Sitio Royalties (US:STR)2024-05-09 15:34Financial Performance & Capital Allocation - Sitio's 1Q24 average daily production volume reached a record of 37,970 boe/d, with 51% being oil[8] - In 1Q24, 65% of Discretionary Cash Flow (DCF) was returned to shareholders[10, 12] - The return of capital in 1Q24 included a cash dividend of $0.41 per share and share repurchases of $0.08 per share[124] - Since 2Q22, Sitio has returned $586 million to shareholders, representing approximately 16% of its market capitalization[11, 116] Acquisitions & Mineral Management - Sitio has evaluated over 1,835,000 NRAs and acquired over 287,000 NRAs since inception[16] - NRAs acquired with cash consideration accounted for 35%, while those acquired with equity consideration represented 65%[14] - Sitio acquired 13,062 NRAs in the DJ Basin, which contributed 2,621 Boe/d (36% oil) and an estimated $8.5 million in asset-level cash flow in 1Q24[105, 112] Operational Efficiency & Market Positioning - Sitio's efficient business model results in high Adjusted EBITDA per employee relative to companies across multiple industries[27] - Sitio accounts for nearly half (48%) of the large-scale acquisitions by public mineral companies since 2017[25] - Sitio estimates that approximately 2% of total Permian NRAs (~13 million) are owned by Sitio, while 21% are non-acquirable and 79% are acquirable[30]