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Sep 30, 2024
Sitio Royalties Q3 2024 Earnings Report
Sitio Royalties reported strong third quarter 2024 operational and financial results, with production exceeding guidance and significant debt reduction.
Key Takeaways
Sitio Royalties announced robust third quarter 2024 operational and financial results, with production above guidance, strong year-to-date performance, and positive impacts from recent acquisitions. The company reported net income of $27.9 million and Adjusted EBITDA of $135.4 million, while reducing long-term debt by approximately $56.5 million.
Production exceeded full-year guidance, averaging 38,585 Boe/d (50% oil).
Net income was $27.9 million and Adjusted EBITDA was $135.4 million.
Long-term debt was reduced by approximately $56.5 million, with quarter-end credit facility balance at $403.0 million and liquidity of $455.5 million.
Total return of capital for the quarter was $0.47 per share, including $29.0 million in common stock repurchases and a planned $0.28 per share dividend.
Sitio Royalties
Sitio Royalties
Sitio Royalties Revenue by Geographic Location
Revenue by Geographic Location
Delaware Revenue
CapyFin.comMidland Revenue
CapyFin.comDJ Revenue
CapyFin.comEagle Ford Revenue
CapyFin.comWilliston/Other Revenue
CapyFin.com Forward Guidance
Sitio Royalties enhanced its full-year 2024 outlook, raising the midpoint of its pro forma average daily production range by 1,000 Boe/d due to robust legacy production and recent acquisitions. The midpoint of 2024 guidance for cash taxes increased by $7.0 million.
Positive Outlook
- Pro forma average daily production guidance midpoint increased by 1,000 Boe/d.
- Robust legacy production year-to-date contributed to enhanced outlook.
- Positive impact from five recent acquisitions.
- Cash G&A guidance midpoint decreased by $1.5 million.
- Company reports production above guidance range with strong operator activity in Permian and DJ Basins.
Challenges Ahead
- Midpoint of 2024 guidance for cash taxes increased by $7.0 million.
- Commodity price volatility remains a risk.
- Global economic uncertainty and market volatility could impact future results.
- Geopolitical conflicts and production cuts by OPEC+ could affect supply and demand.
- Future results may vary significantly from pro forma data.
Revenue & Expenses
Visualization of income flow from segment revenue to net income