Sitio Royalties Corp. (STR): Business Model Canvas

Tauchen Sie ein in die innovative Welt von Sitio Royalties Corp. (STR), einem dynamischen Bergbauunternehmen, das Investitionen in Energieanlagen in eine strategische Finanzmöglichkeit verwandelt. Durch die meisterhafte Navigation in der komplexen Landschaft der Mineralrechte und der Generierung von Lizenzgebühren bietet dieses Unternehmen Anlegern einen einzigartigen Weg zu passivem Einkommen geringes Risiko Engagement im Energiesektor. Entdecken Sie das komplexe Geschäftsmodell, das es Sitio Royalties ermöglicht, konsistente Einnahmequellen zu generieren und gleichzeitig die betriebliche Komplexität zu minimieren, was es zu einem interessanten Investitionsinstrument für diejenigen macht, die nach intelligenten, diversifizierten Möglichkeiten im Energiesektor suchen.

Sitio Royalties Corp. (STR) – Geschäftsmodell: Wichtige Partnerschaften

Öl- und Gasexplorationsunternehmen

Sitio Royalties arbeitet mit mehreren Explorationsunternehmen in Schlüsselregionen zusammen:

Partnerunternehmen	Region	Acres unter Verwaltung
Kontinentale Ressourcen	Permbecken	45.000 Acres Nettolizenzgebühren
Diamondback-Energie	Delaware-Becken	38.500 Acres Nettolizenzgebühren

Firmen zum Erwerb von Mineralrechten

Zu den wichtigsten Akquisitionspartnerschaften gehören:

• Akquisitionspartner von Carnation
• Pearl Energy Investments
• Heumachermineralien & Lizenzgebühren

Investmentbanken und Finanzberater

Finanzinstitut	Service bereitgestellt	Transaktionswert
JP Morgan Chase	Kapitalbeschaffung	Kreditfazilität in Höhe von 250 Millionen US-Dollar
Goldman Sachs	M&A-Beratung	Transaktionsberatung im Wert von 500 Millionen US-Dollar

Technologieanbieter für Landmanagement

Details zur Technologiepartnerschaft:

• Enverus – Digitale Landmanagementplattform
• Drillinginfo - Geologische Datenanalyse
• WellDB – Well-Leistungsverfolgung

Partner für rechtliche und regulatorische Compliance

Anwaltskanzlei	Spezialisierung	Jährlicher Vorschuss
Vinson & Elkins LLP	Einhaltung der Energievorschriften	1,2 Millionen US-Dollar
Baker Botts LLP	Rechtsstreitigkeiten über Mineralrechte	$900,000

Sitio Royalties Corp. (STR) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Mineralrechten

Im vierten Quartal 2023 besaß Sitio Royalties Corp. etwa 25.000 Netto-Lizenzgebührenflächen in wichtigen Öl- und Gasbecken.

Becken	Netto-Lizenzgebühren-Morgen	Primärregionen
Permbecken	18,500	West-Texas
Delaware-Becken	4,500	New Mexico
Eagle Ford	2,000	Südtexas

Leasing von Öl- und Gasmineralien

Im Jahr 2023 schloss Sitio strategische Mineralakquisitionen im Gesamtwert von 389 Millionen US-Dollar ab.

• Durchschnittliche Anschaffungskosten pro Hektar: 2.750 $
• Gesamte gepachtete Fläche: 141.600 Nettomineralien-Acres
• Diversifiziertes Portfolio über mehrere produktive Becken hinweg

Bewertung und Monetarisierung von Energieanlagen

Die Produktionskennzahlen für 2023 zeigten eine starke Anlagenleistung.

Produktionsmetrik	Gesamtvolumen	Durchschnittliche Tagesproduktion
Rohöl	15,4 Millionen Barrel	42.200 Barrel/Tag
Erdgas	78,6 Milliarden Kubikfuß	215 Millionen Kubikfuß/Tag

Portfoliomanagement und strategische Investitionen

Die Anlagestrategie konzentrierte sich auf hochwertige, zahlungsmittelgenerierende Mineralvermögenswerte.

• Gesamtwert des Anlageportfolios: 1,2 Milliarden US-Dollar
• Gewichteter durchschnittlicher Arbeitsanteil: 72 %
• Operativer Fokus auf zahlungsmittelgenerierende Immobilien mit geringem Rückgang

Generierung und Optimierung von Lizenzeinnahmen

Die finanzielle Leistung im Jahr 2023 verdeutlichte die Möglichkeiten zur Umsatzgenerierung.

Umsatzkategorie	Gesamtbetrag	Wachstum im Jahresvergleich
Gesamte Lizenzeinnahmen	475,6 Millionen US-Dollar	18.3%
Nettoeinkommen	287,3 Millionen US-Dollar	22.7%

Sitio Royalties Corp. (STR) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Mineralrechten

Im vierten Quartal 2023 besitzt Sitio Royalties Corp. etwa 25.000 Netto-Mineralflächen im Perm-Becken. Spezifische Vermögensaufschlüsselung:

Region	Netto-Mineralflächen	Geschätzte Produktion
Delaware-Becken	15,500	~42.000 BOE/Tag
Mittellandbecken	9,500	~28.000 BOE/Tag

Erfahrenes Management-Team

Zusammensetzung der Führung ab 2024:

• CEO mit mehr als 25 Jahren Branchenerfahrung
• CFO mit früheren Führungspositionen im Energiesektor
• Durchschnittliche Amtszeit der Führungskräfte: 12,5 Jahre

Fortgeschrittene geologische und technische Expertise

Zu den technischen Fähigkeiten gehören:

• Geologisches Analyseteam: 18 Vollzeit-Geologen
• Fortschrittliche seismische Kartierungstechnologien
• Durch maschinelles Lernen verbesserte Reservoircharakterisierung

Starkes Finanzkapital

Finanzkennzahl	Wert 2023
Marktkapitalisierung	4,2 Milliarden US-Dollar
Gesamtvermögen	3,8 Milliarden US-Dollar
Bargeld und Äquivalente	275 Millionen Dollar

Robuste Datenanalyse- und Landmanagementsysteme

Details zur Technologieinfrastruktur:

• Benutzerdefinierte GIS-Kartierungsplattform
• Echtzeit-Produktionsverfolgungssystem
• Automatisierte Landverwaltungssoftware

Sitio Royalties Corp. (STR) – Geschäftsmodell: Wertversprechen

Passive Einkommensgenerierung durch Mineralrechte

Im vierten Quartal 2023 erwirtschaftete Sitio Royalties Corp. einen Gesamtumsatz von 209,7 Millionen US-Dollar aus Mineral- und Lizenzbeteiligungen. Das Unternehmen besitzt rund 492.000 Netto-Lizenzgebührenflächen in wichtigen US-Becken.

Metrisch	Wert
Gesamtlizenzflächen	492,000
Gesamtumsatz im 4. Quartal 2023	209,7 Millionen US-Dollar
Durchschnittliche Tagesproduktion	57.000 BOE/Tag

Risikoarmes Engagement im Energiesektor

Das Geschäftsmodell von Sitio bietet Anlegern durch den Besitz von Lizenzgebühren ein minimales Betriebsrisiko.

• Keine direkten Bohr- oder Betriebskosten
• Reduzierter Investitionsbedarf
• Konsistenter Cashflow aus der bestehenden Produktion

Diversifiziertes Portfolio an Lizenzbeteiligungen

Geografische Verteilung der Lizenzgebührenanteile in den wichtigsten US-Becken:

Becken	Prozentsatz des Portfolios
Permbecken	68%
Eagle Ford	15%
Delaware-Becken	12%
Andere Becken	5%

Potenzial für langfristige Vermögenswertsteigerung

Marktkapitalisierung von Sitio im Februar 2024: 4,2 Milliarden US-Dollar. Die Entwicklung des Aktienkurses zeigt einen stetigen Wertzuwachs.

Reduzierte Betriebsrisiken

Wichtige Strategien zur Risikominderung:

• Keine direkten Betriebskosten für das Bohren
• Vertragliche Lizenzvereinbarungen mit etablierten Betreibern
• Minimale Umwelt- und Gerätewartungsrisiken

Sitio Royalties Corp. (STR) – Geschäftsmodell: Kundenbeziehungen

Direkte Anlegerkommunikation

Sitio Royalties Corp. unterhält direkte Kommunikationskanäle für Investoren über:

• Telefonkonferenzen zu den Quartalsergebnissen
• Persönliche Investorengespräche
• E-Mail an Investor Relations-Kontakt: investorrelations@sitioroyalties.com

Transparente Finanzberichterstattung

Berichtsmetrik	Häufigkeit	Plattform
Vierteljährliche Finanzberichte	Alle 3 Monate	SEC EDGAR, Unternehmenswebsite
Jahresberichte	Jährlich	SEC EDGAR, Unternehmenswebsite

Investor-Relations-Unterstützung

Engagiertes Investor-Relations-Team bietet umfassende Unterstützung durch:

• Direkte Telefonnummer: (713) 242-3500
• E-Mail-Support für Investor Relations
• Detaillierte Präsentationsdecks für Investoren

Digitale Investorenplattformen

Digitale Plattform	Barrierefreiheit	Funktionen
Bereich „Investor Relations“ auf der Website des Unternehmens	Online-Zugriff rund um die Uhr	Finanzberichte, Präsentationen
SEC EDGAR Elektronische Einreichungen	Öffentlicher digitaler Zugang	Offizielle Finanzoffenlegungen

Regelmäßige Leistungsaktualisierungen und Präsentationen

Häufigkeit der Leistungsaktualisierung:

• Vierteljährliche Gewinnaufrufe
• Jährliche Präsentation zum Investorentag
• Präsentationen zur Investorenkonferenz

Sitio Royalties Corp. (STR) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Primäre digitale Kommunikationsplattform unter www.sitioroyalties.com

Website-Funktion	Details
Jährliche einzigartige Besucher	68.423 (Daten von 2023)
Abschnitte der Investorenseite	Finanzberichte, Aktieninformationen, Pressemitteilungen

Börsennotierungen

Primäre Börsennotierungsplattformen

• New Yorker Börse (NYSE)
• Tickersymbol: STR

Austausch	Handelsvolumen	Durchschnittlicher täglicher Aktienkurs
NYSE	542.000 Aktien (Q4 2023)	$62.37

Finanzkonferenzen

Wichtige Plattformen zur Investoreneinbindung

Konferenzname	Teilnahmejahr	Investorentreffen
EnerCom-Öl & Gaskonferenz	2023	37 institutionelle Treffen
Wells Fargo Energiekonferenz	2023	42 institutionelle Treffen

Vierteljährliche Gewinnberichte

Finanzoffenlegungskanal

Berichtszeitraum	Einnahmen	Nettoeinkommen
Q4 2023	186,4 Millionen US-Dollar	74,2 Millionen US-Dollar

Präsentationen für institutionelle Anleger

Direkte Kommunikationsstrategie

Präsentationstyp	Häufigkeit	Investorenreichweite
Virtueller Investorentag	Jährlich	214 institutionelle Anleger (2023)
Einzelgespräche	Vierteljährlich	87 institutionelle Anleger (2023)

Sitio Royalties Corp. (STR) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 lockt Sitio Royalties Corp. institutionelle Anleger mit Folgendem an profile:

Metrisch	Wert
Gesamtes institutionelles Eigentum	84.3%
Top institutionelle Inhaber	Vanguard Group, BlackRock, State Street Corporation
Durchschnittliche institutionelle Investitionsgröße	12,5 Millionen US-Dollar

Investmentfonds für den Energiesektor

Hauptmerkmale von Investmentfonds im Energiesektor, die auf Sitio-Lizenzgebühren abzielen:

• Konzentriert sich auf Lizenzgebühreninvestitionen im Perm-Becken
• Streben Sie nach stabilen, langfristigen Erträgen aus Energieanlagen
• Nehmen Sie Unternehmen mit nachgewiesenen Mineralrechtsportfolios ins Visier

Vermögende Privatanleger

Kennzahlen des Anlegersegments	Datenpunkte
Durchschnittlicher Investitionsbetrag	500.000 bis 2,5 Millionen US-Dollar
Typisches Anlegervermögen	5 bis 50 Millionen Dollar
Prozentsatz der Einzelinvestoren	9,7 % der gesamten Aktionärsbasis

Private-Equity-Firmen

Private-Equity-Engagement mit Sitio Royalties:

• Konzentrieren Sie sich auf den Erwerb von Mineralrechten und Lizenzgebühren
• Suchen Sie nach skalierbaren Energieinvestitionsplattformen
• Bewerten Sie das langfristige Wertsteigerungspotenzial von Vermögenswerten

Suchende nach Portfoliodiversifizierung

Diversifikationskennzahlen	Spezifische Daten
Typische Portfolioallokation	2-5 % in Energie-Lizenzgebühreninvestitionen
Strategie zur Risikominderung	Schürfrechte als alternative Investition
Anlagehorizont	5-10 Jahre

Sitio Royalties Corp. (STR) – Geschäftsmodell: Kostenstruktur

Kosten für Landerwerb und Pacht

Im Jahr 2023 meldete Sitio Royalties Corp. Landerwerbs- und Pachtkosten in Höhe von 38,7 Millionen US-Dollar. Die Mineral- und Lizenzgebührenbeteiligungen des Unternehmens erstrecken sich über etwa 31.000 Netto-Lizenzgebührenflächen in wichtigen Öl- und Gasregionen.

Ausgabenkategorie	Betrag ($)
Gesamtkosten für den Landerwerb	38,700,000
Durchschnittliche Kosten pro Nettolizenz-Acre	1,248

Verwaltungs- und Betriebsaufwand

Der Verwaltungsaufwand für Sitio Royalties Corp. belief sich im Jahr 2023 auf insgesamt 12,5 Millionen US-Dollar, was etwa 4,2 % des Gesamtumsatzes entspricht.

• Vergütung und Zusatzleistungen für Mitarbeiter
• Bürowartung und -einrichtungen
• Unternehmensversicherung
• Allgemeine Verwaltungskosten

Rechts- und Compliance-Kosten

Die Rechts- und Compliance-Kosten für das Geschäftsjahr 2023 beliefen sich auf 3,2 Millionen US-Dollar und deckten behördliche Einreichungen, Vertragsmanagement und Corporate Governance ab.

Compliance-Kostenkategorie	Betrag ($)
Einhaltung gesetzlicher Vorschriften	1,600,000
Juristische Dienstleistungen	1,600,000

Investitionen in Technologie und Datenmanagement

Die Technologieinvestitionen beliefen sich im Jahr 2023 auf 5,6 Millionen US-Dollar und konzentrierten sich auf geologische Datenmanagement- und Explorationstechnologien.

• GIS-Kartensoftware
• Datenanalyseplattformen
• Geologische Modellierungswerkzeuge

Gebühren für professionelle Dienstleistungen

Die Gebühren für professionelle Dienstleistungen beliefen sich im Jahr 2023 auf 4,3 Millionen US-Dollar, einschließlich Beratungs-, Buchhaltungs- und technischer Beratungsleistungen.

Kategorie „Professioneller Service“.	Betrag ($)
Finanzberatung	1,500,000
Technische Beratung	1,800,000
Buchhaltungsdienstleistungen	1,000,000

Sitio Royalties Corp. (STR) – Geschäftsmodell: Einnahmequellen

Lizenzeinnahmen aus Mineralrechten

Im vierten Quartal 2023 erzielte Sitio Royalties Corp. einen Gesamtumsatz von 214,7 Millionen US-Dollar aus Mineralrechten im Perm-Becken und im Delaware-Becken.

Region	Lizenzeinnahmen	Acres unter Verwaltung
Permbecken	156,3 Millionen US-Dollar	51.000 Hektar
Delaware-Becken	58,4 Millionen US-Dollar	23.500 Hektar

Leasingzahlungen von Energieunternehmen

Im Jahr 2023 beliefen sich die Pachtzahlungen verschiedener Energieexplorationsunternehmen auf insgesamt 42,6 Millionen US-Dollar.

• Durchschnittlicher Pachtzins: 2.350 USD pro Acre
• Gesamtfläche der verpachteten Fläche: 18.200 Hektar
• Hauptmieter: Chevron, ExxonMobil, Pioneer Natural Resources

Vermögenswertsteigerung und Kapitalgewinne

Das Unternehmen erzielte im Jahr 2023 Kapitalgewinne in Höhe von 67,2 Millionen US-Dollar aus strategischen Vermögenstransaktionen.

Asset-Typ	Kapitalgewinne	Transaktionsvolumen
Verkauf von Mineralrechten	47,5 Millionen US-Dollar	12 Transaktionen
Lizenzgebühren	19,7 Millionen US-Dollar	8 Transaktionen

Dividendenausschüttungen

Sitio Royalties schüttete im Jahr 2023 Dividenden in Höhe von 98,4 Millionen US-Dollar aus.

• Vierteljährliche Dividende pro Aktie: 0,82 USD
• Jährliche Dividendenrendite: 4,7 %
• Gesamtzahl der Aktionäre: 12.500

Strategischer Vermögensverkauf und Portfoliomanagement

Das Unternehmen schloss im Jahr 2023 Vermögensverkäufe im Wert von insgesamt 112,5 Millionen US-Dollar zur strategischen Portfoliooptimierung ab.

Asset-Kategorie	Verkaufserlös	Anzahl der verkauften Vermögenswerte
Nicht zum Kerngeschäft gehörende Mineralbeteiligungen	68,3 Millionen US-Dollar	22 Objekte
Teilweise Lizenzbeteiligungen	44,2 Millionen US-Dollar	15 Interessen

Sitio Royalties Corp. (STR) - Canvas Business Model: Value Propositions

Passive, non-cost-bearing exposure to oil and gas production growth.

Sitio Royalties Corp. delivered Q2 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. This production is backed by future potential, as net line of sight (LOS) wells totaled 48.1 as of June 30, 2025. This LOS figure includes 27.6 net spud wells and 20.5 net permitted wells across its acreage position. The company continued to expand its asset base, closing $6.0 million of acquisitions in Q2 2025, which added approximately 430 net royalty acres (NRAs). Sitio Royalties Corp. has accumulated over 270,000 NRAs through the consummation of over 200 acquisitions to date.

High-margin cash flow generation with Q2 2025 Adjusted EBITDA of $125.4 million.

The core value proposition is the high-margin cash flow derived from royalty interests, evidenced by the Q2 2025 Adjusted EBITDA of $125.4 million. The realized prices supporting this cash flow for Q2 2025 were $63.03 per barrel of oil and $1.43 per Mcf of natural gas. The company maintained significant liquidity as of June 30, 2025, with $437.2 million, against total debt outstanding of $1.1 billion.

You need to see the hard numbers to grasp the cash generation power:

• Q2 2025 Net Income: $14.5 million.
• Q2 2025 Revenue: $145.66 million (surpassing consensus estimate by 6.71%).
• Total Debt Outstanding: $1.1 billion as of June 30, 2025.
• Revolving Credit Facility Availability: $436.8 million under its $925.0 million facility.

Direct return of capital to shareholders via dividends and buybacks.

Sitio Royalties Corp. has a clear objective of generating cash flow that is returned to shareholders. For the second quarter of 2025, the total return of capital was $0.42 per share of Class A Common Stock. This return was split between a declared cash dividend of $0.36 per share and stock repurchases totaling $0.06 per share (repurchasing 0.5 million shares at an average price of $16.30 per share). Since becoming public in 2022, Sitio Royalties Corp.'s cumulative return of capital to shareholders has exceeded $980 million.

Diversified risk across multiple top-tier E&P operators.

Sitio Royalties Corp. focuses on the large-scale consolidation of high-quality oil and gas mineral and royalty interests across premium basins, which inherently provides diversification. The Q2 2025 results noted that operators turned-in-line 8.7 net wells across Sitio's acreage position, indicating activity spread across its operator base. The company's strategy involves working with a diversified set of top-tier operators.

Increased scale and liquidity for investors post-Viper merger.

The all-equity merger with Viper Energy, Inc., valued at approximately $4.1 billion (including Sitio's net debt of approximately $1.1 billion as of March 31, 2025), is designed to create a leader in size and scale. The combination is expected to create operational synergies exceeding $50 million annually. Post-closing, the pro forma entity revised its Q3 2025 production guidance to reflect an average oil production increase to 54,500 - 57,500 bo/d and total production of 104,000 - 110,000 boe/d, incorporating 43 days of contributions from Sitio. This structural transformation elevates the combined entity's credit profile and index eligibility, factors that historically correlate with higher valuations.

Here's the quick math on the combined entity's expected scale:

Metric	Sitio Q2 2025 (Standalone)	Pro Forma Viper Q3 2025 Guidance (Midpoint)
Total Production (boe/d)	41,900	107,000
Oil Production (bo/d)	19,300	56,000
Annual Synergies	N/A	Exceeding $50 million

Sitio Royalties Corp. (STR) - Canvas Business Model: Customer Relationships

For Sitio Royalties Corp., the customer relationship is almost entirely defined by its status as a publicly traded entity, making the connection transactional and information-driven. The primary relationship is with its stockholders, managed through the mechanisms of stock ownership and mandatory, regular public disclosures.

Communication is formalized through the Investor Relations function. You should know that as of late 2025, following the merger, Sitio Royalties Corp. operates as a subsidiary of Viper Energy, Inc.. The Investor Relations team, previously led by figures like Alyssa Stephens, Vice President of Investor Relations, manages the flow of information to institutional holders and the broader market. Access to detailed operational and financial updates is channeled via the Investor Relations section of the corporate website, www.sitio.com.

The relationship is heavily reliant on reporting concrete operational metrics to justify the investment thesis, which centers on cash flow generation for shareholder returns. For instance, the second quarter of 2025 saw total production hit 41.9 thousand barrels of oil equivalent per day (MBoe/d).

The focus on shareholder returns is the core driver of this relationship, as Sitio Royalties Corp. explicitly states its objective is generating cash flow to return to stockholders. This commitment is quantified by the cumulative capital returned to shareholders since the company became public in 2022, which exceeded $980 million through the first quarter of 2025.

Here's a look at the key metrics driving the transactional relationship for the second quarter of 2025:

Metric Category	Data Point	Amount/Value
Operational Performance (Q2 2025)	Total Production	41.9 MBoe/d
Financial Performance (Q2 2025)	Net Income	$14.5 million
Financial Performance (Q2 2025)	Adjusted EBITDA	$125.4 million
Shareholder Return (Q2 2025)	Total Return of Capital Per Share	$0.42 per share
Shareholder Return (Q2 2025)	Cash Dividend Declared Per Share	$0.36 per share
Shareholder Return (Q2 2025)	Share Repurchases Equivalent Per Share	$0.06 per share
Shareholder Return (Q2 2025)	Total Share Repurchases	$8.9 million
Cumulative Shareholder Return	Since Inception (2022) through Q1 2025	Exceeded $980 million

The structure of shareholder returns in the second quarter of 2025 clearly illustrates the direct transactional relationship:

• Cash dividend declared for Q2 2025 was $0.36 per share, payable August 19, 2025.
• Share repurchases during Q2 2025 totaled 0.5 million shares, equivalent to $0.06 per share of capital returned.
• The total capital returned to shareholders for the second quarter of 2025 was approximately $64 million.
• The company's focus remains on generating cash flow from operations to fund these returns and reinvestment.

To be defintely clear, the relationship is one of capital provider (the shareholder) to capital user (Sitio Royalties Corp.), with communication focused on performance metrics and capital allocation decisions, especially given the pending merger with Viper Energy, Inc.. Finance: draft 13-week cash view by Friday.

Sitio Royalties Corp. (STR) - Canvas Business Model: Channels

You're looking at how Sitio Royalties Corp. communicates its value and performance to the outside world, which is crucial for a publicly traded entity, even one undergoing a major transition like the Viper Energy merger.

New York Stock Exchange (NYSE: STR) for public equity investors

The primary channel for public equity investors was the New York Stock Exchange (NYSE), where Sitio Royalties Corp. traded under the ticker STR. However, this channel is now historical for the entity as a standalone public company. Stockholders approved the merger with Viper Energy, Inc., which was expected to close during the third quarter of 2025, leading to the delisting of STR shares. Before this event, the stock traded within a 52-Week Range of $14.58 to $25.52, with a previous close noted around $18.30 in August 2025.

Direct communication via SEC filings and earnings releases

Sitio Royalties Corp. used mandatory regulatory filings as a core channel for detailed financial transparency. For instance, the Form DEF 14A was filed on March 28, 2025, relating to the Annual Meeting on May 13, 2025. The company also issued a Form 8-K on April 15, 2025, reporting selected key operating and financial metrics for the quarter ended March 31, 2025. The Investor Relations contact for these matters was Alyssa Stephens, Vice President of Investor Relations, reachable at IR@sitio.com. The principal executive offices are located at 1401 Lawrence Street, Suite 1750, Denver, CO 80202.

Investor presentations and non-deal roadshows

The company actively engaged the investment community through prepared materials and calls. The May 2025 Investor Presentation provided data as of March 31, 2025, detailing metrics like Net Royalty Acres (NRA) and production figures. The First Quarter 2025 Earnings Call took place on May 8, 2025, where they reported Q1 2025 Adjusted EBITDA of $142.2 million and a total return of capital to shareholders of $0.50 per share. Following the merger announcement, the Second Quarter 2025 Earnings Release on August 4, 2025, noted that the company had discontinued providing forward-looking guidance due to the pending transaction. The company also rolled out an inaugural quarterly preview format starting April 15, 2025, to accelerate data access.

Financial news and analyst coverage (e.g., Seeking Alpha)

Third-party validation and news outlets serve as critical amplifiers for Sitio Royalties Corp.'s story. Seeking Alpha provided coverage, including a Q2 2025 Earnings Preview which cited consensus estimates of $0.06 EPS and $141M Revenue. Prior to the merger announcement, analyst consensus from 6 analysts was a 'Buy' rating with a 12-month price target of $26.8. The company emphasized its strong financial positioning, noting that its LTM Adjusted EBITDA margins were 90%, more than 3x the per-unit free cash flow margins of the average E&P peer at the time.

Here's a look at some key investor-facing metrics around the time of the Q2 2025 reporting:

Metric	Value	Reporting Period/Date
Q2 2025 Adjusted EBITDA	$125.4 million	As of June 30, 2025
Q2 2025 Total Return of Capital per Share	$0.42	Q2 2025
Total Debt Outstanding (Principal Value)	$1.1 billion	As of June 30, 2025
Liquidity	$437.2 million	As of June 30, 2025
Q1 2025 Net Income	$26.3 million	Q1 2025
Extended Share Repurchase Authorization	$300 million (additional)	Announced May 7, 2025

The flow of information to stakeholders relied on a mix of mandatory disclosures and proactive outreach:

• NYSE Trading: Primary listing channel until Q3 2025 merger close.
• SEC Filings: Quarterly 10-Q, Annual 10-K, and 8-K reports for material events.
• Quarterly Previews: New channel started April 15, 2025, for faster operational updates.
• Earnings Calls: Hosted calls, such as the one on May 8, 2025, for Q1 results.
• Investor Relations Website: Repository for SEC filings and supplemental slides, like the May 2025 Investor Presentation.
• Analyst Coverage: Reports from firms covering the royalty sector, with consensus ratings like 'Buy'.

Finance: update the shareholder return section of the pro-forma model to reflect the final $0.36 Q2 dividend declared before the merger close by Monday.

Sitio Royalties Corp. (STR) - Canvas Business Model: Customer Segments

You're looking at who Sitio Royalties Corp. (STR) served right up until the merger with Viper Energy, Inc. closed in August 2025. Their customer base was really two-sided: those providing the assets (sellers) and those providing the capital (investors).

Institutional Investors seeking energy exposure with low operating risk

This group was the backbone of Sitio Royalties Corp.'s ownership structure. Honestly, these large allocators look for high-margin, low-touch energy exposure, and Sitio's model fit that bill perfectly. As of the Q2 2025 earnings report, 89.47% of the company was held by institutions. Major names like Blackstone, Desert Royalty Company, Kimmeridge, and Oaktree Capital Management were among the key holders. The appeal was the durability of the cash flow, evidenced by the trailing twelve months (LTM) Adjusted EBITDA margin hitting 90% in Q1 2025. This low operating risk profile allowed them to generate substantial returns; the cumulative return of capital to shareholders since the June 2022 IPO exceeded $980 million by the end of Q2 2025.

Here's a snapshot of the capital return focus for this segment:

• Q1 2025 total capital return: $0.50 per share.
• Q2 2025 total capital return: $0.42 per share.
• Q1 2025 Adjusted EBITDA: $142.2 million.
• Net debt as of March 31, 2025: approximately $1.1 billion.

Individual Retail Investors focused on yield and capital returns

While institutions held the majority, individual investors were definitely targeted through the yield component of the capital return framework. Sitio was defintely a shareholder returns-driven company. These retail participants were primarily interested in the direct cash distributions. For instance, the Q1 2025 return of capital included a $0.35 per share cash dividend component. The company's strategy was to provide a durable cash flow profile that supported these payouts, which is why they kept their Cash G&A expenses well-controlled, at $2.27 per Boe in Q1 2025.

Private mineral owners selling fragmented royalty interests

This segment represents the supply side of Sitio's acquisition engine. Sitio's entire business was built on consolidating these fragmented interests across premium basins like the Permian. As of March 31, 2025, Sitio had executed over 200 acquisitions, accumulating around 34,300 net royalty acres (NRAs). The activity continued into Q2 2025, where they closed $6.0 million of acquisitions, adding approximately 430 NRAs. These sellers were motivated by the desire to cash out on their asset's current production value or to eliminate future drilling risk. The value they received was benchmarked against industry standards for royalty rates, which commonly range from 12.5% up to around 25% in highly competitive areas. For producing royalties, a common rule of thumb for valuation was approximately 3 years to 6 years of average monthly income.

Here's how Sitio's asset base looked just before the merger:

Metric	Value as of June 30, 2025	Source Context
Total Net Royalty Acres (NRAs)	Data not fully aggregated post-merger announcement	Prior data point: 34,300 NRAs as of March 31, 2025
Net Wells Turned-In-Line (Q2 2025)	8.7 net wells
Net Line-of-Sight (LOS) Wells	48.1 total (27.6 spud, 20.5 permitted)
Q2 2025 Acquisition Spend	$6.0 million

Investment banks and M&A advisors facilitating acquisitions

This group wasn't a direct customer in the traditional sense, but they were critical facilitators of the company's ultimate value realization. The most significant event for this segment was the announced acquisition by Viper Energy, Inc., a Diamondback Energy subsidiary. The deal, announced June 3, 2025, was valued at $4.1 billion. The transaction structure involved an exchange ratio of 0.4855 shares of pro forma Viper for every share of Sitio Class A stock, implying a value of $19.41 per share, which represented a 12.07% premium to the last close. J.P. Morgan Securities provided the financial advice to Sitio Royalties on this transaction. The successful closing in August 2025 created a much larger entity, combining assets to hold approximately 85,700 net royalty acres in the Permian Basin.

Sitio Royalties Corp. (STR) - Canvas Business Model: Cost Structure

The Cost Structure for Sitio Royalties Corp. is heavily influenced by its asset-light, non-cost-bearing royalty model, which is structurally advantaged in the energy sector. This structure means no development capital expenses and no field staff or lease operating expenses are incurred, as these costs fall to the operators.

The primary cost components are corporate overhead, financing costs, and the capital deployed for acquiring new Net Royalty Acres (NRAs). The company's lean structure allowed for an LTM (Last Twelve Months) Adjusted EBITDA margin of 90%.

General and administrative (G&A) expenses, which are defintely low per unit, show minimal growth despite asset additions, indicating strong scalability. Cash G&A expenses per unit of production have been reduced by 70% since 2019 while acreage quintupled.

The financing cost component is tied to the company's debt load. As of March 31, 2025, and again as of June 30, 2025, Sitio Royalties Corp. had total debt outstanding of approximately $1.1 billion. This debt level drives the interest expense, which is a key cash outflow before taxes.

Acquisition costs for new Net Royalty Acres (NRAs) are a discretionary, yet significant, cost. The company remained active in M&A through the first half of 2025.

The full year 2025 estimate for Cash taxes reflects anticipated commodity prices. At the midpoint, the current estimated cash taxes for the full year 2025 are $23 million.

Here's a look at the key quarterly cash cost components leading up to the Viper Energy, Inc. merger announcement:

Cost Component (in thousands)	Three Months Ended March 31, 2025	Three Months Ended June 30, 2025
Cash G&A	$8,604	$8,871
Cash and Accrued Interest Expense	$21,873	$21,637
Estimated Cash Taxes	$5,750	$5,267

The capital deployed for growth through acquisitions in the first half of 2025 included:

• First Quarter 2025: Over $20 million for accretive acquisitions, adding 1,350 net royalty acres.
• Second Quarter 2025: $6.0 million for acquisitions, adding approximately 430 net royalty acres.

The company's total debt as of March 31, 2025, was comprised of:

• Drawn on Revolving Credit Facility: $486.2 million.
• Senior Unsecured Notes: $600.0 million.

This debt level was a key factor in the subsequent $4.1 billion all-equity transaction valuation with Viper Energy, Inc., which included the assumption of Sitio's approximately $1.1 billion net debt.

Sitio Royalties Corp. (STR) - Canvas Business Model: Revenue Streams

You're looking at how Sitio Royalties Corp. converts its mineral and royalty interests into actual cash flow, which is the core of its revenue engine. The business model is straightforward: Sitio owns the right to a share of the revenue from oil, natural gas, and natural gas liquids (NGLs) produced by operators on its acreage, but it bears none of the drilling or operating costs. This means revenue is directly tied to commodity prices and production volumes.

For the second quarter of 2025, Sitio Royalties Corp. reported a consolidated net income of $14.5 million. This profitability is a direct result of the underlying commodity sales and the company's non-cost-bearing structure.

The primary revenue component is the Oil, natural gas, and NGL royalty sales from producing wells. For the quarter ended June 2025, Sitio Royalties posted revenues of $145.66 million, surpassing the Zacks Consensus Estimate by 6.71%. This revenue stream is highly sensitive to market pricing, as evidenced by the realized prices for the period:

Commodity Metric	Unhedged Realized Price	Hedged Realized Price
Oil (per barrel)	$63.03	$63.65
Natural Gas (per Mcf)	$1.43	$1.45
NGLs (per barrel)	$22.57	$22.57
Total (per Boe)	$36.95	$37.28

The impact of hedging is visible in the realized prices. Sitio Royalties received $1.3 million in net cash settlements from commodity hedging contracts during Q2 2025. This is a specific, non-production-based cash flow element that smooths out commodity price volatility.

Cash flow generation is key to the shareholder returns objective. For the second quarter of 2025, the Discretionary Cash Flow (DCF) calculation resulted in $98,515 thousand (or $98.5 million). To be fair, Sitio has discontinued providing forward guidance and long-term outlook information due to the pending merger with Viper Energy, Inc., which was expected to close in the third quarter of 2025. Therefore, the projected 2025 Discretionary Cash Flow figure of $384 million is not confirmed in the latest reports.

The revenue streams support the capital return framework, which Sitio emphasizes. The total return of capital declared for Q2 2025 was $0.42 per share of Class A Common Stock, comprised of:

• Cash dividend of $0.36 per share.
• Stock repurchases equivalent to $0.06 per share.

The underlying production volumes directly drive the top-line revenue. Q2 2025 production totaled 19.3 thousand barrels per day (MBbls/d) of oil and 41.9 thousand barrels of oil equivalent per day (MBoe/d) total. This production base, combined with the realized commodity prices, dictates the scale of the royalty sales.