Financial Performance & Capital Allocation - Sitio's 1Q24 average daily production volume reached a record of 37,970 boe/d, with 51% being oil[8] - In 1Q24, 65% of Discretionary Cash Flow (DCF) was returned to shareholders[10, 12] - The return of capital in 1Q24 included a cash dividend of $0.41 per share and share repurchases of $0.08 per share[124] - Since 2Q22, Sitio has returned $586 million to shareholders, representing approximately 16% of its market capitalization[11, 116] Acquisitions & Mineral Management - Sitio has evaluated over 1,835,000 NRAs and acquired over 287,000 NRAs since inception[16] - NRAs acquired with cash consideration accounted for 35%, while those acquired with equity consideration represented 65%[14] - Sitio acquired 13,062 NRAs in the DJ Basin, which contributed 2,621 Boe/d (36% oil) and an estimated $8.5 million in asset-level cash flow in 1Q24[105, 112] Operational Efficiency & Market Positioning - Sitio's efficient business model results in high Adjusted EBITDA per employee relative to companies across multiple industries[27] - Sitio accounts for nearly half (48%) of the large-scale acquisitions by public mineral companies since 2017[25] - Sitio estimates that approximately 2% of total Permian NRAs (~13 million) are owned by Sitio, while 21% are non-acquirable and 79% are acquirable[30]

Sitio Royalties Corp. (NYSE:STR) Q1 2024 Earnings Conference Call May 9, 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 Nathaniel Pendleton - Stifel Tim Rezvan - KeyBanc Capital Markets Operator Good morning, and welcome to the Sitio Royalties Q1 2024 Earnings Call. My name is Carla, and I'll be the operator for t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41585 Sitio Royalties Corp. (Exact Name of Registrant as Specified in its Charter) Delaware 88-4140242 (State o ...

[First Quarter 2024 Highlights and Recent Developments](index=1&type=section&id=SITIO%20ROYALTIES%20REPORTS%20FIRST%20QUARTER%202024%20OPERATIONAL%20AND%20FINANCIAL%20RESULTS) Sitio Royalties announced record pro forma average daily production of 37,970 Boe/d for Q1 2024, a 3.7% increase from Q4 2023. The company executed a return of capital of $0.49 per share, comprising a $0.41 dividend and $0.08 in share repurchases. Key developments include the closing of a significant DJ Basin asset acquisition in April 2024 and a substantial share repurchase from major non-sponsor shareholders [Operational and Financial Highlights](index=1&type=section&id=FIRST%20QUARTER%202024%20OPERATIONAL%20AND%20FINANCIAL%20HIGHLIGHTS) In Q1 2024, Sitio achieved pro forma production of 37,970 Boe/d (51% oil) and reported production of 35,349 Boe/d (52% oil). The company reported net income of $18.7 million, a significant turnaround from a $91.7 million net loss in Q4 2023, primarily due to lower operating expenses. Adjusted EBITDA remained stable at $135.1 million, with Pro Forma Adjusted EBITDA at $143.7 million Q1 2024 Key Metrics | Metric | Value | | :--- | :--- | | Pro Forma Avg. Daily Production | 37,970 Boe/d (51% oil) | | Reported Avg. Daily Production | 35,349 Boe/d (52% oil) | | Return of Capital per Share | $0.49 ($0.41 dividend + $0.08 repurchase) | | Net Income | $18.7 million | | Adjusted EBITDA | $135.1 million | | Pro Forma Adjusted EBITDA | $143.7 million | - Net income improved to **$18.7 million** from a net loss of **$91.7 million** in Q4 2023. This was mainly driven by a **$137.6 million** reduction in operating expenses, as there were no losses on asset sales or debt extinguishment, partially offset by higher commodity derivative losses and income tax expense[4](index=4&type=chunk) - The company repurchased **545,527 shares** of Class A Common Stock during the quarter at an average price of **$23.77 per share**[4](index=4&type=chunk) [Recent Developments](index=1&type=section&id=RECENT%20DEVELOPMENTS) Subsequent to the quarter's end, Sitio closed its previously announced acquisition of 13,062 net royalty acres (NRAs) in the DJ Basin on April 4, 2024, for $126.6 million. These assets produced approximately 2,621 Boe/d in Q1. Additionally, on April 8, 2024, the company repurchased approximately 2.0 million shares in a privately negotiated block trade - On April 4, 2024, Sitio closed the acquisition of **13,062 NRAs** in the DJ Basin for **$126.6 million**. The acquired assets produced an average of **2,621 Boe/d** (36% oil) in Q1 2024[4](index=4&type=chunk) - On April 8, 2024, the Company repurchased approximately **2.0 million shares** from two of its largest non-sponsor Class C Shareholders in a private block trade[4](index=4&type=chunk) [Operational and Financial Performance](index=3&type=section&id=Operational%20and%20Financial%20Performance) [1Q 2024 Results Relative to 2024 Guidance](index=3&type=section&id=1Q%202024%20RESULTS%20RELATIVE%20TO%202024%20GUIDANCE) The company's Q1 2024 pro forma results are well-aligned with its full-year 2024 guidance. Pro forma average daily production of 37,970 Boe/d and an oil percentage of 51% fall comfortably within the guided ranges of 35,000-38,000 Boe/d and 49%-51%, respectively. Other metrics like production taxes and cash G&A are also on track Q1 2024 Pro Forma Results vs. 2024 Full Year Guidance | 2024 Guidance Metric | 1Q 2024 Pro Forma Results | 2024 Full Year Guidance | | :--- | :--- | :--- | | Average daily production (Boe/d) | 37,970 | 35,000 – 38,000 | | Oil % | 51% | 49% – 51% | | Production taxes (% of royalty revenue) | 8.0% | 7.5% – 9.5% | - CEO Chris Conoscenti noted that pro forma production growth was driven by activity in the Delaware Basin and Eagle Ford. He also highlighted that nearly 40% of pro forma net wells turned-in-line in Q1 came online in March, suggesting a more pronounced impact on Q2 production[6](index=6&type=chunk) [Operator Activity](index=4&type=section&id=OPERATOR%20ACTIVITY) Pro forma production was led by the Delaware Basin (20,000 Boe/d) and Midland Basin (8,259 Boe/d). As of March 31, 2024, the company had 52.9 pro forma net line-of-sight (LOS) wells, with 77% located in the Permian Basin (Delaware and Midland) and 14% in the DJ Basin, indicating a strong inventory of future production Pro Forma Average Daily Production by Area (Q1 2024) | Area | Boe/d | % Oil | | :--- | :--- | :--- | | Delaware | 20,000 | 50% | | Midland | 8,259 | 58% | | DJ | 5,877 | 36% | | Eagle Ford | 3,139 | 59% | | Williston/Other | 695 | 61% | | **Total** | **37,970** | **51%** | Pro Forma Net Line-of-Sight (LOS) Wells as of March 31, 2024 | Area | Net Spuds | Net Permits | Total Net LOS Wells | | :--- | :--- | :--- | :--- | | Delaware | 15.1 | 11.0 | 26.1 | | Midland | 10.3 | 4.1 | 14.4 | | DJ | 4.6 | 2.7 | 7.3 | | Eagle Ford | 2.6 | 1.8 | 4.4 | | Williston/Other | 0.4 | 0.3 | 0.7 | | **Total** | **33.0** | **19.9** | **52.9** | [Financial Update](index=4&type=section&id=FINANCIAL%20UPDATE) In Q1 2024, Sitio's average hedged realized price was $47.12 per Boe, a 3.7% increase from Q4 2023. The company reported a consolidated net income of $18.7 million. As of March 31, 2024, Sitio had $860.0 million in total debt and maintained strong liquidity of $601.7 million, including $590.0 million available under its credit facility Average Realized Prices (Q1 2024) | Price Type | Oil (per Bbl) | Natural Gas (per Mcf) | NGLs (per Bbl) | Combined (per Boe) | | :--- | :--- | :--- | :--- | :--- | | Unhedged | $76.60 | $1.15 | $20.71 | $46.00 | | Hedged | $77.62 | $1.53 | $20.71 | $47.12 | - As of March 31, 2024, the company had **$860.0 million** of total debt outstanding and liquidity of **$601.7 million**[12](index=12&type=chunk) Commodity Derivative Summary as of March 31, 2024 | Commodity | Type | Volume (per day) | Period | Avg. Price / Range ($) | | :--- | :--- | :--- | :--- | :--- | | Oil | Swap | 3,300 Bbl | 2024 | 82.66 | | Oil | Swap | 1,100 Bbl | 1H25 | 74.65 | | Oil | Collar | 2,000 Bbl | 1H25 | 60.00 - 93.20 | | Gas | Swap | 500 MMBtu | 2024 | 3.41 | | Gas | Collar | 11,400 MMBtu | 2024 | 4.00 - 7.24 | | Gas | Collar | 11,600 MMBtu | 1H25 | 3.31 - 10.34 | [Return of Capital](index=7&type=section&id=RETURN%20OF%20CAPITAL) Sitio's Board declared a Q1 2024 cash dividend of $0.41 per share. This, combined with share repurchases equivalent to $0.08 per share, resulted in a total return of capital of $0.49 per share, representing a 65% payout of Pro Forma Discretionary Cash Flow. A significant repurchase of approximately 2.0 million shares was also completed in April 2024 - A cash dividend of **$0.41 per share** of Class A Common Stock was declared for Q1 2024, payable on May 31, 2024[15](index=15&type=chunk) - The total return of capital for Q1 2024 was **$0.49 per share**, based on a **65% payout ratio** of Pro Forma Discretionary Cash Flow[15](index=15&type=chunk) - In April 2024, the company repurchased approximately **2.0 million shares** from two large non-sponsor Class C holders. This transaction will reduce the number of shares receiving the Q1 2024 dividend[16](index=16&type=chunk) [Financial Statements](index=8&type=section&id=FINANCIAL%20STATEMENTS) [Financial Results Summary](index=8&type=section&id=Financial%20Results%20Summary) For the three months ended March 31, 2024, average daily production increased to 35,349 Boe/d from 34,440 Boe/d in the prior-year period. Average realized prices after derivative settlements were $47.12 per Boe, a decrease from $48.87 per Boe in Q1 2023. Key per-unit expenses like DD&A and G&A saw increases compared to the previous year Production Data Comparison (Three Months Ended March 31) | Production Data | 2024 | 2023 | | :--- | :--- | :--- | | Crude oil (MBbls) | 1,662 | 1,589 | | Natural gas (MMcf) | 5,016 | 5,435 | | Total (MBoe) | 3,217 | 3,100 | | **Average daily production (Boe/d)** | **35,349** | **34,440** | Selected Expense Metrics ($/Boe) | Expense Metric | 2024 | 2023 | | :--- | :--- | :--- | | Depreciation, depletion and amortization | $23.72 | $21.86 | | General and administrative | $4.04 | $3.77 | | Interest expense, net | $5.75 | $7.16 | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, Sitio reported total assets of $4.68 billion, a slight decrease from $4.76 billion at year-end 2023. Total liabilities stood at $1.15 billion, down from $1.16 billion. Total equity was $3.52 billion, with cash and cash equivalents at $11.7 million Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$4.68 billion** | **$4.76 billion** | | Cash and cash equivalents | $11.7 million | $15.2 million | | Total property and equipment, net | $4.50 billion | $4.58 billion | | **Total Liabilities** | **$1.15 billion** | **$1.16 billion** | | Long-term debt | $848.8 million | $865.3 million | | **Total Equity** | **$3.52 billion** | **$3.59 billion** | [Unaudited Condensed Consolidated Statements of Income](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Income) For the first quarter of 2024, Sitio generated total revenues of $151.4 million, slightly up from $150.8 million in Q1 2023. However, due to higher operating expenses and a loss on commodity derivatives, net income decreased to $18.7 million from $47.7 million in the prior-year quarter. Net income per Class A share was $0.10, compared to $0.28 in Q1 2023 Statement of Income Summary (in thousands, except per share amounts) | Account | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total revenues | $151.4 million | $150.8 million | | Total operating expenses | $101.4 million | $89.9 million | | Net income from operations | $50.0 million | $60.9 million | | Commodity derivatives gains (losses) | ($10.1 million) | $14.8 million | | **Net income** | **$18.7 million** | **$47.7 million** | | Net income attributable to Class A stockholders | $8.5 million | $22.7 million | | **Diluted Net income per Class A share** | **$0.10** | **$0.28** | [Unaudited Condensed Consolidated Statements of Cash Flow](index=12&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flow) In Q1 2024, net cash from operating activities was $120.7 million. Investing activities used $13.3 million, primarily for a deposit on property acquisitions. Financing activities used $110.9 million, driven by $80.1 million in dividends and distributions and $12.7 million in share repurchases. The company's cash balance decreased by $3.4 million to $11.7 million Statement of Cash Flow Summary (in thousands) | Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $120.7 million | $128.8 million | | Net cash provided by (used in) investing activities | ($13.3 million) | $1.2 million | | Net cash used in financing activities | ($110.9 million) | ($138.6 million) | | **Net change in cash and cash equivalents** | **($3.4 million)** | **($8.7 million)** | | Cash and cash equivalents, end of period | $11.7 million | $10.2 million | [Non-GAAP Financial Measures](index=13&type=section&id=Non-GAAP%20financial%20measures) Sitio utilizes non-GAAP measures such as Adjusted EBITDA and Discretionary Cash Flow to evaluate performance. For Q1 2024, Adjusted EBITDA was $135.1 million, and Pro Forma Adjusted EBITDA, which includes the DJ Basin Acquisition, was $143.7 million. Discretionary Cash Flow was $109.5 million, while Pro Forma Discretionary Cash Flow was $118.1 million. These figures are reconciled from their nearest GAAP equivalents, such as net income and cash flow from operations [Reconciliation of Net Income to Adjusted EBITDA](index=13&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) The company reconciled its Q1 2024 net income of $18.7 million to an Adjusted EBITDA of $135.1 million by adding back items like interest, taxes, DD&A, and non-cash derivative losses. Including the contribution from the DJ Basin Acquisition, Pro Forma Adjusted EBITDA for the quarter was $143.7 million Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q1 2024 | | :--- | :--- | | Net income | $18.7 million | | Interest expense, net | $18.5 million | | Income tax expense | $2.8 million | | Depreciation, depletion and amortization | $76.3 million | | Other adjustments | $18.8 million | | **Adjusted EBITDA** | **$135.1 million** | | DJ Basin Acquisition EBITDA | $8.6 million | | **Pro Forma Adjusted EBITDA** | **$143.7 million** | [Reconciliation of Cash Flow to Discretionary Cash Flow](index=14&type=section&id=Reconciliation%20of%20Cash%20Flow%20to%20Discretionary%20Cash%20Flow) Starting from Adjusted EBITDA of $135.1 million, the company subtracted $17.2 million in cash interest and $8.4 million in estimated cash taxes to arrive at Discretionary Cash Flow of $109.5 million for Q1 2024. Pro Forma Discretionary Cash Flow, including the DJ Basin assets, was $118.1 million Discretionary Cash Flow Reconciliation (in thousands) | Line Item | Q1 2024 | | :--- | :--- | | Adjusted EBITDA | $135.1 million | | Less: Cash and accrued interest expense | $17.2 million | | Less: Estimated cash taxes | $8.4 million | | **Discretionary Cash Flow** | **$109.5 million** | | DJ Basin Acquisition Discretionary Cash Flow | $8.6 million | | **Pro Forma Discretionary Cash Flow** | **$118.1 million** |

Sitio Royalties Corp. (NYSE:STR) Q4 2023 Results Conference Call February 29, 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 Dax McDavid - EVP of Corporate Development Conference Call Participants Tim Rezvan - KeyBanc Capital Markets Neal Dingmann - Truist Derrick Whitfield - Stifel Noel Parks - Tuohy Brothers Investment Operator Hello, everyone. And welcome to the Sitio Roya ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41585 Sitio Royalties Corp. (Exact name of Registrant as specified in its Charter) (State or other jurisdiction of incorporation or org ...

EXHIBIT 99.1 SITIO ROYALTIES REPORTS FOURTH QUARTER AND FULL YEAR 2023 OPERATIONAL AND FINANCIAL RESULTS, RECENT DEVELOPMENTS, AND PROVIDES FULL YEAR 2024 GUIDANCE ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE 13,062 NRAS IN THE DJ BASIN FOR $150 MILLION(1) ANNOUNCES $200 MILLION SHARE REPURCHASE PROGRAM AND UPDATED RETURN OF CAPITAL FRAMEWORK CLOSED ON PREVIOUSLY ANNOUNCED SALE OF ANADARKO AND APPALACHIA ASSETS FOR $114 MILLION DECLARED $0.51 DIVIDEND PER SHARE OF CLASS A COMMON STOCK FOR FOURTH QUARTER 2023 I ...

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. [Operator Instructions] I’ll now hand over to your host, Ross Wong, Vice President of Finance and Investor Re ...

Sitio's financial philosophy and capitalization 9/30/23 Revolving credit facility $601 $381 Total debt $1,006 $981 Liquidity $250 $471 ✓ • Retain up to 35% of Discretionary Cash Flow(1) to protect balance sheet and maintain liquidity ✓ • Maintain conservative and financially flexible capital structure Note: Senior unsecured notes balance is principal only and not net of any fees (1) Discretionary Cash Flow defined as Adjusted EBITDA less cash interest and cash taxes Oil (NYMEX WTI) Bbl per day 3,050 3,300 1 ...

Table of Contents FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 For the transition period from to Commission File Number: 001-41585 Sitio Royalties Corp. (Exact Name of Registrant as Specified in its Charter) | Delaware | 88-4140242 ...