Sitio Royalties Corp. (NYSE:STR) Q1 2023 Earnings Conference Call May 10, 2023 8:30 AM ET

Company Participants

Ross Wong - VP, Finance and IR

Chris Conoscenti - CEO

Conference Call Participants

Tim Rezvan - KeyBanc Capital Markets

TJ Schultz - RBC Capital Markets

John Annis - Stifel

Noel Parks - Tuohy Brothers

Operator

Good morning and thank you for attending Sitio Royalties First Quarter 2023 Earnings Call. My name is Felicia, and I'll be your operator today. All lines will be muted during the presentation portion of the call with an opportunity to question-and-answer at the end.

I would now like to pass the conference over to your host, Ross Wong, Vice President of Finance and Investor Relations. You may proceed.

Ross Wong

Thanks, operator. And good morning, everyone. Welcome to Sitio Royalties' first quarter 2023 earnings call. If you don't already have a copy of a 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 our first quarter 2023 financial and operating results is Chris Conoscenti, our Chief Executive Officer; Carrie Osicka our Chief Financial Officer 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 press 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 first quarter 2023 earnings call. There's one word that captures the theme from this quarter, uneventful. For the first time in two years, we did not announce or close any acquisitions during the quarter. And for the first time since becoming public, there are no pro formas or partial period results in our reported financials. Integration of the Brigham assets and personnel is complete with nothing unexpected to note.

During the first quarter production associated with Sitio's assets averaged 34,440 barrels of oil equivalent per day, which is comparable to the 34,424 BOEs per day produced from these assets in the fourth quarter of 2022. First quarter production volumes were in line with our expectations and we are reaffirming Sitio's full year 2023 production guidance range of 34,000 to 37,000 BOEs per day.