DORCHESTER MINERALS, L.P.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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Supplemental Oil and Natural Gas Data (Unaudited)
Supplemental Oil and Natural Gas Data
(Unaudited)
Oil and Natural Gas Reserve and Standardized Measure
The NPI represents a net profits overriding royalty interest burdening various properties owned by the Operating Partnership. The Royalty Properties consist of producing and nonproducing mineral, royalty, overriding royalty, net profits, and leasehold interests located in 594 counties and parishes in 28 states. Amounts set forth herein attributable to the NPI reflects our 96.97% net share. Although new activity has occurred on certain of the Royalty Properties, based on engineering studies available to date, no events have occurred since December 31, 2025 that would have a material effect on our estimated proved developed reserves.
In accordance with U.S. GAAP and Securities and Exchange Commission rules and regulations, the following information is presented with regard to the Royalty Properties and NPI oil and natural gas reserves, all of which are proved, developed, and located in the United States. These rules require inclusion as a supplement to the basic financial statements a standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves. The standardized measure, in management's opinion, should be examined with caution. The basis for these disclosures are petroleum engineers’ reserve studies which contain estimates of quantities and rates of production of reserves. Revision of prior year estimates can have a significant impact on the results. Changes in production costs may result in significant revisions to previous estimates of proved reserves and their future value. Therefore, the standardized measure is not necessarily a best estimate of the fair value of oil and natural gas properties or of future net cash flows.
The following summaries of changes in reserves and standardized measure of discounted future net cash flows were prepared from estimates of proved reserves. The Standardized Measure of Discounted Future Net Cash Flows reflects adjustments for fuel, shrinkage, and pipeline loss.
| Oil (mbbls) | Natural Gas (mmcf) | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |
| Estimated quantity, beginning of year | 11,069 | 8,318 | 8,920 | 35,599 | 33,351 | 39,153 |
| Revisions in previous estimates | 520 | 2,927 | 1,283 | 7,921 | 4,799 | 839 |
| Purchase of reserves in place (1) | 506 | 2,429 | 374 | 1,269 | 5,296 | 743 |
| Production | (2,623) | (2,605) | (2,259) | (8,157) | (7,847) | (7,384) |
| Estimated quantity, end of year | 9,472 | 11,069 | 8,318 | 36,632 | 35,599 | 33,351 |
(1) During 2025, the Partnership acquired mineral interests representing approximately 3,050 net royalty acres in Adams County, Colorado. The acquisition represented 506 mbbls and 1,269 mmcf of 2025 purchases of minerals in place.
During 2024, the Partnership acquired mineral, royalty, and overriding royalty interests representing approximately 16,914 net royalty acres in 16 counties across three states. The acquisitions represented 2,429 mbbls and 5,296 mmcf of 2024 purchases of minerals in place.
During 2023, the Partnership acquired mineral and royalty interests representing approximately 2,184 net royalty acres in 16 counties and parishes across three states. The acquisitions represented 374 mbbls and 743 mmcf of 2023 purchases of minerals in place.
Supplemental Oil and Natural Gas Data
(Unaudited)
Standardized Measure of Discounted Future Net Cash Flows
(Dollars in Thousands Except Where Noted)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Future estimated gross revenues | $547,822 | $667,840 | $559,865 |
| Future estimated production costs | (34,747) | (43,476) | (35,026) |
| Future estimated net revenues | 513,075 | 624,364 | 524,839 |
| 10% annual discount for estimated timing of cash flows | (235,255) | (291,958) | (252,761) |
| Standardized measure of discounted future estimated net cash flows | $277,820 | $332,406 | $272,078 |
| Sales of oil and natural gas produced, net of production costs | $(125,895) | $(146,050) | $(137,015) |
| Net changes in prices and production costs | (37,190) | (7,280) | (122,884) |
| Net change due to purchase of minerals in place | 15,656 | 69,946 | 9,813 |
| Revisions of previous quantity estimates | 52,949 | 109,971 | 54,220 |
| Accretion of discount | 33,241 | 27,208 | 41,915 |
| Change in production rate and other | 6,653 | 6,533 | 6,876 |
| Net change in standardized measure of discounted future estimated net cash flows | $(54,586) | $60,328 | $(147,075) |
| Depletion of oil and natural gas properties (dollars per mcfe) | $2.78 | $1.81 | $1.25 |
| Property acquisition costs | $18,093 | $220,389 | $34,084 |
| Average oil price per barrel (1)(2) | $55.24 | $61.19 | $66.04 |
| Average natural gas price per mcf (1) | $1.93 | $1.04 | $1.90 |
| (1) | Includes Royalty and NPI prices combined by volumetric proportions and represents the 12-month unweighted average of first-day-of-the-month commodity prices for the periods presented with adjustments for basin differentials. |
| (2) | Includes oil and natural gas liquids prices combined by volumetric proportions. |
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