Sitio Royalties owns mineral and royalty interests in oil and gas producing basins across the U.S., concentrated in the Permian Basin (~74% of net royalty acres), with the remainder in the DJ Basin (~15%), Eagle Ford (~8%), and Williston Basin (~3%). Rather than drilling or operating wells, Sitio leases its mineral rights to E&P companies, which explore for and produce oil, gas, and NGLs. In exchange, Sitio receives a royalty — averaging 18.2% across its leased acreage — free of drilling, completion, and operating costs. Revenue is driven by production volumes, commodity prices, and royalty rates, with ~94% of 2024 revenues coming from oil and NGL sales. Sitio grows in two ways: organically, as E&P operators develop its existing acreage without any capital contribution from Sitio, and inorganically, through continuous acquisitions of mineral and royalty interests. Since 2016, Sitio has completed 209 acquisitions totaling ~295,300 net royalty acres, sourcing deals primarily through direct relationships with landowners, families, and trusts rather than auctions. Sitio also actively tracks production payments by operator and well using proprietary data systems, recovering underpaid royalties. Capital is returned to shareholders through a framework requiring at least 65% of discretionary cash flow to be paid out as dividends or buybacks, with Sitio retaining up to 35% for balance sheet management and opportunistic acquisitions.