Dorchester Minerals, L.P. is a publicly traded limited partnership based in Dallas, Texas. The partnership commenced operations on January 31, 2003 through the combination of Dorchester Hugoton, Ltd. and related assets. Its units trade on the NASDAQ Global Select Market under the symbol DMLP.
The core business of Dorchester Minerals is owning, acquiring, and managing mineral, royalty, overriding royalty, net profits, and leasehold interests in oil and natural gas properties across the United States. It holds both producing and non-producing interests. The company does not typically act as the operator of most underlying wells; instead, it collects revenues (royalties, net profits, lease income) based on production carried out by operating partners.
Dorchester’s asset base is diverse and widespread: it holds interests in 28 states, across numerous basins, and periodically continues acquiring new acreage or royalty interests. For example, in 2024 it agreed to acquire ~14,529 net royalty acres across New Mexico and Texas (largely in the Delaware and Midland basins) via non-taxable contributions in exchange for partnership units. It also acquired overriding royalty interests in Weld County, Colorado. These moves reflect an active strategy to expand and refresh its royalty and mineral portfolio.