Dorchester Minerals, L.P. announced that William Casey McManemin, who has led the partnership as chief executive officer for more than 19 years and as chairman since its inception in 2003, will retire from the Board of Managers effective December 31, 2025. The partnership named current board member and co‑founder Robert C. Vaughn as interim chairman to guide the transition and will appoint Albert G. Nance III to the Board of Managers effective January 1, 2026.
McManemin will retain the honorary title of Chairman Emeritus, a role that carries no compensation or voting rights. In a statement, he said, “We formed Dorchester with a simple purpose: focus on top‑tier assets to generate long‑term, tax‑efficient cash flow for our partners. Achieving this goal has been deeply rewarding, and I am grateful for the trust and support our partners have shown over the years. Although I am stepping away from my official duties, I remain committed – both personally and financially – to the Partnership and its strategy.”
Bradley Ehrman, the partnership’s current chief executive officer, praised McManemin’s legacy: “Casey’s contributions to the Partnership cannot be overstated – his vision and leadership have shaped the very foundation of Dorchester Minerals.” Vaughn added, “Casey and I have worked together for over three decades and I have learned a lot from him. His knowledge of our assets and disciplined management style have yielded significant returns for the Partnership. I am excited about Dorchester’s future and honored to be a part of its continuing success.”
Financially, Dorchester reported Q3 2025 net income of $11.2 million, or $0.23 per common unit, down from $36.4 million ($0.87 per unit) in Q3 2024. Operating revenues fell to $35.4 million from $53.5 million in the prior year, reflecting a broader decline in commodity prices and production volumes that the partnership noted in its earnings release. Despite the downturn, the partnership maintains a 94 % gross profit margin, a 12.2 % dividend yield, and a balance sheet that shows more cash than debt, underscoring its strong financial footing.
The leadership transition comes at a time when Dorchester continues to focus on its core oil and natural gas royalty portfolio. With McManemin’s long‑term stewardship and Vaughn’s experience as a co‑founder, the partnership signals continuity in its disciplined investment approach while positioning itself to navigate the current market environment. The appointment of Albert G. Nance III to the board further expands the partnership’s governance depth as it moves forward.
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