Sitio Royalties (STR) - 2023 Q2 - Earnings Call Transcript

Several of these were ones where we've been talking to the owners for upwards of four years. So, these relationships take a long time to cultivate, and we have to find that right time when the seller is ready and when the evaluation is right for us. So, in terms of the competitive dynamic, obviously, we see the most heated competition in those situations that are broadly auctioned, and that's why we have very, very limited success in those situations. We tend to do a lot better where we have a relationship ...