Sitio Royalties Schedules First Quarter 2025 Earnings Call

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”) today announced that it will report operating and financial results for the first quarter 2025 on Wednesday, May 7, 2025, after the close of trading on the New York Stock Exchange. Sitio will host a conference call at 8:30 a.m. Eastern on Thursday, May 8, 2025 to discuss its first quarter 2025 operating and financial results. Participants can access the call by dialing 1-833-470-1428 in the United States, or 1-404-975-4839 in.

businesswire.com

Sitio Royalties: Strong Total Production, But Oil Cut Is Slightly Declining

Sitio reached record highs for total production in Q4 2024, although its oil production was slightly lower than the highs of Q2 2024. Sitio expects its oil cut to be around 47% in 2025 compared to 50% in 2024. Sitio's total production guidance for 2025 was solid, but its oil production guidance was a bit lower than what I expected.

seekingalpha.com

Sitio Royalties Corp. (STR) Q4 2024 Earnings Call Transcript

Sitio Royalties Corp. (NYSE:STR ) Q4 2024 Earnings Conference Call February 27, 2024 8:30 AM ET Company Participants Alyssa Stephens - Vice President of Investor Relations Chris Conoscenti - Chief Executive Officer Carrie Osicka - Chief Financial Officer Jarret Marcoux - Executive Vice President, Operations Britton James - EVP of Land Conference Call Participants Neal Dingmann - Truist Derrick Whitfield - Texas Capital Jarrod Girou - Stephens Tim Rezvan - KeyBanc Capital Markets Noel Parks - Tuohy Brothers Investment Operator Hello, and welcome everyone to the Sitio Royalties Fourth Quarter 2024 Earnings Call. My name is Becky and I'll be your operator today.

seekingalpha.com

Sitio Royalties (STR) Q4 Earnings Lag Estimates

Sitio Royalties (STR) came out with quarterly earnings of $0.08 per share, missing the Zacks Consensus Estimate of $0.13 per share. This compares to earnings of $1.12 per share a year ago.

zacks.com

Sitio Royalties Reports Fourth Quarter and Full Year 2024 Results

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”, “STR” or the “Company”) today announced fourth quarter and full year 2024 financial and operating results. In addition, the Company provided its 2025 outlook. Supplemental slides have been posted to Sitio's website, www.sitio.com. A conference call and webcast is planned for 7:30 a.m. CT / 8:30 a.m. ET on Thursday, February 27, 2025. Participation details can be found within this release. FOURTH QUARTER 2024 HIGHLIGHTS Achieve.

businesswire.com

Sitio Royalties Schedules Fourth Quarter 2024 Earnings Call

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”) today announced that it will report operating and financial results for the fourth quarter and full year 2024 on Wednesday, February 26, 2025, after the close of trading on the New York Stock Exchange. Sitio will host a conference call at 8:30 a.m. Eastern on Thursday, February 27, 2025 to discuss its fourth quarter and full year 2024 operating and financial results. Participants can access the call by dialing 1-833-470-1428 i.

businesswire.com

Sitio Royalties: Improved Future Production Outlook

Sitio Royalties Corp.'s Q3 2024 production exceeded expectation, and it increased its full-year guidance by 1,000 BOEPD. This was mainly attributable to legacy asset outperformance. Sitio is projected to generate around $2.84 per share in discretionary cash flow in 2025 at near $70 WTI oil.

seekingalpha.com

Sitio Royalties Corp. (STR) Q3 2024 Earnings Call Transcript

Sitio Royalties Corp. (NYSE:STR ) Q3 2024 Earnings Conference Call November 7, 2024 8:30 AM ET Company Participants Ross Wong - Vice President of Finance and Investor Relations Chris Conoscenti - Chief Executive Officer Carrie Osicka - Chief Financial Officer Jarret Marcoux - Executive Vice President, Operations Dax McDavid - Executive Vice President of Corporate Development Conference Call Participants Neal Dingmann - Truist Jarrod Girou - Stephens Betty Zhang - Barclays Noel Parks - Tuohy Brothers Investment Operator Hello everyone, and welcome to the Sitio Royalties Third Quarter 2024 Earnings Conference Call. My name is Bruno and I'll be your operator for today.

seekingalpha.com

Sitio Royalties (STR) Q3 Earnings Top Estimates

Sitio Royalties (STR) came out with quarterly earnings of $0.15 per share, beating the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.23 per share a year ago.

zacks.com

Earnings Preview: Sitio Royalties (STR) Q3 Earnings Expected to Decline

Sitio Royalties (STR) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

zacks.com

Sitio Royalties: Second Half Production May Decline From Strong First Half Levels

Sitio Royalties saw approximately 7% production growth from Q4 2023 to Q2 2024, proforma for various acquisitions and divestitures. It increased its full-year guidance modestly. Sitio's full-year guidance still implies a mid-to-high single digits decline in second half production though.

seekingalpha.com

5 Dividend Stocks to Buy to Create a Laddered Yield Portfolio

The current S&P 500 dividend yield is 1.24%.

247wallst.com

Sitio Royalties Schedules Third Quarter 2024 Earnings Call

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”) today announced that it will report operating and financial results for the third quarter of 2024 on Wednesday, November 6, 2024, after the close of trading on the New York Stock Exchange. Sitio will host a conference call at 8:30 a.m. Eastern on Thursday, November 7, 2024 to discuss its third quarter 2024 operating and financial results. Participants can access the call by dialing 1-833-470-1428 in the United States, or 1-404.

businesswire.com

Sitio Royalties Corp. (STR) Q2 2024 Earnings Call Transcript

Sitio Royalties Corp. (NYSE:STR ) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET Company Participants Ross Wong - Vice President of Finance and Investor Relations Chris Conoscenti - Chief Executive Officer Carrie Osicka - Chief Financial Officer Conference Call Participants Neal Dingmann - Truist Securities Noel Parks - Tuohy Brothers Investment John Vinh - KeyBanc Capital Markets Betty Zhang - Barclays Operator Hello everyone, and a warm welcome to the Sitio Royalties Second Quarter 2024 Earnings Call. My name is Emily and I'll be coordinating your call today.

seekingalpha.com

Sitio Royalties (STR) Lags Q2 Earnings Estimates

Sitio Royalties (STR) came out with quarterly earnings of $0.15 per share, missing the Zacks Consensus Estimate of $0.19 per share. This compares to earnings of $0.25 per share a year ago.

zacks.com

Analysts Estimate Sitio Royalties (STR) to Report a Decline in Earnings: What to Look Out for

Sitio Royalties (STR) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

zacks.com

Sitio Royalties Schedules Second Quarter 2024 Earnings Call

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”) today announced that it will report operating and financial results for the second quarter of 2024 on Wednesday, August 7, 2024, after the close of trading on the New York Stock Exchange. Sitio will host a conference call at 8:30 a.m. Eastern on Thursday, August 8, 2024 to discuss its second quarter 2024 operating and financial results. Participants can access the call by dialing 1-833-470-1428 in the United States, or 1-404-9.

businesswire.com

Wall Street's Most Accurate Analysts Weigh In On 3 Energy Stocks With Over 7% Dividend Yields

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.

benzinga.com

What Will Sitio Royalties' (STR) Q1 Earnings Unveil?

Sitio Royalties (STR) beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other, resulting in an earnings surprise of 155.6%, on average.

zacks.com

Sitio Royalties: DJ Basin Acquisition Boosts FCF, But May Delay An Increased Payout Ratio

Sitio made a $150 million cash DJ Basin acquisition at a 4.0x multiple to asset level cash flow. The low purchase price multiple appears to be due to a high base decline rate and limited inventory. Sitio is projected to generate $2.75 per share in 2024 free cash flow.

seekingalpha.com

Sitio Royalties (STR) Upgraded to Buy: What Does It Mean for the Stock?

Sitio Royalties (STR) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

zacks.com

Sitio Royalties Schedules First Quarter 2024 Earnings Call

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”) today announced that it will report operating and financial results for the first quarter of 2024 on Wednesday, May 8, 2024, after the close of trading on the New York Stock Exchange. Sitio will host a conference call at 8:30 a.m. Eastern on Thursday, May 9, 2024 to discuss its first quarter 2024 operating and financial results. Participants can access the call by dialing 1-833-470-1428 in the United States, or 1-404-975-4839.

businesswire.com

Best Momentum Stocks to Buy for March 28th

TRUMY, CIFR and STR made it to the Zacks Rank #1 (Strong Buy) momentum stocks list on March 28, 2023.

zacks.com

New Strong Buy Stocks for March 28th

XRX, REYN, TRUMY, DQ and STR have been added to the Zacks Rank #1 (Strong Buy) List on March 28, 2023.

zacks.com

5 Top Stocks Worth a Buy for Solid Earnings Growth

Invest in stocks such as Volvo (VLVLY), Dycom Industries (DY), NVIDIA (NVDA), Sitio Royalties (STR) and Primerica (PRI) now for superb earnings growth.

zacks.com

Best Income Stocks to Buy for March 28th

XRX, REYN and STR made it to the Zacks Rank #1 (Strong Buy) income stocks list on March 28, 2023.

zacks.com

Top Momentum Stocks Supported by Sizeable Dividends

Accompanying their lucrative dividends these stocks are enjoying positive earnings estimate revisions and currently sport a Zacks Rank #1 (Strong Buy) along with an "A" Zacks Style Scores grade for Momentum.

zacks.com

Earnings Estimates Moving Higher for SITIO ROYALTIES (STR): Time to Buy?

SITIO ROYALTIES (STR) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

zacks.com

Sitio Royalties Corp. (STR) Q4 2023 Earnings Call Transcript

Sitio Royalties Corp. (STR) Q4 2023 Earnings Call Transcript

seekingalpha.com

Sitio Royalties (STR) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates

While the top- and bottom-line numbers for Sitio Royalties (STR) give a sense of how the business performed in the quarter ended December 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

zacks.com

Sitio Royalties Reports Fourth Quarter and Full Year 2023 Operational and Financial Results, Recent Developments, and Provides Full Year 2024 Guidance

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”, “STR” or the “Company”) today announced operational and financial results for the quarter and year ended December 31, 2023. Unless the context clearly indicates otherwise, references to “we,” “our,” “us” or similar terms refer to Sitio and its subsidiaries. FOURTH QUARTER 2023 OPERATIONAL AND FINANCIAL HIGHLIGHTS 4Q 2023 average daily production volume of 35,776 barrels of oil equivalent per day ("Boe/d") (47% oil); Pro forma.

businesswire.com

Upgrading Sitio Royalties To A Buy Following A 20% Decline In Share Price

Sitio Royalties has taken steps to reduce debt and increase cash flows, including refinancing high-interest senior notes and selling off assets in the Appalachia and Anadarko Basins. These actions will save the company over $20 million annually in interest expenses, which will be used for additional distributions and debt repayment. Strong permitting activity in the DJ basin will provide additional avenues for revenue growth.

seekingalpha.com

Sitio Royalties: Increased Payout Ratio Gets Closer After Recent Divestiture

Sitio Royalties: Increased Payout Ratio Gets Closer After Recent Divestiture

seekingalpha.com

Sitio Royalties Schedules Fourth Quarter 2023 Earnings Call

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”) today announced that it will report operating and financial results for the fourth quarter of 2023 on Wednesday, February 28, 2024, after the close of trading on the New York Stock Exchange. Sitio will host a conference call at 8:30 a.m. Eastern on Thursday, February 29, 2024 to discuss its fourth quarter and full year 2023 operating and financial results. Participants can access the call by dialing 1-833-470-1428 in the Unite.

businesswire.com

Sitio Royalties Corp. (STR) Q3 2023 Earnings Call Transcript

Sitio Royalties Corp. (NYSE:STR ) Q3 2023 Earnings Call Transcript November 9, 2023 8:30 AM ET Company Participants Ross Wong - VP, Finance and IR Chris Conoscenti - CEO Conference Call Participants Derrick Whitfield - Stifel Noel Parks - Tuohy Brothers Investment Operator Hello, and welcome to the Sitio Royalties Third Quarter 2023 Earnings Call. My name is Alex, I'll be coordinating the call today.

seekingalpha.com

Compared to Estimates, Sitio Royalties (STR) Q3 Earnings: A Look at Key Metrics

The headline numbers for Sitio Royalties (STR) give insight into how the company performed in the quarter ended September 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

zacks.com

Sitio Royalties Reports Third Quarter 2023 Operational and Financial Results

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio,” “STR” or the “Company”) today announced operational and financial results for the quarter ended September 30, 2023. Unless the context clearly indicates otherwise, references to “we,” “our,” “us” or similar terms refer to Sitio and its subsidiaries. THIRD QUARTER 2023 OPERATIONAL AND FINANCIAL HIGHLIGHTS Pro forma 3Q 2023 average daily in-period production volume of 36,654 barrels of oil equivalent per day (“Boe/d”) (50% oil)(.

businesswire.com

Does Sitio Royalties (STR) Have the Potential to Rally 36.52% as Wall Street Analysts Expect?

The average of price targets set by Wall Street analysts indicates a potential upside of 36.5% in Sitio Royalties (STR). While the effectiveness of this highly sought-after metric is questionable, the positive trend in earnings estimate revisions might translate into an upside in the stock.

zacks.com

Can Sitio Royalties (STR) Run Higher on Rising Earnings Estimates?

Sitio Royalties (STR) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

zacks.com

Wall Street Analysts Predict a 32.59% Upside in Sitio Royalties (STR): Here's What You Should Know

The consensus price target hints at a 32.6% upside potential for Sitio Royalties (STR). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.

zacks.com

Sitio Royalties Schedules Third Quarter 2023 Earnings Call

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”) today announced that it will report operating and financial results for the third quarter of 2023 on Wednesday, November 8, 2023, after the close of trading on the New York Stock Exchange. Sitio will host a conference call at 8:30 a.m. Eastern on Thursday, November 9, 2023 to discuss its third quarter 2023 operating and financial results. Participants can access the call by dialing 1-833-470-1428 in the United States or 1-404-.

businesswire.com

Sitio Royalties Prices Upsized $600 Million Offering of Senior Notes

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio” or the “Company”) today announced the pricing of $600 million in aggregate principal amount of senior unsecured notes due 2028 (the “Notes”) by its subsidiaries, Sitio Royalties Operating Partnership, LP (the “Partnership”), and Sitio Finance Corp. (the “Co-Issuer” and together with the Partnership, the “Issuers”). The size of the offering was increased from $500 million. The Notes will accrue interest at a rate of 7.875% per a.

businesswire.com

Sitio Royalties Announces $500 Million Offering of Senior Notes

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio” or the “Company”) today announced that its subsidiaries, Sitio Royalties Operating Partnership, LP (the “Partnership”) and Sitio Finance Corp. (the “Co-Issuer” and together with the Partnership, the “Issuers”), subject to market conditions, intend to offer and sell to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside of the U.

businesswire.com

3 Oil Exploration Stocks To Cushion WTI Swings

Oil prices have swung from over $100 per barrel to under $80 per barrel in a year. Indeed, some portfolios need to be optimally built to cushion such swings and what effects these have on the economy.

marketbeat.com

7 Very Oversold Energy Stocks to Buy Right Now

With the recent run-up in crude oil prices, there are not of names that fit perfectly into the oversold energy stocks category. Scores of stocks in the energy sector, particularly shares in exploration and production companies, have zoomed higher in line with crude oil price trends.

investorplace.com

Sitio Royalties Corp. (STR) Q2 2023 Earnings Call Transcript

Sitio Royalties Corp. (NYSE:STR ) Q2 2023 Earnings Conference Call August 8, 2023 8:30 AM ET Company Participants Ross Wong - VP, Finance and IR Chris Conoscenti - CEO Carrie Osicka - Chief Financial Officer Jarret Marcoux - EVP of Engineering and Acquisitions Conference Call Participants Tim Rezvan - KeyBanc Capital Markets TJ Schultz - RBC Capital Markets Nate Pendleton - Stifel Noel Parks - Tuohy Brothers Operator Good morning and thank you for attending Sitio Royalties Second Quarter 2023 Earnings Call. My name is Kuala [ph], and I'll be the operator today's call.

seekingalpha.com

Sitio Royalties (STR) Reports Q2 Earnings: What Key Metrics Have to Say

Although the revenue and EPS for Sitio Royalties (STR) give a sense of how its business performed in the quarter ended June 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

zacks.com

Sitio Royalties (STR) Q2 Earnings Beat Estimates

Sitio Royalties (STR) came out with quarterly earnings of $0.25 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.39 per share a year ago.

zacks.com

Sitio Royalties Reports Second Quarter 2023 Operational and Financial Results

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”, "STR" or the “Company”) today announced operational and financial results for the quarter ended June 30, 2023. Unless the context clearly indicates otherwise, references to "we," "our," "us" or similar terms refer to Sitio. SECOND QUARTER 2023 OPERATIONAL AND FINANCIAL HIGHLIGHTS 2Q 2023 average daily production volume of 34,681 barrels of oil equivalent per day ("Boe/d"), (50% oil) comparable to 1Q 2023 average daily producti.

businesswire.com

Energy Income Weekly: The Week's Price Action Bodes Well For The Second Half

Energy shares traded aimlessly on low volume until indicators pointed to a tightening oil market late in the week. Friday saw dramatic outperformance in response to improving oil market fundamentals despite heightened macro concerns. The late-week price action suggests further oil market tightening will push oil-related equities higher over the coming months.

seekingalpha.com

Sitio Royalties Schedules Second Quarter 2023 Earnings Call

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”) today announced that it will report operating and financial results for the second quarter of 2023 on Tuesday, August 8, 2023, after the close of trading on the New York Stock Exchange. Sitio will host a conference call at 8:30 a.m. Eastern on Wednesday, August 9, 2023 to discuss its second quarter 2023 operating and financial results.  Participants can access the call by dialing 1-833-470-1428 in the United States or 1-404-97.

businesswire.com

The Dividend Investor's Oil Playbook - Part 4

In this four-part series, I will review how to structure a dividend investor's oil and energy portfolio with my oil and energy playbook. Part 4 will discuss the general strategy and our fourth position, special teams. Both companies have unlocked the potential to spur growth over the long run.

seekingalpha.com

Ten-X Releases Auction Insights Report Featuring Data-Driven, Proprietary Insights on Multifamily Housing Industry

WASHINGTON--(BUSINESS WIRE)--Ten-X – the world's largest online commercial real estate exchange and a CoStar Group brand – today released its second Auction Insights Report, which dives into data and trends on the multifamily sector drawn in part from sales of residential properties on the Ten-X auction platform. The report, which is proprietary to Ten-X and includes information and data not available elsewhere, finds the industry at a new crossroads with high interest rates and record-high supply additions drastically diminishing rent growth in most markets. Multifamily property transactions on the Ten-X online auction platform reflect the sector’s newfound dynamics. Interest in multifamily assets on Ten-X has not flagged - in fact, interest is hitting new heights - with page views on multifamily properties up for auction surging 46% since the first quarter of 2022. Although buyer shopping is surging in this sector, a gulf between buyers’ skepticism and sellers’ optimism is opening. Buyer underwriting of property values has evolved quickly, and they expect to see more affordable prices. Sellers, conversely, have been slower to adjust their expectations. This market-driven trend is laddering up to the widest-ever “value gap” between buyers and sellers for multifamily assets. “Multifamily has been propelled by tailwinds over the last few years, but external factors, such as continued interest rate hikes and reduced loan to value by lenders, have led to cap rate compression and have prompted a reevaluation of the sector,” said Steven Jacobs, President of Ten-X. “What we’re seeing on Ten-X is not that investors are backing away from investing, but they are being more conservative.” A confluence of factors are causing investors to proceed cautiously on multifamily, according to a CoStar Group Multifamily Analytics assessment. Rising interest rates have made it more expensive to acquire new properties, and investors face an unprecedented wave of loan maturities coming due over the next three years. Additionally, 2023 deliveries of new supply are expected to be the highest since the 1980s. These factors are decelerating national rent growth from 3.8% in 2022 to 2.6% in the first quarter of 2023. There is some regional variation to this trend, with rent growth down only marginally in Midwest and Northeast markets but significant drops in Sunbelt markets. “The downward movement of rents seems likely to persist throughout 2023,” said Jay Lybik, National Director of Multifamily Analytics at CoStar Group. “High interest rates and the risk of recession are taking their toll, and many markets are experiencing unprecedented oversupply conditions.” In addition to the data-driven analysis of the multifamily sector, the Auction Insights Report profiles how Sean Baird and Jonathan Holt, two Senior Vice Presidents with Colliers International, have utilized multifamily auctions on Ten-X to develop the National Student Housing Group within their firm with more than $90M sold in the past few years. Get the full auction insight report from Ten-X here. About Ten-X Ten-X is the world’s largest, online commercial real estate exchange. For over thirteen years, the Ten-X platform has empowered brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. With Ten-X, brokers and sellers tap into a digital platform that makes it easy to onboard assets, evaluate the success of complimentary marketing campaigns in real-time and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence. About CoStar Group CoStar Group (NASDAQ: CSGP), is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com. This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations or beliefs regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that new multifamily unit deliveries do not occur when expected, or at all; and the risk that multifamily vacancy rates are not as expected. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar’s filings from time to time with the Securities and Exchange Commission, including in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2022, which is filed with the SEC, including in the “Risk Factors” section of that filing, as well as CoStar’s other filings with the SEC available at the SEC’s website (www.sec.gov). All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

businesswire.com

Sitio Royalties: 2023 Dividends Expected To Be Around $1.80 Per Share At Strip

Sitio is now expected to generate around $2.78 per share in free cash flow in 2023 at the current low-$70s WTI strip. At a 65% payout ratio, this would allow it to pay $1.81 per share in dividends while putting approximately $150 million toward debt reduction.

seekingalpha.com

i2c geht Partnerschaft mit Access Finance AD zur Erweiterung des Juzt-Kreditprogramms auf die USA ein

REDWOOD CITY, Kalifornien--(BUSINESS WIRE)--i2c Inc., ein führender Anbieter von digitalen Bank- und Zahlungslösungen, gab heute seine Partnerschaft mit Access Finance, einem führenden Kreditkartenanbieter in Bulgarien und Teil des Portfolios der Management Financial Group (MFG) , bekannt. Ziel dieser Partnerschaft ist die Ausweitung des Juzt Mastercard-Kreditprogramms auf die USA. Die Access Finance Juzt ist eine internationale Verbraucherkreditkarte, die auf der agilen Zahlungsplattform von i2c basiert und über das Mastercard-Netzwerk funktioniert. Dieses Produkt dient kreditbedürftigen Personen, indem es für höhere Bewilligungsquoten sorgt – und gleichzeitig die Vorteile moderner Kreditkarten wie Apple Pay, Google Pay und eine benutzerfreundliche mobile App bietet. „Wir sind stolz darauf, mit Access Finance zusammenzuarbeiten, da das Unternehmen nicht nur in Europa, sondern auch in den USA und darüber hinaus an der Neugestaltung des Kreditwesens arbeitet“, sagte Serena Smith, Chief Client Officer von i2c Inc. „Unsere flexible Plattform der nächsten Generation wurde entwickelt, um Visionären wie Access Finance dabei zu helfen, innovative Zahlungsprodukte für diejenigen zu entwickeln, die sie am meisten brauchen, und die Juzt-Kreditkarte ist eine perfekte Verkörperung eben dieses Ziels.“ „Access Finance freut sich, unser Juzt-Kreditprogramm in den USA einzuführen und dabei die Bausteintechnologie von i2c zu nutzen. Dies ist Teil unseres Engagements, den finanziellen Zugang für alle zu erweitern“, so Tsvetan Krastev, Mitbegründer und CEO von Access Finance. „Für uns war es wichtig, einen Partner mit globalen Fähigkeiten zu finden, der mit uns wachsen kann – und angesichts seiner unvergleichlichen Zuverlässigkeit, geografischen Reichweite und Flexibilität war i2c die klare Wahl für uns.“ Access Finance wird auch einige der Mehrwertlösungen von i2c nutzen, wie z. B. Kommunikationsmanagement sowie Betrugs- und Risikomanagementdienste. Über Access Finance AD Access Finance AD nahm seine Tätigkeit im Jahr 2013 als Nichtbanken-Finanzinstitut auf und wurde anschließend bei der BNB unter der Nummer BGR00332 registriert. Die Tätigkeit von Access Finance AD wird von der Bulgarian National Bank als Aufsichtsbehörde kontrolliert. Die Adresse für Korrespondenz mit der Bank lautet: Sofia 1000, Knyaz Alexander I Square 1. Das Unternehmen ist außerdem bei der Kommission für den Schutz personenbezogener Daten unter der Nummer 395972 als Datenschutzbeauftragter registriert. Die Haupttätigkeit von Access Finance AD ist die Gewährung von Barkrediten mit Eigenmitteln gemäß dem Gesetz über Kreditinstitute. Der Hauptsitz von Access Finance AD befindet sich in Bulgarien, Sofia -1408, 1 Balsha Str., 2. Stock. Access Finance AD nahm seine Tätigkeit mit dem klaren Ziel auf, sich als messbare Alternative zu den Banken im Hinblick auf die Zugänglichkeit zu finanziellen und persönlichen Dienstleistungen auf internationaler Ebene zu positionieren. Wir glauben an eine Zukunft, in der Unternehmen ihre Kunden verstehen und sie auf eine für beide Seiten vorteilhafte Weise einbinden. Wir sind ein positives, junges Team, das flexible und innovative Finanzdienstleistungen anbietet, unabhängig vom wirtschaftlichen und sozialen Status des Kunden, verbunden mit einem modernen und individuellen Kundenservice. Wir bauen Vertrauen zu unseren Kunden, Partnern und Mitarbeitern auf, indem wir in unseren Beziehungen offen, ehrlich und loyal sind. Access Finance AD ist ein internationaler Anbieter von Verbraucherkrediten und in 4 europäischen Ländern tätig. Wir konzentrieren uns auf die verantwortungsvolle Kreditvergabe vor allem an Menschen mit wenig oder keiner Kredithistorie. Unsere Leistungen sind einfach, bequem und schnell. www.accessfinance.eu Über i2c Inc. Das Unternehmen i2c ist ein weltweit tätiger Anbieter von hochgradig konfigurierbaren Zahlungs- und Banking-Lösungen. Über die firmeneigene „Building Block“-Technologie von i2c können Kunden bequem, rasch und kostengünstig ein umfassendes Lösungsportfolio für Kredit-, Debit- und Prepaid-Karten, Kredite und anderes erstellen. Auf der Grundlage einer einzigen globalen SaaS-Plattform bietet i2c unvergleichliche Flexibilität, Agilität, Sicherheit und Verlässlichkeit. Das Unternehmen wurde 2001 gegründet und hat seinen Hauptsitz im Silicon Valley. Die Technologie der nächsten Generation von i2c unterstützt Millionen von Benutzern in mehr als 200 Ländern/Hoheitsgebieten in allen Zeitzonen. Weitere Informationen finden Sie unter www.i2cinc.com. Folgen Sie uns auch unter @i2cinc. Die Ausgangssprache, in der der Originaltext veröffentlicht wird, ist die offizielle und autorisierte Version. Übersetzungen werden zur besseren Verständigung mitgeliefert. Nur die Sprachversion, die im Original veröffentlicht wurde, ist rechtsgültig. Gleichen Sie deshalb Übersetzungen mit der originalen Sprachversion der Veröffentlichung ab.

businesswire.com

i2c conclut un partenariat avec Access Finance AD pour étendre le programme de crédit de Juzt aux États-Unis

REDWOOD CITY, Californie--(BUSINESS WIRE)--i2c Inc., un fournisseur de référence pour les solutions bancaires et les paiements numériques, a annoncé aujourd’hui son partenariat avec Access Finance, un des principaux fournisseurs de cartes de crédit en Bulgarie qui fait partie du portefeuille de Management Financial Group (MFG), et ce dans le but d’étendre son programme de crédit Juzt Mastercard aux États-Unis. Alimentée par la plateforme de paiements agile d’i2c, la carte Access Finance Juzt est une carte de crédit internationale dédiée à la consommation et activée sur le réseau Mastercard. Elle permet aux personnes qui ont des difficultés à obtenir un crédit d’augmenter leur taux d’approbation, tout en offrant des avantages modernes à ses titulaires, comme Apple Pay et Google Pay, ainsi qu’une application mobile facile à utiliser. « Nous sommes fiers de ce partenariat avec Access Finance, qui s’efforce de réimaginer le crédit non seulement en Europe, mais aussi aux États-Unis et au-delà », a déclaré Serena Smith, directrice des relations avec les clients d’i2c Inc. « Notre plateforme flexible de nouvelle génération a été conçue pour aider des visionnaires comme Access Finance à créer des produits de paiement innovants pour ceux qui en ont le plus besoin, et leur carte de crédit Juzt en est une parfaite incarnation2 », ajoute-t-elle. « Access Finance se réjouit de lancer son programme de crédit Juzt aux Etats-Unis, qui utilise la technologie “building block” d’i2c, dans le cadre de notre engagement à étendre à tous l’accès aux services financiers », a déclaré Tsvetan Krastev, cofondateur et directeur général d’Access Finance. « Il nous fallait un partenaire doté de capacités globales et capable d’évoluer avec nous. Grâce à leur fiabilité, leur couverture géographique et leur flexibilité inégalées, i2c était le meilleur choix pour nous », ajoute-t-il. Access Finance utilisera également plusieurs solutions à valeur ajoutée d’i2c, comme les services de gestion de la communication et de gestion des fraudes et des risques. À propos d'Access Finance AD Access Finance AD a débuté son activité en 2013 en tant qu’institution financière non bancaire avant de s’inscrire à la BNB sous le numéro BGR00332. L’autorité régulatrice exerçant un contrôle sur l’activité d' Access Finance AD est la Banque Nationale bulgare dont l’adresse postale est Sofia 1000, Knyaz Alexander I Square 1. La société est également inscrite en tant que délégué à la protection des données personnelles auprès de la Commission de protection des données personnelles sous le numéro 395972. L’activité principale d’Access Finance AD est l’octroi de prêts en espèces sur fonds propres, conformément à la loi sur les établissements de crédit. Le siège d'Access Finance AD est situé en Bulgarie, à Sofia, à l’adresse suivante : 1 Balsha Str., 2e étage. Access Finance AD a commencé son activité avec la mission claire d’offrir une alternative mesurable aux banques en matière d’accessibilité aux services financiers et personnels dans le monde entier. Nous croyons en un avenir où les entreprises sont capables de comprendre leurs clients et de les impliquer dans une démarche mutuellement bénéfique. Nous sommes une jeune équipe positive qui fournit des services financiers flexibles et innovants, quel que soit le statut économique et social du client, et nous offrons un service à la clientèle moderne et personnalisé. Nous instaurons la confiance avec nos clients, nos partenaires et nos employés en étant ouverts, honnêtes et loyaux dans nos relations. Access Finance AD est un fournisseur international de crédit à la consommation présent dans quatre pays européens. Nous nous concentrons sur les prêts responsables, principalement aux personnes ayant peu ou pas d’antécédents en matière de crédit. Nos services sont simples, faciles et rapides. www.accessfinance.eu À propos d'i2c Inc. i2c est un fournisseur mondial de solutions bancaires et de paiement hautement personnalisables. Grâce à la technologie propriétaire d’i2c, les clients peuvent facilement créer et gérer un ensemble complet de solutions de crédit, de débit, de prépaiement, de prêt et bien plus encore, le tout rapidement et à moindre coût. i2c offre une flexibilité, une souplesse, une sécurité et une fiabilité inégalées grâce à une plateforme SaaS unique et mondiale. Fondée en 2001 et basée dans la Silicon Valley, la technologie de nouvelle génération d’i2c soutient des millions d’utilisateurs dans plus de 200 pays et territoires et sur tous les fuseaux horaires. Pour plus d'informations, rendez-vous sur www.i2cinc.com et suivez-nous sur @i2cinc. Le texte du communiqué issu d’une traduction ne doit d’aucune manière être considéré comme officiel. La seule version du communiqué qui fasse foi est celle du communiqué dans sa langue d’origine. La traduction devra toujours être confrontée au texte source, qui fera jurisprudence.

businesswire.com

i2c Partners with Access Finance AD to Expand Juzt Credit Program to the US

REDWOOD CITY, Calif.--(BUSINESS WIRE)--i2c Inc., a leading provider of digital banking and payment solutions, today announced its partnership with Access Finance, a leading credit card provider in Bulgaria and a part of the Management Financial Group (MFG) portfolio, to expand its Juzt Mastercard credit program to the United States. Powered by i2c’s agile payments platform, the Access Finance Juzt is an international consumer credit card enabled on the Mastercard network. This product serves credit-challenged individuals by working to provide higher approval rates – all while offering modern cardholder benefits such as Apple Pay, Google Pay, and an easy-to-use mobile app. “We are proud to partner with Access Finance as they work to reimagine credit not only in Europe but in the United States and beyond,” said Serena Smith, Chief Client Officer of i2c Inc. “Our flexible, next-gen platform was designed to help visionaries like Access Finance create innovative payment products to those who need them the most, and their Juzt credit card is a perfect embodiment of that.” “Access Finance is excited to be launching our Juzt credit program to the US, utilizing i2c’s 'building block' technology, as part of our commitment to expanding financial access to all,” said Tsvetan Krastev, Co-Founder and CEO of Access Finance. “It was important for us to find a partner with global capabilities that could scale with us—and with their unparalleled reliability, geographic reach, and flexibility, i2c was the clear choice for us.” Access Finance will also utilize several of i2c’s value-added solutions, such as Communication Management and Fraud & Risk Management services. About Access Finance AD. Access Finance AD started its activity in 2013 as a non-banking financial institution and was subsequently registered with the BNB under No. BGR00332. The supervisory body exercising control over the activity of Access Finance AD is the Bulgarian National Bank with address for correspondence Sofia 1000, Knyaz Alexander I Square 1. The Company is also registered as a Personal Data Protection Officer at the Personal Data Protection Commission under No. 395972. Access Finance AD's main activity is providing cash loans with own funds under the Credit Institutions Act. The headquarters of Access Finance AD is located in Bulgaria, Sofia -1408, 1 Balsha Str., 2nd floor. Access Finance AD started its activity with a clear mission to be a measurable alternative to banks in the direction of accessibility to financial and personal services internationally. We believe in a future where companies understand their customers and engage them in a mutually beneficial way. We are a positive young team that provides flexible and innovative financial services, regardless of the economic and social status of the client, combined with modern and individual customer service. We build trust with our clients, partners and employees by being open, honest and loyal in our relationships. Access Finance AD is an international consumer finance provider with operations in 4 European countries. We focus on responsible lending primarily to people with little or no credit history. Our services are simple, easy and fast. www.accessfinance.eu About i2c Inc. i2c is a global provider of highly-configurable payment and banking solutions. Using i2c's proprietary "building block" technology, clients can easily create and manage a comprehensive set of solutions for credit, debit, prepaid, lending and more, quickly and cost-effectively. i2c delivers unparalleled flexibility, agility, security and reliability from a single global SaaS platform. Founded in 2001, and headquartered in Silicon Valley, i2c's next-generation technology supports millions of users in more than 200 countries/ territories and across all time zones. For more information, visit www.i2cinc.com and follow us at @i2cinc.

businesswire.com

LoopNet and Google Release Commercial Real Estate Study Focused on Identifying Trends in Tenant and Investor Online Search Behavior

WASHINGTON--(BUSINESS WIRE)--Today, LoopNet, a CoStar Group (NASDAQ: CSGP) company, issued the latest installment in a multi-year research effort providing insights into the commercial real estate search behavior of commercial property tenants and investors. The research was led by Market Connections, a third-party research company commissioned by LoopNet and in partnership with Google. The study polled 400 tenants and investors to determine what sources they use to search for commercial real estate and the role of their broker in their search process. This research helps CRE stakeholders better understand the decision-making journey of a tenant or investor searching for space. According to the study of US Commercial Real Estate tenants and investors: 78% of investors and 80% of tenants agree that the internet is essential to their commercial property searches. 61% of investors purchased and 51% of tenants leased properties that they initially found online. 80% of tenants and 89% of investors who hired a broker continue to perform online searches for properties independent of their broker as frequently as "always", "often" or "sometimes". LoopNet and Market Connections supplemented the main tenant and investor study with Fortune 1000 tenant interviews and an appendix featuring an exclusive look at the Fortune 1000 cohort. The interviews and supporting data-filled appendix paint a portrait of Fortune 1000 representatives as highly independent super users of online resources like LoopNet. The study delivers valuable insights providing a rare view into the once-opaque search cycle of this high-volume CRE segment. The report confirms, through quantitative and qualitative data, that many of the largest, most influential tenants are routinely performing their own independent searches online, supplementing the information supplied by their broker. “We are thrilled to release this joint research with Google which validates our mission of bringing more transparency and visibility to the CRE industry. LoopNet has built the largest global tenant-facing CRE online marketplace connecting all vested parties - tenants, investors, brokers, and owners - as they come together to find the perfect space,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. To review the full report, please visit: LoopNet.com/solutions/CRE-Tenant-Investor-Trends About CoStar Group CoStar Group (NASDAQ: CSGP), is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

businesswire.com

CoStar Group Founder and CEO Andy Florance Named to Commercial Observer Power 100

WASHINGTON--(BUSINESS WIRE)--Andy Florance, Founder and Chief Executive Officer of CoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the property markets, today was honored as one of Commercial Observer’s Power 100. The list, published annually, recognizes the most impactful figures in the commercial real estate industry and highlights the companies and figures adapting and innovating in the rapidly evolving CRE space. Power 100 winners include founders, executives, visionaries and change-makers who are committed to propelling the CRE industry forward. Winners were selected for their ability to recognize where CRE trends are heading, synthesize available data, and prepare for headwinds that are shaping the industry. Florance’s entry on the list nods to CoStar Group’s planned international growth, as well as the success the company has seen since bringing staff back into the office and focusing on in-person collaboration. This inclusion comes on the heels of continued growth for the company. Founded in 1986, CoStar Group has grown to over 5,600 employees in 14 countries. Florance has overseen CoStar Group’s continued growth, including positive financial results quarter-over-quarter in 2022 and 2023, despite a turbulent year for the CRE industry. “Commercial Observer has long been a prominent voice in the commercial real estate industry, and it is a great honor to be named to the Power 100,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group. “This award is a reflection of CoStar Group’s continued commitment to provide innovative products and services for discovering properties, insights and connections that enhance and support our clients’ business goals.” About CoStar Group CoStar Group (NASDAQ: CSGP), is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

businesswire.com

CoStar Group Announces $18 Million Commitment to Virginia Commonwealth University for the Construction of the CoStar Center for Arts and Innovation, for the Creative and Digital Economy

RICHMOND, Va.--(BUSINESS WIRE)--CoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets, today announced a historic partnership with Virginia Commonwealth University (VCU) to support the development of its planned Arts and Innovation Academic Building through an $18 million commitment. The project, tentatively to be named the CoStar Center for Arts and Innovation, subject to legal requirements and any necessary approval by the VCU Board of Visitors, the Commonwealth’s Department of General Services, or other state agencies, will consolidate VCU’s nationally recognized School of the Arts, ranked fourth in the country, and innovation programs under one roof for the first time. CoStar Group’s investment adds to the Company’s long-standing history of investment in educational opportunities in the city of Richmond and the Commonwealth of Virginia. “VCU has proven to be a constant source of innovation and energy and CoStar Group has drawn heavily from its graduates and creative talent in recent years. As we continue to expand our business, our interests align seamlessly with VCU’s commitment to educational excellence,” said Andy Florance, Founder and Chief Executive Officer of CoStar Group and a member of the VCU Board of Visitors since 2021. “I am confident that Dr. Rao’s leadership will continue to make a positive lasting impact and that he will be a thoughtful steward of the Center’s resources. This partnership will support VCU's world-class educational programs as well as contribute culturally to the city of Richmond and the Commonwealth of Virginia, which CoStar Group calls home.” “CoStar Group’s strategic partnership - the second-largest corporate commitment in VCU history - will provide a launch pad for generations of VCU innovators, artists, makers and performers,” said Michael Rao, Ph.D., President of Virginia Commonwealth University and VCU Health. “We’re excited about our plan to name the CoStar Center for Arts and Innovation, which will recognize the tremendous alliance that has grown between VCU and CoStar Group. This collaboration will enrich our students, CoStar Group’s workforce, and the city of Richmond alike.” The planned CoStar Center for Arts and Innovation is expected to be a 213,000-square-foot multidisciplinary complex on a one-acre site at the prominent intersection of Richmond’s Broad and Belvidere streets. Designed to be a resource not only for VCU but for the wider Richmond community, the planned design features flexible classroom spaces, interdisciplinary performance venues and makerspaces for rapidly growing partnerships across arts, business, humanities and sciences, medicine and engineering. Activities in the building are expected to range from opera to quantum computing, integrating the disciplines of engineering, cinema, theater, immersive media technology, gaming and the creation of new knowledge. Groundbreaking for the project is planned for the fall of 2023. The center is expected to open to the public in early 2027. Institutionally, CoStar Group has long advocated for educational investments as a pathway to success for young people, a belief mirrored by the personal philanthropic efforts of Florance. CoStar Group has been an active participant in programs that provide needed supplies to Richmond’s public schools and is a key supporter of Management Leaders for Tomorrow (MLT), which aims to train the next generation of diverse leaders in business. Florance, who was named to the VCU Board of Visitors in 2021, received an honorary doctorate from the school in 2019. VCU is widely recognized for its academic excellence; its School of the Arts is nationally ranked fourth amongst public and private schools across the country and its Brandcenter is nationally ranked as the number one graduate advertising program in the U.S and a top five digital media and marketing school. VCU plays a major role in the cultural and economic life of Richmond, encouraging its students to be active stewards of the city they call home. In turn, CoStar Group has adopted and continually expanded its presence in Richmond for its diverse amenities, artistic and economic vitality, and multi-talented workforce- one trained in large part by VCU, which moves beyond classroom instruction to prepare its students to tackle real-world challenges at major corporations like CoStar Group. CoStar Group first established its global operations headquarters in Richmond in 2016, and now employs more than 1,500 residents. The company recently broke ground on a new Richmond campus which is expected to more than double the company’s workforce in the city, with new jobs spanning research, technology, operations, software development, and sales. Once the expansion is complete, CoStar Group is poised to become the largest technology company and one of the largest private employers in Richmond. About CoStar Group, Inc. CoStar Group (NASDAQ: CSGP), is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com is the fastest growing online residential marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. About VCU and VCU Health Virginia Commonwealth University is a major, urban public research university with national and international rankings in sponsored research. Located in downtown Richmond, VCU enrolls more than 28,000 students in 244 degree and certificate programs in the arts, sciences and humanities. Forty-one of the programs are unique in Virginia, many of them crossing the disciplines of VCU’s 12 schools and three colleges. The VCU Health brand represents the VCU health sciences academic programs, the VCU Massey Cancer Center and the VCU Health System, which comprises VCU Medical Center (the only academic medical center in the region), Community Memorial Hospital, Tappahannock Hospital, Children’s Hospital of Richmond at VCU, and MCV Physicians. The clinical enterprise includes a collaboration with Sheltering Arms Institute for physical rehabilitation services. For more, please visit vcu.edu and vcuhealth.org. This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar Group's expectations, beliefs, intentions or strategies regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements, including the risk that CoStar Group’s business, expansion, construction and growth plans and needs change; the risk that the expansion plans do not create or result in the expected benefits or result in CoStar Group becoming the largest technology company and largest private employer in Richmond; the possibility that the Company is unable to or does not create the number of jobs expected; the risk that the Company is unable to hire or retain the number of employees currently expected or to fill the number of jobs created; and the risk that VCU is unable to complete construction on the proposed multidisciplinary complex in the manner proposed, within the proposed budget or timeline, or at all. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar Group's filings from time to time with the Securities and Exchange Commission, including in CoStar's Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, each of which is filed with the SEC, including in the "Risk Factors" section of those filings, as well as CoStar's other filings with the SEC available at the SEC's website (www.sec.gov). All forward-looking statements are based on information available to CoStar and VCU on the date hereof, and neither CoStar nor VCU assumes any obligation to update such statements, whether as a result of new information, future events or otherwise.

businesswire.com

Sitio Royalties (STR) Q1 Earnings Surpass Estimates

Sitio Royalties (STR) came out with quarterly earnings of $0.28 per share, beating the Zacks Consensus Estimate of $0.26 per share. This compares to earnings of $0.32 per share a year ago.

zacks.com

Sitio Royalties Reports First Quarter 2023 Operational and Financial Results

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio,” "STR" or the “Company”) today announced operational and financial results for the quarter ended March 31, 2023. Unless the context clearly indicates otherwise, references to "we," "our," "us" or similar terms refer to Sitio. FIRST QUARTER 2023 OPERATIONAL AND FINANCIAL HIGHLIGHTS Average daily production volume of 34,440 barrels of oil equivalent per day ("Boe/d"), (51% oil), comparable to pro forma 4Q 2022 average daily production volume(2) Net income of $47.7 million, up $43.1 million relative to 4Q 2022 net income, primarily due to the contribution from the Brigham Minerals Inc. ("Brigham Minerals") assets for the entire quarter vs. three days in 4Q 2022 and reduced expenses related to the December 29, 2022 merger of Sitio and Brigham Minerals Adjusted EBITDA of $140.0 million(3), down 17% sequentially from 4Q 2022 pro forma Adjusted EBITDA(4), primarily due to a 15% reduction in realized hedged prices per Boe Declared 1Q 2023 dividend of $0.50 per share of Class A Common Stock 42.8 net line-of-sight ("LOS") wells as of March 31, 2023, comprised of 25.0 net spuds and 17.8 net permits, with approximately 81% and 12% of total net LOS wells in the Permian Basin and DJ Basin, respectively In March 2023, made second quarterly amortization payment of $11.3 million on senior unsecured notes, reducing principal from $438.8 million to approximately $427.5 million 1Q 2023 RESULTS RELATIVE TO FULL YEAR 2023 GUIDANCE The table below shows first quarter 2023 results relative to financial and operational guidance for full year 2023 that was provided on March 8, 2023. Full Year 2023 Guidance Metric 1Q 2023 Results Full Year 2023 Guidance Average daily production (Boe/d) 34,440 34,000 – 37,000 Average daily production (% oil) 51 % 49% – 51% Gathering and transportation ($/Boe) $ 1.24 $1.25 – $1.75 Cash G&A ($ in millions) $ 6.1 $25.0–$27.0 (annual) Production taxes (% of royalty revenue) 7 % 6% – 8% Reported cash tax rate (% of pre-tax income)(5) 1 % 11% – 13% Estimated cash tax rate (% of pre-tax income)(6) 11 % 11% – 13% (1) Initial full year 2023 guidance issued on March 8, 2023 (2) Pro forma 4Q 2022 production of 34,424 Boe/d, as if Sitio and Brigham Minerals had been combined for the entire fourth quarter of 2022 (3) For definitions of non-GAAP financial measures and reconciliations to their most directly comparable GAAP financial measures, please see “Non-GAAP financial measures” (4) 4Q 2022 pro forma Adjusted EBITDA of $169.5 million, as if Sitio and Brigham Minerals had been combined for the entire fourth quarter of 2022 (5) Calculated as cash taxes paid in the first quarter of 2023 of $0.6 million divided by first quarter 2023 net income before taxes. Cash taxes of $0.6 million were the taxes owed for the fourth quarter of 2022. (6) Calculated as cash taxes attributable to the first quarter of 2023 of $5.9 million divided by first quarter 2023 net income before taxes. First quarter 2023 cash taxes of $5.9 million were paid in April of 2023. Chris Conoscenti, Chief Executive Officer of Sitio, commented, “Producer activity on our assets continues to be steady, with average production of 34,440 Boe/d in the first quarter, which is in-line with Sitio’s pro forma production of 34,424 Boe/d in the fourth quarter of 2022. We evaluated approximately 50,000 net royalty acres for acquisition in the first quarter of 2023, but we did not find any opportunities that met our returns criteria. This was the first quarter in over two years that we haven't announced or closed an acquisition. Instead, we focused on strengthening the balance sheet by reducing long-term debt by approximately $34 million and continuing to improve our internal efficiencies." MERGERS AND ACQUISITIONS UPDATE For the three months ended March 31, 2023, Sitio remained active in the M&A market, evaluating acquisition opportunities of approximately 50,000 NRAs in aggregate. Despite these efforts, Sitio did not find acquisition opportunities that met its underwriting criteria and therefore did not transact on any M&A deals during the first quarter of 2023. The following table summarizes Sitio's net average daily production, net wells online, net line-of-sight wells and net royalty acres by area. Delaware Midland DJ Eagle Ford Appalachia Anadarko Williston Total Average Daily Production (Boe/d) for the three months ended March 31, 2023 As reported 17,836 8,156 2,970 2,691 980 1,141 666 34,440 % Oil 50 % 66 % 34 % 60 % 2 % 29 % 64 % 51 % Net Well Activity (normalized to 5,000' laterals) Net wells online as of December 31, 2022 104.6 44.5 35.1 33.6 3.5 9.7 8.9 239.9 Net wells online as of March 31, 2023 109.2 51.7 35.5 34.4 3.7 9.8 9.0 253.3 Net wells online increase since December 31, 2022 4.6 7.2 0.4 0.8 0.2 0.1 0.1 13.4 Spuds 11.5 8.5 3.1 1.2 0.0 0.1 0.6 25.0 Permits 11.5 3.0 2.0 0.5 — 0.1 0.7 17.8 Net LOS wells as of March 31, 2023 23.0 11.5 5.1 1.7 0.0 0.2 1.3 42.8 Net Royalty Acres (normalized to 1/8th royalty equivalent) December 31, 2022 140,596 42,881 24,934 21,595 12,536 9,860 8,205 260,607 March 31, 2023 140,602 42,894 24,934 21,595 12,535 9,872 8,205 260,637 NRA increase (decrease) since December 31, 2022 6 13 — — (1 ) 12 — 30 FINANCIAL UPDATE Sitio's first quarter 2023 average unhedged realized prices including all expected quality, transportation and demand adjustments were $74.10 per barrel of oil, $2.70 per Mcf of natural gas and $21.75 per barrel of natural gas liquids, for a total equivalent price of $46.96 per barrel of oil equivalent. During the first quarter of 2023, the Company received $5.9 million in net cash settlements for commodity derivative contracts and as a result, average hedged realized prices were $77.14 per barrel of oil, $2.90 per Mcf of natural gas and $21.75 per barrel of natural gas liquids, for a total equivalent price of $48.87 per barrel of oil equivalent. This represents an $8.61 per barrel of oil equivalent, or a 15% decrease relative to hedged realized prices for the three months ended December 31, 2022. Consolidated net income for the first quarter of 2023 was $47.7 million, which is $43.1 million greater than consolidated net income in the fourth quarter of 2022. This increase was driven primarily because of the contribution from the Brigham Minerals assets for the entire quarter vs. three days in the fourth quarter of 2022. For the three months ended March 31, 2023, Adjusted EBITDA was $140.0 million, down 17% sequentially from fourth quarter 2022 pro forma Adjusted EBITDA, primarily due to the aforementioned decrease in commodity prices. As of March 31, 2023, the Company had $914.5 million principal value of total debt (comprised of $487.0 million drawn on Sitio's revolving credit facility and $427.5 million of senior unsecured notes) and liquidity of $273.2 million, including $10.2 million of cash and $263.0 million of remaining availability under its $750.0 million credit facility, which was reaffirmed on April 28, 2023. As of May 5, 2023, Sitio had $868.5 million principal value of total debt (comprised of $441.0 million drawn on Sitio's revolving credit facility and $427.5 million of senior unsecured notes). On March 31, 2023, Sitio made its second quarterly amortization payment of $11.3 million at par value on its senior unsecured notes, reducing the principal from $438.8 million to $427.5 million. Sitio did not add to or extinguish any of its commodity swaps or collars during the first quarter of 2023. A summary of the Company's existing commodity derivative contracts as of April 1, 2023 is included in the table below. Oil (NYMEX WTI) 2023 2024 1H25 Swaps Bbl per day 3,050 3,300 1,100 Average price ($/Bbl) $ 93.71 $ 82.66 $ 74.65 Collars Bbl per day — — 2,000 Average call ($/Bbl) — — $ 93.20 Average put ($/Bbl) — — $ 60.00 Gas (NYMEX Henry Hub) 2023 2024 1H25 Swaps MMBtu per day 500 500 — Average price ($/MMBtu) $ 3.83 $ 3.41 — Collars MMBtu per day 8,500 11,400 11,600 Average call ($/MMBtu) $ 7.93 $ 7.24 $ 10.34 Average put ($/MMBtu) $ 4.82 $ 4.00 $ 3.31 2023 FULL YEAR GUIDANCE The table below includes Sitio's reaffirmed guidance for full year 2023. Full Year 2023 Guidance Low High Average Daily Production Average daily production (Boe/d) 34,000 37,000 Average daily production (% oil) 49 % 51 % Revenue Deductions, Expenses and Taxes Gathering and transportation ($/Boe) $ 1.25 $ 1.75 Cash G&A ($ in millions) $ 25.0 $ 27.0 Production taxes (% of royalty revenue) 6 % 8 % Cash tax rate (% of pre-tax income) 11 % 13 % FIRST QUARTER 2023 CASH DIVIDEND The Company's Board of Directors declared a cash dividend of $0.50 per share of Class A Common Stock with respect to the first quarter of 2023. The dividend is payable on May 31, 2023 to the stockholders of record at the close of business on May 19, 2023. FIRST QUARTER 2023 EARNINGS CONFERENCE CALL Sitio will host a conference call at 8:30 a.m. Eastern on Wednesday, May 10, 2023 to discuss its first quarter 2023 operating and financial results. Participants can access the call by dialing 1-833-470-1428 in the United States or 1-404-975-4839 in other locations with access code 279583 or via webcast at https://events.q4inc.com/attendee/801160219. Participants can also pre-register for the event by going to the following link: https://www.netroadshow.com/events/login?show=b7e9afab&confId=48873. The conference call, live webcast and archive of the call can also be accessed through the Investor Relations section of Sitio’s website at www.sitio.com. UPCOMING INVESTOR CONFERENCES Members of Sitio's management team will be attending the Barclays Leveraged Finance Conference from May 22 – 24, 2023, the RBC Global Energy, Power & Infrastructure Conference on June 6, 2023 and the Bank of America 2023 Energy Credit Conference on June 7, 2023. Presentation materials associated with these events will be accessible through the Investor Relations section of Sitio's website at www.sitio.com. FINANCIAL RESULTS Production Data Three Months Ended March 31, 2023 2022 Production Data: Crude oil (MBbls) 1,589 535 Natural gas (MMcf) 5,435 1,694 NGLs (MBbls) 605 207 Total (MBoe)(6:1) 3,100 1,025 Average daily production (Boe/d)(6:1) 34,440 11,387 Average Realized Prices: Crude oil (per Bbl) $ 74.10 $ 92.04 Natural gas (per Mcf) $ 2.70 $ 4.63 NGLs (per Bbl) $ 21.75 $ 37.81 Combined (per Boe) $ 46.96 $ 63.38 Average Realized Prices After Effects of Derivative Settlements: Crude oil (per Bbl) $ 77.14 $ 92.04 Natural gas (per Mcf) $ 2.90 $ 4.63 NGLs (per Bbl) $ 21.75 $ 37.81 Combined (per Boe) $ 48.87 $ 63.38 Selected Expense Metrics Three Months Ended March 31, 2023 2022 Severance and ad valorem taxes 7.2 % 5.9 % Depreciation, depletion and amortization ($/Boe) $ 21.86 $ 15.01 General and administrative ($/Boe) $ 3.77 $ 3.96 Cash G&A ($/Boe) $ 1.97 $ 2.77 Interest expense, net ($/Boe) $ 7.16 $ 1.14 Condensed Consolidated Balance Sheets (In thousands except par and share amounts) March 31, December 31, 2023 2022 . (Unaudited) ASSETS Current assets Cash and cash equivalents $ 10,157 $ 18,818 Accrued revenue and accounts receivable 127,325 142,010 Prepaid assets 12,456 12,489 Derivative asset 24,610 18,874 Total current assets 174,548 192,191 Property and equipment Oil and natural gas properties, successful efforts method: Unproved properties 3,178,019 3,244,436 Proved properties 2,037,267 1,926,214 Other property and equipment 3,440 3,421 Accumulated depreciation, depletion and amortization (290,977 ) (223,214 ) Total property and equipment, net 4,927,749 4,950,857 Long-term assets Long-term derivative asset 16,353 13,379 Deferred financing costs 12,318 7,082 Operating lease right-of-use asset 4,582 5,679 Other long-term assets 1,617 1,714 Total long-term assets 34,870 27,854 TOTAL ASSETS $ 5,137,167 $ 5,170,902 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued expenses $ 24,433 $ 21,899 Warrant liability 592 2,950 Operating lease liability 1,336 1,563 Total current liabilities 26,361 26,412 Long-term liabilities Long-term debt 905,226 938,896 Deferred tax liability 359,807 313,607 Non-current operating lease liability 4,407 5,303 Other long-term liabilities 89 89 Total long-term liabilities 1,269,529 1,257,895 Total liabilities 1,295,890 1,284,307 Equity Class A Common Stock, par value $0.0001 per share; 240,000,000 shares authorized; 80,183,812 and 80,804,956 shares issued and 80,183,812 and 80,171,951 outstanding at March 31, 2023 and December 31, 2022, respectively 8 8 Class C Common Stock, par value $0.0001 per share; 120,000,000 shares authorized; 74,340,735 and 74,347,005 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively 7 7 Additional paid-in capital 1,735,859 1,750,640 Accumulated deficit (35,057 ) (9,203 ) Treasury Shares, 0 and 633,005 shares at March 31, 2023 and December 31, 2022, respectively — (19,085 ) Noncontrolling interest 2,140,460 2,164,228 Total equity 3,841,277 3,886,595 TOTAL LIABILITIES AND EQUITY $ 5,137,167 $ 5,170,902 Unaudited Condensed Consolidated Statements of Income (In thousands, except per share amounts) Three Months Ended March 31, 2023 2022 Revenue: Oil, natural gas and natural gas liquids revenues $ 145,554 $ 64,951 Lease bonus and other income 5,272 1,412 Total revenues 150,826 66,363 Operating expenses: Management fees to affiliates — 1,870 Depreciation, depletion and amortization 67,763 15,385 General and administrative 11,676 4,063 Severance and ad valorem taxes 10,459 3,854 Total operating expenses 89,898 25,172 Net income from operations 60,928 41,191 Other expense: Interest expense, net (22,203 ) (1,168 ) Change in fair value of warrant liability 2,358 — Loss on extinguishment of debt (783 ) — Commodity derivatives gains (losses) 14,763 (1,114 ) Interest rate derivatives losses (160 ) — Net income before taxes 54,903 38,909 Income tax expense (7,184 ) (387 ) Net income 47,719 38,522 Net income attributable to Predecessor — (38,522 ) Net income attributable to noncontrolling interest (25,066 ) — Net income attributable to Class A stockholders $ 22,653 $ — Net income per Class A common share Basic $ 0.28 — Diluted $ 0.28 — Weighted average Class A common shares outstanding Basic 80,178 — Diluted 80,178 — Unaudited Condensed Consolidated Statements of Cash Flow (In thousands) Three Months Ended March 31, 2023 2022 Cash flows from operating activities: Net income $ 47,719 $ 38,522 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 67,763 15,385 Amortization of deferred financing costs and long-term debt discount 1,345 204 Share-based compensation 4,684 — Change in fair value of warrant liability (2,358 ) — Loss on extinguishment of debt 783 — Commodity derivative (gains) losses (14,763 ) 1,114 Net cash received for commodity derivative settlements 5,932 — Interest rate derivative losses 160 — Net cash paid for interest rate derivative settlements (39 ) — Deferred tax expense 2,751 — Change in operating assets and liabilities: Accrued revenue and accounts receivable 14,951 (12,286 ) Prepaid assets (772 ) (110 ) Other long-term assets 321 — Accounts payable and accrued expenses 598 2,099 Due to affiliates — (343 ) Operating lease liabilities and other long-term liabilities (250 ) 18 Net cash provided by operating activities 128,825 44,603 Cash flows from investing activities: Purchases of oil and gas properties, net of post-close adjustments 1,180 (461 ) Purchases of other property and equipment (19 ) (215 ) Deposits for property acquisitions — (2,700 ) Net cash provided by (used in) investing activities 1,161 (3,376 ) Cash flows from financing activities: Borrowings on credit facilities 323,000 — Repayments on credit facilities (346,000 ) (40,000 ) Repayments on 2026 Senior Notes (11,250 ) — 2026 Senior Notes issuance costs (120 ) — Distributions to noncontrolling interest (49,206 ) — Dividends paid to Class A stockholders (48,107 ) — Dividend equivalent rights paid (25 ) — Cash paid for taxes related to net settlement of share-based compensation awards (44 ) — Payments of deferred financing costs (6,895 ) (11 ) Deferred initial public offering costs — (10 ) Net cash used in financing activities (138,647 ) (40,021 ) Net change in cash and cash equivalents (8,661 ) 1,206 Cash and cash equivalents, beginning of period 18,818 12,379 Cash and cash equivalents, end of period $ 10,157 $ 13,585 Non-GAAP financial measures Adjusted EBITDA, Discretionary Cash Flow and Cash G&A are non-GAAP supplemental financial measures used by our management and by external users of our financial statements such as investors, research analysts and others to assess the financial performance of our assets and their ability to sustain dividends over the long term without regard to financing methods, capital structure or historical cost basis. Sitio believes that these non-GAAP financial measures provide useful information to Sitio's management and external users because they allow for a comparison of operating performance on a consistent basis across periods. We define Adjusted EBITDA as net income plus (a) interest expense, (b) provisions for taxes, (c) depreciation, depletion and amortization, (d) non-cash share-based compensation expense, (e) impairment of oil and natural gas properties, (f) gains or losses on unsettled derivative instruments, (g) change in fair value of the warrant liability, (h) write off of deferred offering costs, (i) management fee to affiliates, (j) loss on debt extinguishment, (k) one-time transaction costs and (l) write off of financing costs. We define Discretionary Cash Flow as Adjusted EBITDA, less cash interest expense and cash taxes. We define Cash G&A as general and administrative expense less (a) non-cash share-based compensation expense, (b) one-time transaction costs and (c) rental income. These non-GAAP financial measures do not represent and should not be considered an alternative to, or more meaningful than, their most directly comparable GAAP financial measures or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Non-GAAP financial measures have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP financial measure. Our computations of Adjusted EBITDA, Discretionary Cash Flow and Cash G&A may differ from computations of similarly titled measures of other companies. The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure for the period indicated (in thousands). Three Months Ended March 31, 2023 2022 Net income $ 47,719 $ 38,522 Interest expense, net 22,203 1,168 Income tax expense 7,184 387 Depreciation, depletion and amortization 67,763 15,385 EBITDA $ 144,869 $ 55,462 Non-cash share-based compensation expense 4,684 — Losses (gains) on unsettled derivative instruments (8,710 ) 1,114 Change in fair value of warrant liability (2,358 ) — Management fees to affiliates — 1,870 Loss on debt extinguishment 783 — One-time transaction costs 779 1,219 Adjusted EBITDA $ 140,047 $ 59,665 The following table presents a reconciliation of Discretionary Cash Flow to the most directly comparable GAAP financial measure for the period indicated (in thousands). Three Months Ended March 31, 2023 2022 Cash flow from operations $ 128,825 $ 44,603 Interest expense, net 22,203 1,168 Income tax expense 7,184 387 Deferred tax expense (2,751 ) — Changes in operating assets and liabilities (14,848 ) 10,622 Management fees to affiliates — 1,870 Amortization of deferred financing costs and long-term debt discount (1,345 ) (204 ) One-time transaction costs 779 1,219 Adjusted EBITDA $ 140,047 $ 59,665 Less: Cash interest expense 19,515 1,047 Cash taxes 550 49 Discretionary Cash Flow $ 119,982 $ 58,569 The following table presents a reconciliation of Cash G&A to the most directly comparable GAAP financial measure for the period indicated (in thousands). Three Months Ended March 31, 2023 2022 General and administrative expense $ 11,676 $ 4,063 Less: Non-cash share-based compensation expense 4,684 — One-time transaction costs 779 1,219 Rental income 106 — Cash G&A $ 6,107 $ 2,844 About Sitio Royalties Corp. Sitio is a shareholder returns-driven company focused on large-scale consolidation of high-quality oil & gas mineral and royalty interests across premium basins, with a diversified set of top-tier operators. With a clear objective of generating cash flow from operations that can be returned to stockholders and reinvested, Sitio has accumulated over 260,000 NRAs through the consummation of over 185 acquisitions to date. More information about Sitio is available at www.sitio.com. Forward-Looking Statements This news release contains statements that may constitute “forward-looking statements” for purposes of federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about certain future plans, expectations and objectives for the Company’s operations, including statements about financial and operational guidance, strategy, synergies, certain levels of production, future operations, financial position, prospects, and plans. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance, and financial condition to differ materially from our expectations and predictions. Factors that could materially impact such forward-looking statements include, but are not limited to: the global economic uncertainty related to the large-scale invasion of Ukraine by Russia, the collapse of certain financial institutions and associated liquidity risks, announcements of voluntary production cuts by OPEC+ and others, and those other factors discussed or referenced in the "Risk Factors" section of Sitio’s Annual Report on Form 10-K, for the year ended December 31, 2022 and other publicly filed documents with the SEC. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. Sitio undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.

businesswire.com

Why Sitio Royalties Should Be On Warren Buffett's Radar

Sitio Royalties Corp. owns mineral and royalty interests in top-tier oil and gas assets across the United States. It's a huge player in the Permian Basin, which Warren Buffett has invested heavily in through his Occidental purchase.

seekingalpha.com

NYSE American to Commence Delisting Proceedings in Warrants of Sitio Royalties Corp. (STR WS) and Suspends Trading Immediately

NEW YORK--(BUSINESS WIRE)--NYSE American LLC (“NYSE American” or the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the warrants of Sitio Royalties Corp. (the “Company”), four whole warrants are exercisable for one share of Class A common stock — ticker symbol STR WS — from NYSE American. Trading in the Company's warrants will be suspended immediately. Trading in the Company's Class A common stock — ticker symbol STR — will continu.

businesswire.com

Apartments.com Publishes April 2023 Rent Growth Report

WASHINGTON--(BUSINESS WIRE)--Today, Apartments.com – a CoStar Group online marketplace – released an in-depth report of multifamily rent growth trends for April 2023 backed by analyst observations. For the first time since the third quarter of 2021, vacancy rates did not increase, holding steady at 6.7%. “With the peak leasing season now underway, multifamily conditions started to show signs of stabilization,” said Jay Lybik, National Director of Multifamily Analytics at CoStar Group. “National year-over-year asking rent growth slowed to 2.1% at the end of April from 2.6% at the end of March, vacancy rates held steady and 34,000 units were absorbed, signaling a strong start to the second quarter.” YEAR-OVER-YEAR RENT GROWTH SNAPSHOT, INDIANAPOLIS HOLDS STEADY WITH TOP SPOT In April 2023, national average rents rose from $1,650 to $1,656 or by 0.4%. Indianapolis had the highest year-over-year rent growth at 6.1%, sitting just ahead of other Midwest markets like Cincinnati, St. Louis and Columbus. The Midwest region held six of the top 10 rent growth positions during the month of April. Despite continued activity in the Midwest, year-over-year rent growth has slowed in many markets as demand for multifamily has weakened. Fast-growing Sun Belt markets, such as Las Vegas, Austin and Phoenix, that experienced significant in-migration during the pandemic are now seeing rents fall over the year. MONTH-OVER-MONTH SHOWS POTENTIAL FOR STABILIZATION Month-over-month data suggests the beginning of possible stabilization across the multifamily sector, with positive rent growth in 38 of the top 40 markets. Notably, Nashville and Raleigh saw month-over-month rent growth accelerate as a result of slight improvements in April vacancy rates. LOOKING AHEAD April’s multifamily findings boost the likelihood that the sector’s fundamentals will stop weakening and the second quarter will finish stronger than a year ago, setting up the potential for the quarter overall to outperform expectations. However, there are a few potential risks to be mindful of, including the economy falling into a recession in the second half of 2023, demand drying up and the significant number of deliveries expected throughout the year. About CoStar Group CoStar Group (NASDAQ: CSGP), is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com. About Apartments.com Apartments.com is the leading online apartment listing website, offering renters access to information on more than 1,000,000 available units for rent. Powered by CoStar, the Apartments.com network of sites includes Apartments.com, ApartmentFinder.com, ApartmentHomeLiving.com, Apartamentos.com, WestsideRentals.com, ForRent.com, ForRentUniversity.com, After55.com and CorporateHousing.com. Apartments.com is supported by the industry's largest professional research team, which has visited and photographed over 500,000 properties nationwide. The team makes over one million calls each month to apartment owners and property managers, collecting and verifying current availabilities, rental rates, pet policies, fees, leasing incentives, concessions, and more. Apartments.com offers more rental listings than any other apartments website, and innovative features including a drawing tool that allows users to define their own search areas on a map, and a "Travel Time" feature that lets users search for rentals in proximity to a specific address. Apartments.com creates easy access to its listings through a responsive website and iOS and Android apps, and provides unmatched exposure for its advertisers through an intuitive name, strategic search engine placements and innovative emerging media. The Apartments.com network reaches millions of renters nationwide, driving both qualified traffic and highly engaged renters to leasing offices.

businesswire.com

Sitio Royalties Schedules First Quarter 2023 Earnings Call

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”) today announced that it will report operating and financial results for the first quarter of 2023 on Tuesday, May 9, 2023, after the close of trading on the New York Stock Exchange. Sitio will host a conference call at 8:30 a.m. Eastern on Wednesday, May 10, 2023 to discuss its first quarter 2023 operating and financial results.

businesswire.com

The 7 Best Oil and Gas Stocks to Buy in April 2023

With crude oil prices zooming back above $80 per barrel, you may be wondering about the best oil and gas stocks to buy. A further rise in spot petroleum prices could spark a bigger rally in energy stocks, which have perked up after trending lower in early 2023.

investorplace.com

10 Biggest Energy Companies With Very High Dividend Yields

The dividend yield of a stock is the ratio of the share price and the dividend paid over the past twelve months.

247wallst.com

Sitio Royalties Corp. (STR) Q4 2022 Earnings Call Transcript

Sitio Royalties Corp. (NYSE:STR ) Q4 2022 Results Conference Call March 9, 2023 8:30 AM ET Company Participants Ross Wong - Vice President of Finance and Investor Relations Chris Conoscenti - Chief Executive Officer Carrie Osicka - Chief Financial Officer Conference Call Participants Tim Rezvan - KeyBanc Capital Markets Jeanine Wai - Barclays Noel Parks - Tuohy Brothers Operator My name is Nadia, and I'll be coordinating the call today [Operator Instructions]. I will now hand you over to your host, Ross Wong, Vice President of Finance and Investor Relations, to begin.

seekingalpha.com

Sitio Royalties (STR) Beats Q4 Earnings Estimates

Sitio Royalties (STR) delivered earnings and revenue surprises of 23.40% and 2.08%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?

zacks.com

Sitio Royalties Reports Fourth Quarter and Full Year 2022 Operational and Financial Results, Recent Developments and Provides Full Year 2023 Guidance

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”, "STR" or the “Company”) today announced operational and financial results for the quarter ended December 31, 2022. FOURTH QUARTER 2022 OPERATIONAL AND FINANCIAL HIGHLIGHTS Average daily production volume of 18,925 barrels of oil equivalent per day ("Boe/d"), (51% oil), up 5% sequentially from 3Q 2022; Pro forma average daily production volume of 34,424 Boe/d, including Brigham Minerals volumes for the entire 4Q 2022 Net income of $4.6 million, down 93% sequentially from 3Q 2022 primarily due to increased one-time transaction expenses related to the Brigham Minerals merger and lower revenues as a result of decreased commodity prices Adjusted EBITDA of $93.1 million(2), down 12% sequentially from 3Q 2022, principally due to a 17% reduction in realized unhedged prices per Boe Pro forma Adjusted EBITDA of $169.5 million including Brigham Minerals results for full 4Q 2022 Declared 4Q 2022 dividend of $0.60 per share of Class A Common Stock; implied annualized dividend yield of 9.9% based on Sitio's Class A Common Stock closing price of $24.23 on March 7, 2022 239.9 net producing wells online as of December 31, 2022, a sequential increase of 108.8 net wells, or 83.0% from 3Q 2022 , primarily driven by assets acquired from Brigham Minerals(3) 7.3 pro forma net wells turned-in-line ("TIL") during 4Q 2022, approximately 74% and 21% of which were in the Permian Basin and DJ Basin, respectively 47.9 net line-of-sight ("LOS") wells as of December 31, 2022, comprised of 31.1 net spuds and 16.8 net permits, with approximately 84% and 8% of total net LOS wells in the Permian Basin and DJ Basin, respectively Closed on the merger with Brigham Minerals, Inc. ("Brigham Minerals" and such merger, the “Brigham Merger”) in an at-market, all-stock transaction on December 29, 2022 In December 2022, made first quarterly amortization payment of $11.3 million on senior unsecured notes, reducing principal from $450.0 million to approximately $438.8 million RECENT DEVELOPMENTS In February 2023, closed on a new revolving credit facility with $750.0 million of elected commitments from a 15-member lender group, triggering a permanent 75 basis point reduction in the interest rate on $438.8 million senior unsecured notes 4Q 2022 AND SECOND HALF 2022 RESULTS RELATIVE TO SECOND HALF 2022 GUIDANCE In August of 2022, before the Brigham Merger was announced, Sitio provided financial and operational guidance for the second half 2022. Fourth quarter 2022 and second half 2022 results relative to that guidance are shown in the table below and exclude 3 days of post-closing results from Brigham Minerals. 2H 2022 Guidance Metric 4Q 2022 Results (4) 2H 2022 Results (4) 2H 2022 Guidance Average daily production (Boe/d) 18,457 18,204 18,000 – 19,000 Average daily production (% oil) 51% 51 % 50% – 53% Gathering and transportation ($/Boe) $ 1.18 $ 1.25 $1.15 – $1.65 Cash G&A ($ in millions) $ 4.0 $ 8.6 $15.0-$16.5(annual) Production taxes (% of royalty revenue) 8 % 7 % 7% – 9% Cash tax rate (% of pre-tax income) 0 % 2 % 2% – 4% (1) Previously issued guidance on November 8, 2022 was on a pro forma combined basis for the Brigham Minerals merger and for the twelve months ending June 30, 2023 (2) For definitions of non-GAAP financial measures and reconciliations to their most directly comparable GAAP financial measures, please see “Non-GAAP financial measures.” (3) 2Q 2022 net producing wells online included interests acquired from Momentum Minerals, which closed in July of 2022. (4) Excludes 3 days of results attributable to Brigham Minerals because the Brigham Merger closed on December 29, 2022; Cash taxes of approximately $0.5 million for the three months ended December 31, 2022 were paid in January of 2022 4Q 2022 AND SECOND HALF 2022 PRO FORMA COMBINED RESULTS RELATIVE TO GUIDANCE FOR TWELVE MONTHS ENDING JUNE 30, 2023 In November of 2022, Sitio provided financial and operational guidance for the twelve months ending June 30, 2023 on a pro forma basis as if Sitio and Brigham were combined from July 1, 2022 through June 30, 2023. Pro forma fourth quarter 2022 and second half 2022 results relative to that guidance are shown in the table below. Pro Forma Guidance Metric for Twelve Months Ending June 30, 2023 Pro Forma 4Q 2022 Results Pro Forma 2H 2022 Results Guidance for Twelve Months Ending June 30, 2023 Average daily production (Boe/d) 34,424 33,707 32,750 - 34,250 Average daily production (% oil) 51% 51 % 49% – 51% Gathering and transportation ($/Boe) $ 1.52 $ 1.61 $1.25 – $1.75 Cash G&A ($ in millions) N/A N/A $22.0-$23.0(annual) Production taxes (% of royalty revenue) 7 % 7 % 6% – 8% Cash tax rate (% of pre-tax income) N/A N/A 10% – 12% Chris Conoscenti, Chief Executive Officer of Sitio commented, “During the fourth quarter we continued to advance Sitio’s strategy of identifying and executing on opportunities for large scale, high-quality mineral and royalty consolidation. Our acquisition of Brigham was the largest public transaction in the minerals sector and added over 86,000 NRAs to our platform. With this addition, Sitio currently owns more than 260,000 NRAs and has a gross unit acreage footprint that covers roughly a third of the Midland and Delaware Basins. The Sitio and Brigham assets performed well on a pro forma combined basis for the entire fourth quarter, producing 34,424 Boe/d and generating Pro Forma Adjusted EBITDA of $169 million, which was a major driver of our 4Q 2022 dividend declaration of $0.60 per Class A share. We are initiating our full year 2023 production guidance range of 34,000 - 37,000 Boe/d, which accounts for the tailwinds from 47.9 line-of-sight wells on our acreage and the headwinds from the continued capital discipline we're seeing by public E&P operators. In line with our focus on fiscal and operational discipline, we are focused on lowering our G&A expenses, reducing our reliance on third party vendors and improving the quality of our data. We continue to evaluate additional mineral and royalty acquisitions, but remain focused on our underwriting discipline given current market conditions. Of note, we saw similar conditions in late 2019 and throughout 2020 when many mineral owners transacted with others at valuations that would have translated into single digit rates of return for us. We responded then the same way we are responding now - by applying our free cash flow to debt repayment and our time to further enhancing our data management capabilities.” OPERATOR ACTIVITY AND MERGERS AND ACQUISITIONS UPDATE During the fourth quarter of 2022, the Company estimates that there were 7.3 pro forma net wells turned-in-line and that as of December 31, 2022, there were 47.9 net LOS wells comprised of 31.1 net spuds and 16.8 net permits on the Company's acreage. Fourth quarter 2022 daily production volume averaged 18,925 Boe/d (51% oil), which included 3 days of production from assets acquired from Brigham Minerals. Sitio's fourth quarter 2022 daily production volume averaged 18,457 Boe/d (51% oil), excluding 3 days of production from the assets acquired from Brigham Minerals. Pro forma for a full quarter of production from Brigham Minerals, fourth quarter 2022 average daily production was 34,424 Boe/d (51% oil). On December 29, 2022, Sitio completed its all-stock merger with Brigham Minerals. The transaction formed one of the largest publicly traded oil and gas mineral and royalty companies, increased Sitio's NRAs by 50% to over 260,000 NRAs and enhanced public float nearly sixfold. Additionally, 14 former Brigham Minerals employees joined the Sitio workforce and 4 former Brigham Minerals directors joined Sitio's board of directors, which currently consists of 9 total directors. The following table summarizes Sitio's net average daily production, net wells and net royalty acres by area: Delaware Midland DJ Eagle Ford Appalachia Anadarko Williston Total Average Daily Production (Boe/d) for the three months ended December 31, 2022 As reported 11,654 3,654 118 2,548 892 37 22 18,925 % Oil 49 % 67 % 37 % 57 % 2 % 29 % 64 % 51 % Pro forma (1) 17,912 7,396 3,813 2,548 892 1,156 707 34,424 % Oil 51 % 66 % 38 % 57 % 2 % 28 % 63 % 51 % Net Well Activity (normalized to 5,000' laterals)(2) Net wells online as of December 31, 2022 104.6 44.5 35.1 33.6 3.5 9.7 8.9 239.9 Pro forma net wells TIL for the three months ended December 31, 2022 3.3 2.1 1.6 0.2 — — 0.1 7.3 Spuds 11.9 14.1 2.8 1.6 — 0.2 0.5 31.1 Permits 10.5 3.7 1.2 0.7 — — 0.7 16.8 Net LOS wells as of December 31, 2022 22.4 17.8 4.0 2.3 — 0.2 1.2 47.9 Net Royalty Acres (normalized to 1/8th royalty equivalent) September 30, 2022 110,300 29,500 — 21,500 12,500 — — 173,800 December 31, 2022 140,596 42,881 24,934 21,595 12,536 9,860 8,205 260,607 NRA Increase since September 30, 2022 30,296 13,381 24,934 95 36 9,860 8,205 86,807 (1) Includes volumes from Brigham Minerals for the full three months ended December 31, 2022. (2) All well counts give pro forma effect to all acquisitions completed in the quarter, including the Brigham Minerals merger FINANCIAL UPDATE Sitio's fourth quarter 2022 average unhedged realized prices including all expected quality, transportation and demand adjustments were $81.84 per barrel of oil, $4.33 per Mcf of natural gas and $26.44 per barrel of natural gas liquids, for a total equivalent price of $54.68 per barrel of oil equivalent. During the fourth quarter, the Company received $4.7 million in net cash settlements for commodity derivative and interest rate swap contracts and as a result, average hedged realized prices were $87.21 per barrel of oil, $4.35 per Mcf of natural gas and $26.44 per barrel of natural gas liquids, for a total equivalent price of $57.48 per barrel of oil equivalent. This represents a $9.88 per barrel of oil equivalent, or a 15% decrease relative to hedged realized prices for the three months ended September 30, 2022. Consolidated net income for the fourth quarter of 2022 was $4.6 million, a decrease of 93% relative to the third quarter of 2022. The decrease in consolidated net income was impacted primarily by a $15.5 million decrease in revenues largely as a result of lower commodity prices, $19.0 million of non-cash net hedging losses, $5.2 million of increased depreciation, depletion and amortization due to higher production and increased general and administrative expenses of $4.8 million, which were driven primarily by $9.9 million of one-time transaction costs and $4.3 million of non-cash share-based compensation. For the three months ended December 31, 2022, Adjusted EBITDA was $93.1 million, down 12% from the three months ended September 30, 2022 primarily due to lower commodity prices. As of December 31, 2022, the Company had $948.9 million principal value of total debt (comprised of $250.0 million drawn on the legacy Sitio revolving credit facility, $260.0 million on the legacy Brigham revolving credit facility and $438.8 million of senior unsecured notes) and liquidity of $98.8 million, including $18.8 million of cash on hand and a combined borrowing base of $590.0 million on the legacy Sitio and Brigham credit facilities, which both remained in place upon closing of the Brigham Merger closing at year end 2022. On December 31, 2022, Sitio made its first quarterly amortization payment of $11.3 million at par value on its senior unsecured notes, reducing the principal from $450.0 million to $438.8 million. In February of 2023, Sitio closed on a new revolving credit facility with elected commitments of $750.0 million from 15 lenders with a maturity date of June 30, 2027. Upon closing, Sitio fully repaid borrowings on and retired both Sitio's and Brigham's legacy revolving credit facilities. As of March 3, 2023, Sitio had $845.8 million principal value of total debt (comprised of $407.0 million drawn on Sitio's new revolving credit facility and $438.8 million of senior unsecured notes) and liquidity of $345.0 million, including $2.0 million of cash on hand. In November of 2022, the Company entered into a 3-month Secured Overnight Financing Rate ("SOFR") fixed rate swap of 4.652% for an initial $225.0 million notional amount, which amortizes by $5.6 million per quarter and is effective from November 15, 2022 through December 29, 2023. Sitio did not add any new commodity hedges during the fourth quarter of 2022 and a summary of remaining commodity hedges as of January 1, 2023 is included in the table below. Oil (NYMEX WTI) 2023 2024 1H25 Swaps Bbl per day 3,050 3,300 1,100 Average price ($/Bbl) $ 93.71 $ 82.66 $ 74.65 Collars Bbl per day — — 2,000 Average call ($/Bbl) — — $ 93.20 Average put ($/Bbl) — — $ 60.00 Gas (NYMEX Henry Hub) 2023 2024 1H25 Swaps MMBtu per day 500 500 — Average price ($/MMBtu) $ 3.83 $ 3.41 — Collars MMBtu per day 8,500 11,400 11,600 Average call ($/MMBtu) $ 7.93 $ 7.24 $ 10.34 Average put ($/MMBtu) $ 4.82 $ 4.00 $ 3.31 2022 YEAR END PROVED RESERVES Estimated 2022 year end proved reserves of 79,989 MBOE attributable to Sitio's interests in its underlying acreage are based on a reserve report prepared by the independent petroleum engineering firm of Cawley, Gillespie & Associates, Inc. in accordance with Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Evaluation Engineers and definitions and guidelines established by the SEC. Of these reserves, approximately 81% were classified as proved developed reserves and 19% were classified as proved undeveloped (“PUD”) reserves. PUD reserves for Sitio included in these estimates relate solely to wells that were spud but not yet producing in as of December 31, 2022. The largest driver of year-over-year changes to reserves was the acquired royalty and mineral interests of 23,025 MBbls of oil, 110,718 MMcf of gas, and 12,183 MBbls of NGLs, which were acquired over multiple transactions during 2022. The following table sets forth information regarding the Company’s net ownership interest in estimated quantities of proved developed and undeveloped oil and natural gas quantities and the changes therein for each of the periods presented. Oil (MBbls) Natural Gas (MMcf) Natural Gas Liquids (MBbls) Total (MBOE) Balance as of December 31, 2021 11,844 46,343 5,023 24,592 Revisions (231 ) 2,926 1,093 1,349 Extensions 3,280 8,986 1,160 5,938 Acquisition of reserves 23,025 110,718 12,183 53,660 Production (2,861 ) (9,531 ) (1,100 ) (5,550 ) Balance as of December 31, 2022 35,057 159,442 18,359 79,989 Proved developed and undeveloped reserves: Oil (MBbls) Natural Gas (MMcf) Natural Gas Liquids (MBbls) Total (MBOE) Developed as of December 31, 2021 9,285 40,747 4,417 20,494 Undeveloped as of December 31, 2021 2,559 5,596 606 4,098 Balance at December 31, 2021 11,844 46,343 5,023 24,592 Developed as of December 31, 2022 27,407 133,489 15,169 64,824 Undeveloped as of December 31, 2022 7,650 25,953 3,190 15,165 Balance at December 31, 2022 35,057 159,442 18,359 79,989 2023 FULL YEAR GUIDANCE The table below includes Sitio's guidance for full year 2023. The average daily production guidance range midpoint of 35,500 Boe/d is an increase of approximately 6% relative to the production guidance range that was issued on November 8, 2022 assuming that all four quarters in guidance have constant production. Full Year 2023 Guidance Low High Average Daily Production Average daily production (Boe/d) 34,000 37,000 Average daily production (% oil) 49 % 51 % Revenue Deductions, Expenses and Taxes Gathering and transportation ($/Boe) $ 1.25 $ 1.75 Cash G&A ($ in millions) $ 25.0 $ 27.0 Production taxes (% of royalty revenue) 6 % 8 % Cash tax rate (% of pre-tax income) 11 % 13 % FOURTH QUARTER 2022 CASH DIVIDEND The Company's Board of Directors declared a cash dividend of $0.60 per share of Class A Common Stock with respect to the fourth quarter of 2022. The dividend is payable on March 31, 2023 to the stockholders of record at the close of business on March 17, 2023. FOURTH QUARTER 2022 EARNINGS CONFERENCE CALL Sitio will host a conference call at 8:30 a.m. Eastern on Thursday, March 9, 2023 to discuss its fourth quarter 2022 operating and financial results. Participants can access the call by dialing 1-844-200-6205 in the United States or 1-929-526-1599 in other locations with access code 853610 or via webcast at https://events.q4inc.com/attendee/999076820. Participants can also pre-register for the event by going to the following link: https://www.netroadshow.com/events/login?show=9f2caf8c&confId=46589. The conference call, live webcast and archive of the call can also be accessed through the Investor Relations section of Sitio’s website at www.sitio.com. UPCOMING INVESTOR CONFERENCES Members of Sitio's management team will be attending the Piper Sandler 23rd Annual Energy Conference from March 21 – 22, 2023, World Oilman's Mineral & Royalty Conference from April 10 – 11, 2023, Barclays Leveraged Finance Conference from May 22 – 24, 2023 and RBC Global Energy, Power & Infrastructure Conference from June 6 – 7, 2023. Presentation materials associated with these events will be accessible through the Investor Relations section of Sitio's website at www.sitio.com. FINANCIAL RESULTS Production Data Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Production Data: Crude oil (MBbls) 892 478 2,861 1,261 Natural gas (MMcf) 3,049 1,502 9,531 4,746 NGLs (MBbls) 341 179 1,100 499 Total (MBoe)(6:1) 1,741 907 5,550 2,551 Average daily production (Boe/d)(6:1) 18,925 9,860 15,204 6,989 Average Realized Prices: Crude oil (per Bbl) $ 81.84 $ 74.92 $ 93.05 $ 67.29 Natural gas (per Mcf) $ 4.33 $ 4.01 $ 5.50 $ 3.61 NGLs (per Bbl) $ 26.44 $ 41.98 $ 33.51 $ 33.22 Combined (per Boe) $ 54.68 $ 54.38 $ 64.05 $ 46.47 Average Realized Prices After Effects of Derivative Settlements: Crude oil (per Bbl) $ 87.21 $ 74.92 $ 95.65 $ 67.29 Natural gas (per Mcf) $ 4.35 $ 4.01 $ 5.46 $ 3.61 NGLs (per Bbl) $ 26.44 $ 41.98 $ 33.51 $ 33.22 Combined (per Boe) $ 57.48 $ 54.38 $ 65.33 $ 46.47 Selected Expense Metrics Three Months Ended December 31, Year Ended December 31, 2022 2022 Severance and ad valorem taxes 7.9 % 7.2 % Depreciation, depletion and amortization ($/Boe) $ 21.37 $ 18.83 General and administrative ($/Boe) $ 10.44 $ 7.62 Cash general and administrative ($/Boe) $ 2.27 $ 2.73 Interest expense, net ($/Boe) $ 10.00 $ 6.40 Consolidated Balance Sheets (In thousands except par and share amounts) December 31, December 31, 2022 2021 ASSETS Current assets Cash and cash equivalents $ 18,818 $ 12,379 Accrued revenue and accounts receivable, net 142,010 36,202 Prepaid assets 12,489 235 Derivative asset 18,874 — Total current assets 192,191 48,816 Property and equipment Oil and natural gas properties, successful efforts method: Unproved properties 3,244,436 817,873 Proved properties 1,926,214 447,369 Other property and equipment 3,421 8,187 Accumulated depreciation, depletion and amortization (223,214 ) (121,536 ) Net oil and gas properties and other property and equipment 4,950,857 1,151,893 Other long-term assets Long-term derivative asset 13,379 — Deferred financing costs 7,082 2,145 Operating lease right-of-use asset 5,679 — Other long-term assets 1,714 — Total long-term assets 27,854 2,145 TOTAL ASSETS $ 5,170,902 $ 1,202,854 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued expenses $ 21,899 $ 4,140 Due to affiliates — 442 Warrant liability 2,950 — Operating lease liability 1,563 — Total current liabilities 26,412 4,582 Long-term liabilities Long-term debt 938,896 134,000 Deferred tax liability 313,607 — Deferred rent — 1,129 Non-current operating lease liability 5,303 — Other long-term liabilities 89 — Total long-term liabilities 1,257,895 135,129 Total liabilities 1,284,307 139,711 Equity — — Class A Common Stock, par value $0.0001 per share; 240,000,000 shares authorized; 80,171,951 and 0 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively 8 — Class C Common Stock, par value $0.0001 per share; 120,000,000 shares authorized; 74,347,005 and 0 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively 7 — Additional paid-in capital 1,750,640 — Accumulated deficit (9,203 ) — Treasury Shares, 633,005 and 0 shares at December 31, 2022 and 2021, respectively (19,085 ) Partners’ Capital — 560,622 Noncontrolling interest 2,164,228 502,521 Total equity 3,886,595 1,063,143 TOTAL LIABILITIES AND EQUITY $ 5,170,902 $ 1,202,854 Consolidated Statements of Income (In thousands) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Revenue: Oil, natural gas and natural gas liquids revenues $ 95,211 $ 49,327 $ 355,430 $ 118,548 Lease bonus and other income 4,737 833 14,182 2,040 Total revenues 99,948 50,160 369,612 120,588 Operating expenses: Management fees to affiliates — 1,870 3,241 7,480 Depreciation, depletion and amortization 37,209 12,292 104,511 40,906 General and administrative 18,182 1,911 42,225 4,143 General and administrative - affiliates — 3,952 74 8,855 Severance and ad valorem taxes 7,553 2,168 25,572 6,934 Deferred offering costs write off — 2,396 — 2,396 Total operating expenses 62,944 24,589 175,623 70,714 Net income from operations 37,004 25,571 193,989 49,874 Other expense: Interest expense, net (17,403 ) (1,093 ) (35,499 ) (1,893 ) Change in fair value of warrant liability (180 ) — 3,662 — Loss on extinguishment of debt — — (11,487 ) — Commodity derivatives gains (losses) (14,471 ) — 39,037 — Interest rate derivatives gains 110 — 110 — Income before income tax expense 5,060 24,478 189,812 47,981 Income tax expense (475 ) (253 ) (5,681 ) (486 ) Net income 4,585 24,225 184,131 47,495 Net income attributable to Predecessor — (24,225 ) (78,104 ) (47,495 ) Net income attributable to temporary equity (4,234 ) — (90,377 ) — Net loss attributable to noncontrolling interest 51 — 51 — Net income attributable to Class A stockholders $ 402 $ — $ 15,701 $ — Net income per Class A common share Basic $ 0.01 — $ 1.10 — Diluted $ 0.01 — $ 1.10 — Weighted average Class A common shares outstanding Basic 15,056 — 13,723 — Diluted 15,056 — 13,723 — Consolidated Statements of Cash Flow (In thousands) Years Ended December 31, 2022 2021 Cash flows from operating activities: Net income (loss) $ 184,131 $ 47,495 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, depletion and amortization 104,511 40,906 Amortization and write off of deferred financing costs and long-term debt discount 6,546 440 Share-based compensation 9,250 — Change in fair value of warrant liability (3,662 ) — Loss on extinguishment of debt 11,487 — Commodity derivative gains (39,037 ) — Interest rate derivative gains (110 ) — Net cash received for commodity derivative settlements 7,104 — Net cash paid for interest rate derivative settlements (209 ) — Deferred tax expense 1,631 — Deferred offering costs write off — 2,396 Change in operating assets and liabilities: Accrued revenue and accounts receivable, net (25,313 ) (27,697 ) Other prepaid assets (616 ) (97 ) Other long-term assets (3,652 ) — Accrued expenses and other liabilities (88,558 ) 1,673 Due to affiliates (380 ) 325 Other long-term liabilities 1,837 488 Net cash provided by operating activities 164,960 65,929 Cash flows from investing activities: Acquisition of Falcon, net of cash 4,484 — Acquisition of Brigham, net of cash 11,054 — Predecessor cash not contributed in the Falcon Merger (15,228 ) — Purchases of oil and gas properties (557,569 ) (38,470 ) Proceeds from sales of oil and gas properties — (137 ) Purchases of other property and equipment (840 ) (136 ) Net cash used in investing activities (558,099 ) (38,743 ) Cash flows from financing activities: Borrowings on credit facilities 348,895 147,000 Repayments on credit facilities (209,000 ) (46,500 ) Borrowings on Bridge Loan Facility 425,000 — Repayments on Bridge Loan Facility (425,000 ) — Bridge Loan Facility issuance costs (15,406 ) — Borrowings on 2026 Senior Notes 444,500 — Repayments on 2026 Senior Notes (11,250 ) — 2026 Senior Notes issuance costs (4,451 ) — Issuance of equity in consolidated subsidiary — 1,467 Capital contributions — 8,000 Distributions to partners — (67,500 ) Distributions to noncontrolling interest (13,318 ) (60,882 ) Dividends paid to Class A stockholders (18,165 ) — Distribution paid to Temporary Equity (115,375 ) — Dividend equivalent rights paid (579 ) — Payments of deferred financing costs (5,032 ) (1,588 ) Deferred initial public offering costs (61 ) (2,335 ) Other (1,180 ) — Net cash provided by (used in) financing activities 399,578 (22,338 ) Net change in cash and cash equivalents 6,439 4,848 Cash and cash equivalents, beginning of year 12,379 7,531 Cash and cash equivalents, end of year $ 18,818 $ 12,379 Non-GAAP financial measures Adjusted EBITDA, Pro Forma Adjusted EBITDA, Discretionary Cash Flow, Pro Forma Discretionary Cash Flow and Cash G&A are non-GAAP supplemental financial measures used by our management and by external users of our financial statements such as investors, research analysts and others to assess the financial performance of our assets and their ability to sustain dividends over the long term without regard to financing methods, capital structure or historical cost basis. We define Adjusted EBITDA as net income (loss) plus (a) interest expense, (b) provisions for taxes, (c) depreciation, depletion and amortization, (d) non-cash share-based compensation expense, (e) impairment of oil and natural gas properties, (f) gains or losses on unsettled derivative instruments, (g) change in fair value of the warrant liability, (h) write off of deferred offering costs, (i) management fee to affiliates, (j) loss on debt extinguishment (k) one-time transaction costs and (l) write off of financing costs. Adjusted EBITDA is not a measure determined by accounting principles generally accepted in the United States of America (“GAAP”). We define Discretionary Cash Flow as Adjusted EBITDA, less cash interest expense and cash taxes. We define Cash G&A as general and administrative expense less (a) non-cash share-based compensation expense (b) one-time transaction costs and (c) write off of financing costs. These non-GAAP financial measures do not represent and should not be considered an alternative to, or more meaningful than, their most directly comparable GAAP financial measures or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Non-GAAP financial measures have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP financial measure. Our computations of Adjusted EBITDA, Discretionary Cash Flow and Cash G&A may differ from computations of similarly titled measures of other companies. The following table presents a reconciliation of Adjusted EBITDA and Pro Forma Adjusted EBITDA to the most directly comparable GAAP financial measure for the period indicated (in thousands). Three Months Ended December 31, 2022 Net income $ 4,585 Interest expense, net 17,403 Income tax expense 475 Depreciation, depletion and amortization 37,209 EBITDA $ 59,672 Non-cash share-based compensation expense 4,303 Losses on unsettled derivative instruments 19,017 Change in fair value of warrant liability 180 One-time transaction costs 9,922 Adjusted EBITDA $ 93,094 Brigham Minerals EBITDA October 1 to December 28 76,367 Pro Forma Adjusted EBTIDA $ 169,461 The following table presents a reconciliation of Discretionary Cash Flow and Pro Forma Discretionary Cash Flow to the most directly comparable GAAP financial measure for the period indicated (in thousands). Three Months Ended December 31, 2022 Cash flow from operations $ (6,115 ) Interest expense, net 17,403 Income tax expense 475 Deferred tax benefit 1,014 Changes in operating assets and liabilities 71,522 Amortization of deferred financing costs and long-term debt discount (1,127 ) One-time transaction costs 9,922 Adjusted EBITDA $ 93,094 Less: Cash interest expense 15,641 Cash taxes — Discretionary Cash Flow $ 77,453 Brigham Minerals Discretionary Cash Flow October 1 to December 28 66,799 Pro Forma Discretionary Cash Flow $ 144,252 The following table presents a reconciliation of Cash G&A to the most directly comparable GAAP financial measure for the period indicated (in thousands). Three Months Ended December 31, 2022 General and administrative expense $ 18,182 Less: Non-cash share-based compensation expense 4,303 One-time transaction costs 9,922 Cash G&A $ 3,957 About Sitio Royalties Corp. Sitio is a shareholder returns-driven company focused on large-scale consolidation of high-quality oil & gas mineral and royalty interests across premium basins, with a diversified set of top-tier operators. With a clear objective of generating cash flow from operations that can be returned to stockholders and reinvested, Sitio has accumulated over 260,000 NRAs through the consummation of over 185 acquisitions to date. More information about Sitio is available at www.sitio.com. Forward Looking Statements This new release contains statements that may constitute “forward-looking statements” for purposes of federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about certain future plans, expectations and objectives for the Company’s operations, including statements about strategy, synergies, certain levels of production, future operations, financial position, prospects, and plans. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance, and financial condition to differ materially from our expectations and predictions. See “Risk Factors” in Sitio’s Annual Report on Form 10-K, for the year ended December 31, 2022 and other publicly filed documents with the SEC for a discussion of risk factors that affect Sitio’s business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. Sitio undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.

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STR Stock Spotlight: Why Sitio Royalties Is an Energy Play for the Long Haul

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Sitio Royalties Schedules Fourth Quarter 2022 Earnings Call

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Sitio Royalties Completes Its Merger With Brigham Minerals

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seekingalpha.com

Sitio Royalties and Brigham Minerals Announce Completion of Merger

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio” or the “Company”) and Brigham Minerals, Inc. (“Brigham”) today announced the successful completion of their merger, combining as Sitio Royalties Corp. The combination brings together two of the largest public companies in the mineral and royalty sector with complementary high-quality assets in the Permian Basin and other oil-focused regions, creating an industry leader with a proven track record of consolidating oil and gas mineral and royalty interests operated by a diverse set of E&P companies. About Sitio Royalties Corp. Sitio is a shareholder returns-driven company focused on large-scale consolidation of high-quality oil & gas mineral and royalty interests across premium basins, with a diversified set of top-tier operators. With a clear objective of generating cash flow from operations that can be returned to shareholders and reinvested, Sitio has accumulated over 260,000 NRAs through the consummation of over 185 acquisitions to date. More information about Sitio is available at www.sitio.com. Forward-Looking Statements This new release contains statements that may constitute “forward-looking statements” for purposes of federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Except as otherwise required by applicable law, Sitio disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. These statements include, but are not limited to, statements about the Company’s expected benefits of the merger between Sitio and Brigham; future dividends; and future plans, expectations, and objectives for the Company’s operations, including statements about strategy, synergies, future operations, financial position, prospects, and plans. Forward-looking statements are not guarantees of performance. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance, and financial condition to differ materially from our expectations and predictions. See “Risk Factors” in Sitio and Brigham’s joint consent solicitation statement/proxy statement/prospectus filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 23, 2022 for a discussion of risk factors related to the merger between Sitio and Brigham. Additional information concerning these and other factors that may impact Brigham’s and Sitio’s expectations and projections can be found in Brigham’s periodic filings with the SEC, including Brigham’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and Sitio’s periodic filings with the SEC, including Sitio’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, Part II, Item 1A “Risk Factors” in Sitio’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Brigham’s and Sitio’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

businesswire.com

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prnewswire.com

Sitio Royalties Corp. (STR) Q3 2022 Earnings Call Transcript

Start Time: 08:30 January 1, 0000 8:52 AM ET Sitio Royalties Corp. (NYSE:STR ) Q3 2022 Earnings Conference Call November 09, 2022, 08:30 AM ET Company Participants Chris Conoscenti - CEO Ross Wong - Senior Director of Corporate Finance and IR Conference Call Participants Jeanine Wai - Barclays Noel Parks - Tuohy Brothers Operator Ladies and gentlemen, welcome to the Sitio Royalties Third Quarter 2022 Earnings Call. My name is Grant, and I'll be monitoring today's call.

seekingalpha.com

Sitio Royalties Reports Third Quarter 2022 Operational and Financial Results

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”, "STR" or the “Company”) today announced operational and financial results for the quarter ended September 30, 2022. THIRD QUARTER 2022 OPERATIONAL AND FINANCIAL HIGHLIGHTS Average daily production volume of 17,990 barrels of oil equivalent per day ("Boe/d"), (51% oil), up 45% sequentially from 2Q 2022; Pro forma average daily production volume of 18,571 Boe/d, including Momentum Minerals volumes for the entire 3Q 2022 Net income of $69.0 million, down 4% sequentially from 2Q 2022 and cash flow from operations of $82.6 million, up 89% sequentially from 2Q 2022 Adjusted EBITDA of $106.3 million(1), up 38% sequentially from 2Q 2022 and Discretionary Cash Flow ("DCF")(1) of $93.4 million, up 24% sequentially from 2Q 2022 Declared 3Q 2022 dividend of $0.72 per share of Class A Common Stock; implied annualized dividend yield of 9.4% based on STR's Class A Common Stock closing price of $30.64 on November 7, 2022 131.1 net producing wells online as of September 30, 2022, a sequential increase from 2Q 2022 of 4.3 net wells, or 3.4%(2) 4.1 net wells turned-in-line ("TIL") during 3Q 2022, approximately 95% of which were in the Permian Basin 26.7 net line-of-sight ("LOS") wells as of September 30, 2022, comprised of 15.9 net spuds and 10.8 net permits, with approximately 91% of total net LOS wells in the Permian Basin Closed previously announced acquisition of over 12,200 net royalty acres from Momentum Minerals in July 2022 for approximately $213 million after purchase price adjustments Signed definitive agreement to merge with Brigham Minerals in an at-market, all-stock transaction, which is expected to close in 1Q 2023 pending customary closing conditions and approvals Issued $450 million of senior unsecured notes due 2026 and used a portion of the proceeds to fully repay outstanding amounts on the Company's $425 million 364-day Bridge Term Loan In August of 2022, Sitio provided financial and operational guidance for the second half 2022. Third quarter 2022 results relative to guidance for the second half of 2022 are shown in the table below. 2H 2022 Guidance Metric 3Q 2022 Results 2H 2022 Guidance 2022 Average daily production (Mboe/d) 18.0 18.0 – 19.0 2022 Average daily production (% oil) 51.1% 50.0% – 53.0% 2022 Gathering and transportation ($/Boe) $1.33 $1.15 – $1.65 Cash G&A ($ in millions)(1) $4.6 $15.0-$16.5(annualized) 2022 Production taxes (% of royalty revenue) 7% 7% – 9% 2022 Cash tax rate (% of pre-tax income) 2% 2% – 4% (1) Adjusted EBITDA, Discretionary Cash Flow and Cash G&A are non-GAAP financial measures. For definitions of such measures and reconciliations to their most directly comparable GAAP financial measures, please see “Non-GAAP financial measures.” (2) 2Q 2022 net producing wells online included interests acquired from Momentum Minerals, which closed in July of 2022. Chris Conoscenti, Chief Executive Officer of Sitio commented, “The third quarter was another impressive demonstration of the Sitio team’s focus on building long-term shareholder value by continuing large-scale consolidation of the highly-fragmented minerals and royalties space. We closed on our previously announced acquisition of approximately 12,200 NRAs in the Permian Basin from Momentum Minerals in July and we announced the all-stock merger with Brigham Minerals in September which will add over 85,000 NRAs to our portfolio, half of which are in the Permian Basin. In addition to executing on the largest minerals M&A transaction to date, our current asset base generated another quarter of compelling financial results, with increased per share metrics for Discretionary Cash Flow and dividends despite approximately 14% lower unhedged commodity prices than the second quarter on a per barrel of oil equivalent basis. Activity on our assets has been resilient and line-of-sight wells continue to be at the highest levels in our Company's history and operated by a balanced mix of well-capitalized public and private E&P companies.” OPERATOR ACTIVITY AND MERGERS AND ACQUISITIONS UPDATE During the third quarter of 2022, the Company estimates that there were 4.1 net wells turned-in-line and that as of September 30, 2022, there were 26.7 net LOS wells comprised of 15.9 net spuds and 10.8 net permits on the Company's acreage, approximately the same number of net LOS wells as of June 30, 2022. Third quarter 2022 daily production volume averaged 17,990 Boe/d, which included a full quarter of production from assets acquired from Foundation Minerals and 66 days of production from assets acquired from Momentum Minerals. Pro forma for a full quarter of production from the assets acquired from Momentum Minerals, third quarter 2022 daily production averaged 18,571 Boe/d. Sitio completed its acquisition of more than 12,200 NRAs from Momentum Minerals on July 26, 2022 and on September 6, 2022, announced signing of a definitive agreement for an all-stock merger with Brigham Minerals, which would materially enhance Sitio's scale to more than 259,000 NRAs, improve margins, reduce leverage and increase public float by nearly 6 times to approximately $2 billion. On October 11, 2022, Snapper Merger Sub I, Inc., a Delaware corporation and a wholly owned subsidiary of Sitio (“New Sitio”) filed a registration statement on Form S-4 related to the Brigham merger with the SEC. While the registration statement has not yet become effective and the information contained therein is subject to change, it provides important information about the transaction and the proposals to be considered by the shareholders of Brigham and Sitio. Sitio expects the transaction to close in 1Q 2023, subject to customary closing conditions, including regulatory clearance and approvals by the shareholders of Sitio and Brigham. The following table summarizes Sitio's net average daily production, net wells and net royalty acres by area: Delaware Midland Eagle Ford Appalachia Total Average Daily Production (Boe/d) As reported for the three months ended September 30, 2022 10,943 3,719 2,440 888 17,990 % Oil 48 % 69 % 57 % 3 % 51 % Net Well Activity (normalized to 5,000' laterals) Net wells online as of September 30, 2022 71.8 22.6 33.4 3.3 131.1 Net wells TIL for the three months ended September 30, 2022 1.6 2.3 0.2 - 4.1 Net LOS wells as of September 30, 2022 14.4 9.9 2.4 - 26.7 Spuds 7.1 7.6 1.2 0.0 15.9 Permits 7.3 2.3 1.2 - 10.8 Net Royalty Acres (normalized to 1/8th royalty equivalent) June 30, 2022 102,200 25,200 21,800 12,400 161,600 September 30, 2022 110,300 29,500 21,500 12,500 173,800 NRA Increase since June 30, 2022 8,100 4,300 (300 ) 100 12,200 FINANCIAL UPDATE Sitio's third quarter 2022 average unhedged realized prices including all expected quality, transportation and demand adjustments were $93.81 per barrel of oil, $6.55 per Mcf of natural gas and $31.98 per barrel of natural gas liquids, for a total equivalent price of $65.71 per barrel of oil equivalent. During the third quarter, the Company received $2.7 million in net cash settlements for commodity derivative contracts and as a result, average hedged realized prices were $97.32 per barrel of oil, $6.46 per Mcf of natural gas and $31.98 per barrel of natural gas liquids, for a total equivalent price of $67.36 per barrel of oil equivalent. This represents an $8.92 per barrel of oil equivalent, or a 12% decrease relative to hedged realized prices for the three months ended June 30, 2022. Consolidated net income for the third quarter of 2022 was $69.0 million, a decrease of 4% relative to the second quarter of 2022. Consolidated net income was positively impacted by a $32.0 million non-cash hedging gain from Sitio's commodity derivative contracts and partially offset by increased interest expense of $13.0 million and increased general and administrative expenses of $6.7 million, which were driven primarily by $4.8 million of costs related to one-time transactions and write off of financing costs. For the three months ended September 30, 2022, Adjusted EBITDA was $106.3 million, up 39% from the three months ended June 30, 2022 primarily due to increased production volumes and partially offset by lower commodity prices. As of September 30, 2022, the Company had $677.0 million of total debt (comprised of $227.0 million drawn on its revolving credit facility and $450.0 million of senior unsecured notes) and liquidity of $83.8 million, including $10.8 million of cash on hand. In late September of 2022, the Company issued $450.0 million of senior unsecured notes and used the net proceeds to fully pay down its $425.0 million 364-day unsecured term loan and for general corporate purposes. As of September 30, 2022, Sitio was in compliance with all financial covenants of its outstanding debt instruments. Oil (NYMEX WTI) 4Q22 2023 2024 1H25 Swaps Bbl per day 2,200 3,050 3,300 1,100 Average price ($/Bbl) $ 106.31 $ 93.71 $ 82.66 $ 74.65 Collars Bbl per day — — — 2,000 Average call ($/Bbl) — — — $ 93.20 Average put ($/Bbl) — — — $ 60.00 Gas (NYMEX Henry Hub) 4Q22 2023 2024 1H25 Swaps MMBtu per day 500 500 500 — Average price ($/MMBtu) $ 4.63 $ 3.83 $ 3.41 — Collars MMBtu per day 6,000 8,500 11,400 11,600 Average call ($/MMBtu) $ 9.69 $ 7.93 $ 7.24 $ 10.34 Average put ($/MMbtu) $ 6.00 $ 4.82 $ 4.00 $ 3.31 GUIDANCE UPDATE After reviewing completed third quarter 2022 results, the Company is increasing average daily production to 32,750 – 34,250 Boe/d, increasing Cash G&A to $22.0 – $23.0 million, decreasing production taxes to 6% – 8% of royalty revenue and reaffirming guidance for all other metrics for the twelve months ending June 30, 2023 on a pro forma combined basis for the Brigham Minerals merger, which is shown in the table below. For the twelve months ending June 30, 2023 Low High Average Daily Production Average daily production (Boe/d) 32,750 34,250 Average daily production (% oil) 49 % 51 % Revenue Deductions, Expenses and Taxes Gathering and transportation ($/Boe) $ 1.25 $ 1.75 Cash G&A ($ in millions) $ 22.0 $ 23.0 Production taxes (% of royalty revenue) 6 % 8 % Cash tax rate (% of pre-tax income) 10 % 12 % THIRD QUARTER CASH DIVIDEND The Company's Board of Directors declared a cash dividend of $0.72 per share of Class A Common Stock with respect to the third quarter of 2022. The dividend is payable on November 30, 2022 to the stockholders of record at the close of business on November 21, 2022. THIRD QUARTER 2022 EARNINGS CONFERENCE CALL Sitio will host a conference call at 8:30 a.m. Eastern on Wednesday, November 9, 2022 to discuss its third quarter 2022 operating and financial results. Participants can access the call by dialing 1-844-200-6205 in the United States or 1-929-526-1599 in other locations with access code 835942 or via webcast at https://events.q4inc.com/attendee/152608414. The conference call, live webcast and archive of the call can also be accessed through the Investor Relations section of Sitio’s website at www.sitio.com. UPCOMING INVESTOR CONFERENCE Members of Sitio's management team will be attending the Capital One Securities 17th Annual Energy Conference on December 6, 2022. Presentation materials associated with this event will be accessible through the Investor Relations section of Sitio's website at www.sitio.com. FINANCIAL RESULTS Production Data Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Production Data: Crude oil (MBbls) 846 363 1,969 783 Natural gas (Mmcf) 2,916 1,290 6,481 3,244 NGLs (MBbls) 323 140 760 320 Total (MBOE)(6:1) 1,655 718 3,809 1,644 Average daily production (BOE/d)(6:1) 17,990 7,810 13,950 6,021 Average Realized Prices: Crude oil (per Bbl) $ 93.81 $ 66.61 $ 98.12 $ 62.63 Natural gas (per Mcf) $ 6.55 $ 3.74 $ 6.05 $ 3.43 NGLs (per Bbl) $ 31.98 $ 29.43 $ 36.68 $ 28.31 Combined (per BOE) $ 65.71 $ 46.14 $ 68.33 $ 42.11 Average Realized Prices After Effects of Derivative Settlements: Crude oil (per Bbl) $ 97.32 $ 66.61 $ 99.48 $ 62.63 Natural gas (per Mcf) $ 6.46 $ 3.74 $ 5.99 $ 3.43 NGLs (per Bbl) $ 31.98 $ 29.43 $ 36.68 $ 28.31 Combined (per BOE) $ 67.36 $ 46.14 $ 68.93 $ 42.11 Selected Expense Metrics Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 Severance and ad valorem taxes 6.6 % 6.9 % Depreciation, depletion and amortization ($/Boe) $ 19.34 $ 17.67 General and administrative ($/Boe) $ 8.08 $ 6.33 Cash general and administrative ($/Boe) $ 2.80 $ 2.94 Interest expense, net ($/Boe) $ 9.05 $ 4.75 Condensed Consolidated Balance Sheets (In thousands except par and share amounts) September 30, December 31, 2022 2021 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 10,812 $ 12,379 Accrued revenue and accounts receivable, net 83,514 36,202 Prepaid assets 1,297 235 Derivative asset 22,531 — Total current assets 118,154 48,816 Property and equipment Oil and natural gas properties, successful efforts method: Unproved properties 1,473,142 817,873 Proved properties 1,042,257 447,369 Other property and equipment 3,201 8,187 Accumulated depreciation, depletion and amortization (186,004 ) (121,536 ) Net oil and gas properties and other property and equipment 2,332,596 1,151,893 Other long-term assets Long-term derivative asset 28,888 — Deferred financing costs 6,131 2,145 Other long-term assets 648 — Total long-term assets 35,667 2,145 TOTAL ASSETS $ 2,486,417 $ 1,202,854 LIABILITIES AND EQUITY Current liabilities Accounts payable and accrued expenses $ 15,877 $ 4,140 Due to affiliates — 442 Warrant liability 2,770 — Derivative liability 150 — Total current liabilities 18,797 4,582 Long-term liabilities Long-term debt 666,834 134,000 Deferred tax liability 4,782 — Deferred rent 1,138 1,129 Total long-term liabilities 672,754 135,129 Total liabilities 691,551 139,711 Temporary equity 1,573,201 — Equity — — Class A Common Stock, par value $0.0001 per share; 240,000,000 shares authorized; 12,706,082 and 0 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 1 — Class C Common Stock, par value $0.0001 per share; 120,000,000 shares authorized; 71,134,752 and 0 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 7 — Additional paid-in capital 221,819 — Accumulated deficit (162 ) — Partners' Capital — 560,622 Noncontrolling interests — 502,521 Total equity 221,665 1,063,143 TOTAL LIABILITIES, TEMPORARY EQUITY AND EQUITY $ 2,486,417 $ 1,202,854 Unaudited Condensed Consolidated Statements of Income (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenue: Oil, natural gas and natural gas liquids revenues $ 108,761 $ 33,152 $ 260,219 $ 69,221 Lease bonus and other income 6,736 557 9,445 1,207 Total revenues 115,497 33,709 269,664 70,428 Operating expenses: Management fees to affiliates — 1,870 3,241 5,610 Depreciation, depletion and amortization 32,005 12,813 67,302 28,614 General and administrative 13,381 954 24,043 2,232 General and administrative - affiliates — 1,686 74 4,903 Severance and ad valorem taxes 7,215 2,192 18,019 4,766 Total operating expenses 52,601 19,515 112,679 46,125 Net income from operations 62,896 14,194 156,985 24,303 Other expense: Interest expense, net (14,986 ) (276 ) (18,096 ) (800 ) Change in fair value of warrant liability 536 — 3,842 — Loss on extinguishment of debt (11,487 ) — (11,487 ) — Commodity derivatives gains 34,613 — 53,508 — Income before income tax expense 71,572 13,918 184,752 23,503 Income tax expense (2,561 ) (143 ) (5,206 ) (233 ) Net income 69,011 13,775 179,546 23,270 Net income attributable to Predecessor(3) — (13,775 ) (78,104 ) (23,270 ) Net income attributable to temporary equity (59,872 ) — (86,143 ) — Net income attributable to Class A stockholders $ 9,139 $ — $ 15,299 $ — (3) The Falcon Merger was accounted for as a reverse merger and a business combination for accounting purposes using the acquisition method of accounting with Desert Peak Minerals as the accounting acquirer. As such, the historical financial information included herein are based on the financial statements of Desert Peak Mineral's predecessor, Kimmeridge Mineral Fund, LP (“KMF” or the “Predecessor”) prior to our corporate reorganization. KMF is the entity where the Company's historical financial statements were generated. Prior the Falcon Merger, Desert Peak Minerals was consolidated into the results of KMF. Unaudited Condensed Consolidated Statements of Cash Flow (In thousands) Nine Months Ended September 30, 2022 2021 Cash flows from operating activities: Net income $ 179,546 $ 23,270 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 67,302 28,614 Amortization and write off of deferred financing costs and long-term debt discount 5,419 247 Share-based compensation 4,947 — Change in fair value of warrant liability (3,842 ) — Loss on extinguishment of debt 11,487 — Commodity derivative gains (53,508 ) — Net cash received for derivative settlements 2,239 — Deferred tax expense 2,645 — Change in operating assets and liabilities: Accrued revenue and accounts receivable, net (29,785 ) (13,606 ) Other prepaid assets (1,903 ) (187 ) Other long-term assets (115 ) — Accrued expenses and other liabilities (12,986 ) 451 Due to affiliates (380 ) 1,810 Other long-term liabilities 9 (36 ) Net cash provided by operating activities 171,075 40,563 Cash flows from investing activities: Acquisition of Falcon, net of cash 4,484 — Predecessor cash not contributed in the Falcon Merger (15,229 ) — Purchases of oil and gas properties (558,062 ) (26,834 ) Proceeds from sales of oil and gas properties — (103 ) Purchases of other property and equipment (819 ) — Net cash used in investing activities (569,626 ) (26,937 ) Cash flows from financing activities: Borrowings on Revolving Credit Facility 196,895 20,000 Repayments on Revolving Credit Facility (147,000 ) (41,600 ) Borrowings on Bridge Loan Facility 425,000 — Repayments on Bridge Loan Facility (425,000 ) — Bridge Loan Facility issuance costs (14,909 ) — Borrowings on 2026 Senior Notes 444,500 — 2026 Senior Notes issuance costs (4,169 ) — Issuance of equity in consolidated subsidiary — 1,467 Capital contributions — 8,000 Distributions to noncontrolling interests (13,318 ) — Dividends paid to Class A stockholders (9,017 ) — Distribution paid to Temporary Equity (50,510 ) — Dividend equivalent rights paid (283 ) — Payments of deferred financing costs (3,964 ) (195 ) Deferred initial public offering costs (61 ) (179 ) Other (1,180 ) — Net cash provided by (used) in financing activities 396,984 (12,507 ) Net change in cash and cash equivalents (1,567 ) 1,119 Cash and cash equivalents, beginning of year 12,379 7,531 Cash and cash equivalents, end of period $ 10,812 $ 8,650 Non-GAAP financial measures Adjusted EBITDA, Discretionary Cash Flow and Cash G&A are non-GAAP supplemental financial measures used by our management and by external users of our financial statements such as investors, research analysts and others to assess the financial performance of our assets and their ability to sustain dividends over the long term without regard to financing methods, capital structure or historical cost basis. We define Adjusted EBITDA as net income (loss) plus (a) interest expense, (b) provisions for taxes, (c) depreciation, depletion and amortization, (d) non-cash share-based compensation expense, (e) impairment of oil and natural gas properties, (f) gains or losses on unsettled derivative instruments, (g) change in fair value of the warrant liability, (h) write off of deferred offering costs, (i) management fee to affiliates, (j) loss on debt extinguishment (k) one-time transaction costs and (l) write off of financing costs. Adjusted EBITDA is not a measure determined by accounting principles generally accepted in the United States of America (“GAAP”). We define Discretionary Cash Flow as Adjusted EBITDA, less cash interest expense and cash taxes. We define Cash G&A as general and administrative expense less (a) non-cash share-based compensation expense (b) one-time transaction costs and (c) write off of financing costs. These non-GAAP financial measures do not represent and should not be considered an alternative to, or more meaningful than, their most directly comparable GAAP financial measures or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Non-GAAP financial measures have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP financial measure. Our computations of Adjusted EBITDA, Discretionary Cash Flow and Cash G&A may differ from computations of similarly titled measures of other companies. The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure for the period indicated (in thousands). Three Months Ended September 30, 2022 Net income $ 69,011 Interest expense, net 14,986 Income tax expense 2,561 Depreciation, depletion and amortization 32,005 EBITDA $ 118,563 Non-cash share-based compensation expense 3,969 Gains on unsettled derivative instruments (31,954 ) Change in fair value of warrant liability (536 ) Loss on debt extinguishment 11,487 One-time transaction costs 3,599 Write off of financing costs 1,180 Adjusted EBITDA $ 106,308 The following table presents a reconciliation of Discretionary Cash Flow to the most directly comparable GAAP financial measure for the period indicated (in thousands). Three Months Ended September 30, 2022 Cash flow from operations $ 82,644 Interest expense, net 14,986 Income tax expense 2,561 Deferred tax expense (2,512 ) Changes in operating assets and liabilities 8,692 Amortization of deferred financing costs and long-term debt discount (3,662 ) One-time transaction costs 3,599 Adjusted EBITDA $ 106,308 Less: Cash interest expense 11,516 Cash taxes 1,389 Discretionary Cash Flow $ 93,403 The following table presents a reconciliation of Cash G&A to the most directly comparable GAAP financial measure for the period indicated (in thousands). Three Months Ended September 30, 2022 General and administrative expense $ 13,381 Less: Non-cash share-based compensation expense 3,969 One-time transaction costs 3,599 Write off of financing costs 1,180 Cash G&A $ 4,633 About Sitio Royalties Corp. Sitio is a shareholder returns-driven company focused on large-scale consolidation of high-quality oil & gas mineral and royalty interests across premium basins, with a diversified set of top-tier operators. With a clear objective of generating cash flow from operations that can be returned to stockholders and reinvested, Sitio has accumulated over 173,000 NRAs through the consummation of over 180 acquisitions to date. More information about Sitio is available at www.sitio.com. Forward-Looking Statements This news release contains statements that may constitute “forward-looking statements” for purposes of federal securities laws, including communication relating to proposed business combination transactions (the "Merger") between Brigham and Sitio. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about expected benefits of acquisitions as well as future plans, expectations and objectives for Sitio's operations, including statements about strategy, synergies, future operations, financial position, prospects, and plans. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance, and financial condition to differ materially from our expectations and predictions. Additional information concerning these and other factors that may impact Sitio’s and Brigham’s expectations and projections can be found in Sitio’s periodic filings with the SEC, including Sitio’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, Part II, Item 1A “Risk Factors” in Sitio’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and Brigham’s periodic filings with the SEC, including Brigham’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Sitio’s and Brigham’s SEC filings are available publicly on the SEC’s website at www.sec.gov. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. Sitio undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law. No Offer or Solicitation This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the Merger or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Important Additional Information In connection with the Merger, New Sitio filed a registration statement on Form S-4 with the SEC, which includes a proxy statement of Brigham, a consent solicitation statement of Sitio and a prospectus of New Sitio. The Merger will be submitted to Brigham’s stockholders for their consideration. Brigham, Sitio and New Sitio may also file other documents with the SEC regarding the Merger. After the registration statement has been declared effective by the SEC, a definitive consent solicitation statement/proxy statement/prospectus will be mailed to the shareholders of Brigham and Sitio. This document is not a substitute for the registration statement and consent solicitation statement/proxy statement/prospectus that New Sitio filed with the SEC or any other documents that Brigham, Sitio or New Sitio may file with the SEC or send to stockholders of Brigham or Sitio in connection with the Merger. INVESTORS AND STOCKHOLDERS OF BRIGHAM AND SITIO ARE URGED TO READ THE REGISTRATION STATEMENT AND THE CONSENT SOLICITATION STATEMENT/PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS. Investors and shareholders may obtain free copies of the registration statement and the consent solicitation statement/proxy statement/prospectus and all other documents filed or that will be filed with the SEC by Brigham, Sitio or New Sitio, through the website maintained by the SEC at http://www.sec.gov. Participants in the Solicitation Sitio, Brigham and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Brigham’s stockholders in connection with the Merger. Information regarding the directors and executive officers of Brigham is set forth in Brigham’s Definitive Proxy Statement on Schedule 14A for its 2022 Annual Meeting of Stockholders, which was filed with the SEC on April 13, 2022. Information regarding the directors and executive officers of Sitio is set forth in Sitio’s Definitive Proxy Statement on Schedule 14A for its Special Meeting of Stockholders, which was filed with the SEC on May 5, 2022, and certain of its Current Reports on Form 8-K. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is and will be contained in the registration statement, the consent solicitation statement/proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents through the website maintained by the SEC at http://www.sec.gov.

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Midstream Weekly Recap: Midstream Screams Higher With Energy Equities And Commodities

This week saw energy equities trounce other stock sectors, with midstream gaining 3.9%. OPEC's production cut bolstered investor confidence that bullish oil fundamentals would be supported.

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Sitio Royalties Schedules Third Quarter 2022 Earnings Call

DENVER--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (“Sitio”) today announced that it will report operating and financial results for the third quarter of 2022 on Tuesday, November 8, 2022, after the close of trading on the New York Stock Exchange. Sitio will host a conference call at 8:30 a.m. Eastern on Wednesday, November 9, 2022 to discuss its third quarter 2022 operating and financial results. Participants can access the call by dialing 1-844-200-6205 in the United States or 1-929-526-1599 in other locations with access code 835942 or via webcast at https://events.q4inc.com/attendee/152608414. The conference call, live webcast and archive of the call can also be accessed through the Investor Relations section of Sitio’s website at www.sitio.com. About Sitio Royalties Corp. Sitio is a shareholder returns-driven company focused on large-scale consolidation of high-quality oil & gas mineral and royalty interests across premium basins, with a diversified set of top-tier operators. With a clear objective of generating cash flow from operations that can be returned to shareholders and reinvested, Sitio has accumulated over 173,000 net royalty acres (“NRAs,” when normalized to a 1/8th royalty equivalent) through the consummation of over 180 acquisitions to date, after giving effect to the completion of all signed transactions to date. More information about Sitio is available at www.sitio.com. Forward Looking Statements This new release contains statements that may constitute “forward-looking statements” for purposes of federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance, and financial condition to differ materially from our expectations and predictions. See “Risk Factors” in Sitio’s publicly filed documents with the SEC for a discussion of risk factors that affect Sitio’s business. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. Sitio undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.

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Sitio Royalties: Reasons For Being Undervalued

As a result of the OPEC plus announcement to decrease oil production by 2 million barrels per day, WTI crude oil price increased to $92 per barrel. As a result of the merger with Brigham, Sitio's NRAs in the Permian Basin will increase by 31%.

seekingalpha.com

BRIGHAM MINERALS INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Merger of Brigham Minerals, Inc. - MNRL

NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed merger of Brigham Minerals, Inc. (NYSE: MNRL) (the “Company”) with Sitio Royalties Corp. (NYSE: STR). Under the terms of the proposed transaction, shareholders of Brigham will receive a fixed exchange ratio of 1.133 shares of common stock in the combined company for each share of Brigham that they own. KSF is seeking

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