Financial Performance - Third quarter net income was $27.9 million, with Adjusted EBITDA of $135.4 million, reflecting strong production volumes from legacy assets and recent acquisitions [2]. - Total revenues for the three months ended September 30, 2024, were $149,375, a decrease of 4.3% from $156,710 in the same period of 2023 [26]. - Net income for the nine months ended September 30, 2024, increased to $75,600, compared to $45,021 for the same period in 2023, representing a growth of 68% [27]. - Net income for the three months ended September 30, 2024, was $27,867,000, compared to $275,000 for the same period in 2023 [38]. - EBITDA increased to $132,582,000 for the three months ended September 30, 2024, up from $107,747,000 in the prior year [38]. - Adjusted EBITDA for the same period was $135,441,000, a decrease from $142,542,000 year-over-year [38]. - Cash flow from operations was $138,679,000 for the three months ended September 30, 2024, compared to $122,141,000 in 2023 [40]. - Discretionary Cash Flow for the three months ended September 30, 2024, was $109,627,000, down from $117,391,000 in the previous year [40]. Production and Operations - Average daily production for the third quarter was 38,585 Boe/d, exceeding the full year 2024 guidance range of 36,000 – 38,000 Boe/d [8]. - Crude oil production for the three months ended September 30, 2024, was 1,760 MBbls, an increase of 8.8% from 1,617 MBbls in 2023 [23]. - Average daily production increased to 38,585 BOE/d, up 4.6% from 36,900 BOE/d in the same period last year [23]. - NGL production increased to 806 MBbls for the three months ended September 30, 2024, up 8.3% from 744 MBbls in 2023 [23]. - Line of sight wells increased by 11% quarter-over-quarter, indicating higher operator activity and permitting in the Midland and DJ Basins [2]. Financial Position and Debt - Long-term debt was reduced by approximately $56.5 million during the quarter, with a quarter-end credit facility balance of $403.0 million and liquidity of $455.5 million [2]. - Long-term debt increased to $992,854, up from $865,338 at the end of 2023, reflecting a rise of 14.7% [25]. - Total liabilities rose to $1,304,489, compared to $1,163,527 at the end of 2023, indicating an increase of 12.1% [25]. - Total assets as of September 30, 2024, were $4,693,364, a decrease from $4,758,801 as of December 31, 2023 [25]. - Total equity decreased to $3,388,875 as of September 30, 2024, down from $3,595,274 at the end of 2023 [25]. Shareholder Returns - The company returned a total of $0.47 per share to shareholders, which includes a $0.28 per share cash dividend and $0.19 per share from stock repurchases [20]. - Sitio has returned over $765 million to shareholders since going public in 2022, including $245 million year-to-date [19]. - The company repurchased 1.4 million shares of Class A Common Stock at an average price of $21.47 per share during the quarter, totaling $105.2 million year-to-date [20]. - The company plans to continue its share repurchase program and maintain its return of capital framework [43]. Pricing and Market Conditions - Average realized prices during the third quarter were $74.67 per barrel of oil, $17.11 per barrel of natural gas liquids, and $0.45 per Mcf for natural gas, resulting in a total average realized price of $41.65 per Boe on an unhedged basis [5]. - Average realized price for crude oil decreased to $74.67 per Bbl, down 7.4% from $80.21 per Bbl in 2023 [23]. - The average realized price for natural gas fell to $0.45 per Mcf, a significant decrease of 70.6% from $1.54 per Mcf in the previous year [23]. - The company reported a decrease in severance and ad valorem taxes as a percentage of revenue to 6.9% for Q3 2024, down from 7.9% in Q3 2023 [24]. Acquisitions and Growth Strategy - The company completed four acquisitions in July and August 2023 for approximately $181 million, contributing to its pro forma financial metrics [30]. - The company has completed over 200 acquisitions, accumulating over 265,000 net royalty acres (NRAs) to date [42]. - The updated full-year 2024 guidance raised the midpoint of pro forma average daily production range by 1,000 Boe/d due to robust legacy production and recent acquisitions [9]. General and Administrative Expenses - Cash G&A expenses were $7.8 million for the quarter, or $2.20 per Boe, aligning with expectations [6]. - General and administrative expenses were $14,382,000 for the three months ended September 30, 2024, compared to $12,044,000 in 2023 [41]. Forward-Looking Statements - Forward-looking statements indicate potential impacts from commodity price volatility and global economic uncertainties, including conflicts in Ukraine and the Middle East [43]. - The company emphasizes a shareholder returns-driven strategy focused on cash flow generation and reinvestment [42].

分组1 - Sitio Royalties reported quarterly earnings of $0.15 per share, missing the Zacks Consensus Estimate of $0.19 per share, and down from $0.25 per share a year ago, representing an earnings surprise of -21.05% [1] - The company posted revenues of $168.55 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 6.01%, compared to year-ago revenues of $136.47 million [2] - Sitio Royalties shares have lost about 4.7% since the beginning of the year, while the S&P 500 has gained 9.9% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.22 on $158 million in revenues, and for the current fiscal year, it is $0.73 on $628 million in revenues [7] - The Zacks Industry Rank for Oil and Gas - Royalty Trust - United States is currently in the top 8% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - The estimate revisions trend for Sitio Royalties is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, suggesting expected underperformance in the near future [6]

The market expects Sitio Royalties (STR) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 7, 2024, might help the stock move higher if these key numbers are ...

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]

Financial Data and Key Metrics Changes - The company reported first quarter pro forma discretionary cash flow of $118 million and pro forma adjusted EBITDA of $144 million, which includes cash flow from the DJ Basin acquisition [7] - The total return of capital approved by the board is equal to 65% of pro forma first quarter DCF, translating to $0.49 per share, comprised of a dividend of $0.41 per share and share repurchases of $13 million or $0.08 per share [7] Business Line Data and Key Metrics Changes - The company ended the first quarter with 52.9 pro forma net line of sight wells, indicating strong near-term activity [4] - First quarter pro forma production reached a record high of 37,970 BOEs per day, with 51% being oil, and a quarterly pro forma production growth rate of 3.7% [18] Market Data and Key Metrics Changes - The DJ Basin acquisition closed on April 4, contributing over 2,600 BOEs per day and asset-level cash flow of $8.5 million during the first quarter [19] - Approximately 40% of all newly producing wells in the quarter came online in March, which is expected to positively impact second quarter production [18] Company Strategy and Development Direction - The company aims to create long-term shareholder value through accretive acquisitions, proactive management of minerals, and fostering a culture of continuous innovation [8] - The minerals M&A pipeline remains strong, with the company evaluating acquisition opportunities across all regions with a focus on rate of return [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outlook for the rest of 2024, highlighting robust operator activity and the strength of the business model [3][8] - The company will continue to monitor operator activity, the macro environment, and industry trends, with plans to update 2024 guidance if necessary [4] Other Important Information - The company repurchased over 545,000 shares of Class A common stock at an average price of $23.77 in March, and continued to buy back shares in April, including a block trade of approximately two million shares from large holders [22] Q&A Session Summary Question: How does the company think about capital allocation between buybacks and acquisitions? - Management stated that buybacks are part of the capital return strategy and do not exclude acquisitions, allowing for both to occur simultaneously [9] Question: What confidence does the company have regarding line-of-sight wells and volume growth? - Management noted that the absolute level of line-of-sight wells is near record highs, with good visibility into the next 12 months for conversions [10][11] Question: How has the integration of DJ Basin assets been and are there opportunities for additional production? - Management highlighted the use of technology to leverage data for better intelligence on well performance and operator activity, aiding in smarter acquisitions [27] Question: Will the dividend reflect the post-repurchase share count? - Management indicated that the dividend will be calculated based on the post-repurchase share count [30] Question: What is the role of the Eagle Ford going forward? - Management stated they are open to monetizing assets if competitive on a rate of return basis but are not currently looking to do so [33]

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 ...