Dorchester Minerals is a publicly traded limited partnership that owns mineral, royalty, overriding royalty, and net profits interests (NPIs) in oil and natural gas properties across the U.S. Dorchester does not drill or operate wells — it simply owns the right to receive a share of revenue when oil and gas operators produce from its acreage. Its assets span 594 counties and parishes across 28 states. Dorchester collects royalty payments from operators on its Royalty Properties, and separately receives 96.97% of net profits generated by an affiliated Operating Partnership through an NPI structure. Exxon Mobil and Chevron together account for roughly 25% of total operating revenues. Because Dorchester bears no drilling costs, lease operating expenses, or capex, revenue is driven entirely by operator production volumes and prevailing oil and gas prices. Dorchester distributes 100% of available cash to unitholders each quarter, meaning distributions fluctuate directly with commodity prices and production. Dorchester carries no debt and is prohibited from incurring meaningful indebtedness. Growth comes primarily through acquiring mineral and royalty interests in exchange for newly issued common units in non-taxable transactions — a structure that is tax-efficient for sellers. Recent acquisitions include roughly 14,225 net mineral acres in the Permian Basin and several royalty acre packages in Colorado.