Sitio Royalties Corp. (NYSE:STR) Q4 2022 Results Conference Call March 9, 2023 8:30 AM ET

Company Participants

Ross Wong - Vice President of Finance and Investor Relations

Chris Conoscenti - Chief Executive Officer

Carrie Osicka - Chief Financial Officer

Conference Call Participants

Tim Rezvan - KeyBanc Capital Markets

Jeanine Wai - Barclays

Noel Parks - Tuohy Brothers

Operator

My name is Nadia, and I'll be coordinating the call today [Operator Instructions]. I will now hand you over to your host, Ross Wong, Vice President of Finance and Investor Relations, to begin. Ross, please go ahead.

Ross Wong

Thanks, operator, and good morning, everyone. Welcome to the Sitio Royalties Fourth Quarter and Full Year 2022 earnings call. If you don't already have a copy of our recent press release and updated investor presentation, please visit our Web site at www.sitio.com where you will find them in our Investor Relations section. With me today to discuss fourth quarter and full year 2022 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 would 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 fourth quarter and full year 2022 earnings call. We had a tremendous 2022 and demonstrated strong execution on our large scale minerals consolidation strategy through a series of transactions that transformed us from a private company with approximately 106,000 net royalty acres in the Permian Basin at the beginning of the year to one of the largest publicly traded oil and gas mineral and royalty companies in the US upon completion of the Brigham merger in December. Closing two corporate mergers and two large cash acquisitions within a calendar year is an impressive feat and I would like to thank the Sitio team and our board members for their dedication and hard work to get us to this point. We now own 260,000 net royalty acres across seven of the premier oil and gas basins in the country and have exposure to over 170 operators of horizontally drilled wells based on fourth quarter 2022 production. The oil and gas minerals and royalty sector remains highly fragmented we are well positioned to be the natural consolidator with our proven returns focused and large scale consolidation strategy. In addition to meaningfully scaling our business, impressive returns were generated for investors. All shareholders regardless of whether they originally own stock in or Brigham experienced total returns in 2022 in excess of 60%.