Sitio Royalties (US:STR)2022-05-13 03:04Q1 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]