Sitio Royalties Reports Second Quarter 2025 Operational and Financial Results
DENVER–(BUSINESS WIRE)–
Sitio Royalties Corp. (NYSE: STR) (“Sitio,” “STR” or the “Company”) today announced second quarter 2025 operational and financial results. Unless the context clearly indicates otherwise, references to “we,” “our,” “us” or similar terms refer to Sitio and its subsidiaries.
SECOND QUARTER 2025 HIGHLIGHTS
- Second quarter 2025 production of 19.3 thousand barrels per day (“MBbls/d”) oil and 41.9 thousand barrels of oil equivalent per day (“MBoe/d”) total
- Second quarter 2025 net income of $14.5 million and Adjusted EBITDA(1) of $125.4 million
- Operators turned-in-line 8.7 net wells across Sitio’s acreage position
- Net line of sight (“LOS”) wells totaled 48.1 as of June 30, 2025, including 27.6 net spud wells and 20.5 net permitted wells
- Closed $6.0 million of acquisitions located in the Delaware and DJ Basins, adding approximately 430 net royalty acres (“NRAs”)
- Repurchased $8.9 million, or 0.5 million shares, of Class A common stock in the second quarter 2025
- Second quarter 2025 total return of capital of $0.42 per share of Class A Common Stock, comprised of a $0.36 per share declared cash dividend (payable August 19, 2025), and $0.06 per share of stock repurchases
PROPOSED MERGER WITH VIPER ENERGY, INC.
As previously announced on June 3, 2025, Sitio and Viper Energy, Inc. (“Viper”) entered into a definitive merger agreement, pursuant to which Viper will acquire Sitio in an all-stock transaction. Following the approval of the Sitio stockholders and the satisfaction of certain other closing conditions, the merger is expected to close during the third quarter of 2025.
In light of the pending merger with Viper, Sitio has discontinued providing guidance and long-term outlook information regarding its results of operations and does not intend to update the previously issued guidance and long-term outlook information, including any such information provided in the first quarter earnings release, as those forward-looking statements were estimates of management only as of the date provided and were subject to the specific risks and uncertainties that accompanied such forward-looking statements. As a result of the pending merger, there will not be an investor conference call.
SECOND QUARTER 2025 FINANCIAL RESULTS
Sitio’s second quarter 2025 average unhedged realized prices including all expected quality, transportation and demand adjustments were $63.03 per barrel of oil, $1.43 per Mcf of natural gas and $22.57 per barrel of natural gas liquids, for a total price of $36.95 per Boe. During the second quarter of 2025, the Company received $1.3 million in net cash settlements for commodity derivative contracts and as a result, average hedged realized prices were $63.65 per barrel of oil, $1.45 per Mcf of natural gas and $22.57 per barrel of natural gas liquids, for a total price of $37.28 per Boe.
For the second quarter of 2025, consolidated net income was $14.5 million and Adjusted EBITDA(1) was $125.4 million.
As of June 30, 2025, the Company had $1.1 billion principal value of total debt outstanding (comprised of $488.2 million drawn on Sitio’s revolving credit facility and $600.0 million of senior unsecured notes) and liquidity of $437.2 million, including $0.4 million of cash and $436.8 million of remaining availability under its $925.0 million credit facility.
RETURN OF CAPITAL FRAMEWORK
Since becoming public in 2022, Sitio’s cumulative return of capital to shareholders has exceeded $980 million, including cash dividends and share repurchases, with approximately $64 million attributable to the second quarter of 2025.
Sitio’s Board of Directors declared a cash dividend of $0.36 per share of Class A Common Stock with respect to the second quarter of 2025. The dividend is payable on August 19, 2025 to the stockholders of record at the close of business on August 14, 2025. During the second quarter of 2025, the Company repurchased an aggregate 0.5 million shares of Class A Common Stock at an average price of $16.30 per share, or an equivalent $0.06 per share of capital. In total, Sitio will return an aggregate $0.42 per share of capital for the second quarter of 2025.
|
(1) |
For definitions of non-GAAP financial measures and reconciliation to their most directly comparable GAAP financial measures, please see “Non-GAAP financial measures” |
OPERATOR ACTIVITY
The following table summarizes Sitio’s net royalty acres, net average daily production and net LOS wells by basin as of June 30, 2025.
|
|
Delaware |
|
Midland |
|
DJ |
|
Eagle Ford |
|
Williston/Other |
|
Total |
||||||
|
Net Royalty Acres (normalized to 1/8th royalty equivalent) |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
As of June 30, 2025 |
156,795 |
|
|
45,688 |
|
|
43,338 |
|
|
21,047 |
|
|
8,203 |
|
|
275,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net Average Daily Production (Boe/d) |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Three months ended June 30, 2025 |
23,789 |
|
|
8,072 |
|
|
5,982 |
|
|
3,208 |
|
|
828 |
|
|
41,879 |
|
|
% Oil |
44 |
% |
|
53 |
% |
|
39 |
% |
|
56 |
% |
|
47 |
% |
|
46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net LOS Wells (normalized to 5,000′ laterals) |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net spuds |
9.5 |
|
|
8.8 |
|
|
5.3 |
|
|
3.9 |
|
|
0.1 |
|
|
27.6 |
|
|
Net permits |
13.4 |
|
|
4.6 |
|
|
1.6 |
|
|
0.8 |
|
|
0.1 |
|
|
20.5 |
|
|
Net LOS wells as of June 30, 2025 |
22.9 |
|
|
13.4 |
|
|
6.9 |
|
|
4.7 |
|
|
0.2 |
|
|
48.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FINANCIAL RESULTS
|
Production Data |
|||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
||||
|
Production Data: |
|
|
|
|
|
|
|
||||||||
|
Crude oil (MBbls) |
|
1,758 |
|
|
1,797 |
|
|
3,456 |
|
|
3,459 |
||||
|
Natural gas (MMcf) |
|
7,004 |
|
|
5,892 |
|
|
14,086 |
|
|
10,908 |
||||
|
NGLs (MBbls) |
|
885 |
|
|
791 |
|
|
1,799 |
|
|
1,510 |
||||
|
Total (MBOE)(6:1) |
|
3,811 |
|
|
3,570 |
|
|
7,603 |
|
|
6,787 |
||||
|
Average daily production (BOE/d)(6:1) |
|
41,879 |
|
|
39,231 |
|
|
42,007 |
|
|
37,290 |
||||
|
Average Realized Prices: |
|
|
|
|
|
|
|
||||||||
|
Crude oil (per Bbl) |
$ |
63.03 |
|
$ |
79.85 |
|
$ |
66.65 |
|
$ |
78.29 |
||||
|
Natural gas (per Mcf) |
$ |
1.43 |
|
$ |
1.01 |
|
$ |
1.87 |
|
$ |
1.08 |
||||
|
NGLs (per Bbl) |
$ |
22.57 |
|
$ |
20.32 |
|
$ |
23.59 |
|
$ |
20.51 |
||||
|
Combined (per BOE) |
$ |
36.95 |
|
$ |
46.36 |
|
$ |
39.34 |
|
$ |
46.19 |
||||
|
Average Realized Prices After Effects of Derivative Settlements: |
|
|
|
|
|
|
|
||||||||
|
Crude oil (per Bbl) |
$ |
63.65 |
|
$ |
80.21 |
|
$ |
67.03 |
|
$ |
78.96 |
||||
|
Natural gas (per Mcf) |
$ |
1.45 |
|
$ |
1.36 |
|
$ |
1.90 |
|
$ |
1.44 |
||||
|
NGLs (per Bbl) |
$ |
22.57 |
|
$ |
20.32 |
|
$ |
23.59 |
|
$ |
20.51 |
||||
|
Combined (per BOE) |
$ |
37.28 |
|
$ |
47.13 |
|
$ |
39.57 |
|
$ |
47.12 |
||||
|
Selected Expense Metrics |
|||||||
|
|
Three Months Ended June 30, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Production taxes and other |
|
8.8 |
% |
|
|
7.5 |
% |
|
Depreciation, depletion and amortization ($/Boe) |
$ |
19.92 |
|
|
$ |
23.95 |
|
|
General and administrative ($/Boe) |
$ |
5.27 |
|
|
$ |
3.77 |
|
|
Cash G&A ($/Boe) |
$ |
2.33 |
|
|
$ |
1.94 |
|
|
Interest expense, net ($/Boe) |
$ |
6.05 |
|
|
$ |
6.36 |
|
|
Condensed Consolidated Balance Sheets (In thousands except par and share amounts) |
|||||||
|
|
June 30, |
|
December 31, |
||||
|
|
(Unaudited) |
|
|
||||
|
ASSETS |
|
|
|
||||
|
Current assets |
|
|
|
||||
|
Cash and cash equivalents |
$ |
383 |
|
|
$ |
3,290 |
|
|
Accrued revenue and accounts receivable |
|
125,807 |
|
|
|
123,361 |
|
|
Prepaid assets |
|
8,453 |
|
|
|
6,760 |
|
|
Derivative asset |
|
— |
|
|
|
1,811 |
|
|
Total current assets |
|
134,643 |
|
|
|
135,222 |
|
|
|
|
|
|
||||
|
Property and equipment |
|
|
|
||||
|
Oil and natural gas properties, successful efforts method: |
|
|
|
||||
|
Unproved properties |
|
2,373,097 |
|
|
|
2,464,836 |
|
|
Proved properties |
|
3,055,145 |
|
|
|
2,941,347 |
|
|
Other property and equipment |
|
4,309 |
|
|
|
3,737 |
|
|
Accumulated depreciation, depletion, amortization, and impairment |
|
(972,012 |
) |
|
|
(818,633 |
) |
|
Total property and equipment, net |
|
4,460,539 |
|
|
|
4,591,287 |
|
|
|
|
|
|
||||
|
Long-term assets |
|
|
|
||||
|
Deferred financing costs |
|
6,984 |
|
|
|
8,525 |
|
|
Operating lease right-of-use asset |
|
5,569 |
|
|
|
5,940 |
|
|
Other long-term assets |
|
2,680 |
|
|
|
2,746 |
|
|
Total long-term assets |
|
15,233 |
|
|
|
17,211 |
|
|
|
|
|
|
||||
|
TOTAL ASSETS |
$ |
4,610,415 |
|
|
$ |
4,743,720 |
|
|
|
|
|
|
||||
|
LIABILITIES AND EQUITY |
|
|
|
||||
|
Current liabilities |
|
|
|
||||
|
Accounts payable and accrued expenses |
$ |
31,556 |
|
|
$ |
46,385 |
|
|
Operating lease liability |
|
1,792 |
|
|
|
1,646 |
|
|
Total current liabilities |
|
33,348 |
|
|
|
48,031 |
|
|
|
|
|
|
||||
|
Long-term liabilities |
|
|
|
||||
|
Long-term debt |
|
1,079,618 |
|
|
|
1,078,181 |
|
|
Deferred tax liability |
|
247,255 |
|
|
|
253,778 |
|
|
Non-current operating lease liability |
|
5,064 |
|
|
|
5,462 |
|
|
Other long-term liabilities |
|
1,150 |
|
|
|
1,150 |
|
|
Total long-term liabilities |
|
1,333,087 |
|
|
|
1,338,571 |
|
|
|
|
|
|
||||
|
Total liabilities |
|
1,366,435 |
|
|
|
1,386,602 |
|
|
|
|
|
|
||||
|
Equity |
|
|
|
||||
|
Class A Common Stock, par value $0.0001 per share; 240,000,000 shares authorized; 83,454,563 and 83,205,330 shares issued and 77,578,656 and 78,980,516 outstanding at June 30, 2025 and December 31, 2024, respectively |
|
8 |
|
|
|
8 |
|
|
Class C Common Stock, par value $0.0001 per share; 120,000,000 shares authorized; 73,443,992 and 73,443,992 shares issued and 73,367,602 and 73,391,244 outstanding at June 30, 2025 and December 31, 2024, respectively |
|
8 |
|
|
|
8 |
|
|
Additional paid-in capital |
|
1,660,081 |
|
|
|
1,710,372 |
|
|
Accumulated deficit |
|
(129,236 |
) |
|
|
(146,792 |
) |
|
Class A Treasury Shares, 5,875,907 and 4,224,814 shares at June 30, 2025 and December 31, 2024, respectively |
|
(128,364 |
) |
|
|
(96,910 |
) |
|
Class C Treasury Shares, 76,390 and 52,748 shares at June 30, 2025 and December 31, 2024, respectively |
|
(1,736 |
) |
|
|
(1,265 |
) |
|
Noncontrolling interest |
|
1,843,219 |
|
|
|
1,891,697 |
|
|
Total equity |
|
3,243,980 |
|
|
|
3,357,118 |
|
|
|
|
|
|
||||
|
TOTAL LIABILITIES AND EQUITY |
$ |
4,610,415 |
|
|
$ |
4,743,720 |
|
|
Unaudited Condensed Consolidated Statements of Operations (In thousands, except per share amounts) |
|||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Revenues: |
|
|
|
|
|
|
|
||||||||
|
Oil, natural gas and natural gas liquids revenues |
$ |
140,805 |
|
|
$ |
165,516 |
|
|
$ |
299,118 |
|
|
$ |
313,487 |
|
|
Lease bonus and other income |
|
4,854 |
|
|
|
3,032 |
|
|
|
10,056 |
|
|
|
6,452 |
|
|
Total revenues |
|
145,659 |
|
|
|
168,548 |
|
|
|
309,174 |
|
|
|
319,939 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
|
Depreciation, depletion and amortization |
|
75,901 |
|
|
|
85,485 |
|
|
|
153,380 |
|
|
|
161,803 |
|
|
General and administrative |
|
20,099 |
|
|
|
13,456 |
|
|
|
35,861 |
|
|
|
26,467 |
|
|
Production taxes and other |
|
12,454 |
|
|
|
12,433 |
|
|
|
25,436 |
|
|
|
24,459 |
|
|
Total operating expenses |
|
108,454 |
|
|
|
111,374 |
|
|
|
214,677 |
|
|
|
212,729 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income from operations |
|
37,205 |
|
|
|
57,174 |
|
|
|
94,497 |
|
|
|
107,210 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
|
Interest expense, net |
|
(23,049 |
) |
|
|
(22,688 |
) |
|
|
(46,318 |
) |
|
|
(41,198 |
) |
|
Commodity derivatives gains (losses) |
|
807 |
|
|
|
(607 |
) |
|
|
(101 |
) |
|
|
(10,657 |
) |
|
Income before taxes |
|
14,963 |
|
|
|
33,879 |
|
|
|
48,078 |
|
|
|
55,355 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income tax expense |
|
(415 |
) |
|
|
(4,838 |
) |
|
|
(7,246 |
) |
|
|
(7,622 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Net income |
|
14,548 |
|
|
|
29,041 |
|
|
|
40,832 |
|
|
|
47,733 |
|
|
Net income attributable to noncontrolling interest |
|
(7,275 |
) |
|
|
(16,187 |
) |
|
|
(23,293 |
) |
|
|
(26,411 |
) |
|
Net income attributable to Class A stockholders |
$ |
7,273 |
|
|
$ |
12,854 |
|
|
$ |
17,539 |
|
|
$ |
21,322 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income per share of Class A Common Stock |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
0.08 |
|
|
$ |
0.16 |
|
|
$ |
0.20 |
|
|
$ |
0.25 |
|
|
Diluted |
$ |
0.08 |
|
|
$ |
0.15 |
|
|
$ |
0.20 |
|
|
$ |
0.25 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average Class A Common Stock outstanding |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
77,575 |
|
|
|
80,751 |
|
|
|
77,961 |
|
|
|
81,578 |
|
|
Diluted |
|
77,844 |
|
|
|
80,879 |
|
|
|
78,192 |
|
|
|
81,761 |
|
|
Unaudited Condensed Consolidated Statements of Cash Flows (In thousands) |
|||||||
|
|
Six Months Ended June 30, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Cash flows from operating activities: |
|
|
|
||||
|
Net income |
$ |
40,832 |
|
|
$ |
47,733 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
|
Depreciation, depletion and amortization |
|
153,380 |
|
|
|
161,803 |
|
|
Amortization of deferred financing costs and long-term debt discount |
|
2,807 |
|
|
|
2,603 |
|
|
Share-based compensation |
|
14,436 |
|
|
|
11,307 |
|
|
Commodity derivatives losses |
|
101 |
|
|
|
10,657 |
|
|
Net cash received for commodity derivatives settlements |
|
1,710 |
|
|
|
6,316 |
|
|
Deferred tax benefit |
|
(6,523 |
) |
|
|
(7,494 |
) |
|
Change in operating assets and liabilities: |
|
|
|
||||
|
Accrued revenue and accounts receivable |
|
(2,446 |
) |
|
|
(22,107 |
) |
|
Prepaid assets |
|
(915 |
) |
|
|
10,547 |
|
|
Other long-term assets |
|
680 |
|
|
|
667 |
|
|
Accounts payable and accrued expenses |
|
(14,532 |
) |
|
|
(3,487 |
) |
|
Operating lease liabilities and other long-term liabilities |
|
(560 |
) |
|
|
(493 |
) |
|
Net cash provided by operating activities |
|
188,970 |
|
|
|
218,052 |
|
|
|
|
|
|
||||
|
Cash flows from investing activities: |
|
|
|
||||
|
Purchases of oil and gas properties, net of post-close adjustments |
|
(22,421 |
) |
|
|
(177,424 |
) |
|
Other, net |
|
(210 |
) |
|
|
(237 |
) |
|
Net cash used in investing activities |
|
(22,631 |
) |
|
|
(177,661 |
) |
|
|
|
|
|
||||
|
Cash flows from financing activities: |
|
|
|
||||
|
Borrowings on credit facilities |
|
150,000 |
|
|
|
279,000 |
|
|
Repayments on credit facilities |
|
(149,650 |
) |
|
|
(96,000 |
) |
|
Debt issuance costs |
|
(147 |
) |
|
|
(126 |
) |
|
Distributions to noncontrolling interest |
|
(72,887 |
) |
|
|
(68,402 |
) |
|
Dividends paid to Class A stockholders |
|
(59,083 |
) |
|
|
(75,016 |
) |
|
Dividend equivalent rights paid |
|
(1,731 |
) |
|
|
(707 |
) |
|
Repurchases of Class A Common Stock |
|
(32,480 |
) |
|
|
(54,075 |
) |
|
Repurchases of Sitio OpCo Partnership Units (including associated Class C Common Shares) |
|
— |
|
|
|
(22,142 |
) |
|
Cash paid for taxes related to net settlement of share-based compensation awards |
|
(3,268 |
) |
|
|
(1,770 |
) |
|
Net cash used in financing activities |
|
(169,246 |
) |
|
|
(39,238 |
) |
|
|
|
|
|
||||
|
Net change in cash and cash equivalents |
|
(2,907 |
) |
|
|
1,153 |
|
|
Cash and cash equivalents, beginning of period |
|
3,290 |
|
|
|
15,195 |
|
|
Cash and cash equivalents, end of period |
$ |
383 |
|
|
$ |
16,348 |
|
|
|
|
|
|
||||
|
Supplemental disclosure of non-cash transactions: |
|
|
|
||||
|
Decrease in current liabilities for additions to property and equipment: |
$ |
222 |
|
|
$ |
— |
|
|
|
|
|
|
||||
|
Supplemental disclosure of cash flow information: |
|
|
|
||||
|
Cash paid for income taxes: |
$ |
29,632 |
|
|
$ |
2,769 |
|
|
Cash paid for interest expense: |
|
42,549 |
|
|
|
41,230 |
|
Non-GAAP financial measures
Adjusted EBITDA, Discretionary Cash Flow and Cash G&A are non-GAAP supplemental financial measures used by our management and by external users of our financial statements such as investors, research analysts and others to assess the financial performance of our assets and their ability to sustain dividends and/or share repurchases over the long term without regard to financing methods, capital structure or historical cost basis. Sitio believes that these non-GAAP financial measures provide useful information to Sitio’s management and external users because they allow for a comparison of operating performance on a consistent basis across periods.
We define Adjusted EBITDA as net income (loss) plus (a) interest expense, (b) provisions for income taxes, (c) depreciation, depletion and amortization, (d) non-cash share-based compensation expense, (e) impairment of oil and natural gas properties, (f) gains or losses on unsettled derivative instruments, (g) loss on debt extinguishment, (h) merger-related transaction costs (i) write off of financing costs and (j) loss on sale of oil and gas properties.
We define Discretionary Cash Flow as Adjusted EBITDA, less cash and accrued interest expense and estimated cash taxes.
We define Cash G&A as general and administrative expense less (a) non-cash share-based compensation expense, (b) merger-related transaction costs and (c) rental income.
Merger-related transaction costs for the three months ended June 30, 2024 have been recast to conform to the current period presentation.
These non-GAAP financial measures do not represent and should not be considered an alternative to, or more meaningful than, their most directly comparable GAAP financial measures or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Non-GAAP financial measures have important limitations as analytical tools because they exclude some but not all items that affect the most directly comparable GAAP financial measure. Our computations of Adjusted EBITDA, Discretionary Cash Flow and Cash G&A may differ from computations of similarly titled measures of other companies.
The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure for the period indicated (in thousands).
|
|
Three Months Ended June 30, |
||||||
|
|
|
2025 |
|
|
2024 |
||
|
Net income |
$ |
14,548 |
|
$ |
29,041 |
||
|
Interest expense, net |
|
23,049 |
|
|
22,688 |
||
|
Income tax expense |
|
415 |
|
|
4,838 |
||
|
Depreciation, depletion and amortization |
|
75,901 |
|
|
85,485 |
||
|
EBITDA |
$ |
113,913 |
|
$ |
142,052 |
||
|
Non-cash share-based compensation expense |
|
7,462 |
|
|
6,203 |
||
|
Losses on unsettled derivative instruments |
|
472 |
|
|
3,329 |
||
|
Merger-related transaction costs |
|
3,572 |
|
|
149 |
||
|
Adjusted EBITDA |
$ |
125,419 |
|
$ |
151,733 |
||
The following table presents a reconciliation of Discretionary Cash Flow to the most directly comparable GAAP financial measure for the period indicated (in thousands).
|
|
Three Months Ended June 30, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Cash flow from operations |
$ |
85,489 |
|
|
$ |
97,312 |
|
|
Interest expense, net |
|
23,049 |
|
|
|
22,688 |
|
|
Income tax expense |
|
415 |
|
|
|
4,838 |
|
|
Deferred tax benefit |
|
(10,727 |
) |
|
|
3,256 |
|
|
Changes in operating assets and liabilities |
|
25,033 |
|
|
|
24,799 |
|
|
Amortization of deferred financing costs and long-term debt discount |
|
(1,412 |
) |
|
|
(1,309 |
) |
|
Merger-related transaction costs |
|
3,572 |
|
|
|
149 |
|
|
Adjusted EBITDA |
$ |
125,419 |
|
|
$ |
151,733 |
|
|
Less: |
|
|
|
||||
|
Cash and accrued interest expense |
|
21,637 |
|
|
|
21,385 |
|
|
Estimated cash taxes |
|
5,267 |
|
|
|
875 |
|
|
Discretionary Cash Flow |
$ |
98,515 |
|
|
$ |
129,473 |
|
The following table presents a reconciliation of Cash G&A to the most directly comparable GAAP financial measure for the period indicated (in thousands).
|
|
Three Months Ended June 30, |
||||||
|
|
|
2025 |
|
|
2024 |
||
|
General and administrative expense |
$ |
20,099 |
|
$ |
13,456 |
||
|
Less: |
|
|
|
||||
|
Non-cash share-based compensation expense |
|
7,462 |
|
|
6,203 |
||
|
Merger-related transaction costs |
|
3,572 |
|
|
149 |
||
|
Rental income |
|
194 |
|
|
171 |
||
|
Cash G&A |
$ |
8,871 |
|
$ |
6,933 |
||
About Sitio Royalties Corp.
Sitio is a shareholder returns-driven company focused on large-scale consolidation of high-quality oil & gas mineral and royalty interests across premium basins, with a diversified set of top-tier operators. With a clear objective of generating cash flow from operations that can be returned to stockholders and reinvested, Sitio has accumulated over 275,000 NRAs through the consummation of over 200 acquisitions, as of June 30, 2025. More information about Sitio is available at www.sitio.com.
Forward-Looking Statements
This news release 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,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about the proposed merger, the likelihood that the conditions to the merger will be satisfied on a timely basis or at all, Viper’s or the Company’s ability to consummate the merger at any time or at all, the Company’s expected results of operations, cash flows, financial position and future dividends; as well as certain future plans, expectations and objectives for the Company’s operations, including statements about our return of capital framework, our share repurchase program and its intended benefits, financial and operational guidance, strategy, synergies, certain levels of production, future operations, acquisitions, financial position, prospects, and plans. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance, and financial condition to differ materially from our expectations and predictions. Factors that could materially impact such forward-looking statements include, but are not limited to: commodity price volatility, the global economic uncertainty and market volatility related to changes in U.S. trade policy, including the imposition of tariffs, slowing growth and demand, especially from China, the conflict in Ukraine and associated economic sanctions on Russia, the conflict in the Israel-Gaza region and continued hostilities in the Middle East including heightened tensions and conflict with Iran, Lebanon and Yemen, actions by OPEC+ and others, including any removal of oil production curtailments or the duration thereof, increased global oil, natural gas and natural gas liquids supply and those other factors discussed or referenced in the “Risk Factors” section of Sitio’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, and other publicly filed documents with the SEC. Any forward-looking statement made in this news release speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. Sitio undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250804124278/en/
IR contact:
Alyssa Stephens
(281) 407–5204
[email protected]
KEYWORDS: United States North America Colorado
INDUSTRY KEYWORDS: Energy Natural Resources Mining/Minerals Oil/Gas
MEDIA:
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