STR - Sitio Royalties to buy Permian Basin acreage in deals totaling $547M

Sitio Royalties (NYSE:STR) on Monday agreed to acquire more than 12.2K net royalty acres in the Permian Basin from fund manager Momentum Minerals for ~$224M, and completed the acquisition of 19.7K net royalty acres from Quantum Energy Partners for ~$323M. Sitio (STR) said it expects to add ~15% to H2 2022 dividends per share at current commodity strip pricing, assuming a 65% dividend payout ratio based in its previously announced capital allocation framework. The company said the deals increase acreage by 24.5K net royalty acres in the Delaware Basin and 7.4K NRAs in the Midland Basin, resulting in a 30% increase in Sitio's (STR) Permian Basin assets and a 22% increase in total acreage to more than 173K NRAs. Sitio Royalties (STR) recently was tapped as a new Top Pick among oil and gas mineral royalty companies at Credit Suisse.

For further details see:

Sitio Royalties to buy Permian Basin acreage in deals totaling $547M