Sitio Royalties Reports Third Quarter 2024 Operational and Financial Results

Business Wire11-07

Company reports production above guidance range with strong operator activity in Permian and DJ Basins 2024 outlook enhanced through legacy asset outperformance and impact of five acquisitions closed ...

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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sitio Royalties Reports Third Quarter 2024 Operational and Financial Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSitio Royalties Reports Third Quarter 2024 Operational and Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-07 05:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/sitio-royalties-reports-third-quarter-210500993.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Company reports production above guidance range with strong operator activity in Permian and DJ Basins\n2024 outlook enhanced through legacy asset outperformance and impact of five acquisitions closed ...</p>\n\n<a href=\"https://finance.yahoo.com/news/sitio-royalties-reports-third-quarter-210500993.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4213","symbol_name":"石油与天然气的勘探与生产","start_time":0,"source_url":"https://finance.yahoo.com/news/sitio-royalties-reports-third-quarter-210500993.html","article_id":"2481951364","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/cQAJeyN7Vo4nuL5aPtu6MA--~B/aD0zOTQ7dz0xMTUxO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/af95e83380ef28354dfa55daced3d772"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481951364","pubTimestamp":1730927100,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Company reports production above guidance range with strong operator activity in Permian and DJ Basins. 2024 outlook enhanced through legacy asset outperformance and impact of five acquisitions closed in third quarter. Line of sight wells increased 11% Q-o-Q with higher operator activity and permitting in the Midland and DJ Basins. Long-term debt reduced by approximately $56.5 million during the quarter. Third quarter total return of capital of $0.47 per share, includes $29.0 million in common stock repurchases and planned payment of $0.28 per share dividend. Recorded third quarter production above full year guidance range, 38,585 barrels of oil equivalent per day  . \"We continued our streak of sound results, beating expectations for the third consecutive quarter. This allowed us to strengthen our full-year 2024 outlook with higher volumes and cash costs that are down by approximately 4% year-over-year,\" said Sitio CEO Chris Conoscenti. \"We are proving the resiliency of our business mo","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4213":"石油与天然气的勘探与生产","STR":"Sitio Royalties Corp."},"translate_title":"Sitio Royalties报告2024年第三季度运营和财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"STR":0.9},"content_text":"Company reports production above guidance range with strong operator activity in Permian and DJ Basins\n2024 outlook enhanced through legacy asset outperformance and impact of five acquisitions closed in third quarter\nLine of sight wells increased 11% Q-o-Q with higher operator activity and permitting in the Midland and DJ Basins\nLong-term debt reduced by approximately $56.5 million during the quarter\nThird quarter total return of capital of $0.47 per share, includes $29.0 million in common stock repurchases and planned payment of $0.28 per share dividend\nDENVER, November 06, 2024--(BUSINESS WIRE)--Sitio Royalties Corp. (NYSE: STR) (\"Sitio\", \"STR\" or the \"Company\") today announced third quarter 2024 operational and financial results. Robust production, coupled with strong year-to-date performance and the positive impact from five recent acquisitions, allowed the Company to enhance its 2024 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, November 7, 2024. Participation details can be found within this release.\nHIGHLIGHTS\n\nPosted third quarter net income of $27.9 million and Adjusted EBITDA of $135.4 million. Financial results reflected strong production volumes from legacy assets and recent acquisitions\n\n\nRecorded third quarter production above full year guidance range, 38,585 barrels of oil equivalent per day (\"Boe/d\") (50% oil)\n\n\nReduced long-term debt by approximately $56.5 million during the period with the Company’s quarter-end credit facility balance at $403.0 million and liquidity of $455.5 million\n\n\nOngoing benefit of diversified asset base, exposure to quality operators across top domestic basins and track record of value-add acquisitions. Line of sight (\"LOS\") wells increased 11% quarter-over-quarter and there were 7.7 net wells turned-in-line, providing high confidence in sustainable business model\n\n\nContinued to return cash to shareholders and enhance value on a per share basis; Sitio to return $0.47 per share of Class A Common Stock, comprised of a $0.28 per share cash dividend (payable November 27, 2024), and $0.19 per share of stock repurchases; Year-to-date, the buyback program has reduced outstanding shares by 3% and total return of capital (including dividends and stock repurchases) is $1.67 per share\n\n\nRepurchased 1.4 million shares of Class A Common Stock during the quarter ($21.47 per share avg. price); Repurchases year-to-date total $105.2 million with $94.8 million authorization remaining as of September 30, 2024\n\n\"We continued our streak of sound results, beating expectations for the third consecutive quarter. This allowed us to strengthen our full-year 2024 outlook with higher volumes and cash costs that are down by approximately 4% year-over-year,\" said Sitio CEO Chris Conoscenti. \"We are proving the resiliency of our business model and offer investors an attractive option to own quality and high margin oil and gas assets across several of the best basins in the U.S. Through disciplined acquisitions and effective management of our resources, we are differentiating Sitio from its peers. The recent expansion of our line-of-sight wells and healthy operating activity levels today provide us with high-confidence in our ability to deliver value for our shareholders.\"\nTHIRD QUARTER 2024 FINANCIAL AND OPERATING RESULTS\nNet income in the quarter was $27.9 million and Adjusted EBITDA was $135.4 million. Financial performance benefited from robust production from legacy assets and the impact of recent acquisitions.\nThird quarter production exceeded full year 2024 guidance, averaging 38,585 Boe/d (50% oil and 72% liquids). Oil production for the period was 19,134 Bbl/d and was positively impacted by strong revenues from the Delaware, Midland and DJ Basins.\nAverage realized commodity prices during the third quarter were $74.67 per Bbl for oil (98% of NYMEX WTI and Midland Oil), $17.11 per Bbl for natural gas liquids, and $0.45 per Mcf for natural gas (21% of NYMEX Henry Hub; $0.90 per Mcf above Waha). Total average realized price for the period was $41.65 per barrel of oil equivalent (\"Boe\") on an unhedged basis. Realized prices benefited from approximately $4.3 million in net cash settlements for commodity derivative contracts and total average realized price for the period was $42.85 per Boe on a hedged basis.\nGeneral and administrative expenses was $14.4 million and Cash G&A in the period was in-line with expectations at $7.8 million, or $2.20 per Boe. With Sitio’s diverse asset base and exposure to multiple operators, the Company benefits from industry’s continued innovation and operational efficiency gains. Sitio believes that many of these gains are sustainable and will positively impact future margins.\n3Q 2024 AND YTD PRO FORMA RESULTS VS. PRIOR 2024 FY GUIDANCE\nThe table below shows third quarter 2024 and pro forma 2024 results for the three months ended September 30, 2024 relative to the prior full year guidance previously issued on August 7, 2024. Primarily as a result of our legacy asset outperformance and the impact of recent acquisitions, we are providing updated full year guidance later in this press release under \"Updated 2024 Full Year Financial and Operational Guidance.\"\n\n\n\nMetric\n\n3Q 2024Reported Results\n\nYTD24Pro Forma Results(1)\n\nPrior 2024 FYGuidance(1)\n\n\nAverage daily production (Boe/d)\n\n\n38,585\n\n\n\n38,595\n\n\n36,000 – 38,000\n\n\nOil %\n\n\n50\n%\n\n\n50\n%\n\n49% – 51%\n\n\n\n\n\n\n\n\n\n\n\nCash G&A ($ in millions)\n\n$\n7.8\n\n\n$\n22.6\n\n\n$31.5 – $33.5 (annual)\n\n\nProduction taxes (% of royalty revenue)\n\n\n6.9\n%\n\n\n7.7\n%\n\n7.5% – 9.5%\n\n\nEstimated cash taxes ($ in millions)(2)\n\n$\n4.6\n\n\n$\n13.9\n\n\n$9.0 – $15.0 (annual)\n\n\n\n\n\n\n(1)\n\nIncludes production from the DJ Basin Acquisition as if it was owned on January 1, 2024; The DJ Basin Acquisition is defined as the all-cash acquisition of approximately 13,000 NRAs in the DJ Basin from an undisclosed third party that closed on April 4, 2024\n\n\n\n\n\n\n\n(2)\n\nCash tax guidance is based on strip pricing when guidance was issued; Estimated cash taxes for YTD24 Pro Forma Results represents the estimated cash taxes used in the calculation of Discretionary Cash Flow and is not pro forma for the DJ Basin Acquisition\n\n\n\nUPDATED 2024 FULL YEAR FINANCIAL AND OPERATIONAL GUIDANCE\nThe table below includes Sitio's updated guidance for full year 2024 and includes impacts from the DJ Basin Acquisition as if the transaction had closed on January 1, 2024 for pro forma average daily production. Sitio today enhanced its full-year 2024 outlook and raised the midpoint of its pro forma average daily production range by 1,000 Boe/d due to robust legacy production year-to-date and expected impacts from five recent acquisitions. The midpoint of 2024 guidance for cash taxes increased by $7.0 million based on latest estimates.\n\n\n\nFull Year 2024 Guidance\nAugust 7, 2024\n\nNovember 6, 2024\n\nChange at Midpoint\n\n\nPro Forma Average Daily Production(1)\n\n\n\n\n\n\n\nPro forma average daily production (Boe/d)(1)\n36,000 - 38,000\n\n37,000 - 39,000\n\n\n1,000\n\n\n\nPro forma average daily production (% oil)(1)\n49% - 51%\n\n49% - 51%\n\n\n-\n\n\n\n\n\n\n\n\n\n\n\nExpenses and Taxes\n\n\n\n\n\n\n\nCash G&A ($ in millions)\n$31.5 - $33.5\n\n$30.0 - $32.0\n\n$\n(1.5\n)\n\n\nProduction taxes (% of royalty revenue)\n7.5% - 9.5%\n\n7.5% - 9.5%\n\n\n-\n\n\n\nCash taxes ($ in millions)(2)\n$9.0 - $15.0\n\n$17.0 - $21.0\n\n$\n7.0\n\n\n\n\n\n\n\n(1)\n\nIncludes production from the DJ Basin Acquisition as if it was owned on January 1, 2024\n\n\n\n\n\n\n\n(2)\n\nCash tax guidance range is based on expectations at strip pricing when guidance was issued\n\n\n\nOPERATOR ACTIVITY\nThe following table summarizes Sitio's net average daily production and net line-of-sight (\"LOS\") wells by area.\n\n\n\n\nDelaware\n\nMidland\n\nDJ\n\nEagleFord\n\nWilliston/Other\n\nTotal\n\n\nAverage Daily Production (Boe/d)for the three months endedSeptember 30, 2024\n\n\n\n\n\n\n\n\n\n\n\n\n\nAs reported\n20,167\n\n\n8,446\n\n\n5,648\n\n\n3,386\n\n\n938\n\n\n38,585\n\n\n\n% Oil\n50\n%\n\n57\n%\n\n37\n%\n\n54\n%\n\n45\n%\n\n50\n%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet LOS Wellsas of September 30, 2024\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet spuds\n11.1\n\n\n8.9\n\n\n5.8\n\n\n1.4\n\n\n0.3\n\n\n27.5\n\n\n\nNet permits\n11.4\n\n\n5.1\n\n\n2.8\n\n\n1.9\n\n\n0.2\n\n\n21.4\n\n\n\nNet LOS wellsas of September 30, 2024\n22.5\n\n\n14.0\n\n\n8.6\n\n\n3.3\n\n\n0.5\n\n\n48.9\n\n\n\n\nFINANCIAL UPDATE\nSitio's third quarter 2024 average unhedged realized prices including all expected quality, transportation and demand adjustments were $74.67 per barrel of oil, $0.45 per Mcf of natural gas and $17.11 per barrel of natural gas liquids, for a total price of $41.65 per Boe. During the third quarter of 2024, the Company received $4.3 million in net cash settlements for commodity derivative contracts and as a result, average hedged realized prices were $75.96 per barrel of oil, $0.78 per Mcf of natural gas and $17.11 per barrel of natural gas liquids, for a total price of $42.85 per Boe.\nConsolidated net income for the third quarter of 2024 was $27.9 million, which is $1.2 million, or 4.0% lower than consolidated net income in the second quarter of 2024. This decrease was primarily driven by $17.7 million lower oil, natural gas and natural gas liquids revenues and $1.5 million lower lease bonus and other income, partially offset by $8.4 million higher commodity derivative gains, $7.4 million of decreased depreciation, depletion and amortization, and $2.2 million of decreased severance and ad valorem taxes. For the three months ended September 30, 2024, Adjusted EBITDA was $135.4 million, down 10.7% compared to the second quarter 2024 Adjusted EBITDA of $151.7 million, largely due to lower unhedged realized oil prices.\nAs of September 30, 2024, the Company had $1,003.0 million principal value of total debt outstanding (comprised of $403.0 million drawn on Sitio's revolving credit facility and $600.0 million of senior unsecured notes) and liquidity of $455.5 million, including $8.5 million of cash and $447.0 million of remaining availability under its $850.0 million credit facility.\nSitio did not add to or extinguish any of its commodity swaps or collars during the third quarter of 2024. A summary of the Company's existing commodity derivative contracts as of September 30, 2024 is included in the table below.\n\n\n\n\nOil (NYMEX WTI)\n\n\n\n\n2024\n\n\n\n1H25\n\n\n\nSwaps\n\n\n\n\n\nBbl per day\n\n3,300\n\n\n\n1,100\n\n\n\nAverage price ($/Bbl)\n$\n82.66\n\n\n$\n74.65\n\n\n\nCollars\n\n\n\n\n\nBbl per day\n\n—\n\n\n\n2,000\n\n\n\nAverage call ($/Bbl)\n\n—\n\n\n$\n93.20\n\n\n\nAverage put ($/Bbl)\n\n—\n\n\n$\n60.00\n\n\n\n\nGas (NYMEX Henry Hub)\n\n\n\n\n2024\n\n\n\n1H25\n\n\n\nSwaps\n\n\n\n\n\nMMBtu per day\n\n500\n\n\n\n—\n\n\n\nAverage price ($/MMBtu)\n$\n3.41\n\n\n\n—\n\n\n\nCollars\n\n\n\n\n\nMMBtu per day\n\n11,400\n\n\n\n11,600\n\n\n\nAverage call ($/MMBtu)\n$\n7.24\n\n\n$\n10.34\n\n\n\nAverage put ($/MMBtu)\n$\n4.00\n\n\n$\n3.31\n\n\n\n\nRETURN OF CAPITAL FRAMEWORK\nSitio is committed to returning capital to shareholders while maintaining a balanced and durable capital structure. Since becoming public in 2022, Sitio has returned more than $765 million to owners, including year-to-date returns of $245 million.\nSitio’s Board of Directors declared a cash dividend of $0.28 per share of Class A Common Stock with respect to the third quarter of 2024. The dividend is payable on November 27, 2024 to the stockholders of record at the close of business on November 19, 2024. During the third quarter of 2024, the Company repurchased an aggregate 1.4 million shares of Class A Common Stock at an average price of $21.47 per share, representing 26% of third quarter 2024 Discretionary Cash Flow, or $0.19 per share. As of September 30, 2024, the Company had repurchased a total of 4.5 million in Class A Common Stock and Sitio OpCo Partnership Units, representing approximately 3% of shares outstanding prior to the Board's authorization of Sitio's $200 million share repurchase program. In total, Sitio's return of capital for the third quarter of 2024 is $0.47 per share.\nCONFERENCE CALL INFORMATION\nSitio will host a conference call at 7:30 a.m. CT / 8:30 a.m. ET on Thursday, November 7, 2024. Participants can access the call by dialing 1-833-470-1428 in the United States, or 1-404-975-4839 in other locations, with access code 296060, or by webcast at https://events.q4inc.com/attendee/861493711. Participants may also pre-register for the event via the following link: https://www.netroadshow.com/events/login?show=3a129c74&confId=71395. The conference call, live webcast, and replay can also be accessed through the Investor Relations section of Sitio’s website at www.sitio.com.\nFINANCIAL RESULTS\n\n\n\nProduction Data\n\n\n\n\n\n\n\n\n \n\n\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\nProduction Data:\n\n\n\n\n\n\n\n\n\nCrude oil (MBbls)\n\n1,760\n\n\n\n1,617\n\n\n\n5,219\n\n\n\n4,786\n\n\n\nNatural gas (MMcf)\n\n5,900\n\n\n\n6,203\n\n\n\n16,808\n\n\n\n17,214\n\n\n\nNGLs (MBbls)\n\n806\n\n\n\n744\n\n\n\n2,316\n\n\n\n1,996\n\n\n\nTotal (MBOE)(6:1)\n\n3,549\n\n\n\n3,395\n\n\n\n10,336\n\n\n\n9,651\n\n\n\nAverage daily production (BOE/d)(6:1)\n\n38,585\n\n\n\n36,900\n\n\n\n37,725\n\n\n\n35,349\n\n\n\nAverage Realized Prices:\n\n\n\n\n\n\n\n\n\nCrude oil (per Bbl)\n$\n74.67\n\n\n$\n80.21\n\n\n$\n77.07\n\n\n$\n75.11\n\n\n\nNatural gas (per Mcf)\n$\n0.45\n\n\n$\n1.54\n\n\n$\n0.85\n\n\n$\n1.90\n\n\n\nNGLs (per Bbl)\n$\n17.11\n\n\n$\n18.14\n\n\n$\n19.32\n\n\n$\n19.39\n\n\n\nCombined (per BOE)\n$\n41.65\n\n\n$\n45.00\n\n\n$\n44.63\n\n\n$\n44.65\n\n\n\nAverage Realized Prices After Effects of Derivative Settlements:\n\n\n\n\n\n\n\n\n\nCrude oil (per Bbl)\n$\n75.96\n\n\n$\n82.21\n\n\n$\n77.95\n\n\n$\n77.95\n\n\n\nNatural gas (per Mcf)\n$\n0.78\n\n\n$\n1.84\n\n\n$\n1.21\n\n\n$\n2.20\n\n\n\nNGLs (per Bbl)\n$\n17.11\n\n\n$\n18.14\n\n\n$\n19.32\n\n\n$\n19.39\n\n\n\nCombined (per BOE)\n$\n42.85\n\n\n$\n46.49\n\n\n$\n45.66\n\n\n$\n46.59\n\n\n\n\n\n\n\nSelected Expense Metrics\n\n\n\n \n\n\n\nThree Months EndedSeptember 30,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\nSeverance and ad valorem taxes\n\n6.9\n%\n\n\n7.9\n%\n\n\nDepletion ($/Boe)\n$\n21.97\n\n\n$\n23.74\n\n\n\nGeneral and administrative ($/Boe)\n$\n4.05\n\n\n$\n3.55\n\n\n\nCash G&A ($/Boe)\n$\n2.20\n\n\n$\n2.18\n\n\n\nInterest expense, net ($/Boe)\n$\n6.34\n\n\n$\n7.77\n\n\n\n\n\n\n\nCondensed Consolidated Balance Sheets(In thousands except par and share amounts)\n\n\n\n\n\n \n\n\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\n\n(Unaudited)\n\n\n\n\nASSETS\n\n\n\n\n\nCurrent assets\n\n\n\n\n\nCash and cash equivalents\n$\n8,507\n\n\n$\n15,195\n\n\n\nAccrued revenue and accounts receivable\n\n118,635\n\n\n\n107,347\n\n\n\nPrepaid assets\n\n8,023\n\n\n\n12,362\n\n\n\nDerivative asset\n\n9,066\n\n\n\n19,080\n\n\n\nTotal current assets\n\n144,231\n\n\n\n153,984\n\n\n\n\n\n\n\n\n\nProperty and equipment\n\n\n\n\n\nOil and natural gas properties, successful efforts method:\n\n\n\n\n\nUnproved properties\n\n2,514,348\n\n\n\n2,698,991\n\n\n\nProved properties\n\n2,752,715\n\n\n\n2,377,196\n\n\n\nOther property and equipment\n\n3,688\n\n\n\n3,711\n\n\n\nAccumulated depreciation, depletion, amortization, and impairment\n\n(738,232\n)\n\n\n(498,531\n)\n\n\nTotal property and equipment, net\n\n4,532,519\n\n\n\n4,581,367\n\n\n\n\n\n\n\n\n\nLong-term assets\n\n\n\n\n\nLong-term derivative asset\n\n—\n\n\n\n3,440\n\n\n\nDeferred financing costs\n\n8,887\n\n\n\n11,205\n\n\n\nOperating lease right-of-use asset\n\n4,949\n\n\n\n5,970\n\n\n\nOther long-term assets\n\n2,778\n\n\n\n2,835\n\n\n\nTotal long-term assets\n\n16,614\n\n\n\n23,450\n\n\n\n\n\n\n\n\n\nTOTAL ASSETS\n$\n4,693,364\n\n\n$\n4,758,801\n\n\n\n\n\n\n\n\n\nLIABILITIES AND EQUITY\n\n\n\n\n\nCurrent liabilities\n\n\n\n\n\nAccounts payable and accrued expenses\n$\n56,364\n\n\n$\n30,050\n\n\n\nOperating lease liability\n\n1,605\n\n\n\n1,725\n\n\n\nTotal current liabilities\n\n57,969\n\n\n\n31,775\n\n\n\n\n\n\n\n\n\nLong-term liabilities\n\n\n\n\n\nLong-term debt\n\n992,854\n\n\n\n865,338\n\n\n\nDeferred tax liability\n\n248,005\n\n\n\n259,870\n\n\n\nNon-current operating lease liability\n\n4,511\n\n\n\n5,394\n\n\n\nOther long-term liabilities\n\n1,150\n\n\n\n1,150\n\n\n\nTotal long-term liabilities\n\n1,246,520\n\n\n\n1,131,752\n\n\n\n\n\n\n\n\n\nTotal liabilities\n\n1,304,489\n\n\n\n1,163,527\n\n\n\n\n\n\n\n\n\nEquity\n\n\n\n\n\nClass A Common Stock, par value $0.0001 per share; 240,000,000 shares authorized; 82,871,009 and 82,451,397 shares issued and 79,288,976 and 82,451,397 outstanding at September 30, 2024 and December 31, 2023, respectively\n\n8\n\n\n\n8\n\n\n\nClass C Common Stock, par value $0.0001 per share; 120,000,000 shares authorized; 73,730,215 and 74,965,217 shares issued and 73,677,467 and 74,939,080 outstanding at September 30, 2024 and December 31, 2023, respectively\n\n7\n\n\n\n8\n\n\n\nAdditional paid-in capital\n\n1,720,293\n\n\n\n1,796,147\n\n\n\nAccumulated deficit\n\n(153,853\n)\n\n\n(187,738\n)\n\n\nClass A Treasury Shares, 3,582,033 and 0 shares at September 30, 2024 and December 31, 2023, respectively\n\n(83,896\n)\n\n\n—\n\n\n\nClass C Treasury Shares, 52,748 and 26,137 shares at September 30, 2024 and December 31, 2023, respectively\n\n(1,265\n)\n\n\n(677\n)\n\n\nNoncontrolling interest\n\n1,907,581\n\n\n\n1,987,526\n\n\n\nTotal equity\n\n3,388,875\n\n\n\n3,595,274\n\n\n\n\n\n\n\n\n\nTOTAL LIABILITIES AND EQUITY\n$\n4,693,364\n\n\n$\n4,758,801\n\n\n\n\n\n\n\nUnaudited Condensed Consolidated Statements of Operations(In thousands, except per share amounts)\n\n\n\n\n\n \n\n\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\nRevenues:\n\n\n\n\n\n\n\n\n\nOil, natural gas and natural gas liquids revenues\n$\n147,858\n\n\n$\n152,766\n\n\n$\n461,345\n\n\n$\n430,887\n\n\n\nLease bonus and other income\n\n1,517\n\n\n\n3,944\n\n\n\n7,969\n\n\n\n13,115\n\n\n\nTotal revenues\n\n149,375\n\n\n\n156,710\n\n\n\n469,314\n\n\n\n444,002\n\n\n\n\n\n\n\n\n\n\n\n\n\nOperating expenses:\n\n\n\n\n\n\n\n\n\nDepreciation, depletion and amortization\n\n78,093\n\n\n\n80,716\n...\n   \n\n239,896\n\n\n\n222,718\n\n\n\nGeneral and administrative\n\n14,382\n\n\n\n12,044\n\n\n\n40,849\n\n\n\n37,786\n\n\n\nSeverance and ad valorem taxes\n\n10,196\n\n\n\n12,124\n\n\n\n34,655\n\n\n\n32,927\n\n\n\nImpairment of oil and gas properties\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n25,617\n\n\n\nTotal operating expenses\n\n102,671\n\n\n\n104,884\n\n\n\n315,400\n\n\n\n319,048\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income from operations\n\n46,704\n\n\n\n51,826\n\n\n\n153,914\n\n\n\n124,954\n\n\n\n\n\n\n\n\n\n\n\n\n\nOther income (expense):\n\n\n\n\n\n\n\n\n\nInterest expense, net\n\n(22,511\n)\n\n\n(26,373\n)\n\n\n(63,709\n)\n\n\n(71,735\n)\n\n\nChange in fair value of warrant liability\n\n—\n\n\n\n8\n\n\n\n—\n\n\n\n2,950\n\n\n\nLoss on extinguishment of debt\n\n—\n\n\n\n(687\n)\n\n\n—\n\n\n\n(1,470\n)\n\n\nCommodity derivatives gains (losses)\n\n7,785\n\n\n\n(24,125\n)\n\n\n(2,872\n)\n\n\n(3,250\n)\n\n\nInterest rate derivative gains\n\n—\n\n\n\n9\n\n\n\n—\n\n\n\n456\n\n\n\nNet income before taxes\n\n31,978\n\n\n\n658\n\n\n\n87,333\n\n\n\n51,905\n\n\n\n\n\n\n\n\n\n\n\n\n\nIncome tax expense\n\n(4,111\n)\n\n\n(383\n)\n\n\n(11,733\n)\n\n\n(6,884\n)\n\n\n\n\n\n\n\n\n\n\n\n\nNet income\n\n27,867\n\n\n\n275\n\n\n\n75,600\n\n\n\n45,021\n\n\n\nNet (income) loss attributable to noncontrolling interest\n\n(15,304\n)\n\n\n12\n\n\n\n(41,715\n)\n\n\n(22,877\n)\n\n\nNet income attributable to Class A stockholders\n$\n12,563\n\n\n$\n287\n\n\n$\n33,885\n\n\n$\n22,144\n\n\n\n\n\n\n\n\n\n\n\n\n\nNet income (loss) per share of Class A Common Stock\n\n\n\n\n\n\n\n\n\nBasic\n$\n0.15\n\n\n$\n—\n\n\n$\n0.41\n\n\n$\n0.26\n\n\n\nDiluted\n$\n0.15\n\n\n$\n—\n\n\n$\n0.41\n\n\n$\n0.26\n\n\n\n\n\n\n\n\n\n\n\n\n\nWeighted average Class A Common Stock outstanding\n\n\n\n\n\n\n\n\n\nBasic\n\n80,142\n\n\n\n81,712\n\n\n\n81,095\n\n\n\n80,984\n\n\n\nDiluted\n\n80,278\n\n\n\n157,260\n\n\n\n81,263\n\n\n\n80,984\n\n\n\n\n\n\n\nUnaudited Condensed Consolidated Statements of Cash Flows(In thousands)\n\n\n\n \n\n\n\nNine Months EndedSeptember 30,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\nCash flows from operating activities:\n\n\n\n\n\nNet income\n$\n75,600\n\n\n$\n45,021\n\n\n\nAdjustments to reconcile net income to net cash provided by operating activities:\n\n\n\n\n\nDepreciation, depletion and amortization\n\n239,896\n\n\n\n222,718\n\n\n\nAmortization of deferred financing costs and long-term debt discount\n\n3,925\n\n\n\n4,275\n\n\n\nShare-based compensation\n\n17,558\n\n\n\n14,474\n\n\n\nChange in fair value of warrant liability\n\n—\n\n\n\n(2,950\n)\n\n\nLoss on extinguishment of debt\n\n—\n\n\n\n1,470\n\n\n\nImpairment of oil and gas properties\n\n—\n\n\n\n25,617\n\n\n\nCommodity derivatives losses\n\n2,872\n\n\n\n3,250\n\n\n\nNet cash received for commodity derivatives settlements\n\n10,582\n\n\n\n18,730\n\n\n\nInterest rate derivative gains\n\n—\n\n\n\n(456\n)\n\n\nNet cash paid for interest rate derivative settlements\n\n—\n\n\n\n403\n\n\n\nDeferred tax benefit\n\n(11,984\n)\n\n\n(15,107\n)\n\n\nChange in operating assets and liabilities:\n\n\n\n\n\nAccrued revenue and accounts receivable\n\n(11,288\n)\n\n\n26,188\n\n\n\nPrepaid assets\n\n4,402\n\n\n\n13,187\n\n\n\nOther long-term assets\n\n961\n\n\n\n1,866\n\n\n\nAccounts payable and accrued expenses\n\n24,984\n\n\n\n(3,131\n)\n\n\nOperating lease liabilities and other long-term liabilities\n\n(777\n)\n\n\n(737\n)\n\n\nNet cash provided by operating activities\n\n356,731\n\n\n\n354,818\n\n\n\n\n\n\n\n\n\nCash flows from investing activities:\n\n\n\n\n\nPurchases of oil and gas properties, net of post-close adjustments\n\n(190,834\n)\n\n\n(172,070\n)\n\n\nPurchases of other property and equipment\n\n—\n\n\n\n(19\n)\n\n\nOther, net\n\n(319\n)\n\n\n—\n\n\n\nNet cash used in investing activities\n\n(191,153\n)\n\n\n(172,089\n)\n\n\n\n\n\n\n\n\nCash flows from financing activities:\n\n\n\n\n\nBorrowings on credit facilities\n\n329,000\n\n\n\n588,500\n\n\n\nRepayments on credit facilities\n\n(203,000\n)\n\n\n(497,500\n)\n\n\nRepayments on 2026 Senior Notes\n\n—\n\n\n\n(33,750\n)\n\n\n2026 Senior Notes issuance costs\n\n—\n\n\n\n(351\n)\n\n\nDebt issuance costs\n\n(144\n)\n\n\n—\n\n\n\nDistributions to noncontrolling interest\n\n(91,512\n)\n\n\n(121,924\n)\n\n\nDividends paid to Class A stockholders\n\n(99,087\n)\n\n\n(121,555\n)\n\n\nDividend equivalent rights paid\n\n(943\n)\n\n\n(982\n)\n\n\nRepurchases of Class A Common Stock\n\n(82,619\n)\n\n\n—\n\n\n\nRepurchases of Sitio OpCo Partnership Units (including associated Class C Common Shares)\n\n(22,142\n)\n\n\n—\n\n\n\nCash paid for taxes related to net settlement of share-based compensation awards\n\n(1,819\n)\n\n\n(3,432\n)\n\n\nPayments of deferred financing costs\n\n—\n\n\n\n(9,214\n)\n\n\nNet cash used in financing activities\n\n(172,266\n)\n\n\n(200,208\n)\n\n\n\n\n\n\n\n\nNet change in cash and cash equivalents\n\n(6,688\n)\n\n\n(17,479\n)\n\n\nCash and cash equivalents, beginning of period\n\n15,195\n\n\n\n18,818\n\n\n\nCash and cash equivalents, end of period\n$\n8,507\n\n\n$\n1,339\n\n\n\n\n\n\n\n\n\nSupplemental disclosure of non-cash transactions:\n\n\n\n\n\nIncrease in current liabilities for additions to property and equipment:\n$\n42\n\n\n$\n224\n\n\n\nOil and gas properties acquired through issuance of Class C Common Stock and Sitio OpCo Partnership Units:\n\n—\n\n\n\n66,256\n\n\n\n\n\n\n\n\n\nSupplemental disclosure of cash flow information:\n\n\n\n\n\nCash paid for income taxes:\n$\n3,080\n\n\n$\n9,268\n\n\n\nCash paid for interest expense:\n\n51,144\n\n\n\n68,249\n\n\n\n\nNon-GAAP financial measures\nAdjusted 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 and/or share repurchases 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.\nWe 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) loss on debt extinguishment, (i) merger-related transaction costs and (j) write off of financing costs.\nWe define Pro Forma Adjusted EBITDA as Adjusted EBITDA plus Cash Acquisitions EBITDA from July 1, 2023 to September 30, 2023 that is not included in Adjusted EBITDA for the three months ended September 30, 2023. Cash Acquisitions is defined as the four acquisitions that closed in July and August 2023 for approximately $181 million.\nWe define Discretionary Cash Flow and Pro Forma Discretionary Cash Flow for the three months ended September 30, 2024 as Adjusted EBITDA, less cash and accrued interest expense and estimated cash taxes.\nWe define Discretionary Cash Flow for the three months ended September 30, 2023 as Adjusted EBITDA, less cash interest expense and cash taxes.\nWe define Pro Forma Discretionary Cash Flow for the three months ended September 30, 2023 as Discretionary Cash Flow for the three months ended September 30, 2023 plus Cash Acquisitions Discretionary Cash Flow from July 1, 2023 to September 30, 2023 that is not included in Discretionary Cash Flow for the three months ended September 30, 2023.\nWe define Cash G&A as general and administrative expense less (a) non-cash share-based compensation expense, (b) merger-related transaction costs and (c) rental income.\nMerger-related transaction costs for the three months ended September 30, 2023 have been recast to conform to the current period presentation.\nThese 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, Pro Forma Adjusted EBITDA, Discretionary Cash Flow, Pro Forma Discretionary Cash Flow and Cash G&A may differ from computations of similarly titled measures of other companies.\nThe pro forma financial data is presented for illustrative purposes only and should not be relied upon as an indication of the financial condition that would have been achieved if the acquisitions had taken place on the specified dates. In addition, future results may vary significantly from the results reflected in such pro forma data and should not be relied on as an indication of future results.\nThe following tables present a reconciliation of Adjusted EBITDA and Pro Forma Adjusted EBITDA to the most directly comparable GAAP financial measure for the period indicated (in thousands).\n\n\n\n\nThree Months Ended September 30,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\nNet income\n$\n27,867\n\n\n$\n275\n\n\n\nInterest expense, net\n\n22,511\n\n\n\n26,373\n\n\n\nIncome tax expense\n\n4,111\n\n\n\n383\n\n\n\nDepreciation, depletion and amortization\n\n78,093\n\n\n\n80,716\n\n\n\nEBITDA\n$\n132,582\n\n\n$\n107,747\n\n\n\nNon-cash share-based compensation expense\n\n6,251\n\n\n\n4,368\n\n\n\nLosses (gains) on unsettled derivative instruments\n\n(3,518\n)\n\n\n29,497\n\n\n\nChange in fair value of warrant liability\n\n—\n\n\n\n(8\n)\n\n\nLoss on debt extinguishment\n\n—\n\n\n\n687\n\n\n\nMerger-related transaction costs\n\n126\n\n\n\n251\n\n\n\nAdjusted EBITDA\n$\n135,441\n\n\n$\n142,542\n\n\n\nCash Acquisitions EBITDA1\n\n—\n\n\n\n1,144\n\n\n\nPro Forma Adjusted EBITDA1\n$\n135,441\n\n\n$\n143,686\n\n\n\n\n\n\n\n(1)\n\nCash Acquisitions closed in 2023 and are reflected in the full results for the three months ended September 30, 2024\n\n\n\n\n\n\n\nThree Months EndedJune 30,\n\n\n\n\n2024\n\n\n\nNet income\n$\n29,041\n\n\n\nInterest expense, net\n\n22,688\n\n\n\nIncome tax expense\n\n4,838\n\n\n\nDepreciation, depletion and amortization\n\n85,485\n\n\n\nEBITDA\n$\n142,052\n\n\n\nNon-cash share-based compensation expense\n\n6,203\n\n\n\nLosses on unsettled derivative instruments\n\n3,329\n\n\n\nMerger-related transaction costs\n\n149\n\n\n\nAdjusted EBITDA\n$\n151,733\n\n\n\n\nThe 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).\n\n\n\n\nThree Months Ended September 30,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\nCash flow from operations\n$\n138,679\n\n\n$\n122,141\n\n\n\nInterest expense, net\n\n22,511\n\n\n\n26,373\n\n\n\nIncome tax expense\n\n4,111\n\n\n\n383\n\n\n\nDeferred tax benefit\n\n4,490\n\n\n\n7,686\n\n\n\nChanges in operating assets and liabilities\n\n(33,154\n)\n\n\n(12,810\n)\n\n\nAmortization of deferred financing costs and long-term debt discount\n\n(1,322\n)\n\n\n(1,482\n)\n\n\nMerger-related transaction costs\n\n126\n\n\n\n251\n\n\n\nAdjusted EBITDA\n$\n135,441\n\n\n$\n142,542\n\n\n\nLess:\n\n\n\n\n\nCash and accrued interest expense\n\n21,189\n\n\n\n24,694\n\n\n\nEstimated cash taxes\n\n4,625\n\n\n\n457\n\n\n\nDiscretionary Cash Flow\n$\n109,627\n\n\n$\n117,391\n\n\n\nCash Acquisitions Discretionary Cash Flow1\n$\n—\n\n\n$\n1,144\n\n\n\nPro Forma Discretionary Cash Flow1\n$\n109,627\n\n\n$\n118,535\n\n\n\n\n\n\n\n(1)\n\nCash Acquisitions closed in 2023 and are reflected in the full results for the three months ended September 30, 2024\n\n\n\nThe following table presents a reconciliation of Cash G&A to the most directly comparable GAAP financial measure for the period indicated (in thousands).\n\n\n\n\nThree Months Ended September 30,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\nGeneral and administrative expense\n$\n14,382\n\n\n$\n12,044\n\n\n\nLess:\n\n\n\n\n\nNon-cash share-based compensation expense\n\n6,251\n\n\n\n4,368\n\n\n\nMerger-related transaction costs\n\n126\n\n\n\n251\n\n\n\nRental income\n\n183\n\n\n\n136\n\n\n\nCash G&A\n$\n7,822\n\n\n$\n7,289\n\n\n\n\nAbout Sitio Royalties Corp.\nSitio 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 265,000 NRAs through the consummation of over 200 acquisitions to date. More information about Sitio is available at www.sitio.com.\nForward-Looking Statements\nThis 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 the Company's expected results of operations, cash flows, financial position and future dividends; as well as certain future plans, expectations and objectives for the Company’s operations, including statements about our return of capital framework, our share repurchase program and its intended benefits, 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: commodity price volatility, the global economic uncertainty and market volatility related to slowing growth and demand, especially from China, the conflict in Ukraine and associated economic sanctions on Russia, the conflict in the Israel-Gaza region and continued hostilities in the Middle East including heightened tensions and conflict with Iran, Lebanon and Yemen, voluntary production cuts by OPEC+ and others, including any additional extensions of such voluntary production cuts or the duration thereof, increased global oil, natural gas and natural gas liquids supply 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, 2023 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.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241106907897/en/\nContacts\nIR contact: Ross Wong(720) 640–7647IR@sitio.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481951364"}