Record High Average Quarterly Production Volume of 34,440 Boe/d (51% Oil)
Declared $0.50 Dividend Per Share of Class A Common Stock for First Quarter 2023
Reduced Long-term Debt by $33.7 Million
Reaffirming Production Guidance Range of 34,000 to 37,000 Boe/d for Full Year 2023(1)
DENVER--(BUSINESS WIRE)-- Sitio Royalties Corp. (NYSE: STR) (“Sitio,” "STR" or the “Company”) today announced operational and financial results for the quarter ended March 31, 2023. Unless the context clearly indicates otherwise, references to "we," "our," "us" or similar terms refer to Sitio.
FIRST QUARTER 2023 OPERATIONAL AND FINANCIAL HIGHLIGHTS
Average daily production volume of 34,440 barrels of oil equivalent per day ("Boe/d"), (51% oil), comparable to pro forma 4Q 2022 average daily production volume(2)
Net income of $47.7 million, up $43.1 million relative to 4Q 2022 net income, primarily due to the contribution from the Brigham Minerals Inc. ("Brigham Minerals") assets for the entire quarter vs. three days in 4Q 2022 and reduced expenses related to the December 29, 2022 merger of Sitio and Brigham Minerals
Adjusted EBITDA of $140.0 million(3), down 17% sequentially from 4Q 2022 pro forma Adjusted EBITDA(4), primarily due to a 15% reduction in realized hedged prices per Boe
Declared 1Q 2023 dividend of $0.50 per share of Class A Common Stock
42.8 net line-of-sight ("LOS") wells as of March 31, 2023, comprised of 25.0 net spuds and 17.8 net permits, with approximately 81% and 12% of total net LOS wells in the Permian Basin and DJ Basin, respectively
In March 2023, made second quarterly amortization payment of $11.3 million on senior unsecured notes, reducing principal from $438.8 million to approximately $427.5 million