Sitio Royalties : Investor Presentation

Investor Presentation

September 6, 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 any share repurchase programs, the implementation thereof and the intended benefits, financial and

operational guidance, 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. Factors that could materially impact such forward-looking statements include, but are not limited to: commodity price volatility, the global economic uncertainty related to the large- scale invasion of Ukraine by Russia, the collapse of certain financial institutions and associated liquidity risks, announcements of voluntary production cuts by OPEC+ and others, and those other factors discussed or referenced in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and other publicly filed documents with the U.S. Securities and Exchange Commission. 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 pro forma as of 6/30/23 and include impacts from all acquisitions closed between 4/1/23 and 8/7/23 as if Sitio had owned those assets on 6/30/23. All NRA metrics shown on an 1/8ths royalty equivalent basis. Gross and net wells are presented on 5,000' basis unless noted otherwise.

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 multiple accretive acquisitions since 3/31/23, adding 13,705 NRAs, or 7%,

to Sitio's Permian Basin footprint

2Q23 production of 36.5 Mboe/d pro forma for the recent five acquisitions

Record high pro forma line of sight well inventory of 50.8 net wells, comprised of 27.1 net spuds and 23.7 net permits as of 6/30/23

Declared $0.40 dividend per share of Class A common stock for 2Q23

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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

(all $ in mm except per share metrics)

Ticker / Exchange	STR / NYSE
Share price (as of 9/1/23)	$25.85
Equity value (as of 9/1/23)(1)	$4,097
Enterprise value(1)	$5,140

Sitio asset footprint by basin

Williston

2Q23 Pro Forma Adjusted EBITDA(2)	$129
2Q23 dividend per share	$0.40

DJ

Appalachia

Pro forma 2Q23 production and NRAs (net royalty acres)

7,483								3% 3%
										5%
									8%
			36,462				9%	275,047
			boe/d(3)	18,296			NRAs(3)
10,683									72%
		Oil			Gas		NGL	Permian		DJ	Eagle Ford
					Anadarko		Williston	Appalachia

Anadarko

Permian

Eagle Ford

1. Sitio equity value calculated as closing share price multiplied by the number of shares outstanding on 8/7/23. Enterprise value calculated as sum of equity value as of 9/2/23 and estimated net debt as of 8/30/23

(2)	See appendix for reconciliations of non-GAAP metrics. Includes full 2Q23 Stock Acquisition EBITDA that closed in June 2023; does not include pro forma 2Q23 EBITDA from the Cash Acquisitions closed in July and August	4
(3)	2Q23 pro forma production assumes Sitio had owned all acquisitions for entire 2Q23. NRAs are pro forma for all acquisitions through 8/7/23

Mineral and Royalty Highlights

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