Sitio Royalties Corp. (NYSE:STR) Q2 2023 Earnings Conference Call August 8, 2023 8:30 AM ET

Company Participants

Ross Wong - VP, Finance and IR

Chris Conoscenti - CEO

Carrie Osicka - Chief Financial Officer

Jarret Marcoux - EVP of Engineering and Acquisitions

Conference Call Participants

Tim Rezvan - KeyBanc Capital Markets

TJ Schultz - RBC Capital Markets

Nate Pendleton - Stifel

Noel Parks - Tuohy Brothers

Operator

Good morning and thank you for attending Sitio Royalties Second Quarter 2023 Earnings Call. My name is Kuala [ph], and I'll be the operator today's call. [Operator instructions]

I'd now like to pass the conference over to our host, Ross Wong, Vice President of Finance and Investor Relations. Ross, please go ahead when you're ready..

Ross Wong

Thanks, operator and good morning, everyone. Welcome to Sitio Royalties' second quarter 2023 earnings call. If you don't already have a copy of our recent press release, and updated investor presentation, please visit our website at www.sitio.com where you will find them in our Investor Relations section.

With me today to discuss second quarter 2023 financial and operating results is Chris Conoscenti, our Chief Executive Officer; Carrie Osicka our Chief Financial Officer; Jarret Marcoux, our EVP of Engineering and Acquisitions and other members of our executive leadership team.

Before we start, I'd like to remind you that our discussion today may contain forward-looking statements and non-GAAP measures. Please refer to our earnings release, investor presentation and publicly filed documents for additional information regarding such forward-looking statements and non-GAAP measures.

And with that, I'll turn the call over to Chris.

Chris Conoscenti

Thanks, Ross. Good morning, everyone and thank you for joining Sitio's second quarter 2023 earnings call. Following a quiet first quarter of this year, we're excited to share some success we had with recent acquisitions. In the past few months, we've closed on five accretive acquisitions in the Permian Basin for aggregate consideration of approximately $248 million. We funded one of these transactions with approximately 2.5 million shares of Sitio stock in June.

In July and August, we signed and closed the remaining four acquisitions with $181 million in cash, representing 27% equity and 73% cash in total. These transactions were with sellers that we know well and have had relationships with for a number of years and a stock [ph] transaction in June was with a seller that had taken our equity in exchange for assets before.