MNRL Sub : Sitio Investor Presentation

Investor Presentation

March 7, 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, 2021, Part II, Item 1A "Risk Factors" in previous Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each 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" counts are as 12/26/22 and gross and net well counts are as of 9/30/22. All NRA metrics shown on an 1/8ths royalty equivalent basis. On December 29, 2022, the Company completed the merger with Brigham Minerals, Inc. ("MNRL," "Brigham" or the "Brigham Merger). Certain metrics in this presentation give effect to the Brigham Merger as further described herein.

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 investment thesis

Mineral and royalty interest ownership provides unique, cost advantaged oil and gas exposure and the highest free cash flow margins in the oil & gas value chain

Well-positioned as a natural aggregator in a highly fragmented space, with a proven strategy for meaningful, returns-focused consolidation

Premier asset base focused at the front end of operators' cost curves, supported by a core Permian Basin footprint and exposure to major U.S. oil & gas plays

Disciplined capital allocation focused on value creation and returns with target long-term leverage <1.0x and prudent hedging strategy for cash acquisitions

Best-in-class governance model led by experienced Board and management

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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 3/1/23)	$24.20
Equity value (as of 3/1/23)	$3,754

Williston

(1)	$4,450
Enterprise value
(2)	$198
3Q pro forma adjusted EBITDA

DJ

Appalachia

Pro forma 3Q22 Production and NRAs (net royalty acres)

7,076				4% 3%
				5%
			8%
	33,571		10%	260,255
	boe / d		17,022	NRAs
9,473					70%
Oil	Gas	NGL	Permian	DJ	Eagle Ford
			Appalachia	Anadarko	Williston

Anadarko

Permian

Eagle Ford

Note: Pro forma production includes production from the Momentum Acquisition prior to the close date and Brigham's reported 3Q production

1. Enterprise value based on 3/1/23 closing STR stock price and pro forma 9/30/22 cash and debt balances in Schedule 14A filed with SEC on 11/23/22

(2) For the three months ended 9/30/22, calculated as STR plus MNRL reported adjusted EBITDAs with both reported STR and MNRL cash G&A added back, less the midpoint of cash G&A guidance of the combined company. Adjusted EBITDA is	4
a non-GAAP measure

Mineral and Royalty Highlights

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