Sitio Royalties Corp. (STR): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

Sumerja el innovador mundo de Sitio Royalties Corp. (STR), una potencia dinámica de derechos minerales que transforma las inversiones de activos energéticos en una oportunidad financiera estratégica. Al navegar magistralmente del complejo panorama de los derechos minerales y la generación de regalías, esta compañía ofrece a los inversores un camino único para los ingresos pasivos con de bajo riesgo Exposición al sector energético. Descubra el intrincado modelo de negocio que permite que las regalías de Sitio generen flujos de ingresos consistentes al tiempo que minimizan las complejidades operativas, lo que lo convierte en un vehículo de inversión intrigante para aquellos que buscan oportunidades inteligentes y diversificadas del sector energético.

Sitio Royalties Corp. (STR) - Modelo de negocios: asociaciones clave

Empresas de exploración de petróleo y gas

Sitio Royalties se asocia con múltiples compañías de exploración en regiones clave:

Empresa asociada	Región	Acres bajo administración
Recursos continentales	Cuenca del permisa	45,000 acres de regalías netos
Energía de Diamondback	Cuenca de Delaware	38,500 acres de regalías netos

Empresas de adquisición de derechos minerales

Las asociaciones de adquisición clave incluyen:

• Socios de adquisición de clavícula
• Inversiones de energía de perlas
• Minerales de heno & Regalías

Bancos de inversión y asesores financieros

Institución financiera	Servicio proporcionado	Valor de transacción
JP Morgan Chase	Recaudación de capital	Capacidad de crédito de $ 250 millones
Goldman Sachs	Aviso de fusiones y adquisiciones	Aviso de transacción de $ 500 millones

Proveedores de tecnología para la gestión de tierras

Detalles de la asociación tecnológica:

• ENVERUS - Plataforma de gestión de tierras digitales
• DrillingInfo - Análisis de datos geológicos
• WellDB - Seguimiento de rendimiento del pozo

Socios de cumplimiento legal y regulatorio

Bufete de abogados	Especialización	Retenedor anual
Vinson & Elkins LLP	Cumplimiento regulatorio energético	$ 1.2 millones
Baker Botts LLP	Litigio de derechos minerales	$900,000

Sitio Royalties Corp. (STR) - Modelo de negocio: actividades clave

Adquirir y administrar derechos minerales

A partir del cuarto trimestre de 2023, Sitio Royalties Corp. poseía aproximadamente 25,000 acres de regalías netos en las cuencas clave de petróleo y gas.

Cuenca	Acres de regalías netos	Regiones primarias
Cuenca del permisa	18,500	West Texas
Cuenca de Delaware	4,500	Nuevo Méjico
Águila Ford	2,000	South Texas

Arrendar intereses minerales de petróleo y gas

En 2023, Sitio completó adquisiciones de minerales estratégicos por un total de $ 389 millones.

• Costo promedio de adquisición por acre: $ 2,750
• Total de la superficie arrendada: 141,600 acres minerales netos
• Cartera diversificada en múltiples cuencas productivas

Evaluar y monetizar activos energéticos

2023 Las métricas de producción demostraron un fuerte rendimiento de activos.

Métrica de producción	Volumen total	Producción diaria promedio
Petróleo crudo	15,4 millones de barriles	42,200 barriles/día
Gas natural	78.6 mil millones de pies cúbicos	215 millones de pies cúbicos/día

Gestión de cartera e inversiones estratégicas

La estrategia de inversión se centró en activos minerales de alta calidad y generadores de efectivo.

• Valor total de la cartera de inversiones: $ 1.2 mil millones
• Interés laboral promedio ponderado: 72%
• Enfoque operativo en propiedades de generación de efectivo baja en efectivo

Generación y optimización de ingresos de regalías

2023 El desempeño financiero destacó las capacidades de generación de ingresos.

Categoría de ingresos	Cantidad total	Crecimiento año tras año
Ingresos totales de regalías	$ 475.6 millones	18.3%
Lngresos netos	$ 287.3 millones	22.7%

Sitio Royalties Corp. (STR) - Modelo de negocio: recursos clave

Cartera extensa de derechos minerales

A partir del cuarto trimestre de 2023, Sitio Royalties Corp. posee aproximadamente 25,000 acres minerales netos en la cuenca Pérmica. Desglose de activos específico:

Región	Acres minerales netos	Producción estimada
Cuenca de Delaware	15,500	~ 42,000 boe/día
Cuenca de Midland	9,500	~ 28,000 boe/día

Equipo de gestión experimentado

Composición de liderazgo a partir de 2024:

• CEO con más de 25 años de experiencia en la industria
• CFO con roles ejecutivos anteriores en el sector energético
• Promedio de tenencia ejecutiva: 12.5 años

Experiencia geológica y técnica avanzada

Las capacidades técnicas incluyen:

• Equipo de análisis geológico: 18 geólogos a tiempo completo
• Tecnologías avanzadas de mapeo sísmico
• Caracterización del depósito mejorado por el aprendizaje automático

Capital financiero fuerte

Métrica financiera	Valor 2023
Capitalización de mercado	$ 4.2 mil millones
Activos totales	$ 3.8 mil millones
Efectivo y equivalentes	$ 275 millones

Análisis de datos robusto y sistemas de gestión de tierras

Detalles de la infraestructura tecnológica:

• Plataforma de mapeo SIG personalizada
• Sistema de seguimiento de producción en tiempo real
• Software automatizado de gestión de tierras

Sitio Royalties Corp. (STR) - Modelo de negocio: propuestas de valor

Generación de ingresos pasivos a través de los derechos minerales

A partir del cuarto trimestre de 2023, Sitio Royalties Corp. generó $ 209.7 millones en ingresos totales de los intereses minerales y de regalías. La compañía posee aproximadamente 492,000 acres de regalías netos en las cuencas clave de EE. UU.

Métrico	Valor
Acres de regalías totales	492,000
P4 2023 Ingresos totales	$ 209.7 millones
Producción diaria promedio	57,000 boe/día

Exposición de bajo riesgo al sector energético

El modelo de negocio de Sitio proporciona a los inversores un riesgo operativo mínimo a través de la propiedad de regalías.

• Sin perforación directa o gastos operativos
• Requisitos reducidos de gastos de capital
• Flujo de efectivo consistente de la producción existente

Cartera diversificada de intereses de regalías

Distribución geográfica de los intereses de regalías en las cuencas clave de los EE. UU.:

Cuenca	Porcentaje de cartera
Cuenca del permisa	68%
Águila Ford	15%
Cuenca de Delaware	12%
Otras cuencas	5%

Potencial para la apreciación de los activos a largo plazo

Capitalización de mercado de Sitio a partir de febrero de 2024: $ 4.2 mil millones. El rendimiento del precio de las acciones demuestra un crecimiento de valor consistente.

Riesgos operativos reducidos

Estrategias clave de mitigación de riesgos:

• No hay costos operativos directos para la perforación
• Acuerdos de regalías contractuales con operadores establecidos
• Riesgos mínimos de mantenimiento ambiental y de equipos

Sitio Royalties Corp. (STR) - Modelo de negocios: relaciones con los clientes

Comunicación directa de los inversores

Sitio Royalties Corp. mantiene canales directos de comunicación de inversores a través de:

• Llamadas de conferencia trimestrales de ganancias
• Reuniones de inversores individuales
• Envíe un correo electrónico a las relaciones con los inversores Contacto: invernorrelations@sitioroyalties.com

Información financiera transparente

Métrica de informes	Frecuencia	Plataforma
Informes financieros trimestrales	Cada 3 meses	Sec Edgar, sitio web de la compañía
Informes anuales	Anualmente	Sec Edgar, sitio web de la compañía

Apoyo a las relaciones con los inversores

Equipo de relaciones con inversores dedicado proporciona apoyo integral a través de:

• Línea telefónica directa: (713) 242-3500
• Soporte por correo electrónico de relaciones con los inversores
• Decks de presentación de inversores detallados

Plataformas de inversores digitales

Plataforma digital	Accesibilidad	Características
Sección de relaciones con los inversores del sitio web de la empresa	Acceso en línea 24/7	Informes financieros, presentaciones
Sec Edgar Publicaciones electrónicas	Acceso digital público	Revelaciones financieras oficiales

Actualizaciones y presentaciones de rendimiento regular

Frecuencia de actualización de rendimiento:

• Llamadas de ganancias trimestrales
• Presentación anual del Día del Inversor
• Presentaciones de la conferencia de inversores

Sitio Royalties Corp. (STR) - Modelo de negocios: canales

Sitio web de relaciones con los inversores

Plataforma de comunicación digital primaria en www.sitioroyalties.com

Característica del sitio web	Detalles
Visitantes únicos anuales	68,423 (datos de 2023)
Secciones de la página de inversores	Informes financieros, información sobre acciones, comunicados de prensa

Listados de bolsa de valores

Plataformas de listado de bolsa de valores primarias

• Bolsa de Nueva York (NYSE)
• Símbolo de ticker: STR

Intercambio	Volumen comercial	Precio diario promedio de la acción
bolsa de Nueva York	542,000 acciones (cuarto trimestre de 2023)	$62.37

Conferencias financieras

Plataformas de participación de inversores clave

Nombre de conferencia	Año de participación	Reuniones de inversores
Petróleo & Conferencia de gas	2023	37 reuniones institucionales
Conferencia de energía de Wells Fargo	2023	42 reuniones institucionales

Informes de ganancias trimestrales

Canal de divulgación financiera

Periódico	Ganancia	Lngresos netos
P4 2023	$ 186.4 millones	$ 74.2 millones

Presentaciones de inversores institucionales

Estrategia de comunicación directa

Tipo de presentación	Frecuencia	Alcance de los inversores
Día de los inversores virtuales	Anualmente	214 inversores institucionales (2023)
Reuniones individuales	Trimestral	87 inversores institucionales (2023)

Sitio Royalties Corp. (STR) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Sitio Royalties Corp. atrae a inversores institucionales con los siguientes profile:

Métrico	Valor
Propiedad institucional total	84.3%
Los principales titulares institucionales	Vanguard Group, Blackrock, State Street Corporation
Tamaño promedio de inversión institucional	$ 12.5 millones

Fondos de inversión del sector energético

Características clave de los fondos de inversión del sector energético dirigidos a regalías de sitio:

• Centrado en las inversiones de regalías de la cuenca de Pérmico
• Buscar rendimientos estables de activos energéticos a largo plazo
• Empresas objetivo con carteras probadas de derechos minerales

Inversores individuales de alto nivel de red

Métricas de segmento de inversores	Puntos de datos
Monto promedio de la inversión	$ 500,000 a $ 2.5 millones
Patrimonio neto típico de los inversores	$ 5 millones - $ 50 millones
Porcentaje de inversores individuales	9.7% de la base total de accionistas

Empresas de capital privado

Compromiso de capital privado con regalías de sitio:

• Centrarse en los derechos minerales y las adquisiciones de regalías
• Buscar plataformas de inversión energética escalable
• Evaluar el potencial de apreciación de activos a largo plazo

Buscadores de diversificación de cartera

Métricas de diversificación	Datos específicos
Asignación típica de cartera	2-5% en inversiones de regalías energéticas
Estrategia de mitigación de riesgos	Derechos minerales como inversión alternativa
Horizonte de inversión	5-10 años

Sitio Royalties Corp. (STR) - Modelo de negocio: Estructura de costos

Adquisición de tierras y gastos de arrendamiento

En 2023, Sitio Royalties Corp. reportó la adquisición de tierras y los gastos de arrendamiento de $ 38.7 millones. Los intereses minerales y de regalías de la compañía abarcan aproximadamente 31,000 acres de regalías netos en regiones clave de petróleo y gas.

Categoría de gastos	Monto ($)
Costos totales de adquisición de tierras	38,700,000
Costo promedio por acre de regalías netas	1,248

Sobrecarga administrativa y operativa

Sobre la Sobercina Administrativa para Sitio Royalties Corp. en 2023 totalizó $ 12.5 millones, lo que representa aproximadamente el 4.2% de los ingresos totales.

• Compensación y beneficios de los empleados
• Mantenimiento e instalaciones de la oficina
• Seguro corporativo
• Gastos administrativos generales

Costos legales y de cumplimiento

Los gastos legales y de cumplimiento para el año fiscal 2023 fueron de $ 3.2 millones, que cubren presentaciones regulatorias, gestión de contratos y gobierno corporativo.

Categoría de costos de cumplimiento	Monto ($)
Cumplimiento regulatorio	1,600,000
Servicios legales	1,600,000

Inversiones de gestión de tecnología y datos

Las inversiones tecnológicas en 2023 ascendieron a $ 5.6 millones, centrándose en las tecnologías de gestión de datos geológicos y exploración.

• Software de mapeo de SIG
• Plataformas de análisis de datos
• Herramientas de modelado geológico

Tarifas de servicio profesional

Las tarifas de servicio profesional para 2023 fueron de $ 4.3 millones, incluidos los servicios de consultoría, contabilidad y asesoramiento técnico.

Categoría de servicio profesional	Monto ($)
Consultoría financiera	1,500,000
Aviso técnico	1,800,000
Servicios de contabilidad	1,000,000

Sitio Royalties Corp. (STR) - Modelo de negocios: flujos de ingresos

Ingresos de regalías de los derechos minerales

A partir del cuarto trimestre de 2023, Sitio Royalties Corp. generó $ 214.7 millones en ingresos totales de los derechos minerales en la cuenca del Pérmico y la cuenca de Delaware.

Región	Ingresos por regalías	Acres bajo administración
Cuenca del permisa	$ 156.3 millones	51,000 acres
Cuenca de Delaware	$ 58.4 millones	23,500 acres

Pagos de arrendamiento de compañías energéticas

En 2023, los pagos de arrendamiento totalizaron $ 42.6 millones de varias compañías de exploración de energía.

• Tasa de arrendamiento promedio: $ 2,350 por acre
• Acres alquilados totales: 18,200 acres
• Arrendatarios primarios: Chevron, ExxonMobil, recursos naturales pioneros

Apreciación de activos y ganancias de capital

La compañía obtuvo $ 67.2 millones en ganancias de capital de transacciones estratégicas de activos en 2023.

Tipo de activo	Ganancias sobre el capital	Volumen de transacción
Venta de derechos minerales	$ 47.5 millones	12 transacciones
Intereses de regalías	$ 19.7 millones	8 transacciones

Distribuciones de dividendos

Las regalías de Sitio distribuyeron $ 98.4 millones en dividendos durante 2023.

• Dividendo trimestral por acción: $ 0.82
• Rendimiento de dividendos anuales: 4.7%
• Total de accionistas: 12,500

Ventas de activos estratégicos y gestión de cartera

La compañía completó las ventas de activos por un total de $ 112.5 millones en optimización de cartera estratégica durante 2023.

Categoría de activos	Ganancias de venta	Número de activos vendidos
Intereses minerales no básicos	$ 68.3 millones	22 propiedades
Intereses de regalías parciales	$ 44.2 millones	15 intereses

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.