Sitio Royalties (STR) Investor Presentation summary

Value proposition and portfolio highlights

• Focuses on disciplined oil and gas mineral and royalty acquisitions in a fragmented sector, emphasizing long-term value creation.

• Actively manages a large, complex asset base to generate additional cash flow.

• Leverages proprietary data and human capital to enhance relationships with exploration and production (E&P) companies.

• Holds an expansive and diverse minerals and royalties portfolio, with significant exposure to the Permian Basin.

Financial and operational performance

• Achieved record pro forma 1Q24 average daily production of 37,970 boe/d (51% oil), including DJ Basin acquisition.

• Returned $0.49 per share in 1Q24 through dividends and share repurchases; repurchased over 2.5 million shares in March and April.

• Closed acquisition of 13,062 NRAs in the DJ Basin, adding 2,621 boe/d and $8.5 million in asset-level cash flow in 1Q24.

• Maintains a strong balance sheet with $850 million revolving credit facility and $860 million total debt as of 3/31/24.

Capital allocation and shareholder returns

• Returns at least 65% of Discretionary Cash Flow to shareholders via dividends and share repurchases.

• Since 2Q22, has returned $586 million to shareholders, about 16% of market capitalization.

• 1Q24 return of capital was $76.6 million, split between $63.6 million in dividends and $13 million in share repurchases.

• Retains 35% of Discretionary Cash Flow for debt paydown and growth investments.