In This Article:
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Net Income: Reported at $18.7 million for Q1 2024, a significant recovery from a net loss of $91.7 million in Q4 2023, below the estimated $33.80 million.
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Revenue: Details on total revenue for Q1 2024 were not disclosed, preventing a comparison with the estimated $161.15 million.
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Earnings Per Share: Specific EPS figures for Q1 2024 were not provided, making it impossible to compare with the estimated $0.25.
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Production Volume: Achieved a record pro forma average daily production of 37,970 boe/d in Q1 2024, up 3.7% from Q4 2023.
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Capital Return: Distributed $0.49 per share, including $0.41 in dividends and $0.08 from stock repurchases, aligning with shareholder value focus.
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Acquisitions: Completed the acquisition of DJ Basin assets, enhancing production capabilities and asset base.
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Operational Efficiency: Adjusted EBITDA stood at $135.1 million in Q1 2024, maintaining stability from $134.9 million in Q4 2023.
On May 8, 2024, Sitio Royalties Corp (NYSE:STR), a prominent pure-play mineral and royalty company, disclosed its first quarter financial and operational results through its 8-K filing. Specializing in investments across the Permian and other significant U.S. oil basins, Sitio reported a consistent financial performance that aligns closely with analyst expectations for the quarter.
Financial and Operational Highlights
The company announced a pro forma average daily production volume of 37,970 barrels of oil equivalent per day (Boe/d), marking a 3.7% increase from the previous quarter. This production boost primarily stemmed from activities in the Delaware Basin and Eagle Ford, contributing to a robust operational quarter. Financially, Sitio reported a net income of $18.7 million for Q1 2024, a significant recovery from a net loss of $91.7 million in Q4 2023. This turnaround was primarily due to $137.6 million lower operating expenses, influenced by the absence of loss on sale of assets and debt extinguishment, though partially offset by increased commodity derivative losses and higher income tax expenses.
The company's strategic maneuvers included the closure of the previously announced acquisition of DJ Basin assets, which contributed positively to the quarter's production figures. Sitio also highlighted its return of capital strategy, which amounted to $0.49 per share for Q1 2024, split between dividends and stock repurchases.
Comparison with Analyst Estimates
Relative to analyst estimates, Sitio's earnings per share (EPS) and net income for Q1 2024 were consistent with market expectations. Analysts projected an EPS of $0.25 and a net income of $33.80 million, closely aligning with the reported figures. Revenue estimates stood at $161.15 million for the quarter, indicating a solid performance by Sitio in generating income from its operations.