Sitio Royalties and Brigham Minerals Announce Completion of Merger

Rhea-AI Summary

Sitio Royalties Corp. (NYSE: STR) has completed its merger with Brigham Minerals, Inc., forming a leading company in the mineral and royalty sector. This strategic union consolidates high-quality assets primarily in the Permian Basin, creating a robust portfolio of oil and gas interests. Sitio aims to enhance shareholder returns through large-scale consolidation and operational cash flow generation. The merger is expected to bolster the company's market position and operational capabilities.

Positive

• Formation of a leading company in the mineral and royalty sector.
• Consolidation of high-quality assets in the Permian Basin.
• Enhanced shareholder returns through large-scale consolidation.

Negative

• None.

DENVER--(BUSINESS WIRE)-- Sitio Royalties Corp. (NYSE: STR) (“Sitio” or the “Company”) and Brigham Minerals, Inc. (“Brigham”) today announced the successful completion of their merger, combining as Sitio Royalties Corp. The combination brings together two of the largest public companies in the mineral and royalty sector with complementary high-quality assets in the Permian Basin and other oil-focused regions, creating an industry leader with a proven track record of consolidating oil and gas mineral and royalty interests operated by a diverse set of E&P companies.

About Sitio Royalties Corp.

Sitio is a shareholder returns-driven company focused on large-scale consolidation of high-quality oil & gas mineral and royalty interests across premium basins, with a diversified set of top-tier operators. With a clear objective of generating cash flow from operations that can be returned to shareholders and reinvested, Sitio has accumulated over 260,000 NRAs through the consummation of over 185 acquisitions to date. More information about Sitio is available at www.sitio.com.

Forward-Looking Statements

This new release contains statements that may constitute “forward-looking statements” for purposes of federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Except as otherwise required by applicable law, Sitio disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. These statements include, but are not limited to, statements about the Company’s expected benefits of the merger between Sitio and Brigham; future dividends; and future plans, expectations, and objectives for the Company’s operations, including statements about strategy, synergies, future operations, financial position, prospects, and plans. Forward-looking statements are not guarantees of performance. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance, and financial condition to differ materially from our expectations and predictions. See “Risk Factors” in Sitio and Brigham’s joint consent solicitation statement/proxy statement/prospectus filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 23, 2022 for a discussion of risk factors related to the merger between Sitio and Brigham. Additional information concerning these and other factors that may impact Brigham’s and Sitio’s expectations and projections can be found in Brigham’s periodic filings with the SEC, including Brigham’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and Sitio’s periodic filings with the SEC, including Sitio’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, Part II, Item 1A “Risk Factors” in Sitio’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Brigham’s and Sitio’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221229005014/en/

IR contact:

Ross Wong

(720) 640–7647

IR@sitio.com

Source: Sitio Royalties Corp.

FAQ

What is the significance of the merger between Sitio and Brigham?

The merger creates a leading entity in the mineral and royalty sector, enhancing asset quality and market presence.

How does the merger impact Sitio Royalties Corp's stock (STR)?

The merger is expected to improve operational capabilities and shareholder returns, positively influencing the stock performance.

What assets are involved in the Sitio-Brigham merger?

The merger consolidates high-quality mineral and royalty interests primarily located in the Permian Basin.

When was the merger between Sitio and Brigham completed?

The merger was successfully completed as announced in the recent press release.

What are the future prospects of Sitio Royalties Corp after the merger?

Sitio aims to leverage synergies from the merger to drive growth and generate significant cash flow for reinvestment and shareholder returns.