NYSE$STR
Sitio Royalties Corp · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Sitio Royalties reported its fourth quarter and full year 2022 operational and financial results, recent developments, and provided full year 2023 guidance.
Sitio Royalties reported a record high average quarterly production volume of 18,925 Boe/d, with a pro forma average quarterly production volume of 34,424 Boe/d including Brigham Minerals volumes. The company declared a $0.60 dividend per share for Q4 2022 and closed its all-stock merger with Brigham Minerals in December 2022, significantly increasing its net royalty acres.
- Record high average quarterly production volume of 18,925 Boe/d, up 5% sequentially.
- Pro forma average daily production volume of 34,424 Boe/d, including Brigham Minerals volumes for the entire quarter.
- Declared a $0.60 dividend per share of Class A Common Stock for Q4 2022, representing a 9.9% annualized yield.
- Closed all-stock merger with Brigham Minerals in December 2022, increasing net royalty acres by 147% relative to year-end 2021.
Headline financials
Revenue & EPS history
Sitio Royalties · Revenue · Quarterly
$99.9M
Forward guidance
Sitio Royalties issued full year 2023 financial and operational guidance, increasing the midpoint of production guidance by approximately 6% to 35,500 Boe/d.
Tailwinds
- Increased midpoint of production guidance by approximately 6% to 35,500 Boe/d.
- Full year 2023 average daily production guidance range of 34,000 - 37,000 Boe/d.
- Anticipated average daily production (% oil) between 49% and 51%.
- Projected gathering and transportation costs between $1.25 and $1.75 per Boe.
- Expected production taxes (% of royalty revenue) between 6% and 8%.
Headwinds
- Cash G&A expected to be between $25.0 million and $27.0 million (annual).
- Cash tax rate projected between 11% and 13% of pre-tax income.
- Continued capital discipline by public E&P operators may act as a headwind.
- Focus on lowering G&A expenses and reducing reliance on third-party vendors suggests areas for improvement.
- Continued evaluation of additional mineral and royalty acquisitions with underwriting discipline given current market conditions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 4 quarterly earnings reports
+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 | — | — | — |
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