Dorchester Minerals, L.p. · NASDAQ:DMLP
Dorchester Minerals, L.p — Investor Presentation (May 2024)
25 slides from Dorchester Minerals, L.p's investor presentation, May 14, 2024
Slide 1: Dorchester Minerals, LP Investor Presentation
/-DMLP Dorchester Minerals, LP Investor Presentat May 15, 2
Slide 2: Forward-Looking Statements
DMLP Forward-Looking Statements — Portions of this presentation may constitute, and our officers and representatives from time to time may make, “forward-looking statements” within the meaning of the safe harbor provisions of the US. Private Securities Litigation Reform Act of 1995. Forward-looking
Slide 3: Outline
xu. cus 2 om 01 02 03 04 05 06 OUTLINE INVESTMENT HIGHLIGHTS OBSERVATIONS & TRENDS DISTRIBUTIONS PRODUCTION & RESERVES PROPERTY HIGHLIGHTS SUMMARY DMLP
Slide 4: Investment Highlights
DMLP Investment Highlights — Long-life Resource Base Formulaic Distribution [— sustainable Cost structure Exposure to Multiple Basins Unlevered and Unhedged [— Non-bilutive Equity Compensation Depletion Deduction J— Alignment with Unitholders History of upward Reserve Revision no it | Assertive Reve
Slide 5: Observations & Trends
Observations & Trends pone Fac) Oil and Gas Industry Minerals & Royalties Dorchester Minerals DMLP Consolidation among operators increases capital efficiency and economies of scale ‘Operators focused on returning capital to shareholders -> more modest production growth targets Low natural gas prices
Slide 6: Royalty Peer Comparison
Royalty Peer Comparison o% ve/ay208 vefay208 vafa/20z0 vejay202, rx —wmspar rice vefay2028
Slide 7: 2023 Calendar Year Distributions
2023 Calendar Year Distributions LP Distribution History (S/unit)© Cumulative LP Distributions) 400 $1.3 Billion s250 $250 2023 LP Distributions $2.00 $3.40 /unit ae li i iitithia a i hil RBS ARAAAAG i Annualized Cash Distribution Yield\?) 5 PPLELLS PP OSSLS 9.6% ices ey aotie enert Realized Commodi
Slide 8: Minerals NPI
Minerals NPI Trailing 12 Months NPI Payments $80,000,000 $23.4 Million Cnean <a) Trailing12 Months NPI Payments. ‘$20,000,000 = 0) $ | * $20.000000 0.60 junit es =) a =| outstanding Capital commitments a $4.0 Million a a ‘Nat Revenue by Product Nat Revenue by. sPermion [Expense (LOE, Taxes, etc) (si
Slide 9: Total Production
Total Production 2019 ~2022 OilProduction Total Production z 100909 +15% 2019 - 2023 Gas Production +25% 1000 a 7 —— 9 no neu nok nea ats 2k +154% are se) cana ech — na ond) Daily Gas Rate (Mcfd) Daily Oil Rate (boed) 20000 5000 ‘4000 2019 2020 2021 2002 2023 2004 Delaware m Bakken Core Midland Basi
Slide 10: Royalty and NPI Production
Royalty and NPI Production + Oil volumes sustained by Bakken and Midland Basin + Increase in oil volumes attributable to Bakken participation development + Baseline production supported by atfter-payout WI in + Gas volumes supported by associated gas in Bakken and: Midland Basin Permian 100,000 1900
Slide 11: 2023 Reserves
2023 Reserves 2 Rat 20 - 5 ‘ ° evr & SF FHS KS SE S RK ‘fafa lala afar ertfsee roel ernest Royalty-NPISpit oso aby Product in Oil(Mboe) | Natural Gas (Bot) Yeor-End 2022 3.920 302 & peer 2023 Production | (2250) (7a) a — an ‘Acquisitions a4 07 sree = ‘south Tec Revisions 1283 09 sema-con Year-End 20
Slide 12: Mineral Portfolio Overview
Mineral Portfolio Overview 10,200nma + Core area with remaining development potential + Significant unleased mineral position 3 + Significant contributor to NPI revenue 85,600nma + Midland Basin ~ Large acreage spread across basin \with mix of high netinterests, blocks of contiguous ‘acreage and uni
Slide 13: Recent Acquisition Activity
DMLP | + Four mineral and royalty acquisitions closed in the last 12 months. + 3700 Net Royalty Acres located in 14 counties in 4 Recent Acquisition Activity sent sitions 1485 Net Royalty Acres “le. «4 + Core Areas: Adams & Weld County ile (TX & NM) ware & Hayne + 900 Net Royalty Acres Core Areas: L
Slide 14: Bakken/Three Forks
Bakken/Three Forks Net Mineral Acres 2023ExitRate New Well Adds (6) 10,200 1,447boed 103 z ay 2022 2023 2024 ao 2020 20m 2022 202 stoyory 0 teraction gop ited nga values rom sicore counties inludng ure vide, Our Mercia Mount nd Wil Saearroasctromenn Womens otoansapoe orcaananeenesn mene ior. beeen
Slide 15: Permian Basin
Permian Basin 15
Slide 16: Midland Basin
Midland Basin NotMineral Acros aoaaextnoto Now wotadés 7209 3,1 boed 294 Daly Production sono 200 020 ° a a sreay 200 20m 2020 2021 1eosed24s natonostor$30000/0er@ soended 243 nat cre for$187E0/20% 16
Slide 17: Delaware Basin
Delaware Basin etre ered res jaa wane my 494boed 33 SST = ea ea = o <> GS 6p Ga ap an oor sc a O ln 0 209 2020 2021 2022 2 wolacilodorcompite active pomiteonacroa9e “7 walsattedor completoain2023, n2008
Slide 18: Appendix
DMLP | Appendix
Slide 19: Royalty Oil Production
Royalty Oil Production 10.000 il Pr 1000 y200 y2020 20a W202 viy20z3 Pre-2019 wells|.4x | Pre-2020 wolls| 9.7% | Pre-2021 wots] 123% re-2022 Wels) 165% | Pre-2073 wele| 251m | Pre-2024 Wels| 303% ee oe iya02e 19
Slide 20: Management Ownership
DMLP Management Ownership ee Alignment of GP and LP Interests + GP has no incentive distribution rights - fixed sharing ratio + Management's LP interest exceeds its GP interest + Not incentivized to make dilutive transactions Mgmt GP gmp $5.5MM | Mgmt LP mam $12.9MM | 2023 LP & GP Distributions Othe
Slide 21: Historical Reserve Revisions
Historical Reserve Revisions DMLP + Cumulative Reserve Revisions have exceeded 100% of Current Reserves + Production and divestitures have exceeded initial reserves by 30.7 MMBoe EquivalentReserves (MMBoe) 9) << ar/s1/2003, vefai/2023 Reserves Pro-Forma 12/a1/2023 Reserves a
Slide 22: Non-Consent/Non-Participation
Non-Consent/Non-Participation DMLP Each State has unique laws governing the treatment of unleased mineral owners. fox Texas Unleased mineral owner backsin for ful care working interest after operator recovers 100% of costs. om 100% 160% 200% 260% 200% % Costs Recovered by Operetor NR 100% North Dako
Slide 23: Cash receipts extend over multiple months
+ Cash receipts extend over multiple months due to adjustments, suspense releases, etc. + Prices can change dramatically between production and payment of distribution + Example of a typical cash receipt cycle: Cash receipts Ist Quarter Distribution declared 2nd Quarter (Feb. Mar cosh) Distribution
Slide 24: Net Royalty Acres
/DMLP | Net Royalty Acres? _DMLP | Complex mineral ownership is not well represented by Net Royalty Acres + Royalty rates and lease status vary by depth + Royalty rates vary by contract + Single section example from Upton Co. == ae raberr buraoning inten aos al iat 24
Slide 25: Dorchester Minerals, LP
/-DMLP Dorchester Minerals, LP NASDAQ | DMLP Investor Relations | (214) 55
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