Galeanu Mihai/iStock via Getty Images Dorchester Minerals ( DMLP ) reported a second consecutive quarter with a 15% quarter-over-quarter i ncrease in oil sales volumes . This (along with lease bonus income) helped Dorchester increase its distribution by 10% in Q4 2025 despite relatively weak oil prices. Since I last looked at Dorchester in December 2025 , the oil price environment has changed cons...
Galeanu Mihai/iStock via Getty Images Dorchester Minerals ( DMLP ) reported a second consecutive quarter with a 15% quarter-over-quarter i ncrease in oil sales volumes . This (along with lease bonus income) helped Dorchester increase its distribution by 10% in Q4 2025 despite relatively weak oil prices. Since I last looked at Dorchester in December 2025 , the oil price environment has changed considerably. At an average of $80 WTI oil in 2026 (and with a recent settlement), Dorchester's average quarterly distribution for 2026 may reach around $0.96 per unit. As well, Q2 2026's distribution should end up well over $1 per unit. I've increased my estimate of Dorchester's value from $29 to $34.50 per unit due to several factors. These include strong near-term oil prices, an increase in modeled oil sales volumes, and an increase in my long-term WTI oil price from $70 to $75. Q4 2025 Distribution and Sales Volumes Dorchester's Q4 2025 distribution increased by approximately 10% quarter-over-quarter to $0.755712 per common unit. This increase came despite softening oil prices during the last few months of 2025. Dorchester's Q4 2025 distribution was also boosted by $6.0 million in lease bonus and other income, with over 50% of its full-year lease bonus and other income being recorded in Q4. As well, Dorchester reported a 15% quarter-over-quarter increase in oil sales volumes (after a 15% quarter-over-quarter increase in Q3 2025). Those increased volumes helped offset the impact of the 7% decline in Dorchester's realized oil price between Q3 2025 and Q4 2025. Dorchester's Sales Volumes Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Royalty natural gas sales (mmcf) 1,275 1,569 1,568 1,482 1,341 1,607 1,702 Royalty oil sales (mbbls) 423 642 535 518 399 493 592 NPI natural gas sales (mmcf) 493 642 510 436 493 581 453 NPI oil sales (mbbls) 131 198 140 136 163 160 162 Click to enlarge Dorchester's Colorado acquisition (which closed in late August 2025) helped its Q4 oil ...
Vistance Networks ( VISN ) declares $10.00/share special dividend . Payable April 27; for shareholders of record April 17; ex-div April 17. The company will pay the distribution using cash on hand, including proceeds from selling its Connectivity and Cable Solutions business to Amphenol Corporation on January 9, 2026. Due to debt market volatility, it chose cash instead of adding leverage. See VIS...
Vistance Networks ( VISN ) declares $10.00/share special dividend . Payable April 27; for shareholders of record April 17; ex-div April 17. The company will pay the distribution using cash on hand, including proceeds from selling its Connectivity and Cable Solutions business to Amphenol Corporation on January 9, 2026. Due to debt market volatility, it chose cash instead of adding leverage. See VISN Dividend Scorecard, Yield Chart, & Dividend Growth. More on Vistance Networks Vistance Networks: Not A Buy Just Yet Vistance Networks: Sum Of The Parts Starts To Look Interesting Vistance Networks, Inc. 2025 Q4 - Results - Earnings Call Presentation Vistance Networks Non-GAAP EPS of $0.17, revenue of $514.5M; introduces FY26 outlook Vistance Networks Q4 on deck: What to expect
peepo/iStock via Getty Images Sport And Investing (Once Again) Exactly seven years ago, I wrote a letter to shareholders entitled “ Sport and Investing .” The analogies between these two seemingly unrelated activities comprise one of my favorite themes; I often reflect upon them and look for lessons to be learned. In January, by coincidence, I had the opportunity to deliver a short presentation on...
peepo/iStock via Getty Images Sport And Investing (Once Again) Exactly seven years ago, I wrote a letter to shareholders entitled “ Sport and Investing .” The analogies between these two seemingly unrelated activities comprise one of my favorite themes; I often reflect upon them and look for lessons to be learned. In January, by coincidence, I had the opportunity to deliver a short presentation on this subject at an investment conference called Ideaweek St. Moritz , which is organized annually beneath the snow-capped peaks of the Engadin Valley by my good friend John Mihaljevič, founder of MOI Global. It occurred to me then that I could revisit the topic of sports and investing in this letter to shareholders. What sports and investing have in common... Sports and investing are governed by the same basic logic. Both are long-term disciplines requiring perseverance, where progress is gradual, daily effort does not yield immediate feedback, and results become apparent only after years have passed. A professional athlete competing in an endurance sport needs to train 700–1,400 hours annually for many years to have a chance of rising to among the elite. That individual’s daily program includes one, two, or sometimes even three training sessions. After a full day of effort, however, the athlete usually has no tangible results to show in the evening. Nevertheless, he or she believes that by persevering and doing the work every day, week, month, and year the results ultimately will come. After several years of regular hard work, that person’s performance will be on a completely different level than at the beginning. Investing is similar. A typical day for a professional investor usually consists of reading and thinking. On the vast majority of days, the investor also cannot point to any tangible result of his or her work when evening comes. Again, however, the investor, too, is convinced that if he or she wakes up every morning with a desire to learn something new and devot...
If the president’s first term didn’t inoculate the American body politic against tyranny, there is no guarantee that a second dose will work Donald Trump is a despot and the US is a democracy. These things can be true simultaneously but not indefinitely. There is now deadlock in the struggle between a president who would be king and a constitution drafted in repudiation of monarchy. But it is a ba...
If the president’s first term didn’t inoculate the American body politic against tyranny, there is no guarantee that a second dose will work Donald Trump is a despot and the US is a democracy. These things can be true simultaneously but not indefinitely. There is now deadlock in the struggle between a president who would be king and a constitution drafted in repudiation of monarchy. But it is a battle to the death. Tyranny will either break the spirit of the republic or be quelled by it. Since the US is the world’s paramount power, the outcome of this contest has epic consequences for countries, such as the UK, that depend on Washington for security. Rafael Behr is a Guardian columnist Continue reading...
Our writer travels to the eastern Andes in search of one of Ecuador’s most elusive birds I’m out of breath – and not just because I’m desperate to see one of Ecuador’s most elusive birds, the rufous-bellied seedsnipe. To have any chance of success, I’ve come to Cayambe Coca national park in the eastern Andes. At 4,400 metres (14,400 feet), this is the highest altitude I have ever experienced. Fort...
Our writer travels to the eastern Andes in search of one of Ecuador’s most elusive birds I’m out of breath – and not just because I’m desperate to see one of Ecuador’s most elusive birds, the rufous-bellied seedsnipe. To have any chance of success, I’ve come to Cayambe Coca national park in the eastern Andes. At 4,400 metres (14,400 feet), this is the highest altitude I have ever experienced. Fortunately the skies are clear, the sun is shining, and my guide, Juan Carlos, is optimistic. I don’t tell him I have a track record of missing nailed-on certainties. Continue reading...
Senior climate figures warn North Sea drilling would encourage fossil fuel exploitation by developing countries Opening new oil and gas fields in the North Sea would “send a shock wave around the world”, imperilling international climate targets, undermining the UK’s climate leadership and encouraging developing countries to exploit their own fossil fuel reserves, experts have warned. The UK gover...
Senior climate figures warn North Sea drilling would encourage fossil fuel exploitation by developing countries Opening new oil and gas fields in the North Sea would “send a shock wave around the world”, imperilling international climate targets, undermining the UK’s climate leadership and encouraging developing countries to exploit their own fossil fuel reserves, experts have warned. The UK government is under stiff pressure from the oil industry, the Conservatives, Nigel Farage’s Reform UK party , some trade unions and parts of the Treasury to give the green light to new oil and gas fields, despite clear evidence that doing so would not cut prices and would have almost no effect on imports. Continue reading...
Beloved characters reinvented in graphic novel coming later this year – just as interest rockets in all things space Sufferin’ satellites! The quintessential British space hero Dan Dare is back, 76 years after he first appeared in iconic comic magazine the Eagle. With all eyes on Nasa’s Artemis II moon mission , and with the big-screen adaptation of Andy Weir’s science fiction novel Project Hail M...
Beloved characters reinvented in graphic novel coming later this year – just as interest rockets in all things space Sufferin’ satellites! The quintessential British space hero Dan Dare is back, 76 years after he first appeared in iconic comic magazine the Eagle. With all eyes on Nasa’s Artemis II moon mission , and with the big-screen adaptation of Andy Weir’s science fiction novel Project Hail Mary , starring Ryan Gosling, going stratospheric at the box office, our love affair with space has been reignited. Continue reading...