MNRL Sub : 4Q 2022 Earnings Presentation

4Q 2022 Earnings Presentation

March 8, 2023

Disclaimer

FORWARD-LOOKING STATEMENTS

This presentation relates to Sitio Royalties Corp. (the "Company" or "Sitio") and contains statements that may constitute "forward-looking statements" for purposes of federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "seeks," "possible," "potential," "predict," "project," "prospects," "guidance," "outlook," "should," "would," "will," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about the Company's expected results of operations, cash flows, financial position and future dividends; as well as future plans, expectations, and objectives for the Company's operations, including statements about strategy, synergies, future operations, financial position, prospects, and plans. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance, and financial condition to differ materially from our expectations and predictions. See the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC, for a discussion of risk factors that affect the Company's business. Any forward-looking statement

made in this presentation speaks only as of the date on which it is made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible to predict all of them. Sitio undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.

INDUSTRY AND MARKET DATA

The information, data and statistics contained herein are derived from various internal (including data that Sitio has internally collected) and external third-party sources. While Sitio believes such third-party information is reliable, there can be no assurance as to the accuracy or completeness of the indicated information. Sitio has not independently verified the accuracy or completeness of the information provided by third party sources. No representation is made by Sitio's management as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any information, data or statistics on past performance or modeling contained herein is not an indication as to the future performance. Sitio assumes no obligation to update the information in this presentation.

BASIS OF PRESENTATION

Unless otherwise noted, all net royalty acre "NRA," gross and net well counts are as of 12/31/22. All NRA metrics shown on an 1/8ths royalty equivalent basis.

NON-GAAP MEASURES

This presentation includes financial measures that are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"). While Sitio believes such non-GAAP measures are useful for investors, they are not measures of financial performance under GAAP and should not be considered in isolation or as an alternative to any measure of such performance derived in accordance with GAAP. These non-GAAP measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of results as reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

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Sitio's recent highlights

Closed at-market,all-stock merger with Brigham Minerals in December 2022

Declared 4Q22 dividend of $0.60 per share of Class A common stock, representing a 9.9% annualized dividend yield based on Sitio's closing share price of $24.23 on March 7, 2023

4Q22 pro forma average daily production of 34,424 boe/d, including Brigham Minerals volumes for the entire quarter

Increased NRAs by 147% relative to year end 2021, representing an approximate 155,000 NRA increase via seven M&A transactions

Closed new revolving credit facility in February 2023 with $750 million of elected commitments, triggering a 75 basis point interest rate reduction on unsecured notes

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A leading oil-weighted mineral and royalty company focused on consolidation of the highly fragmented minerals sector

Sitio acquires and manages oil and gas mineral and royalty interests in U.S. shale plays with a focus on the Permian Basin

Key statistics		Sitio asset footprint by county

(all $ in mm except per share metrics)
Ticker / Exchange	STR / NYSE
Share price (as of 3/7/23)	$24.23
(1)	$3,772
Equity value (as of 3/7/23)
(1)	$4,616
Enterprise value

Williston

4Q22 Pro Forma Adjusted EBITDA	(2)		$169
Dividend per share / annualized dividend yield	(3)	$0.60 / 9.9%

DJ

Appalachia

Pro forma 4Q22 Production and NRAs (net royalty acres)

6,996							3%	5%
									4%
								8%
			34,424			10%		260,607
			boe / d			17,620		NRAs
9,808											70%
		Oil			Gas		NGL	Permian		DJ	Eagle Ford

Anadarko

Permian

Eagle Ford

	Anadarko	Williston	Appalachia
Note: Pro forma production includes a full quarter of Brigham's production
(1)	Sitio equity value calculated as closing share price on 3/7/23. Enterprise value calculated as sum of equity value as of 3/7/23 and net debt as of 3/3/23	4
(2)	Pro forma for the assets acquired from Brigham for the three months ended 12/31/22. See appendix for reconciliations of non-GAAP metrics
(3)	Annualized dividend yield calculated from declared 4Q22 dividend per share and closing STR share price on 3/7/23

4Q22 and 2H22 results vs. pro forma combined guidance for 12 months ending 6/30/23

		Pro Forma	Pro Forma	12 Months Ending
		4Q22 Results	2H22 Results	6/30/23 Guidance
	Average daily production (Boe/d)	34,424	33,707	32,750 - 34,250

Average daily production (% oil)	51%	51%	49% - 51%

G&T ($/boe)

$1.52

$1.61

$1.25 - $1.75

Production taxes (% of revenue)

7%

7%

6% - 8%

Note: Guidance, 4Q22 and 2H22 results assume Sitio and Brigham Minerals were combined starting 7/1/22. Sitio provided guidance for pro forma cash G&A and cash taxes, but did not publish pro forma results

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