Sitio Royalties (US:STR)2021-05-11 19:02Financial Performance & Capital Return - Brigham Minerals reported Q1 2021 Adjusted EBITDA of $27.1 million[20], with an Adjusted EBITDA margin of 80%[80] - The company declared a Q1 2021 dividend of $0.32 per share[75], resulting in an annualized dividend yield of 7.5%[12, 18] - Discretionary cash flow to Class A common stock for Q1 2021 was $18.445 million[75], or $17.216 million excluding lease bonus[75] Production & Operations - Q1 2021 net production averaged 8,931 Boe/d, with 70% liquids (51% oil, 19% NGLs)[20, 22] - Brigham Minerals has a significant inventory of gross horizontal well locations totaling 13,450[20, 55] - The company converted 97 gross wells and 0.4 net wells into PDP (Proved Developed Producing) during Q1 2021[30] Asset Portfolio & Acquisitions - Brigham Minerals holds 87,930 net royalty acres (NRA)[20], with a significant portion in the Delaware Basin (28,940 NRA, 33%)[20, 37] - The company is focused on acquiring core Midland Basin DSUs with substantial Wolfcamp and Spraberry inventory at attractive multiples of $6.0 million per net location in Q1 2021[50] - 57% of net locations are in the Permian Basin, and 36% are Wolfcamp locations[57]