Disclaimer FORWARD-LOOKING STATEMENTS This presentation relates to Sitio Royalties Corp. (the Company, STR or Sitio) and contains statements that may constitute forward-looking statements for purposes of federal securities laws.…
Sitios Value Proposition Williston Returns-Driven Acquisition Strategy NEW MEXICO Midland Basin Active Asset Management Continually DJ Enhances Business Model High Margins, Strong Capital Structure, and Long-Term Financial…
1Q25 Key Takeaways Topped consensus estimates for 1Q25 production (42 MBoe/d) and Adjusted EBITDA(1) (142 MM) 1 Solid Financial Performance 1Q25 production (42 MBoe/d) exceeded high end of STR full year 2025 guidance High…
1Q25 Highlights Average Daily Production Operator Activity Financials(1) 42.1 MBoe/d 18.9 MBbls/d 48.6 Net Wells 11.1 Net Wells 142 MM 115 MM Total Production Oil Production Line of Sight (LOS) as of Turned-in-Line (TILs) Adjusted…
Advantaged Free Cash Flow Margin 2025E Free Cash Flow Margin (/Boe)(1) 34.19 32.01 STRs FCF Margin is 3.5x higher than the E&P Average 26.49 24.67 23.59 12.46 10.99 11.37 9.03 9.51 E&P Average: 7.54 7.96 8.02 8.59 8.71…
Unique Cash Flow Resiliency Commodity Price Sensitivity Estimated 10-Year Cumulative Free Cash Flow / EV (1) 140% Within the upstream oil and gas landscape, minerals & royalties assets 120% Estimated FY 2025-2034 Cuml. FCF / TEV…
Large, Well-Capitalized Operators with Durable Capital Budgets 1Q25 Production by Operator Market Cap. Top 10 STR Operators by 1Q25 Production Operator % of 1Q25 1Q25 Gross Wells Private (Ticker) Production TIL(1) 100B 24% 1 CVX…
Visibility through Net Line-of-Sight (LOS) Well Pipeline Permian Basin LOS Wells Net LOS Wells 47.5 46.5 48.6 NEW MEXICO 19.7 19.8 19.7 27.8 26.7 28.9 2023 2024 1Q25 Qtr Avg. Qtr Avg. Net Spuds Net Permits Quarterly…
Valuation Anchored by Proved Reserves STR has a greater proportion of valuation underpinned by lower risk proved reserves than mineral peers and has 10 years of remaining drilling inventory(1) in target zones being economically…
Balanced Capital Allocation Framework to Maximize Returns Capital Allocation Priorities Cumulative Return of Capital Since 2Q22 Committed to returning at least 65% of DCF to shareholders through cash dividends and share repurchases…
Net Debt to FCF Compares Well to E&P and Mineral Peers Adjusted Net Debt to 2024 FCF(1)(2) 20.4x STRs Adj. Net Debt / 2024 FCF is half the peer group average 11.7x 10.5x 9.6x 7.0x 6.0x 5.0x 5.1x 4.1x 4.3x 3.7x 3.9x…
2025 Outlook Comments 2025 Full Year Guidance Estimated cash taxes guidance Production updated to reflect lower anticipated commodity prices Average daily production (Boe/d) 38,250 41,250 than originally forecasted At the…
Appendix 15
Minerals Consolidation is in the Early Innings Sitio is well positioned to consolidate the fragmented minerals market Total Combined Market Capitalization Estimated Total Royalty Estimated Permian Basin NRA (bn)(1) Payments in the…
Delivering Consistent Production Growth per Debt-Adjusted Share Since becoming public in 2Q22, Sitio has delivered total production per debt-adjusted share growth of 56% (17% CAGR) 25 50 Production (Boe) per Thousand Debt-Adjusted…
Large-Scale, Diverse Asset Base with Active Operators and 10 Years of Remaining Development Gross Wells TIL on STRs Current Assets(1) Net Wells TIL on STRs Current Assets(1) 20 2,000 15 1,500 10 1,000 500 5 0 0 3Q23 4Q23…
E&P Companies Have Significant Remaining Inventory on Sitios Acreage Operators have drilled 6,000 5k normalized wells per year on Sitios acreage over the past 3 years Gross Normalized Remaining Inventory Net Normalized Remaining…
Operators are Realizing Efficiency Improvements in the Oilfield Permian Basin production has grown steadily despite decreasing rigs and frac fleets Permian Production, Rigs and Frac Fleets 400 150 10.9 10.8 10.7 350 125…
Optimizing Asset Value and Cash Flow with Sitio Asset Management System 27,621 290 196 8,835 20.8 MM 0.1 MM HZ wells operators checks rows of data records to review rows of data per month per check by STR staff per year per year…
Minerals and Royalties are a Structurally Advantaged Asset Class Simple Profitable Mineral interests are perpetual real property interests; typically Highest margin component of the energy value chain senior to all claims in capital…
Strong Balance Sheet and Financial Flexibility with No Near-Term Maturities Capitalization as of 3/31/25 (MM) Debt Maturity Profile as of 3/31/25 (MM) 925 MM RBL 950 Cash 2 850 Revolving credit facility 486 750 439 MM undrawn 600…
Commodity Derivatives as of 3/31/2025 All hedges were put in place in conjunction with 4 cash acquisitions that were completed in the summer of 2022, when commodity prices were in excess of mid-cycle pricing 2Q25 2Q25 Oil Swaps…
Non-GAAP Reconciliations Adjusted EBITDA (000s) Three Months Ended March 31, 2025 2024 Net income 26,285 18,692 Interest expense, net 23,268 18,510 Income tax expense 6,831 2,784 Depreciation, depletion and amortization 77,479…
Non-GAAP Reconciliations Discretionary Cash Flow (000s) Three Months Ended March 31, 2025 2024 Cash flow from operations 103,481 120,740 Interest expense, net 23,268 18,510 Income tax expense 6,831 2,784 Deferred tax benefit 17,250…
Non-GAAP Reconciliations Cash G&A (000s) Three Months Ended March 31, 2025 2024 General and administrative expense 15,762 13,011 Less: Non-cash share-based compensation expense 6,974 5,104 Merger-related transaction costs 181…
Non-GAAP Definitions and Other Definitions Adjusted EBITDA, Adjusted EBITDA margin, Discretionary Cash Flow and Cash G&A are non-GAAP supplemental financial measures used by our management and by external users of our financial…
Contact Information Alyssa Stephens VP of Investor Relations Phone: (281) 407-5204 Email: IRsitio.com 29
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