts attributable to our Royalty Properties during first quarter 2010 totaled approximately $10,500,000. These receipts generally reflect oil sales during December 2009 through February 2010 and natural gas sales during November 2009 through January 2010. The weighted average indicated prices for oil and natural gas sales during first quarter 2010 attributable to the Royalty Properties were $72.23/bbl and $4.64/mcf, respectively.
Cash receipts attributable to our NPIs during first quarter 2010 totaled approximately $4,800,000. These receipts reflect oil and natural gas sales from the properties underlying the NPIs generally during November 2009 through January 2010. The weighted average indicated prices received during first quarter 2010 for oil and natural gas sales were $66.97/bbl and $7.03/mcf, respectively. The natural gas weighted average indicated price for the quarter was increased by $2.09/mcf due to the receipt of a natural gas liquids payment of $1,700,000 for 2009 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 disproportionately to natural gas market prices, the operating partnership receives a portion of that increase in an annual payment based on calendar year data. In the event the evaluation at the end of the annual contract period shows the payment to be determinable and collectable, the revenue is accrued.
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