Sitio Royalties (US:STR)2021-08-06 20:04Financial Performance & Dividends - Falcon announced a Q2'21 dividend of $0.15 per share, bringing cumulative dividends since inception to $1.335 per share[8, 27] - The company's average dividend payout ratio since inception is approximately 95%[8, 28] - Adjusted EBITDA for Q2'21 was $13.8 million, excluding $1.7 million in executive transition expenses[23] - Net debt stood at $33.5 million with a net debt to LTM EBITDA ratio of 0.92x as of June 30, 2021[5, 8, 23] Production & Development Activity - Q2'21 net production was approximately 5,034 Boe/d[8] - Operators brought 55 gross wells (approximately 0.51 net) online during Q2'21[8, 14] - There are 171 gross line-of-sight wells (1.80 net wells) permitted and in active development[8, 14] - Top operators represent approximately 87% of Falcon's line-of-sight inventory[8] Eagle Ford Focus - Falcon has approximately 256,000 gross unit acres in the Eagle Ford, with approximately 2,700 net royalty acres[5] - The company has interests in approximately 2,206 Eagle Ford wells[5] - Operators averaged 4 rigs on Falcon's Eagle Ford assets during Q2'21[8, 14] Appalachia Asset - Falcon's Appalachia assets include approximately 80,000 gross unit acres and approximately 1,530 net royalty acres[31]