NYSE$STR
Sitio Royalties Corp · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Sitio Royalties reported strong third quarter 2024 operational and financial results, with production exceeding guidance and significant debt reduction.
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.
Headline financials
Revenue & EPS history
Sitio Royalties · Revenue · Quarterly
$149M
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.
Tailwinds
- 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.
Headwinds
- 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.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 4 quarterly earnings reports · overlaid with Q3 2024
+1.2%
Avg return
Earnings day
+3.8%
Avg return
5 days after
+3.3%
Avg return
30 days after
50%
3 / 6 earnings
Positive
+5.5%
Q1 2025
Best reaction
+0.0%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2025 | — | — | — | |
| Q2 2025 | +0.8% | +1.8% | — | |
| Q1 2025 | +5.5% | +10.5% | +17.2% | |
| Q3 2024 | +0.8% | +9.3% | +7.9% | |
| Q2 2024 | +0.0% | +0.8% | +2.2% | |
| Q1 2024 | +0.0% | +3.6% | -6.1% | |
| Q4 2022 | +0.0% | -2.9% | -4.9% | |
| Q3 2022 | — | — | — |
Discussion
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