Document And Entity Information
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6 Months Ended | |
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Jun. 30, 2015
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Aug. 06, 2015
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Entity Registrant Name | Dorchester Minerals, L.P. | |
Entity Central Index Key | 0001172358 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 30,675,431 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
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End date of current fiscal year in the format --MM-DD. No definition available.
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Condensed Consolidated Income Statements (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2015
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Jun. 30, 2014
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Jun. 30, 2015
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Jun. 30, 2014
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Operating revenues: | ||||
Lease bonus | $ 3 | $ 523 | $ 50 | $ 739 |
Other | 12 | 10 | 40 | 25 |
Total operating revenues | 8,280 | 17,973 | 17,084 | 35,312 |
Costs and expenses: | ||||
Operating, including production taxes | 977 | 1,537 | 2,011 | 2,976 |
Depreciation, depletion and amortization | 2,341 | 2,766 | 4,806 | 5,283 |
General and administrative expenses | 1,148 | 1,059 | 2,423 | 2,195 |
Total costs and expenses | 4,466 | 5,362 | 9,240 | 10,454 |
Operating income | 3,814 | 12,611 | 7,844 | 24,858 |
Other income, net | 2 | 58 | 3 | 708 |
Net income | 3,816 | 12,669 | 7,847 | 25,566 |
Allocation of net income: | ||||
General partner | 149 | 461 | 302 | 916 |
Unitholders | 3,667 | 12,208 | 7,545 | 24,650 |
Net income per common unit (basic and diluted) (in dollars per share) | $ 0.12 | $ 0.39 | $ 0.25 | $ 0.80 |
Weighted average common units outstanding (000's) (in shares) | 30,675 | 30,675 | 30,675 | 30,675 |
Royalty Revenue [Member]
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Operating revenues: | ||||
Royalties | 8,048 | 15,575 | 16,329 | 30,238 |
Net Profits Interests [Member]
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Operating revenues: | ||||
Royalties | $ 217 | $ 1,865 | $ 665 | $ 4,310 |
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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
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Jun. 30, 2015
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Jun. 30, 2014
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Net cash provided by operating activities | $ 16,073 | $ 32,282 |
Cash flows provided by investing activities: | ||
Proceeds from sale of reserves | 118 | 27 |
Cash flows used in financing activities: | ||
Distributions paid to general partner and unitholders | (25,075) | (30,675) |
(Decrease)/Increase in cash and cash equivalents | (8,884) | 1,634 |
Cash and cash equivalents at beginning of period | 15,912 | 15,175 |
Cash and cash equivalents at end of period | $ 7,028 | $ 16,809 |
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Note 1 - Basis of Presentation
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6 Months Ended |
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Jun. 30, 2015
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Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 Basis of Presentation: The condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring adjustments unless indicated otherwise) that are, in the opinion of management, necessary for the fair presentation of our financial position and operating results for the interim period. Interim period results are not necessarily indicative of the results for the calendar year. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for additional information. Per-unit information is calculated by dividing the income or loss applicable to holders of our Partnership’s common units by the weighted average number of units outstanding. The Partnership has no potentially dilutive securities and, consequently, basic and dilutive income per unit do not differ. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s annual report on Form 10-K for the year ended December 31, 2014. Fair Value of Financial Instruments |
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Note 2 - Contingencies
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6 Months Ended |
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Jun. 30, 2015
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Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 2 Contingencies: |
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Note 3 - Distributions to Holders of Common Units
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Jun. 30, 2015
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Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Notes Disclosure [Text Block] | 3 Distributions to Holders of Common Units:
Each of the foregoing distributions were paid on 30,675,431 units. The second quarter 2015 distribution was paid on August 6, 2015. Fourth quarter distributions shown above are paid in the first calendar quarter of the following year. Our partnership agreement requires the next cash distribution to be paid by November 15, 2015. |
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Note 4 - New Accounting Pronouncements
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6 Months Ended |
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Jun. 30, 2015
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Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | 4 New Accounting Pronouncements: The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2018. |
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Significant Accounting Policies (Policies)
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6 Months Ended |
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Jun. 30, 2015
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Accounting Policies [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
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Note 3 - Distributions to Holders of Common Units (Tables)
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Jun. 30, 2015
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Distributions Made to Limited Partner, by Distribution [Table Text Block] |
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Note 3 - Distributions to Holders of Common Units (Details Textual)
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Jun. 30, 2015
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Limited Partners' Capital Account, Units Outstanding | 30,675,431 |
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Note 3 - Unitholder Cash Distributions Per Common Unit (Details) (USD $)
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3 Months Ended | |||||||||||
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Dec. 31, 2015
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Sep. 30, 2015
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Jun. 30, 2015
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Mar. 31, 2015
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Dec. 31, 2014
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Sep. 30, 2014
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Jun. 30, 2014
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Mar. 31, 2014
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Dec. 31, 2013
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Sep. 30, 2013
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Jun. 30, 2013
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Mar. 31, 2013
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Cash distribution per unit (in dollars per share) | $ 0.16743 | $ 0.306553 | $ 0.48578 | $ 0.447805 | $ 0.490861 | $ 0.496172 | $ 0.46856 | $ 0.455287 | $ 0.395583 | $ 0.448209 |
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