Updated
The most significant concentration Dorchester Minerals discloses is Exxon Mobil and Chevron (combined operators) at 25%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Dorchester Minerals’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'Royalty 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.'”
“10-K Item 1A: 'A significant portion of the properties subject to the NPI are properties located in the Bakken region and Permian Basin.'”
Dorchester Minerals' concentration is modest in scale but doubled by two related exposures. Royalty revenues from properties operated by Exxon Mobil and Chevron together represented approximately 25% of total operating revenues, a counterparty dependency tied to two large, financially stable operators rather than smaller counterparties. Separately, a significant portion of the properties subject to the company's net profits interest sit in the Bakken region and Permian Basin, a structural geographic concentration reflecting where U.S. shale production is centered. The two exposures overlap in practice: Exxon and Chevron are major operators in exactly these basins, so a regional slowdown could pressure both the operator-concentration and basin-concentration lines simultaneously rather than acting as independent risks. Both are disclosed at a medium share, and neither on its own looks large enough to be a standalone red flag for a royalty/mineral-rights business, which by design has limited operating control regardless of who operates the wells. The more relevant read is that Dorchester's revenue is tied to the fortunes of two major operators drilling in two specific basins, a moderate but coherent concentration.
For the engine’s reasoning on DMLP’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BKV | BKV Corporation | 4 | 0 | 0 | 4 |
| CHRD | Chord Energy Corporation | 2 | 1 | 0 | 3 |
| BSM | Black Stone Minerals, L.P. | 1 | 1 | 1 | 3 |
| DMLP● | Dorchester Minerals, L.P. | 0 | 2 | 0 | 2 |
| APA | APA Corporation | 0 | 0 | 0 | 0 |
| AR | Antero Resources Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.