Dorchester Minerals, L.P. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The partnership's operating revenues for the three months reached $53.5 million, a 25.6% increase from $42.6 million in the same period of 2023. For the nine months ended September 30, 2024, operating revenues totaled $121.8 million, up from $113.4 million year-over-year. Royalties also saw a substantial rise, with Q3 2024 royalties at $45.1 million compared to $35.8 million in Q3 2023, and $101.7 million for the nine-month period, up from $84.1 million.
Net income for the third quarter of 2024 was reported at $36.4 million, an increase from $29.5 million in Q3 2023. For the nine months, net income rose slightly to $78.2 million from $77.3 million. Net income allocated to unitholders for Q3 2024 was $35.1 million, compared to $28.4 million in the prior year. The net income per common unit for Q3 2024 was $0.87, up from $0.73 in Q3 2023, while for the nine months, it decreased slightly to $1.89 from $1.94.
The partnership's total assets surged to $403.4 million as of September 30, 2024, compared to $191.1 million at the end of 2023. This increase was driven by a significant rise in oil and natural gas properties, which grew to $727.9 million from $507.1 million. The partnership capital for unitholders also increased, with 47,340 common units issued as of September 30, 2024, compared to 39,583 units at the end of 2023.
Strategically, Dorchester Minerals made notable acquisitions, including approximately 14,225 net mineral acres in New Mexico and Texas for $202.6 million in common units, and 1,204 net royalty acres in Colorado for $16.0 million. The total cash contributed for acquisitions in the nine months ended September 30, 2024, was $11.3 million, significantly higher than $2.0 million in the same period of 2023.
Operating costs increased by 11% in Q3 2024 compared to Q3 2023, attributed to higher operating expenses and oil production taxes. Additionally, depreciation, depletion, and amortization rose by 52% in the same timeframe, reflecting adjustments in oil and natural gas reserves estimates. Despite these increases, the partnership maintained consistent net cash provided by operating activities, supported by higher royalty revenue receipts.
As of September 30, 2024, cash and cash equivalents stood at $56.5 million, up from $47.0 million at the end of 2023. The partnership announced a cash distribution of $0.995785 per common unit for Q3 2024, payable on November 7, 2024.
About DORCHESTER MINERALS, L.P.
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