Denver-based Sitio Royalties said recently during its second quarter earnings presentation that it acquired 13,705 net royalty acres in five transactions in Permian Basin during 2Q for a total of $247.9 million (73 percent cash). Chris Conoscenti, CEO, said Aug. 9, “These transactions were with sellers that we know well and have had relationships with… This relationship-based approach to generating and executing on minerals acquisition is a true differentiator and has been a staple of our growth strategy for many years.” The deals added 1,918 boed of net production.
Conoscenti said updated guidance for 2023 second half is 35,000 to 37,000 boed. Average daily production in 2Q was 34,681 boed.