Sitio Royalties reports Q2 EPS 15c, consensus 18c

Reports Q2 revenue $168.5M, consensus $161.8M. Reports average daily production volume of 39,231 barrels of oil equivalent per day. The company said, “Our strong second quarter results are a reflection of flush production from recently completed wells on our legacy assets combined with production volumes contributed from our disciplined acquisition program. Our team continued to allocate capital towards acquisitions of high quality mineral rights with the greatest potential to generate attractive returns for our shareholders diversified across multiple basins and operators. In addition to our previously announced DJ Basin Acquisition, we closed on the acquisition of 2,110 NRAs in the Permian and DJ Basins from 6 separate transactions for approximately $38.5 million. Due to Sitio’s 1H 2024 outperformance and the expected impacts from our newly acquired minerals, we are raising our full year 2024 production guidance range from 35,000 – 38,000 Boe/d to 36,000 – 38,000 Boe/d.”