Table of Contents OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41585 FORM 10-Q (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 WASHINGTON, DC 20549 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extend ...

Sitio Royalties Corp. (NYSE:STR) Q4 2022 Results Conference Call March 9, 2023 8:30 AM ET Company Participants Ross Wong - Vice President of Finance and Investor Relations Chris Conoscenti - Chief Executive Officer Carrie Osicka - Chief Financial Officer Conference Call Participants Tim Rezvan - KeyBanc Capital Markets Jeanine Wai - Barclays Noel Parks - Tuohy Brothers Operator My name is Nadia, and I'll be coordinating the call today [Operator Instructions]. I will now hand you over to your host, Ross Wong ...

Production and Revenue - For the year ended December 31, 2022, Sitio's average net daily production was 30,782 barrels of oil equivalent per day (BOE/d), consisting of 15,662 Bbls/d of oil, 53,452 thousand cubic feet per day (Mcf/d) of natural gas, and 6,211 Bbls/d of natural gas liquids (NGLs) on a pro forma basis[74]. - Sitio's pro forma revenue from mineral and royalty interests was approximately $756.6 million for the year ended December 31, 2022, compared to $389.6 million for 2021[90]. - Approximately 80% of Sitio's 2022 revenue was derived from the sale of oil and NGLs on a pro forma basis[90]. - Sitio's total revenue for 2022 was primarily driven by crude oil, natural gas, and NGL sales, which accounted for 96% of total revenue[124]. - The average realized price for crude oil in 2022 was $93.05 per Bbl, while natural gas averaged $5.50 per Mcf, and NGLs averaged $33.51 per Bbl[124]. - Sitio's production for 2022 included 2,861 MBbls of crude oil, 9,531 MMcf of natural gas, and 1,100 MBbls of NGLs, resulting in a total production of 5,550 MBOE[124]. Reserves and Assets - As of December 31, 2022, Sitio's estimated proved reserves were 79,989 MBOE, with 67% classified as liquids (44% crude oil and 23% NGLs)[97]. - Approximately 81% of the proved reserves were classified as proved developed reserves, while 19% were classified as proved undeveloped reserves[97]. - Sitio's estimated proved undeveloped reserves (PUDs) as of December 31, 2022, were 7,650 MBbls of crude oil, 25,953 MMcf of natural gas, and 3,190 MBbls of NGLs, totaling 15,165 MBOE[118]. - The company identified 50,358 undeveloped locations across its gross DSU acreage as of December 31, 2022, with 89% located in the Permian Basin[121]. - Sitio's total net mineral acres amounted to 143,189, with a total of 260,607 net royalty acres[95]. Acquisitions and Growth Strategy - Sitio completed a total of 187 acquisitions since its formation in November 2016, with 19 transactions larger than 1,500 NRAs accounting for approximately 93% of its NRAs[76]. - Sitio expects to continue adding to its mineral and royalty asset base through acquisitions that meet its investment criteria for geologic quality and rate of return[74]. - The company completed the Falcon Merger, contributing 34,000 net royalty acres (NRAs) in the Eagle Ford and Appalachia Basin[189]. - The Brigham Merger added approximately 86,500 NRAs, including 30,300 NRAs in the Delaware Basin and 13,200 NRAs in the Midland Basin[190]. - For the year ended December 31, 2022, Sitio completed additional acquisitions totaling approximately 26,800 NRAs in the Delaware Basin and 7,700 NRAs in the Midland Basin[191]. Financial Position and Risks - The company reduced its indebtedness from $66.0 million as of March 31, 2020, to $25.0 million as of March 31, 2021, utilizing free cash flow[76]. - Sitio's revenues are significantly dependent on royalty payments from crude oil, natural gas, and NGLs, which are influenced by volatile market prices[195]. - A substantial decline in crude oil, natural gas, and NGL prices could materially adversely affect Sitio's business, financial condition, and cash flows, potentially leading to downward adjustments in estimated proved reserves[199]. - The company relies on external debt and equity financing, which may be adversely affected by rising interest rates and inflationary pressures[229]. - Sitio's financial results have been adversely impacted by the COVID-19 pandemic, with ongoing uncertainty affecting business operations and liquidity[234]. Environmental and Regulatory Compliance - The company has no environmental liabilities and minimal Scope 2 emissions, reflecting its commitment to responsible environmental practices[101]. - Sitio's operations are subject to stringent environmental laws and regulations, which could materially adversely affect its business and prospects[130]. - The Resource Conservation and Recovery Act (RCRA) imposes requirements on waste management, and changes in regulations could increase capital and operating expenses for Sitio's properties[132]. - The Clean Water Act (CWA) and related regulations impose strict controls on pollutant discharges, with potential legal challenges affecting compliance costs for Sitio's operators[134]. - Climate change regulations are evolving, with potential federal and state initiatives aimed at reducing greenhouse gas emissions, which could impact Sitio's operations[140]. Market Conditions and Competition - The crude oil and natural gas industry is highly competitive, with Sitio competing against larger public and private companies for mineral and royalty interests[181]. - The price of WTI light sweet crude oil has fluctuated from a historic low of negative $36.98 per Bbl in April 2020 to a high of $123.64 per Bbl in March 2022, indicating significant market volatility[198]. - The Henry Hub spot market price for natural gas ranged from a low of $1.33 per MMBtu in September 2020 to a high of $23.86 per MMBtu in February 2021, reflecting extreme price fluctuations[198]. - The company faces intense competition for acquisition opportunities, which may increase costs or limit its ability to complete acquisitions[216]. - Negative sentiment towards the oil and gas sector among certain investors may reduce the availability of capital funding for Sitio's development projects[271]. Operational Challenges - The company faces risks related to title defects that could impair its mineral and royalty interests, potentially leading to financial losses[201]. - The unavailability or high cost of drilling rigs and services may restrict E&P operators, impacting Sitio's financial condition[248]. - Seasonal weather conditions can disrupt drilling activities and affect the demand for natural gas, particularly in winter[183]. - The company cannot predict the impact of new legislation on its operations, as current sales of crude oil and natural gas are made at market prices without regulation[160]. - The development of Sitio's properties may require higher capital expenditures than currently anticipated, affecting future cash flows[231].

February 27, 2023 Investor Presentation This presentation relates to Sitio Royalties Corp. (the "Company" or "Sitio") and contains statements that may constitute "forward-looking statements" for purposes of federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "ex ...

| --- | --- | --- | |-------|---------------------------------------------------------|-------| | | | | | | | | | | | | | | 3Q 2022 Earnings Presentation | | | | | | | | A Leading Mineral and Royalty Business November 8, 2022 | | . Disclaimer FORWARD-LOOKING STATEMENTS This communication contains statements that may constitute "forward-looking statements" for purposes of federal securities laws, including communication relating to proposed business combination transactions (the "Merger") between Brigham and ...

Start Time: 08:30 January 1, 0000 8:52 AM ET Sitio Royalties Corp. (NYSE:STR) Q3 2022 Earnings Conference Call November 09, 2022, 08:30 AM ET Company Participants Chris Conoscenti - CEO Ross Wong - Senior Director of Corporate Finance and IR Conference Call Participants Jeanine Wai - Barclays Noel Parks - Tuohy Brothers Operator Ladies and gentlemen, welcome to the Sitio Royalties Third Quarter 2022 Earnings Call. My name is Grant, and I'll be monitoring today's call. [Operator Instructions]. I will now han ...

Sitio Royalties Corp. (NYSE:STR) Q2 2022 Earnings Conference Call August 9, 2022 8:30 AM ET Company Participants Ross Wong - Senior Director of Corporate Finance & Investor Relations Chris Conoscenti - Chief Executive Officer Conference Call Participants Jeanine Wai - Barclays Derrick Whitfield - Stifel Operator Good morning. My name is Samantha and I will be your conference operator today. At this time, I would like to welcome everyone to the Sitio Royalties Second Quarter 2022 Earnings Conference Call. [O ...

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