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. [Operator Instructions]. I will now han ...

Sitio Royalties Corp. (NYSE:STR) Q2 2022 Earnings Conference Call August 9, 2022 8:30 AM ET Company Participants Ross Wong - Senior Director of Corporate Finance & Investor Relations Chris Conoscenti - Chief Executive Officer Conference Call Participants Jeanine Wai - Barclays Derrick Whitfield - Stifel Operator Good morning. My name is Samantha and I will be your conference operator today. At this time, I would like to welcome everyone to the Sitio Royalties Second Quarter 2022 Earnings Conference Call. [O ...

BRIGHAM MINERALS :21 S Q2 2022 Investor Presentation August 2022 MNRL LISTED NYSE Disclaimer The financial projections and other estimates contained herein are forward-looking statements with respect to the anticipated performance of Brigham Minerals, Inc. and its affiliates (collectively, "Brigham," the "Company" or "MNRL"). Such financial projections and estimates are as to future events and are not to be viewed as facts, and reflect various assumptions of management of the Company concerning the future p ...

Q1 2022 Performance & Dividends - Brigham Minerals declared a Q1 2022 dividend of $0.60 per share of Class A common stock, comprising a $0.16 base dividend and a $0.44 variable dividend, based on discretionary cash flow ex lease bonus[55] - The Q1 2022 dividend represents a 14% increase in the base dividend and a 42% increase in the variable dividend compared to Q4 2021, resulting in a 33% total increase[55] - Adjusted EBITDA for Q1 2022 was $60.7 million[87] Production & Acreage - Q1 2022 net production averaged 12,031 Boe/d, with 71% liquids (51% oil, 20% NGLs) and 29% gas[22, 24] - Brigham Minerals holds 93,465 net royalty acres (NRA), with the largest portion, 29,875 NRA (32%), in the Delaware Basin[22, 59] - The company estimates ~13 – 18 years of high-quality inventory[20] Capital & Financial Strategy - The company is committed to maintaining a conservative capital structure, targeting long-term leverage of less than 15x – 20x net debt / Adjusted LTM EBITDA[49] - Brigham Minerals maintains healthy balance sheet to capitalize on capital allocation opportunities throughout 2022[52] Activity & Development - Gross well spuds totaled 238 in Q1 2022[22, 26] - The company holds 71 net DUCs heading into Q2 2022[28] Basin Focus - 4,711 Boe/d (39%) of Q1 2022 production came from the Delaware Basin[59] - The company has 1085 net undeveloped well locations[22, 61]

Brigham Minerals, Inc. (MNRL) Q1 2022 Results Conference Call May 5, 2022 10:00 AM ET Company Participants Jacob Sexton - Investor Relations Bud Brigham - Founder and Executive Chairman Rob Roosa - Founder and Chief Executive Officer Blake Williams - Chief Financial Officer Conference Call Participants Chris Baker - Credit Suisse Kyle May - Capital One Nate Pendleton - Stifel Grant Adkins - Raymond James Operator Good morning and thank you for attending today's Brigham Minerals First Quarter 2022 Earnings C ...

Brigham Minerals, Inc (MNRL) Q4 2021 Results Conference Call February 24, 2022 10:00 AM ET Company Participants Jacob Sexton - Investor Relations Bud Brigham - Founder and Executive Chairman Rob Roosa - Founder and Chief Executive Officer Blake Williams - Chief Financial Officer Conference Call Participants Derrick Whitfield - Stifel Chris Baker - Credit Suisse TJ Schultz - RBC Jeanine Wai - Barclays Kyle May - Capital One Securities Steven Dechert - KeyBanc Operator Good morning, and thank you for attendin ...

Brigham Minerals, Inc. (MNRL) Q3 2021 Earnings Conference Call November 4, 2021 12:00 PM ET Company Participants Jacob Sexton – Investor Relations Bud Brigham – Founder and Executive Chairman Rob Roosa – Founder and Chief Executive Officer Blake Williams – Chief Financial Officer Conference Call Participants Jeanine Wai – Barclays Chris Baker – CSFB John Freeman – Raymond James Steven Dechert – KeyBanc Pearce Hammond – Piper Sandler Derrick Whitfield – Stifel TJ Schultz – RBC Capital Markets Operator Hello, ...

BRIGHAM MINERALS :21 G Q3 2021 Investor Presentation November 2021 MNRL LISTED NYSE Disclaimer The financial projections and other estimates contained herein are forward-looking statements with respect to the anticipated performance of Brigham Minerals, Inc. and its affiliates (collectively, "Brigham," the "Company" or "MNRL"). Such financial projections and estimates are as to future events and are not to be viewed as facts, and reflect various assumptions of management of the Company concerning the future ...

Financial Data and Key Metrics Changes - Reported production was 5,034 BOE per day, representing a 22% increase from the first quarter [9] - Free cash flow per share, excluding one-time costs, was $0.153, a 48% increase from the first quarter [10] - The second quarter dividend was $0.15 per share, reflecting a 50% increase compared to the first quarter [11] - Net income for the second quarter was $3.6 million on a standalone basis and $7.2 million including non-controlling interest [24] - Adjusted EBITDA for the second quarter was $13.8 million, an increase of $4.3 million from the first quarter [23] Business Line Data and Key Metrics Changes - The increase in production was driven by high NRI wells turned in line late in the first quarter and early in the second quarter [9] - Falcon's assets generated $18.9 million in royalty revenue during the second quarter [19] - ConocoPhillips grew production in the Eagle Ford by 21% compared to the first quarter and 24% cumulatively since the fourth quarter of 2020 [20] Market Data and Key Metrics Changes - Falcon's net realized price for oil during the second quarter was $64.45 per barrel, with natural gas at $2.79 per MCF and NGL at $25.23 per barrel [21] - Cash operating costs for the second quarter were $1.6 million, with marketing and transportation expenses at $1.03 per barrel [22] Company Strategy and Development Direction - The management emphasizes the need for diversification and scale, viewing Falcon as an attractive combination vehicle for assets held in private hands [32] - The company aims to enhance free cash flow on a per share basis while remaining disciplined in managing the existing portfolio and considering growth opportunities [18] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the resolution of disputes affecting the Hooks Ranch position, anticipating development in 2022 [17] - The company expects free cash flow per share to remain healthy, projecting between $0.13 and $0.15 for the third quarter [13] - Management is cautious about providing broad guidance for 2022, indicating that more information will be available in the November call [38] Other Important Information - The balance on the revolving credit facility decreased by $4 million quarter-over-quarter, with net debt to LTM EBITDA at 0.92 times [12] - More than 50% of dividends paid to Class A shareholders in 2021 will be classified as non-dividend distributions, affecting tax basis for shareholders [25] Q&A Session Summary Question: Importance of diversification and strategy for achieving it - Management believes diversification and scale are beneficial and sees Falcon as an attractive vehicle for acquiring private assets [32] Question: Outlook for 2022 based on current activity - Management refrains from providing broad guidance for 2022, indicating more clarity will come in the November call [38] Question: Trends in payout ratio and future plans - Management acknowledges the high payout ratio but does not plan to reduce it at this time, despite observing peers throttling back [41] Question: Thoughts on base and variable dividends - Management is focused on maintaining full payouts to shareholders and is not currently considering a shift to a base and variable dividend structure [43] Question: A&D opportunities and strategic focus - Management is more focused on larger acquisition opportunities rather than smaller ground game transactions [49] Question: Hedging strategy moving forward - Management is considering opportunities for hedging, particularly in winter gas, but has not added new hedges recently [50][52] Question: Production updates from Devon and rig activity - Positive production increases were noted from Devon, with expectations for continued activity in the Eagle Ford [58]

Investor Presentation August 2021 Disclaimer FORWARD-LOOKING STATEMENTS This document contains forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Falcon cautions readers not to place any undue reliance on these forward-looking statements as forward-looking information is not a guarantee of future performance. Such forward-looking statements include, but are not l ...