Dorchester Minerals
21 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
Exxon Mobil Corporation
earns from · approximately 25% of total operating revenuesnamed as a riskRoyalty revenues from properties operated by Exxon Mobil Corporation and its subsidiaries and Chevron Corporation and its subsidiaries, together, represented approximately 25% of total operating revenues for the year ended December 31, 2025.Business (Item 1)
Chevron Corporation
earns from · approximately 25% of total operating revenuesnamed as a riskRoyalty revenues from properties operated by Exxon Mobil Corporation and its subsidiaries and Chevron Corporation and its subsidiaries, together, represented approximately 25% of total operating revenues for the year ended December 31, 2025.Business (Item 1)
Partners and platforms
Dorchester Minerals Operating LP
depends on · 96.97% of the net profitsnamed as a riskWe receive monthly payments equaling 96.97% of the net profits realized by the Operating Partnership from these properties in the preceding month.Business (Item 1)
Dakota Access Pipeline
depends onnamed as a riskThe outcome of this litigation may have a material adverse effect on our Royalty and NPI revenues derived from the Bakken region based on the timing of future development of wells on, or production of oil and natural gas from, or the method and cost of transportation related to the production on the properties.Risk factors (Item 1A)
Other companies
West Texas Minerals LLC and Carrollton Mineral Partners
approximately 5.2% of our outstanding Unitsnamed as a riskWest Texas Minerals LLC and Carrollton Mineral Partners, LP, and certain affiliates, beneficially hold, in the aggregate, approximately 5.2% of our outstanding Units.Risk factors (Item 1A)
OPEC+
exposed to its pricenamed as a riskOil and natural gas market prices have fluctuated significantly in recent years in response to factors outside of our control, including the war in Ukraine, conflicts in the Middle East, fluctuations in interest rates, global supply chain disruptions, political uncertainty in Venezuela, and actions taken by OPEC+.Market risk (Item 7A)
Also named by APA, CHRD, CPAY, CRC, CRGY, KMI, KRP, MUR and 9 more
Places
Colorado
operates in · approximately 3,050 net royalty acresOn August 29, 2025, pursuant to a non-taxable contribution and exchange agreement with multiple unrelated third parties, the Partnership acquired mineral interests totaling approximately 3,050 net royalty acres located in Adams County, Colorado in exchange for 915,694 common units representing limited partnership interests in the Partnership issued pursuant to the Partnership’s registration statement on Form S-4.Business (Item 1)
Also named by AN, BBSI, BKH, CVX, ENSG, FPI, MLM, PLTR and 4 more
New Mexico and Texas
operates in · approximately 14,225 net mineral acresOn September 30, 2024, pursuant to a non-taxable contribution and exchange agreement with West Texas Minerals LLC, a Delaware limited liability company, Carrollton Mineral Partners, LP, a Texas limited partnership, Carrollton Mineral Partners Fund II, LP, a Texas limited partnership, Carrollton Mineral Partners III, LP, a Texas limited partnership, Carrollton Mineral Partners III-B, LP, a Texas limited partnership, Carrollton Mineral Partners IV, LP, a Texas limited partnership, CMP Permian, LP, a Texas limited partnership, CMP Glasscock, LP, a Texas limited partnership, and Carrollton Royalty, LP, a Texas limited partnership, the Partnership acquired mineral, royalty, and overriding royalty interests in producing and non-producing oil and natural gas properties representing approximately 14,225 net mineral acres located in 14 counties across New Mexico and Texas in exchange for 6,721,144 common units representing limited partnership interests in the Partnership issued pursuant to the Partnership’s registration statements on Form S-4.Business (Item 1)
Permian Basin
concentrated innamed as a riskA significant portion of the properties subject to the NPI are properties located in the Bakken region and Permian Basin.Risk factors (Item 1A)
Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more
Bakken region
concentrated innamed as a riskA significant portion of the properties subject to the NPI are properties located in the Bakken region and Permian Basin.Risk factors (Item 1A)
Texas County, Oklahoma and Stevens County, Kansas
operates inPursuant to a business opportunities agreement among us, our General Partner, the general partner of our General Partner, and the owners of the general partner of our General Partner (the “GP Parties”), we have agreed that, except with the consent of our General Partner, which it may withhold in its sole discretion, we will not engage in any business not permitted by our partnership agreement, and we will have no interest or expectancy in any business opportunity that does not consist exclusively of the oil and natural gas business within a designated area that includes portions of Texas County, Oklahoma and Stevens County, Kansas.Business (Item 1)
Hazards
Induced seismicity
operates innamed as a riskCertain state agencies, including those in Texas and Oklahoma, have implemented regulations authorizing the imposition of certain limitations on existing wells if seismic activity increases in the area of an injection well, including a temporary injection ban.Risk factors (Item 1A)
Also named by BSM, CRGY, DVN, FANG, LB, PR, VNOM, WES and 1 more
Commodities and inputs
Regulators
U.S. Environmental Protection Agency (EPA)
subject tonamed as a riskAdditionally, on March 8, 2024, the EPA published a final rule that would expand and strengthen emission reduction requirements for both new and existing sources in the oil and natural gas industry by requiring increased monitoring of fugitive emissions, imposing new requirements for pneumatic controllers and tank batteries, and prohibiting venting of natural gas in certain situations.Risk factors (Item 1A)
Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more
Bureau of Land Management (BLM)
subject tonamed as a riskAlso, on April 23, 2024, the BLM published a final rule to update its oil and gas leasing regulations, which increases bonding requirements and raises royalty rates.Risk factors (Item 1A)
Also named by AESI, BTU, CHRD, CRC, CRGY, DC, DVN, EOG and 7 more
Railroad Commission of Texas
subject tonamed as a riskThe Texas Railroad Commission has also implemented measures to assess the potential for seismic activity in the vicinity of disposal wells, and it has restricted and indefinitely suspended disposal well activities in some cases.Risk factors (Item 1A)
Also named by APA, ATO, DVN, MUR, NRG, OKE, PR, TPL and 2 more
U.S. Army Corps of Engineers (USACOE)
subject tonamed as a riskAccordingly, the continued operation of Dakota Access Pipeline in the future is uncertain.Risk factors (Item 1A)
Oklahoma Corporation Commission (OCC)
subject tonamed as a riskMore recently, the OCC directed the shut in of a number of disposal wells due to increased earthquake activity in the Arbuckle formation and imposed further disposal well volume reductions in the Covington, Crescent, Enid, and Edmond areas.Risk factors (Item 1A)
Laws and programs
Inflation Reduction Act methane emissions charge
subject tonamed as a riskIf implemented, methane emissions charge could increase our operators’ costs, which could adversely impact our business, financial condition and cash flows.Risk factors (Item 1A)
Internal Revenue Code Section 7704(d)(1)(E) qualifying income
subject tonamed as a riskUnder current law, we believe that our royalty income is qualifying income for purposes of Section 7704(d)(1)(E) of the Internal Revenue Code of 1986, as amended (the “Code”).Risk factors (Item 1A)