Sitio Royalties (STR) investor relations material

Executive summary

• Entered into a merger agreement with Viper Energy, Inc. in June 2025, combining in an all-equity transaction; Sitio shareholders will own ~20% of the new entity, New Viper, post-merger, pending customary approvals and conditions.

• Q2 2025 production averaged 19.3 MBbls/d oil and 41.9 MBoe/d total, with net income of $14.5 million and Adjusted EBITDA of $125.4 million.

• Repurchased 1.65 million shares of Class A Common Stock in the first half of 2025; share repurchase program authorization increased to $500 million, with $350.7 million remaining as of June 30, 2025.

• Declared a $0.36 per share dividend for Q2 2025, payable August 19, 2025.

• Pending all-stock merger with Viper Energy, expected to close in Q3 2025; guidance and outlook discontinued due to merger.

Financial highlights

• Q2 2025 total revenues were $145.7 million, down 14% year-over-year, mainly due to a 20% decrease in average realized price, partially offset by a 7% increase in production.

• Net income for Q2 2025 was $14.5 million, a 50% decrease from Q2 2024; net income attributable to Class A stockholders was $7.3 million, down 43%.

• Adjusted EBITDA for Q2 2025 was $125.4 million, compared to $151.7 million in Q2 2024.

• Six-month 2025 revenues totaled $309.2 million, down 3% year-over-year; net income for the period was $40.8 million, down 14%.

• Net income per share (diluted) was $0.08, down from $0.15 in Q2 2024.

Outlook and guidance

• Anticipates continued lower crude oil price realizations compared to 2024, driven by OPEC's removal of production curtailments and global demand concerns.

• Management expects sufficient liquidity for at least the next 12 months, supported by cash flow, credit facility availability, and capital markets access.

• Guidance and outlook discontinued due to pending merger with Viper Energy.