This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Dorchester Minerals, L.P. is a Dallas-based owner of producing and non-producing crude oil and natural gas mineral, royalty, and overriding royalty interests. Its business model is the acquisition, ownership, and administration of these interests across the United States. As of December 31, 2025, oil and natural gas liquids accounted for 61% of its proved reserves, all classified as proved developed producing properties. The partnership’s entire revenue is derived from fossil fuel extraction.
The company’s operations are centered on the upstream segment of the fossil fuel value chain. It does not engage in exploration, drilling, or direct operations but acquires and manages mineral and royalty interests, generating income from the production of oil and gas by other operators. This business model is fundamentally tied to the continued extraction and combustion of fossil fuels.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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