Document And Entity Information
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6 Months Ended | |
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Jun. 30, 2013
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Aug. 07, 2013
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | Dorchester Minerals, L.P. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 30,675,431 | |
Amendment Flag | false | |
Entity Central Index Key | 0001172358 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Jun. 30, 2013 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q2 |
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Accumulated Amortization, at the balance sheet date, of finite-lived, amortizable assets that are an addition or improvement to assets held under lease arrangement. No definition available.
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Net amount, at the balance sheet date, of finite-lived, amortizable assets that are an addition or improvement to assets held under lease arrangement. 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, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Operating revenues: | ||||
Lease bonus | $ 35 | $ 3,127 | $ 78 | $ 3,403 |
Other | 8 | 132 | 16 | 166 |
Total operating revenues | 17,295 | 15,242 | 30,513 | 28,675 |
Costs and expenses: | ||||
Operating, including production taxes | 1,170 | 1,199 | 2,455 | 2,231 |
Depletion and amortization | 3,268 | 4,482 | 6,654 | 8,794 |
General and administrative expenses | 973 | 881 | 1,872 | 1,684 |
Total costs and expenses | 5,411 | 6,562 | 10,981 | 12,709 |
Operating income | 11,884 | 8,680 | 19,532 | 15,966 |
Other income, net | 141 | 141 | 12 | |
Net income | 12,025 | 8,680 | 19,673 | 15,978 |
Allocation of net income: | ||||
General partner | 385 | 341 | 659 | 625 |
Unitholders | 11,640 | 8,339 | 19,014 | 15,353 |
Net income per common unit (basic and diluted) (in Dollars per share) | $ 0.38 | $ 0.27 | $ 0.62 | $ 0.50 |
Weighted average common units outstanding (in Shares) | 30,675 | 30,675 | 30,675 | 30,675 |
Royalty Revenue [Member]
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Operating revenues: | ||||
Royalties | 13,191 | 11,665 | 24,812 | 24,362 |
Net Profits Interests [Member]
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Operating revenues: | ||||
Royalties | $ 4,061 | $ 318 | $ 5,607 | $ 744 |
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Full Cost Depletion and Leasehold Amortization expense. No definition available.
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Revenue earned during the period from initial cash payments made to a lessor by a lessee in consideration for the execution and conveyance of an oil and/or gas lease. No definition available.
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The amount of net income or loss for the period per each limited partnership unit in instances when basic and diluted earnings per unit are the same amount and aggregated on the face of the financial statements. Basic earnings per unit is the amount of net income or loss for the period per unit outstanding during the reporting period. Diluted earnings per unit includes the amount of net income or loss for the period available to each limited partnership unit outstanding during the reporting period and to each unit that would have been outstanding assuming the issuance of units for all dilutive potential units outstanding during the reporting period. No definition available.
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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
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Jun. 30, 2013
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Jun. 30, 2012
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Net cash provided by operating activities | $ 27,678 | $ 32,493 |
Cash flows used in financing activities: | ||
Distributions paid to general partner and unitholders | (27,958) | (31,381) |
(Decrease) increase in cash and cash equivalents | (280) | 1,112 |
Cash and cash equivalents at beginning of period | 13,792 | 14,238 |
Cash and cash equivalents at end of period | $ 13,512 | $ 15,350 |
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Note 1 - Basis of Presentation
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6 Months Ended |
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Jun. 30, 2013
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Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 Basis of Presentation: Dorchester Minerals, L.P. is a publicly traded Delaware limited partnership that was formed in December 2001, and commenced operations on January 31, 2003. The consolidated financial statements include the accounts of Dorchester Minerals, L.P. and its wholly-owned subsidiaries Dorchester Minerals Oklahoma LP, Dorchester Minerals Oklahoma GP, Inc., Maecenas Minerals LLP, and Dorchester-Maecenas GP LLC. All significant intercompany balances and transactions have been eliminated in consolidation. 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, 2012. Fair Value of Financial Instruments — The carrying amount of cash and cash equivalents, trade receivables and payables approximates fair value because of the short maturity of those instruments. These estimated fair values may not be representative of actual values of the financial instruments that could have been realized as of quarter close or that will be realized in the future. |
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Note 2 - Contingencies
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6 Months Ended |
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Jun. 30, 2013
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 2 Contingencies: On January 27, 2006, plaintiff Rapp sued the operating partnership for underpayment of royalty on properties owned and operated in Texas County, Oklahoma. Plaintiff sought certification of a class action. A $500,000 reserve was recorded in Net Profits Revenues on the financial statements in the first quarter of 2012. On October 18, 2012, the District Court approved a class settlement between the parties in the amount of $500,000 plus immaterial future royalty amounts on fuel gas. During December 2012, the operating partnership paid the settlement amount and the litigation was dismissed. The Partnership and the operating partnership are involved in other legal and/or administrative proceedings arising in the ordinary course of their businesses, none of which have predictable outcomes and none of which are believed to have any significant effect on consolidated financial position, cash flows, or operating results. |
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Note 3 - Distributions To Holders Of Common Units
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Jun. 30, 2013
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Partners' Capital Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Notes Disclosure [Text Block] | 3 Distributions to Holders of Common Units: Unitholder cash distributions per common unit since 2009 have been:
Distributions from first quarter of 2010 through the present were paid on 30,675,431 units; distributions from the second quarter of 2009 through the fourth quarter of 2009 were paid on 29,840,431 units; previous distributions were paid on 28,240,431 units. The second quarter 2013 distribution was paid on August 1, 2013. 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, 2013. |
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Accounting Policies, by Policy (Policies)
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6 Months Ended |
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Jun. 30, 2013
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Accounting Policies [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments — The carrying amount of cash and cash equivalents, trade receivables and payables approximates fair value because of the short maturity of those instruments. These estimated fair values may not be representative of actual values of the financial instruments that could have been realized as of quarter close or that will be realized in the future. |
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Note 3 - Distributions To Holders Of Common Units (Tables)
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Jun. 30, 2013
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Partners' Capital Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions Made to Limited Partner, by Distribution [Table Text Block] |
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Note 2 - Contingencies (Details) (USD $)
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3 Months Ended | |
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Dec. 31, 2012
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Mar. 31, 2012
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Commitments and Contingencies Disclosure [Abstract] | ||
Estimated Litigation Liability | $ 500,000 | |
Litigation Settlement, Amount | $ 500,000 |
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Note 3 - Distributions To Holders Of Common Units (Details)
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Jun. 30, 2013
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Dec. 31, 2009
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Mar. 31, 2009
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Partners' Capital Notes [Abstract] | |||
Partners' Capital Account, Units | 30,675,431 | 29,840,431 | 28,240,431 |
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Note 3 - Distributions To Holders Of Common Units (Details) - Unitholder Cash Distributions Per Common Unit (USD $)
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6 Months Ended | 12 Months Ended | |||
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Jun. 30, 2013
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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First Quarter [Member]
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Distribution Made to Limited Partner [Line Items] | |||||
Cash Distribution Per Unit | $ 0.448209 | $ 0.541883 | $ 0.426745 | $ 0.449222 | $ 0.401205 |
Second Quarter [Member]
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Distribution Made to Limited Partner [Line Items] | |||||
Cash Distribution Per Unit | $ 0.395583 | $ 0.456351 | $ 0.417027 | $ 0.412207 | $ 0.271354 |
Third Quarter [Member]
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Distribution Made to Limited Partner [Line Items] | |||||
Cash Distribution Per Unit | $ 0.343252 | $ 0.455546 | $ 0.471081 | $ 0.286968 | |
Fourth Quarter [Member]
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Distribution Made to Limited Partner [Line Items] | |||||
Cash Distribution Per Unit | $ 0.433232 | $ 0.448553 | $ 0.354074 | $ 0.321540 |
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