Sitio Royalties 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Document Information [Line Items]
Entity Registrant Name	Sitio Royalties Corp.
Entity Central Index Key	0001949543
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-41585
Entity Tax Identification Number	88-4140242
Entity Address, Address Line One	1401 Lawrence Street
Entity Address, Address Line Two	Suite 1750
Entity Address, City or Town	Denver
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	80202
City Area Code	720
Local Phone Number	640-7620
Entity Shell Company	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	STR
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	CO
Document Quarterly Report	true
Document Transition Report	false
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		80,538,109
Class C Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		73,718,361

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 16,348	$ 15,195
Accrued revenue and accounts receivable	129,454	107,347
Prepaid assets	1,839	12,362
Derivative asset	5,547	19,080
Total current assets	153,188	153,984
Oil and natural gas properties, successful efforts method:
Unproved properties	2,579,583	2,698,991
Proved properties	2,674,068	2,377,196
Other property and equipment	3,601	3,711
Accumulated depreciation, depletion, amortization, and impairment	(660,139)	(498,531)
Total property and equipment, net	4,597,113	4,581,367
Long-term assets
Deferred financing costs	9,689	11,205
Long-term derivative asset		3,440
Operating lease right-of-use asset	5,240	5,970
Other long-term assets	2,781	2,835
Total long-term assets	17,710	23,450
TOTAL ASSETS	4,768,011	4,758,801
Current liabilities
Accounts payable and accrued expenses	27,081	30,050
Operating lease liability	1,596	1,725
Total current liabilities	28,677	31,775
Long-term liabilities
Long-term debt	1,049,338	865,338
Deferred tax liability	252,450	259,870
Non-current operating lease liability	4,804	5,394
Other long-term liabilities	1,150	1,150
Total long-term liabilities	1,307,742	1,131,752
Total liabilities	1,336,419	1,163,527
Commitments and contingencies (see Note 14)
Equity
Additional paid-in capital	1,737,960	1,796,147
Accumulated deficit	(166,416)	(187,738)
Noncontrolling interest	1,915,881	1,987,526
Total equity	3,431,592	3,595,274
TOTAL LIABILITIES AND EQUITY	4,768,011	4,758,801
Class A Common Stock [Member]
Equity
Common stock, value	8	8
Treasury stock, value	(54,583)
Class C Common Stock [Member]
Equity
Common stock, value	7	8
Treasury stock, value	$ (1,265)	$ (677)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Class A Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	240,000,000	240,000,000
Common stock, shares issued	82,825,703	82,451,397
Common stock, shares outstanding	80,595,566	82,451,397
Treasury stock, shares	2,230,137	0
Class C Common Stock [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	73,771,109	74,965,217
Common stock, shares outstanding	73,718,361	74,939,080
Treasury stock, shares	52,748	26,137

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Oil, natural gas and natural gas liquids revenues	$ 165,516,000	$ 132,567,000	$ 313,487,000	$ 278,121,000
Lease bonus and other income	3,032,000	3,899,000	6,452,000	9,171,000
Total revenues	168,548,000	136,466,000	319,939,000	287,292,000
Operating expenses:
Depreciation, depletion and amortization	85,485,000	74,239,000	161,803,000	142,002,000
General and administrative	13,456,000	14,066,000	26,467,000	25,742,000
Severance and ad valorem taxes	12,433,000	10,344,000	24,459,000	20,803,000
Impairment of oil and gas properties		25,617,000		25,617,000
Total operating expenses	111,374,000	124,266,000	212,729,000	214,164,000
Net income from operations	57,174,000	12,200,000	107,210,000	73,128,000
Other income (expense):
Interest expense, net	(22,688,000)	(23,159,000)	(41,198,000)	(45,362,000)
Change in fair value of warrant liability	0	584,000	0	2,942,000
Loss on extinguishment of debt				(783,000)
Commodity derivatives gains (losses)	(607,000)	6,112,000	(10,657,000)	20,875,000
Interest rate derivative gains		607,000		447,000
Net income (loss) before taxes	33,879,000	(3,656,000)	55,355,000	51,247,000
Income tax (expense) benefit	(4,838,000)	683,000	(7,622,000)	(6,501,000)
Net income (loss)	29,041,000	(2,973,000)	47,733,000	44,746,000
Net (income) loss attributable to noncontrolling interest	(16,187,000)	2,177,000	(26,411,000)	(22,889,000)
Net income (loss) attributable to Class A stockholders	$ 12,854,000	$ (796,000)	$ 21,322,000	$ 21,857,000
Net income (loss) per share of Class A Common Stock
Basic	$ 0.16	$ (0.01)	$ 0.25	$ 0.26
Diluted	$ 0.15	$ (0.01)	$ 0.25	$ 0.26
Weighted average Class A Common Stock outstanding
Basic	80,751	81,044	81,578	80,614
Diluted	80,879	81,044	81,761	80,614

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ (2,973,000)	$ 47,733,000	$ 44,746,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization		161,803,000	142,002,000
Amortization of deferred financing costs and long-term debt discount		2,603,000	2,793,000
Share-based compensation		11,307,000	10,106,000
Change in fair value of warrant liability	(584,000)	0	(2,942,000)
Loss on extinguishment of debt			783,000
Impairment of oil and gas properties	25,617,000		25,617,000
Commodity derivatives (gains) losses	(6,112,000)	10,657,000	(20,875,000)
Net cash received for commodity derivatives settlements		6,316,000	13,659,000
Interest rate derivative gains	(607,000)		(447,000)
Net cash paid for interest rate derivative settlements			93,000
Deferred tax benefit		(7,494,000)	(7,421,000)
Change in operating assets and liabilities:
Accrued revenue and accounts receivable		(22,107,000)	23,900,000
Prepaid assets		10,547,000	7,187,000
Other long-term assets		667,000	1,622,000
Accounts payable and accrued expenses		(3,487,000)	(7,654,000)
Operating lease liabilities and other long-term liabilities		(493,000)	(492,000)
Net cash provided by operating activities		218,052,000	232,677,000
Cash flows from investing activities:
Purchases of oil and gas properties, net of post-close adjustments		(177,424,000)	5,689,000
Deposits for property acquisitions			(17,947,000)
Other, net		(237,000)	(19,000)
Net cash used in investing activities		(177,661,000)	(12,277,000)
Cash flows from financing activities:
Borrowings on credit facilities		279,000,000	619,500,000
Repayments on credit facilities		(96,000,000)	(643,500,000)
Repayments on 2026 Senior Notes			(22,500,000)
Debt issuance costs		(126,000)	(8,196,000)
Distributions to noncontrolling interest		(68,402,000)	(91,162,000)
Dividends paid to Class A stockholders		(75,016,000)	(88,850,000)
Dividend equivalent rights paid		(707,000)	(783,000)
Cash paid for taxes related to net settlement of share-based compensation awards		(1,770,000)	(3,379,000)
Net cash used in financing activities		(39,238,000)	(238,870,000)
Net change in cash and cash equivalents		1,153,000	(18,470,000)
Cash and cash equivalents, beginning of period		15,195,000	18,818,000
Cash and cash equivalents, end of period	348,000	16,348,000	348,000
Supplemental disclosure of non-cash transactions:
Oil and gas properties acquired through issuance of Class C Common Stock and Sitio OpCo Partnership Units			66,526,000
Supplemental disclosure of cash flow information:
Cash paid for income taxes:		2,769,000	8,811,000
Cash paid for interest expense:		41,230,000	43,555,000
Commodity Contract [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Commodity derivatives (gains) losses	(6,112,000)	10,657,000	(20,875,000)
Interest Rate Contract [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Interest rate derivative gains	$ (607,000)		$ (447,000)
Class A Common Stock [Member]
Cash flows from financing activities:
Repurchases of Common Stock		(54,075,000)
Class C Common Stock [Member]
Cash flows from financing activities:
Repurchases of Common Stock		$ (22,142,000)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Class A Common Stock [Member]	Class C Common Stock [Member]	Common Stock Class A Common Stock [Member]	Common Stock Class C Common Stock [Member]	Additional Paid-in Capital	Additional Paid-in Capital Class C Common Stock [Member]	Accumulated Deficit [Member]	Treasury Stock [Member] Class A Common Stock [Member]	Treasury Stock [Member] Class C Common Stock [Member]	Noncontrolling Interest	Noncontrolling Interest Class C Common Stock [Member]
Balance at Dec. 31, 2022	$ 3,886,595			$ 8	$ 7	$ 1,750,640		$ (9,203)	$ (19,085)		$ 2,164,228
Balance, shares at Dec. 31, 2022				80,805	74,347				(633)
Net income	47,719							22,653			25,066
Stock-based compensation	4,684					4,129					555
Conversion of Class C Common Stock to Class A Common Stock						183					(183)
Conversion of Class C Common Stock to Class A Common Stock, shares				6	(6)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes	(44)					(44)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes, shares				6
Change in deferred taxes from conversion of Class C Common Stock to Class A Common Stock	36					36
Dividends to Class A stockholders	(48,107)							(48,107)
Dividend equivalent rights paid	(400)							(400)
Distributions to noncontrolling interest	(49,206)										(49,206)
Cancellation of Treasury Shares						(19,085)			$ 19,085
Cancellation of Treasury Shares, shares				(633)					633
Balance at Mar. 31, 2023	3,841,277			$ 8	$ 7	1,735,859		(35,057)			2,140,460
Balance, shares at Mar. 31, 2023				80,184	74,341
Balance at Dec. 31, 2022	3,886,595			$ 8	$ 7	1,750,640		(9,203)	$ (19,085)		2,164,228
Balance, shares at Dec. 31, 2022				80,805	74,347				(633)
Net income	44,746
Balance at Jun. 30, 2023	3,831,358			$ 8	$ 8	1,783,450		(76,979)		$ (677)	2,125,548
Balance, shares at Jun. 30, 2023				81,660	75,539					(26)
Balance at Mar. 31, 2023	3,841,277			$ 8	$ 7	1,735,859		(35,057)			2,140,460
Balance, shares at Mar. 31, 2023				80,184	74,341
Net income	(2,973)							(796)			(2,177)
Stock-based compensation	5,422					4,861					561
Conversion of Class C Common Stock to Class A Common Stock						37,865					(37,865)
Conversion of Class C Common Stock to Class A Common Stock, shares				1,310	(1,310)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes	(2,658)					(2,658)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes, shares				166
Change in deferred taxes from conversion of Class C Common Stock to Class A Common Stock	7,523					7,523
Class C Common Stock withheld for income taxes upon vesting of RSAs and held in treasury, shares										(26)
Class C Common Stock withheld for income taxes upon vesting of RSAs and held in treasury	(677)									$ (677)
Issuance of Class C Common Stock in connection with acquisition	66,526				$ 1						66,525
Issuance of Class C Common Stock in connection with acquisition, shares					2,508
Dividends to Class A stockholders	(40,743)							(40,743)
Dividend equivalent rights paid	(383)							(383)
Distributions to noncontrolling interest	(41,956)										(41,956)
Balance at Jun. 30, 2023	3,831,358			$ 8	$ 8	1,783,450		(76,979)		$ (677)	2,125,548
Balance, shares at Jun. 30, 2023				81,660	75,539					(26)
Balance at Dec. 31, 2023	3,595,274			$ 8	$ 8	1,796,147		(187,738)		$ (677)	1,987,526
Balance, shares at Dec. 31, 2023				82,451	74,965					(26)
Net income	18,692							8,468			10,224
Stock-based compensation	5,104					4,543					561
Conversion of Class C Common Stock to Class A Common Stock						3,265					(3,265)
Conversion of Class C Common Stock to Class A Common Stock, shares				135	(135)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes	(607)					(607)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes, shares				50
Change in deferred taxes from conversion of Class C Common Stock to Class A Common Stock	(73)					(73)
Dividends to Class A stockholders	(41,950)					(41,950)
Dividend equivalent rights paid	(376)					(376)
Distributions to noncontrolling interest	(38,157)										(38,157)
Repurchases of Common Stock	(13,057)								$ (13,057)
Repurchases of Common Stock, shares									(546)
Balance at Mar. 31, 2024	3,524,850			$ 8	$ 8	1,760,949		(179,270)	$ (13,057)	$ (677)	1,956,889
Balance, shares at Mar. 31, 2024				82,636	74,830				(546)	(26)
Balance at Dec. 31, 2023	3,595,274			$ 8	$ 8	1,796,147		(187,738)		$ (677)	1,987,526
Balance, shares at Dec. 31, 2023				82,451	74,965					(26)
Net income	47,733
Distributions to noncontrolling interest	(68,402)
Repurchases of Common Stock	(23,691)
Balance at Jun. 30, 2024	3,431,592			$ 8	$ 7	1,737,960		(166,416)	$ (54,583)	$ (1,265)	1,915,881
Balance, shares at Jun. 30, 2024				82,826	73,771				(2,230)	(53)
Balance at Mar. 31, 2024	3,524,850			$ 8	$ 8	1,760,949		(179,270)	$ (13,057)	$ (677)	1,956,889
Balance, shares at Mar. 31, 2024				82,636	74,830				(546)	(26)
Net income	29,041							12,854			16,187
Stock-based compensation	6,203					5,642					561
Conversion of Class C Common Stock to Class A Common Stock						3,820					(3,820)
Conversion of Class C Common Stock to Class A Common Stock, shares				162	(162)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes	(382)					(382)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes, shares				28
Change in deferred taxes from conversion of Class C Common Stock to Class A Common Stock	(1)					(1)
Class C Common Stock withheld for income taxes upon vesting of RSAs and held in treasury, shares										(27)
Class C Common Stock withheld for income taxes upon vesting of RSAs and held in treasury	(588)									$ (588)
Dividends to Class A stockholders	(33,066)					(33,066)
Dividend equivalent rights paid	(331)					(331)
Distributions to noncontrolling interest	(30,245)										(30,245)
Repurchases of Common Stock		$ (41,526)	$ (22,363)		$ (1)		$ 1,329		$ (41,526)			$ (23,691)
Repurchases of Common Stock, shares					(897)				(1,684)
Balance at Jun. 30, 2024	$ 3,431,592			$ 8	$ 7	$ 1,737,960		$ (166,416)	$ (54,583)	$ (1,265)	$ 1,915,881
Balance, shares at Jun. 30, 2024				82,826	73,771				(2,230)	(53)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 12,854	$ (796)	$ 21,322	$ 21,857

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The unaudited condensed consolidated financial statements of Sitio Royalties Corp., together with its wholly-owned subsidiaries and any entities in which the company owns a controlling interest (collectively, “Sitio” or the “Company”), including Sitio Royalties Operating Partnership, LP (“Sitio OpCo”), have been prepared pursuant to the rules and regulations of the SEC applicable to interim financial information. Accordingly, such consolidated financial statements reflect all adjustments (consisting of normal and recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the financial results for the interim periods presented. Certain information and notes normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, management believes that the disclosures included either on the face of the financial statements or in these notes are sufficient to make the interim information presented not misleading. The accompanying unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 (the “Annual Report”). The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2024. Except as otherwise indicated or required by the context, all references in this quarterly report to the “Company,” “Sitio,” “we,” “us,” “our” or similar terms refer to (i) for periods prior to the closing of the Company’s merger with Falcon Minerals Corporation in June 2022 (the “Falcon Merger”), the Company’s predecessor and its subsidiaries and (ii) for periods subsequent to the closing of the Falcon Merger, Sitio Royalties Corp. and its subsidiaries. All references in this Quarterly Report on Form 10-Q to “Falcon” refer to Sitio Royalties Corp. and its subsidiaries for periods prior to the Falcon Merger.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Significant accounting policies are disclosed in the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2023, presented in the Annual Report. There have been no material changes in such policies or the application of such policies during the six months ended June 30, 2024. Accounts Payable and Accrued Expenses The Company’s accounts payable and accrued expenses consisted of the following as of the dates indicated (in thousands): June 30, December 31, Accrued interest expense $ 9,522 $ 12,178 Ad valorem taxes payable 7,539 10,364 Payable to buyer for post-effective monies 1,031 1,427 Accrued general and administrative 3,392 1,889 Payable to sellers for pre-effective monies 2,251 2,268 Other taxes payable 3,227 1,592 Other 119 332 Total accounts payable and accrued expenses $ 27,081 $ 30,050

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	3. Revenue from Contracts with Customers Oil, natural gas, and natural gas liquids revenues Oil, natural gas and NGL sales revenues are generally recognized when control of the product is transferred to the customer, the performance obligations under the terms of the contracts with customers are satisfied and collectability is reasonably assured. All of the Company’s oil, natural gas and NGL sales are made under contracts with customers (operators). The performance obligations for the Company’s contracts with operators are satisfied at a point in time when control transfers to the operator at the wellhead, at which point payment is unconditional. Accordingly, the Company’s contracts do not give rise to contract assets or liabilities. The Company typically receives payment for oil, natural gas and NGL sales within 30 to 90 days of the month of delivery after initial production from the well. Such periods can extend longer due to factors outside of our control. The Company’s leasing contracts with operators are standard industry agreements that include variable consideration based on the monthly index price and adjustments that may include counterparty-specific provisions related to volumes, price differentials, discounts and other adjustments and deductions, including charges for gathering and transportation. During the three and six months ended June 30, 2024 and 2023, the disaggregated revenues from sales of oil, natural gas and NGLs were as follows (in thousands): For the Three Months For the Six Months 2024 2023 2024 2023 Crude oil sales $ 143,496 $ 111,993 $ 270,789 $ 229,738 Natural gas sales 5,945 8,522 11,732 23,176 NGL sales 16,075 12,052 30,966 25,207 Total royalty revenues $ 165,516 $ 132,567 $ 313,487 $ 278,121 Lease bonus and other income The Company also earns revenue from lease bonuses, delay rentals, and right-of-way payments. The Company generates lease bonus revenue by leasing its mineral interests to E&P companies. A mineral lease agreement represents our contract with an operator and generally transfers the rights, for a specified period of time, to explore for and develop any oil, natural gas and NGL discovered, grants us a specified royalty interest in the hydrocarbons produced from the leased property, and requires that drilling and completion operations commence within a specified time period. The Company recognizes lease bonus revenues when the lease agreement has been executed and payment is determined to be collectible. At the time the Company executes the lease agreement, the lease bonus payment is delivered to the Company. Upon receipt of the lease bonus payment, the Company will release the recordable original lease documents to the operator. The Company also recognizes revenue from delay rentals to the extent drilling has not started within the specified period and payment has been received. Right-of-way payments are recorded when the agreement has been executed and payment is determined to be collectable. Payments for lease bonus and other income become unconditional upon the execution of an associated agreement. Accordingly, the Company’s lease bonus and other income transactions do not give rise to contract assets or liabilities. Allocation of transaction price to remaining performance obligations Oil and natural gas sales The Company’s right to royalty income does not originate until production occurs and, therefore, is not considered to exist beyond each day’s production. Therefore, there are no remaining performance obligations under any of our royalty income contracts. Lease bonus and other income Given that the Company does not recognize lease bonus or other income until an agreement has been executed, at which point its performance obligation has been satisfied, the Company does not record revenue for unsatisfied or partially unsatisfied performance obligations as of the end of the reporting period. Prior-period performance obligations The Company records revenue in the month production is delivered to the customer. As a royalty interest owner, the Company has limited visibility into the timing of when new wells start producing as production statements may not be received for 30 to 90 days or more after the date production is delivered. As a result, the Company is required to estimate the amount of production delivered to the customer and the price that will be received for the sale of the product. The expected sales volumes and prices for these properties are estimated and recorded within accrued revenue and accounts receivable in the accompanying consolidated balance sheets. The difference between the Company’s estimates of royalty income and the actual amounts received for oil and natural gas sales are recorded in the month that the royalty payment is received from the operator. For the three and six months ended June 30, 2024 and 2023 , revenue recognized related to performance obligations satisfied in prior reporting periods was primarily attributable to production revisions by operators or amounts for which the information was not available at the time when revenue was estimated.

Oil and Natural Gas Properties

Oil and Natural Gas Properties	6 Months Ended
	Jun. 30, 2024
Oil and Gas Disclosure [Abstract]
Oil and Natural Gas Properties	4. Oil and Natural Gas Properties The Company owns mineral rights across multiple onshore basins in the United States. These basins include the Permian Basin in West Texas and Southeast New Mexico, the Eagle Ford in South Texas, the DJ Basin in Colorado and Wyoming, and the Williston Basin in North Dakota and Montana. The following is a summary of oil and natural gas properties as of June 30, 2024 and December 31, 2023 (in thousands): Oil and natural gas properties: June 30, December 31, Unproved properties $ 2,579,583 $ 2,698,991 Proved properties 2,674,068 2,377,196 Oil and natural gas properties, gross 5,253,651 5,076,187 Accumulated depletion and impairment ( 658,417 ) ( 496,879 ) Oil and natural gas properties, net $ 4,595,234 $ 4,579,308 As presented in the unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2024 , the Company paid $ 189.0 million for purchases of oil and gas properties, and received purchase price adjustments from acquisitions of $ 11.6 million. For the six months ended June 30, 2023 , the Company received proceeds of $ 5.7 million related to purchase price adjustments from acquisitions, net of amounts paid for purchases of oil and gas properties, and paid $ 17.9 million in deposits for property acquisitions. The Company uses the successful efforts method of accounting for its oil and natural gas properties. Capitalized costs are depleted on a unit of production basis based on proved oil and natural gas reserves. Depletion expense was $ 85.4 million and $ 161.5 million for the three and six months ended June 30, 2024, respectively. Depletion expense was $ 74.1 million and $ 141.7 million for the three and six months ended June 30, 2023 , respectively.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jun. 30, 2024
Business Combinations [Abstract]
Acquisitions and Divestitures	5. Acquisitions and Divestitures For the six months ended June 30, 2024 , the Company closed on the acquisition of oil and gas properties for an aggregate purchase price of $ 189.0 million. In December 2023, the Company divested all of its mineral and royalty interests in the SCOOP and STACK plays in the Anadarko Basin in Oklahoma and the Appalachian Basin in Pennsylvania, Ohio and West Virginia for $ 113.3 million, net of third-party transaction costs. The proceeds were used to fund repayments on the Company's credit facility and for general corporate purposes.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	6. Debt The following is a summary of long-term debt as of June 30, 2024 and December 31, 2023 (in thousands): As of June 30, As of December 31, 2024 2023 Sitio Revolving Credit Facility $ 460,000 $ 277,000 2028 Senior Notes 600,000 600,000 Less: 2028 Senior Notes unamortized issuance costs ( 10,662 ) ( 11,662 ) Total long-term debt $ 1,049,338 $ 865,338 Sitio Revolving Credit Facility Sitio OpCo maintains a revolving credit facility (the “Sitio Revolving Credit Facility”) with a syndicate of financial institutions. As of June 30, 2024 and December 31, 2023 , the borrowing base under the Sitio Revolving Credit Facility as determined by the lenders was $ 850.0 million and the outstanding balance under the Sitio Revolving Credit Facility was $ 460.0 million and $ 277.0 million, respectively. As of June 30, 2024 and December 31, 2023 , the weighted average interest rate related to our outstanding borrowings under the Sitio Revolving Credit Facility was 8.44 % and 8.21 %, respectively. As of June 30, 2024 and December 31, 2023, the Company had unamortized debt issuance costs o f $ 9.7 million and $ 11.2 million, respectively, in connection with its entry into the Sitio Revolving Credit Facility and subsequent amendments. Such costs are capitalized as deferred financing costs within long-term assets and are amortized over the life of the facility. For the three months ended June 30, 2024 and 2023, the Company recognized $ 804,000 and $ 732,000 , respectively, in interest expense related to the amortization of deferred financing costs under the Sitio Revolving Credit Facility. For the six months ended June 30, 2024 and 2023 , the Company recognized $ 1.6 million and $ 1.3 million, respectively, in interest expense related to the amortization of deferred financing costs under the Sitio Revolving Credit Facility. In connection with the amendment and restatement of the Sitio Revolving Credit Facility in February 2023, certain lenders did not elect to remain a party to the facility. As such, $ 783,000 of previously capitalized deferred financing costs were written off during the six months ended June 30, 2023. The Sitio Revolving Credit Facility contains customary affirmative and negative covenants. The Company was in compliance with the terms and covenants of the Sitio Revolving Credit Facility as of June 30, 2024 and December 31, 2023. 2028 Senior Notes As of June 30, 2024 and December 31, 2023 , Sitio OpCo had $ 600.0 million aggregate principal amount of 7.875 % senior notes due 2028 (the “2028 Senior Notes”). The 2028 Senior Notes bear interest at an annual rate of 7.875 %, which accrued from October 3, 2023 and is payable semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2024 . As of June 30, 2024 and December 31, 2023 , the Company had unamortized debt issuance costs of $ 10.7 million and $ 11.7 million, respectively, in connection with the issuance of the 2028 Senior Notes. Debt issuance costs are reported as a reduction to long-term debt on our consolidated balance sheets and are amortized over the life of the 2028 Senior Notes. For the three and six months ended June 30, 2024, the Company recognized $ 505,000 and $ 1.0 million, respectively, of interest expense attributable to the amortization of debt issuance costs related to the 2028 Senior Notes. No such expense was recognized for the three and six months ended June 30, 2023. The 2028 Senior Notes contain covenants that limit Sitio OpCo’s ability and the ability of Sitio OpCo’s restricted subsidiaries to engage in certain transactions and activities. The Company was in compliance with the terms and covenants of the 2028 Senior Notes as of June 30, 2024 and December 31, 2023. 2026 Senior Notes In October 2023, the Company redeemed all of its senior notes due 2026 (the “2026 Senior Notes”). For the three and six months ended June 30, 2023 , the Company recognized $ 716,000 and $ 1.4 million, respectively, of interest expense attributable to the amortization of discount and issuance costs related to the 2026 Senior Notes. No such expense was recognized for the three and six months ended June 30, 2024 .

Equity

Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	7. Equity Class A Common Stock Holders of Class A Common Stock, par value $ 0.0001 per share (“Class A Common Stock”), are entitled to one vote per share on all matters to be voted upon by the stockholders and are entitled to ratably receive dividends when and if declared by the Company’s board of directors (the “Board”). Class C Common Stock Shares of Class C Common Stock, par value $ 0.0001 per share (“Class C Common Stock” and, together with Class A Common Stock, the “Common Stock”), are non-economic but entitle the holder to one vote per share. Current holders of Class C Common Stock also hold an equivalent number of common units representing limited partner interests in Sitio OpCo (the “Sitio OpCo Partnership Units”) which receive pro rata distributions. Sitio OpCo Partnership Units are redeemable, at the option of the holder, on a one-for-one basis for shares of Class A Common Stock or, at our election, cash on terms and conditions set forth in the Second Amended and Restated Limited Partnership Agreement of Sitio OpCo. Upon the redemption by any holder of Sitio OpCo Partnership Units for shares of Class A Common Stock, a corresponding number of shares of Class C Common Stock held by such holder will be canceled. During the six months ended June 30, 2024 , 296,651 Sitio OpCo Partnership Units were redeemed for shares of Class A Common Stock, and an equivalent number of shares of Class C Common Stock were canceled. During the six months ended June 30, 2023 , 1,316,216 Sitio OpCo Partnership Units were redeemed for shares of Class A Common Stock, and an equivalent number of shares of Class C Common Stock were canceled. Share Repurchase Program On February 28, 2024, the Board authorized a share repurchase program that allows us to repurchase up to $ 200.0 million of our Class A Common Stock and Sitio OpCo Partnership Units (the “Share Repurchase Program”). The shares may be repurchased from time to time through various methods including but not limited to in the open market transactions, through privately negotiated transactions or by other means in accordance with applicable securities laws, certain of which may be made pursuant to trading plans meeting the requirements of Rule 10b5-1 and 10b-18 under the Securities Exchange Act of 1934 (the “Exchange Act”). The 1 % U.S. federal excise tax on certain repurchases of stock by publicly traded U.S. corporations enacted as part of the Inflation Reduction Act of 2022 (the “IRA 2022”) applies to repurchases of our Class A Common Stock and Sitio OpCo Partnership Units pursuant to our Share Repurchase Program. The excise tax is reflected as a component of the repurchased amounts within our Condensed Consolidated Statements of Equity. The timing of repurchases under the program, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including the market price of our common stock, oil and gas commodity prices, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements and other considerations. The exact number of shares to be repurchased by us is no t guaranteed, and the program may be modified, suspended or discontinued at any time without prior notice. The Company is no t obligated to repurchase any dollar amount or number of shares under the program. For the three and six months ended June 30, 2024 , the Company repurchased 1,684,610 and 2,230,137 shares of its Class A Common Stock, respectively, in connection with the Share Repurchase Program. The shares were recorded at a weighted average price of $ 24.41 and $ 24.25 , respectively upon repurchase by the Company, inclusive of third-party commissions. For the three and six months ended June 30, 2024 , the Company repurchased and immediately canceled 897,457 Sitio OpCo Partnership Units together with an equivalent number of shares of Class C Common Stock under our Share Repurchase Program. The repurchased Sitio OpCo Partnership Units were recorded at a weighted average price of $ 24.67 . Class A Treasury Shares As of June 30, 2024 , 2,230,137 shares of Class A Common Stock were held in treasury at a weighted average price of $ 24.25 . Class C Treasury Shares As of June 30, 2024 , 52,748 shares of Class C Common Stock were held in treasury at a weighted average price of $ 24.19 . Cash Dividends The following table summarizes the quarterly dividends related to the Company’s quarterly financial results (in thousands, except per share data): Quarter Ended Total Quarterly Dividend per Class A Common Share Class A Cash Dividends Paid Payment Date Stockholder Record Date March 31, 2024 $ 0.41 $ 33,066 May 31, 2024 May 21, 2024 December 31, 2023 $ 0.51 $ 41,950 March 28, 2024 March 15, 2024 September 30, 2023 $ 0.49 $ 40,396 November 30, 2023 November 21, 2023 June 30, 2023 $ 0.40 $ 32,705 August 31, 2023 August 18, 2023 March 31, 2023 $ 0.50 $ 40,743 May 31, 2023 May 19, 2023 December 31, 2022 $ 0.60 $ 48,107 March 31, 2023 March 17, 2023 September 30, 2022 $ 0.72 $ 9,148 November 30, 2022 November 21, 2022 June 30, 2022 $ 0.71 $ 9,017 August 31, 2022 August 18, 2022 See “Note 15 – Subsequent Events” for additional information regarding cash dividends. Earnings per Share Earnings per share is computed using the two-class method. The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Participating securities represent certain equity-based compensation awards in which the recipients have non-forfeitable rights to dividend equivalents during the performance period. The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data): For the Three Months For the Six Months 2024 2023 2024 2023 Numerator: Net income (loss) attributable to Class A stockholders $ 12,854 $ ( 796 ) $ 21,322 $ 21,857 Less: Earnings allocated to participating securities ( 331 ) ( 383 ) ( 707 ) ( 783 ) Net income (loss) attributable to Class A stockholders - basic and diluted $ 12,523 $ ( 1,179 ) $ 20,615 $ 21,074 Denominator: Weighted average shares outstanding - basic 80,751 81,044 81,578 80,614 Effect of dilutive securities 128 — 183 — Weighted average shares outstanding - diluted 80,879 81,044 81,761 80,614 Net income (loss) per common share - basic $ 0.16 $ ( 0.01 ) $ 0.25 $ 0.26 Net income (loss) per common share - diluted $ 0.15 $ ( 0.01 ) $ 0.25 $ 0.26 The Company had the following shares that were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive for the periods presented but could potentially dilute basic earnings per share in future periods (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Warrants — 5,312 — 5,312 Unvested share-based compensation awards 1,225 1,463 1,441 1,057 Shares of Class C Common Stock if converted 73,883 — 74,380 — Total 75,108 6,775 75,821 6,369 Diluted net income per share also excludes the effects of Sitio OpCo Partnership Units (and related Class C Common Stock) associated with the earn-out, which are convertible into Class A Common Stock, because they are considered contingently issuable shares and the conditions for issuance were not satisfied as of June 30, 2024. Earn-Out Contributors of Falcon’s initial assets in 2018 will be entitled to receive earn-out consideration to be paid in the form of Sitio OpCo Partnership Units (with a corresponding number of shares of Class C Common Stock) if the volume-weighted average price of the trading days during any thirty (30) calendar days (the “30-Day VWAP”) of the Class A Common Stock equals or exceeds certain hurdles set forth in the Contribution Agreement, dated as of June 3, 2018, by and among Falcon and the other parties thereto. If the 30-Day VWAP of the Class A Common Stock is $50.00 or more per share (on a split-adjusted basis) at any time within the seven years following the 2018 closing, the contributors will receive (a) an additional 2.5 million Sitio OpCo Partnership Units (and an equivalent number of shares of Class C Common Stock), plus (b) an amount of Sitio OpCo Partnership Units (and an equivalent number of shares of Class C Common Stock) equal to (i) the amount by which annual cash dividends paid on each share of Class A Common Stock exceeds $2.00 in each year between the closing and the date the first earn-out is achieved (with any dividends paid in the stub year in which the first earn-out is achieved annualized for purposes of determining what portion of such dividends would have, on an annual basis, exceeded $2.00), multiplied by 2.5 million, (ii) divided by $50.00. If the 30-Day VWAP of the Class A Common Stock is $60.00 or more per share (on a split-adjusted basis) at any time within the seven years following the closing (which $60.00 threshold will be reduced by the amount by which annual cash dividends paid on each share of Class A Common Stock exceeds $2.00 in each year between the closing and the date the earn-out is achieved, but not below $50.00), the contributors will receive an additional 2.5 million Sitio OpCo Partnership Units (and an equivalent number of shares of Class C Common Stock). Upon recognition of the earn-out, as there is no consideration received, the Company would record the payment of the earn-out as adjustments through equity (noncontrolling interest and additional-paid-in-capital).

Noncontrolling Interest

Noncontrolling Interest	6 Months Ended
	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interest	8. Noncontrolling Interest Noncontrolling interest represents the 47.8 % economic interest of Sitio OpCo Partnership Units not owned by Sitio as of June 30, 2024. These interests are held in the form of Class C Common Stock and Sitio OpCo Partnership Units. Each share of Class C Common Stock has no economic rights, but entitles the holder to one vote for each share of Class C Common Stock. Each Sitio OpCo Partnership Unit holder, subject to certain limitations, has a redemption right to cause Sitio to acquire all or a portion of its Sitio OpCo Partnership Units for, at Sitio’s election, (i) shares of our Class A Common Stock at a redemption ratio of one share of Class A Common Stock for together, one Sitio OpCo Partnership Unit and one share of Class C Common Stock, or (ii) an equivalent amount of cash. Noncontrolling interest is recorded at its carrying value. During the period from December 31, 2023 through June 30, 2024, the Company recorded adjustments to the value of noncontrolling interest as presented in the table below (in thousands): l Noncontrolling Interest Balance – January 1, 2024 $ 1,987,526 Net income 26,411 Share-based compensation 1,122 Conversion of Class C Common Stock to Class A Common Stock ( 7,085 ) Distributions to noncontrolling interest ( 68,402 ) Repurchases of Sitio OpCo Partnership Units (including associated Class C Common Stock) ( 23,691 ) Balance – June 30, 2024 $ 1,915,881

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Share-Based Compensation	9. Sha re-Based Compensation In connection with the Falcon Merger, the Company adopted the Sitio Royalties Corp. Long Term Incentive Plan (the “Plan”). An aggregate of 8,384,083 shares of Class A Common Stock are available for issuance under the Plan. The Plan permits the grant of stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), stock awards, dividend equivalents, other stock-based awards, cash awards, and substitute awards to eligible executive officers, employees, consultants, and non-employee directors of the Company (collectively, the “Eligible Persons”). Shares that are canceled, forfeited, exchanged, settled in cash or otherwise terminated will be available for delivery pursuant to other awards. Dividend equivalent rights (“DERs”) are also available for grant under the Plan, either alone or in tandem with other specific awards, which will entitle the recipient to receive an amount equal to dividends paid on a share of Class A Common Stock. Dividends paid in connection with the DERs are accounted for as a reduction in retained earnings for those awards that are expected to vest. Awards that are forfeited could cause a reclassification of any previously recognized DERs payments from a reduction in retained earnings to additional compensation cost. The Plan is administered by the Compensation Committee of the Board (the “Compensation Committee”). As of June 30, 2024 , a total of 5,923,903 shares of Class A Common Stock remain available for future grant under the Plan. Share-based compensation expense is included in general and administrative expense in the accompanying unaudited condensed consolidated statements of operations. The following table summarizes the share-based compensation expense recorded for each type of award for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 RSUs $ 1,565 $ 2,226 $ 2,893 $ 4,566 PSUs 3,375 2,084 5,912 3,432 DSUs 614 470 1,205 818 Sitio OpCo Restricted Stock Awards 561 561 1,122 1,117 RSUs Converted in the Brigham Merger 62 61 123 122 PSUs Converted in the Brigham Merger 26 20 52 51 Total $ 6,203 $ 5,422 $ 11,307 $ 10,106 Restricted Stock Units In accordance with the Plan, the Compensation Committee is authorized to issue RSUs to Eligible Persons. The Company estimates the fair value of the RSUs as the closing price of the Company’s Class A Common Stock on the grant date of the award, which is expensed over the applicable service period. RSUs granted by the Company include DERs, which entitle the holder to receive payments as if the unvested awards were shares of Class A Common Stock of record as of the dividend record dates. Such amounts are paid simultaneously with the general dividend to our stockholders. The Company has granted RSUs to certain employees, which represent the right to receive shares of Class A Common Stock at the end of the service periods in an amount equal to the number of RSUs that vest. The RSUs issued to employees generally vest in one-third increments over a three-year period. RSUs are subject to forfeiture if the award recipient ceases providing services to the Company prior to the date the award vests. The following table summarizes activity related to unvested RSUs for the six months ended June 30, 2024. Restricted Stock Units Number of Grant Date Unvested at January 1, 2024 468,112 $ 25.65 Granted 236,715 22.11 Forfeited ( 30,021 ) 24.65 Vested ( 115,594 ) 26.03 Unvested at June 30, 2024 559,212 $ 24.13 As of June 30, 2024 , there was approximately $ 11.5 million of unamortized equity-based compensation expense related to unvested RSUs, which is expected to be recognized over a weighted average period of approximately 2.2 years. Deferred Share Units In accordance with the Plan, the Compensation Committee is authorized to issue deferred share units (“DSUs”) to Eligible Persons. DSUs represent the right to receive shares of Class A Common Stock upon a deferred settlement date in an amount equal to the number of DSUs that have previously vested. The Company estimates the fair value of the DSUs as the closing price of the Company’s Class A Common Stock on the grant date of the award, which is expensed over the applicable service period. DSUs generally vest in equal quarterly installments over the one-year period beginning on the grant date. Vested DSUs must be held for the duration of service and are settled in shares of Class A Common Stock when a recipient’s service relationship is terminated for any reason. The following table summarizes activity related to unvested DSUs for the six months ended June 30, 2024. Deferred Share Units Number of Grant Date Unvested at January 1, 2024 93,680 $ 25.38 Granted 101,440 24.12 Forfeited — — Vested ( 93,680 ) 25.38 Unvested at June 30, 2024 101,440 $ 24.12 As of June 30, 2024 , there was approximately $ 2.1 million of unamortized equity-based compensation expense related to unvested DSUs, which is expected to be recognized over a weighted average period of 0.9 years. Performance Stock Units In accordance with the Plan, the Compensation Committee is authorized to issue performance stock units (“PSUs”) to Eligible Persons. The PSUs are eligible to be earned based on achievement of certain pre-established goals for annualized absolute Total Shareholder Return (“TSR”) over a three-year performance period. The performance targets associated with outstanding PSU awards are outlined below: Annualized Percentage of Base of Range Less than 0 % 0 % Threshold 0 % 50 % Target 10 % 100 % Maximum 20 % 200 % For purposes of determining our annualized absolute TSR over the performance period, the beginning stock price is based on our 20-day volume weighted average stock price beginning on the applicable grant date or a date specified by the award agreement. The ending price is generally based on the 20-day volume weighted average stock price ending on the last day of the performance period. PSU payouts for results that fall in between a stated threshold will be interpolated linearly. The grant date fair values of the PSUs were determined using Monte Carlo simulations, which use a probabilistic approach for estimating the fair value of the awards. The expected volatility was derived from the historical volatility of Falcon and Sitio. The risk-free interest rate was determined using the yield for zero-coupon U.S. Treasury bills that is commensurate with the performance measurement periods. The PSU award agreements provide that TSR will be calculated assuming dividends distributed will be reinvested over the performance period. As such, we have applied a dividend yield of 0.00 %, which is mathematically equivalent to reinvesting dividends. The following table summarizes the assumptions used to determine the fair values of the PSUs: Grant Year Average Expected Volatility Risk-Free Interest Rate Expected Dividend Yield 2023 43.57 % - 52.71 % 3.97 % - 4.60 % 0.00 % 2024 39.76 % - 41.09 % 4.41 % - 4.48 % 0.00 % The following table summarizes activity related to unvested PSUs for the six months ended June 30, 2024. Performance Stock Units Number of Grant Date Unvested at January 1, 2024 830,188 $ 30.82 Granted 566,568 24.71 Forfeited ( 10,848 ) 32.86 Vested — — Unvested at June 30, 2024 1,385,908 $ 28.31 As of June 30, 2024 , there was approximately $ 23.5 million of unamortized equity-based compensation expense related to unvested PSUs, which is expected to be recognized over a weighted average period of 2.0 years. Restricted Stock Units Converted in the Brigham Merger In connection with the Company’s merger with Brigham Minerals, Inc. (“Brigham”) in December 2022 (the “Brigham Merger”), several legacy Brigham employees joined Sitio. Legacy Brigham RSUs held by such legacy Brigham employees were converted to Sitio RSUs in connection with the Brigham Merger at an exchange ratio of 1.133 Sitio RSUs for each Brigham RSU. These converted RSUs retained the original vesting schedules of the Brigham RSUs, which vest in one-third increments on the anniversaries of the original grant dates of the Brigham RSUs. The Company estimated the fair value of the converted RSUs as the closing price of the Company’s Class A Common Stock on the grant date of the award, which is expensed over the applicable service period. The following table summarizes activity related to unvested RSUs converted in the Brigham Merger for the six months ended June 30, 2024. Restricted Stock Units Number of Grant Date Unvested at January 1, 2024 11,040 $ 30.15 Granted — — Forfeited — — Vested ( 5,518 ) 30.15 Unvested at June 30, 2024 5,522 $ 30.15 As of June 30, 2024 , there was approximately $ 177,000 of unamortized equity-based compensation expense related to unvested RSUs converted in the Brigham Merger, which is expected to be recognized over a weighted average period of approximately 0.7 years. Performance Stock Units Converted in the Brigham Merger Brigham PSUs held by legacy Brigham employees who joined Sitio were converted to Sitio PSUs in connection with the Brigham Merger at an exchange ratio of 1.133 Sitio PSUs for each Brigham PSU. The converted PSUs retained and carried over the remainder of the initial vesting periods. The performance targets associated with the Brigham PSUs were deemed to have been achieved at 200 % as of the date of the Brigham Merger. Because all performance targets were achieved prior to conversion and the number of Class A Common Shares to be issued upon satisfaction of the service requirements is known, the Company estimated the fair value of the converted PSUs as the closing price of the Company’s Class A Common Stock on the grant date of the awards, which is expensed over the applicable service period. The following table summarizes activity related to unvested PSUs converted in the Brigham Merger for the six months ended June 30, 2024. Performance Stock Units Number of Grant Date Unvested at January 1, 2024 7,638 $ 30.15 Granted — — Forfeited — — Vested — — Unvested at June 30, 2024 7,638 $ 30.15 As of June 30, 2024 , there was approximately $ 75,000 of unamortized equity-based compensation expense related to unvested PSUs converted in the Brigham Merger, which is expected to be recognized over a weighted average period of 0.7 years. Sitio OpCo Restricted Stock Awards In connection with the Falcon Merger, legacy owners of the Company’s predecessor desired to assign, transfer and convey their rights to receive a portion of their Falcon Merger consideration to our executive officers as an incentive to continue to serve as executive officers following the Falcon Merger. The Falcon Merger consideration consisted of Sitio OpCo Partnership Units and an equal number of shares of Class C Common Stock. The conveyance of Falcon Merger consideration is deemed to be a grant of restricted stock awards (each, an “RSA”) to our executive officers. Each Sitio OpCo RSA is expected to vest in equal installments on the first four anniversaries of June 6, 2022. The Company estimated the fair value of the RSAs as the closing price of the Company’s Class A Common Stock on the grant date of the award, which is expensed over the applicable service period. The following table summarizes activity related to unvested Sitio OpCo RSAs for the six months ended June 30, 2024. Sitio OpCo Number of Grant Date Unvested at January 1, 2024 232,145 $ 29.12 Granted — — Forfeited — — Vested ( 77,382 ) 29.12 Unvested at June 30, 2024 154,763 $ 29.12 As of June 30, 2024 , there was approximately $ 4.4 million of unamortized equity-based compensation expense related to the unvested Sitio OpCo RSAs, which is expected to be recognized over a weighted average period of approximately 1.9 years.

Warrants

Warrants	6 Months Ended
	Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Warrants	10. Warrants The warrants described below expired in August 2023 and are no longer outstanding. In July 2017, Falcon consummated its IPO of units, each consisting of one share of Class A Common Stock and one-half of one warrant. The Company accounted for the warrants in accordance with ASC 815 – Derivatives and Hedging (“ASC 815”). ASC 815 provides guidance for determining whether an equity-linked financial instrument (or embedded feature) is indexed to an entity’s own stock. This applies to any freestanding financial instrument or embedded feature that has all the characteristics of a derivative under ASC 815, including any freestanding financial instrument that is potentially settled in an entity’s own stock. Due to certain circumstances that could have required the Company to settle the warrants in cash, the warrants were classified as derivative liabilities, as opposed to an equity contract. Therefore, the warrants were remeasured at fair value each reporting period with the change in fair value recorded in the unaudited condensed consolidated statements of operations. During the three and six months ended June 30, 2023 , the Company recognized a gain of $ 584,000 and $ 2.9 million, respectively, attributable to a decrease in the fair value of the warrants. No such expense was recognized for the three and six months ended June 30, 2024 due to the aforementioned expiration of the warrants in August 2023 .

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instrument Detail [Abstract]
Derivative Instruments	11. Derivative Instruments Commodity Derivatives The Company may enter into commodity derivative contracts to manage its exposure to oil and gas price volatility associated with its production. These derivatives are not entered into for trading or speculative purposes. While the use of these instruments limits the downside risk of adverse commodity price changes, their use may also limit future cash flows from favorable commodity price changes. Depending on acquisitions consummated, changes in oil and gas futures markets, and management’s view of underlying supply and demand trends, the Company may increase or decrease its derivative positions. The Company’s commodity derivative contracts have not been designated as hedges for accounting purposes; therefore, all gains and losses on commodity derivatives are recognized in the Company’s unaudited condensed consolidated statements of operations. The Company may utilize fixed price swaps, basis swaps, and two- and three-way collars to manage commodity price risk. The Company may enter into these contracts when management believes that favorable future sales prices for the Company’s production can be secured and acquisitions consummated are accretive. Under fixed price swap agreements, when actual commodity prices upon settlement exceed the fixed price provided by the swap contracts, the Company pays the difference to the counterparty. When actual commodity prices upon settlement are less than the contractually provided fixed price, the Company receives the difference from the counterparty. The Company may also enter into basis swap contracts in order to hedge the difference between the New York Mercantile Exchange (“NYMEX”) index price and a local index price that is representative of the price received by many of our operators. Under collar agreements, the Company receives the difference between the published index price and a floor price if the index price is below the floor price or the Company pays the difference between the ceiling price and the index price if the index price is above the ceiling price. No amounts are paid or received if the index is between the floor and the ceiling. By utilizing a collar, the Company has fixed the minimum and maximum prices received on the underlying production. The Company’s oil and gas swap contracts as of June 30, 2024 are summarized below: Oil (NYMEX WTI) Remaining Term Bbl per Day Weighted Average Price per Bbl July 2024 - December 2024 3,300 $ 82.66 January 2025 - June 2025 1,100 $ 74.65 Gas (NYMEX Henry Hub) Remaining Term MMBtu per Day Weighted Average Price per MMBtu July 2024 - December 2024 500 $ 3.41 The Company’s oil and gas two-way commodity collar contracts as of June 30, 2024 are summarized below: Oil (NYMEX WTI) Remaining Term Bbl per Day Weighted Average Floor Price per Bbl Weighted Average Ceiling Price per Bbl January 2025 - June 2025 2,000 $ 60.00 $ 93.20 Gas (NYMEX Henry Hub) Remaining Term MMBtu per Day Weighted Average Floor Price per MMBtu Weighted Average Ceiling Price per MMBtu July 2024 - December 2024 11,400 $ 4.00 $ 7.24 January 2025 - June 2025 11,600 $ 3.31 $ 10.34 The Company was not party to any basis swaps or three-way collar contracts as of June 30, 2024 and December 31, 2023. Financial Summary The following table presents a summary of the Company’s derivative instruments and where such values are recorded on the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Balance sheet Fair value Fair value Asset derivatives not designated as hedges for accounting purposes: Commodity contracts Current assets $ 5,547 $ 19,080 Commodity contracts Long-term assets — 3,440 Total asset derivatives $ 5,547 $ 22,520 Liability derivatives not designated as hedges for accounting purposes: Commodity contracts Current liabilities $ — $ — Commodity contracts Long-term liabilities — — Total liability derivatives $ — $ — Net derivatives $ 5,547 $ 22,520 The following table presents the gross fair values of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented on the unaudited condensed consolidated balance sheets (in thousands): June 30, 2024 December 31, 2023 Gross Fair Value Gross Amounts Offset Net Fair Value Gross Fair Value Gross Amounts Offset Net Fair Value Commodit y derivative assets $ 6,610 $ ( 1,063 ) $ 5,547 $ 23,401 $ ( 881 ) $ 22,520 Commodity derivative liabilities ( 1,063 ) 1,063 — ( 881 ) 881 — The following table is a summary of derivative gains and losses, and where such values are recorded in the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, Statement of June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Commodity derivatives gains (losses) Other income $ ( 607 ) $ 6,112 $ ( 10,657 ) $ 20,875 Interest rate derivative gains Other income — 607 $ — $ 447 The fair values of commodity derivative and interest rate derivative instruments were determined using Level 2 inputs. Credit Risk in Derivative Instruments The Company is exposed to credit risk to the extent of nonperformance by the counterparties in the derivative contracts discussed above. All commodity derivative counterparties are current lenders under the Sitio Revolving Credit Facility. Accordingly, the Company is not required to provide any credit support to its derivative counterparties other than cross collateralization with the properties securing the Sitio Revolving Credit Facility. The Company’s derivative contracts are documented with industry standard contracts known as a Schedule to the Master Agreement and International Swaps and Derivative Association, Inc. Master Agreement (“ISDA”). Typical terms for each ISDA include credit support requirements, cross default provisions, termination events, and set-off provisions. The Company has set-off provisions with its lenders that, in the event of counterparty default, allow the Company to set-off amounts owed under the Sitio Revolving Credit Facility or other general obligations against amounts owed to the Company for derivative contract assets.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	12. Fair Value Measurement The Company is subject to ASC 820 – Fair Value Measurement (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by management. Management considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to management’s perceived risk of that instrument. Level 1 – Fair values are based on unadjusted quoted prices in active markets that are accessible at the measurement date of identical, unrestricted assets. Level 2 – Fair values are based on quoted prices for markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 – Inputs that are unobservable and significant to the overall fair value measurement and include situations where there is little, if any, market activity for the asset or liability. The Company’s proved oil and gas properties are assessed for impairment on a periodic basis. If the Company’s proved properties are determined to be impaired, the carrying basis of the properties is adjusted down to fair value. This represents a fair value measurement that would qualify as a non-recurring Level 3 fair value measurement. During the three and six months ended June 30, 2023 , the Company identified an impairment indicator related to its proved properties in the Appalachian Basin which indicated the carrying value of the assets exceeded the estimated future undiscounted cash flows. The Company determined the fair value of such proved properties based on estimates of future proved reserves, future commodity prices, and future production volumes, and then applied a discount rate commensurate with the assets. As a result, the Company recognized impairment expense of $ 25.6 million related to its Appalachian Basin proved properties during the three and six months ended June 30, 2023 . No impairment of proved properties was recorded for the three and six months ended June 30, 2024. No impairment of unproved properties was recorded for the three and six months ended June 30, 2024 and 2023. If pricing conditions decline or are depressed, or if there is a negative impact on one or more of the other components of the calculation, we may incur proved property impairments in future periods. The fair value of the Company’s commodity derivative instruments (Level 2) was estimated using quoted forward prices for commodities, volatility factors, discounted cash flows and credit risk adjustments. See “Note 11 – Derivative Instruments” for further information on the fair value of the Company’s derivative instruments. The carrying values of cash, accrued revenue, accounts receivable, accounts payable, and accrued liabilities are considered to be representative of their respective fair values due to the short-term nature of these instruments. The carrying amount of debt outstanding pursuant to the Sitio Revolving Credit Facility approximates fair value as the borrowings bear interest at variable rates which are reflective of market rates (Level 2). The fair value of debt outstanding pursuant to our 2028 Senior Notes was $ 620.4 million as of June 30, 2024 based on quoted prices for markets that are not active (Level 2). Certain nonfinancial assets and liabilities, such as assets and liabilities acquired in a business combination, are measured at fair value on a nonrecurring basis on the acquisition date and are subject to fair value adjustments under certain circumstances. Inputs used to determine such fair values are primarily based upon internally-developed engineering and geology models, publicly-available drilling disclosures, a risk-adjusted discount rate, and publicly-available data regarding mineral transactions consummated by other buyers and sellers (Level 3). Mineral assets not acquired through a business combination are measured at fair value on a nonrecurring basis on the acquisition date. The original purchase price of mineral assets is allocated between proved and unproved properties based on the estimated relative fair values. Inputs used to determine such fair values are primarily based upon internally-developed engineering and geology models, publicly-available drilling disclosures, a risk-adjusted discount rate, and publicly-available data regarding mineral transactions consummated by other buyers and sellers (Level 3). PSU awards are valued utilizing the Monte Carlo simulation pricing model, which calculates multiple potential outcomes for an award and establishes a grant date fair value based on the most likely outcome. The inputs for the Monte Carlo model are designated as Level 2 within the valuation hierarchy. See “Note 9 – Share-Based Compensation” for further information on the fair value of the Company’ s PSU awards.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes The Company uses the asset and liability method for accounting for income taxes and updates its annual effective income tax rate on a quarterly basis. Under this method an estimated annual effective rate is applied to the Company’s year-to-date income excluding discrete items which are recorded when settled. Our effective tax rate may vary quarterly because of the timing of our actual quarterly earnings compared to annual projections which may affect periodic comparisons. We are subject to U.S. federal and state income taxes as a corporation. The Company recorded income tax expense of $ 4.8 million and $ 7.6 million for the three and six months ended June 30, 2024 , respectively, resulting in an effective tax rate of 14.3 % and 13.8 % for the three and six months ended June 30, 2024 , respectively. The Company recorded an income tax benefit of $ 683,000 and income tax expense of $ 6.5 million for the three and six months ended June 30, 2023 , respectively, resulting in an effective tax rate of 18.7 % and 12.7 % for the three and six months ended June 30, 2023, respectively. Total income tax expense for the three and six months ended June 30, 2024 and 2023 differed from amounts computed by applying the U.S. federal statutory tax rate of 21 % to pre-tax book income for those periods principally because of the Company’s noncontrolling interests. The Company’s ASC 740 – Income Taxes balances and income tax expense reporting is significantly affected by the portion of the Company’s consolidated net income attributable to the holders of Sitio OpCo Partnership Units, which is not taxable income to the Company. Only tax attributes allocated to the Company based on its ownership in Sitio OpCo are recorded at this level.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies From time to time, the Company may be involved in various legal proceedings, lawsuits, and other claims in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Management does not believe that the resolution of these matters will have a material adverse impact on the Company’ s financial condition, results of operations, or cash flows.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events Management has evaluated all subsequent events from the balance sheet date through the date these financial statements were available to be issued for disclosure or recognition within these financial statements and no items requiring disclosure were identified except for the events identified below. Cash Dividends On August 7, 2024, the Company declared a cash dividend of $ 0.30 per share of Class A Common Stock with respect to the second quarter of 2024. The dividend is payable on August 30, 2024 to the stockholders of record at the close of business on August 19, 2024 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses The Company’s accounts payable and accrued expenses consisted of the following as of the dates indicated (in thousands): June 30, December 31, Accrued interest expense $ 9,522 $ 12,178 Ad valorem taxes payable 7,539 10,364 Payable to buyer for post-effective monies 1,031 1,427 Accrued general and administrative 3,392 1,889 Payable to sellers for pre-effective monies 2,251 2,268 Other taxes payable 3,227 1,592 Other 119 332 Total accounts payable and accrued expenses $ 27,081 $ 30,050
Basis of Presentation	The unaudited condensed consolidated financial statements of Sitio Royalties Corp., together with its wholly-owned subsidiaries and any entities in which the company owns a controlling interest (collectively, “Sitio” or the “Company”), including Sitio Royalties Operating Partnership, LP (“Sitio OpCo”), have been prepared pursuant to the rules and regulations of the SEC applicable to interim financial information. Accordingly, such consolidated financial statements reflect all adjustments (consisting of normal and recurring accruals) which are, in the opinion of management, necessary for a fair presentation of the financial results for the interim periods presented. Certain information and notes normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, management believes that the disclosures included either on the face of the financial statements or in these notes are sufficient to make the interim information presented not misleading. The accompanying unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 (the “Annual Report”). The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2024. Except as otherwise indicated or required by the context, all references in this quarterly report to the “Company,” “Sitio,” “we,” “us,” “our” or similar terms refer to (i) for periods prior to the closing of the Company’s merger with Falcon Minerals Corporation in June 2022 (the “Falcon Merger”), the Company’s predecessor and its subsidiaries and (ii) for periods subsequent to the closing of the Falcon Merger, Sitio Royalties Corp. and its subsidiaries. All references in this Quarterly Report on Form 10-Q to “Falcon” refer to Sitio Royalties Corp. and its subsidiaries for periods prior to the Falcon Merger.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Accounts Payable and Accrued Expenses	The Company’s accounts payable and accrued expenses consisted of the following as of the dates indicated (in thousands): June 30, December 31, Accrued interest expense $ 9,522 $ 12,178 Ad valorem taxes payable 7,539 10,364 Payable to buyer for post-effective monies 1,031 1,427 Accrued general and administrative 3,392 1,889 Payable to sellers for pre-effective monies 2,251 2,268 Other taxes payable 3,227 1,592 Other 119 332 Total accounts payable and accrued expenses $ 27,081 $ 30,050

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2024
Disaggregation of Revenue [Abstract]
Summary of Disaggregated Revenues from Sales	During the three and six months ended June 30, 2024 and 2023, the disaggregated revenues from sales of oil, natural gas and NGLs were as follows (in thousands): For the Three Months For the Six Months 2024 2023 2024 2023 Crude oil sales $ 143,496 $ 111,993 $ 270,789 $ 229,738 Natural gas sales 5,945 8,522 11,732 23,176 NGL sales 16,075 12,052 30,966 25,207 Total royalty revenues $ 165,516 $ 132,567 $ 313,487 $ 278,121

Oil and Natural Gas Properties

Oil and Natural Gas Properties (Tables)	6 Months Ended
	Jun. 30, 2024
Oil and Gas Disclosure [Abstract]
Summary of Oil and Natural Gas Properties	The following is a summary of oil and natural gas properties as of June 30, 2024 and December 31, 2023 (in thousands): Oil and natural gas properties: June 30, December 31, Unproved properties $ 2,579,583 $ 2,698,991 Proved properties 2,674,068 2,377,196 Oil and natural gas properties, gross 5,253,651 5,076,187 Accumulated depletion and impairment ( 658,417 ) ( 496,879 ) Oil and natural gas properties, net $ 4,595,234 $ 4,579,308

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of Long-Term Debt	The following is a summary of long-term debt as of June 30, 2024 and December 31, 2023 (in thousands): As of June 30, As of December 31, 2024 2023 Sitio Revolving Credit Facility $ 460,000 $ 277,000 2028 Senior Notes 600,000 600,000 Less: 2028 Senior Notes unamortized issuance costs ( 10,662 ) ( 11,662 ) Total long-term debt $ 1,049,338 $ 865,338

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Summary of Quarterly Dividends	The following table summarizes the quarterly dividends related to the Company’s quarterly financial results (in thousands, except per share data): Quarter Ended Total Quarterly Dividend per Class A Common Share Class A Cash Dividends Paid Payment Date Stockholder Record Date March 31, 2024 $ 0.41 $ 33,066 May 31, 2024 May 21, 2024 December 31, 2023 $ 0.51 $ 41,950 March 28, 2024 March 15, 2024 September 30, 2023 $ 0.49 $ 40,396 November 30, 2023 November 21, 2023 June 30, 2023 $ 0.40 $ 32,705 August 31, 2023 August 18, 2023 March 31, 2023 $ 0.50 $ 40,743 May 31, 2023 May 19, 2023 December 31, 2022 $ 0.60 $ 48,107 March 31, 2023 March 17, 2023 September 30, 2022 $ 0.72 $ 9,148 November 30, 2022 November 21, 2022 June 30, 2022 $ 0.71 $ 9,017 August 31, 2022 August 18, 2022
Schedule of basic and diluted earnings per Share	The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data): For the Three Months For the Six Months 2024 2023 2024 2023 Numerator: Net income (loss) attributable to Class A stockholders $ 12,854 $ ( 796 ) $ 21,322 $ 21,857 Less: Earnings allocated to participating securities ( 331 ) ( 383 ) ( 707 ) ( 783 ) Net income (loss) attributable to Class A stockholders - basic and diluted $ 12,523 $ ( 1,179 ) $ 20,615 $ 21,074 Denominator: Weighted average shares outstanding - basic 80,751 81,044 81,578 80,614 Effect of dilutive securities 128 — 183 — Weighted average shares outstanding - diluted 80,879 81,044 81,761 80,614 Net income (loss) per common share - basic $ 0.16 $ ( 0.01 ) $ 0.25 $ 0.26 Net income (loss) per common share - diluted $ 0.15 $ ( 0.01 ) $ 0.25 $ 0.26
Schedule of computation of diluted earnings per share	The Company had the following shares that were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive for the periods presented but could potentially dilute basic earnings per share in future periods (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Warrants — 5,312 — 5,312 Unvested share-based compensation awards 1,225 1,463 1,441 1,057 Shares of Class C Common Stock if converted 73,883 — 74,380 — Total 75,108 6,775 75,821 6,369

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	6 Months Ended
	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Summary of Recorded Adjustments to Noncontrolling Interest	Noncontrolling interest is recorded at its carrying value. During the period from December 31, 2023 through June 30, 2024, the Company recorded adjustments to the value of noncontrolling interest as presented in the table below (in thousands): l Noncontrolling Interest Balance – January 1, 2024 $ 1,987,526 Net income 26,411 Share-based compensation 1,122 Conversion of Class C Common Stock to Class A Common Stock ( 7,085 ) Distributions to noncontrolling interest ( 68,402 ) Repurchases of Sitio OpCo Partnership Units (including associated Class C Common Stock) ( 23,691 ) Balance – June 30, 2024 $ 1,915,881

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of activity in unvested RSUs, DSUs, PSUs and unvested RSAs	The following table summarizes the share-based compensation expense recorded for each type of award for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 RSUs $ 1,565 $ 2,226 $ 2,893 $ 4,566 PSUs 3,375 2,084 5,912 3,432 DSUs 614 470 1,205 818 Sitio OpCo Restricted Stock Awards 561 561 1,122 1,117 RSUs Converted in the Brigham Merger 62 61 123 122 PSUs Converted in the Brigham Merger 26 20 52 51 Total $ 6,203 $ 5,422 $ 11,307 $ 10,106
Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of activity in unvested RSUs, DSUs, PSUs and unvested RSAs	The following table summarizes activity related to unvested RSUs for the six months ended June 30, 2024. Restricted Stock Units Number of Grant Date Unvested at January 1, 2024 468,112 $ 25.65 Granted 236,715 22.11 Forfeited ( 30,021 ) 24.65 Vested ( 115,594 ) 26.03 Unvested at June 30, 2024 559,212 $ 24.13
Deferred Share Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of activity in unvested RSUs, DSUs, PSUs and unvested RSAs	The following table summarizes activity related to unvested DSUs for the six months ended June 30, 2024. Deferred Share Units Number of Grant Date Unvested at January 1, 2024 93,680 $ 25.38 Granted 101,440 24.12 Forfeited — — Vested ( 93,680 ) 25.38 Unvested at June 30, 2024 101,440 $ 24.12
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of activity in unvested RSUs, DSUs, PSUs and unvested RSAs	The following table summarizes activity related to unvested PSUs for the six months ended June 30, 2024. Performance Stock Units Number of Grant Date Unvested at January 1, 2024 830,188 $ 30.82 Granted 566,568 24.71 Forfeited ( 10,848 ) 32.86 Vested — — Unvested at June 30, 2024 1,385,908 $ 28.31
Summary of Performance Targets Associated	The performance targets associated with outstanding PSU awards are outlined below: Annualized Percentage of Base of Range Less than 0 % 0 % Threshold 0 % 50 % Target 10 % 100 % Maximum 20 % 200 %
Schedule of weighted average assumptions to determine fair value	The following table summarizes the assumptions used to determine the fair values of the PSUs: Grant Year Average Expected Volatility Risk-Free Interest Rate Expected Dividend Yield 2023 43.57 % - 52.71 % 3.97 % - 4.60 % 0.00 % 2024 39.76 % - 41.09 % 4.41 % - 4.48 % 0.00 %
Restricted Stock Units Converted to Brigham Merger [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of activity in unvested RSUs, DSUs, PSUs and unvested RSAs	The following table summarizes activity related to unvested RSUs converted in the Brigham Merger for the six months ended June 30, 2024. Restricted Stock Units Number of Grant Date Unvested at January 1, 2024 11,040 $ 30.15 Granted — — Forfeited — — Vested ( 5,518 ) 30.15 Unvested at June 30, 2024 5,522 $ 30.15
Performance Stock Units Converted to Brigham Merger [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of activity in unvested RSUs, DSUs, PSUs and unvested RSAs	The following table summarizes activity related to unvested PSUs converted in the Brigham Merger for the six months ended June 30, 2024. Performance Stock Units Number of Grant Date Unvested at January 1, 2024 7,638 $ 30.15 Granted — — Forfeited — — Vested — — Unvested at June 30, 2024 7,638 $ 30.15
Sitio OpCo Restricted Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of activity in unvested RSUs, DSUs, PSUs and unvested RSAs	The following table summarizes activity related to unvested Sitio OpCo RSAs for the six months ended June 30, 2024. Sitio OpCo Number of Grant Date Unvested at January 1, 2024 232,145 $ 29.12 Granted — — Forfeited — — Vested ( 77,382 ) 29.12 Unvested at June 30, 2024 154,763 $ 29.12

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative [Line Items]
Summary of Derivative Instruments	The following table presents a summary of the Company’s derivative instruments and where such values are recorded on the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Balance sheet Fair value Fair value Asset derivatives not designated as hedges for accounting purposes: Commodity contracts Current assets $ 5,547 $ 19,080 Commodity contracts Long-term assets — 3,440 Total asset derivatives $ 5,547 $ 22,520 Liability derivatives not designated as hedges for accounting purposes: Commodity contracts Current liabilities $ — $ — Commodity contracts Long-term liabilities — — Total liability derivatives $ — $ — Net derivatives $ 5,547 $ 22,520
Summary of Gross Fair Values of Recognized Derivative Assets and Liabilities, Amounts Offset Under Master Netting Arrangements With Counterparties and Resulting Net Amounts	The following table presents the gross fair values of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties, and the resulting net amounts presented on the unaudited condensed consolidated balance sheets (in thousands): June 30, 2024 December 31, 2023 Gross Fair Value Gross Amounts Offset Net Fair Value Gross Fair Value Gross Amounts Offset Net Fair Value Commodit y derivative assets $ 6,610 $ ( 1,063 ) $ 5,547 $ 23,401 $ ( 881 ) $ 22,520 Commodity derivative liabilities ( 1,063 ) 1,063 — ( 881 ) 881 —
Summary of Derivative Gains and Losses	The following table is a summary of derivative gains and losses, and where such values are recorded in the unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, Statement of June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Commodity derivatives gains (losses) Other income $ ( 607 ) $ 6,112 $ ( 10,657 ) $ 20,875 Interest rate derivative gains Other income — 607 $ — $ 447
Oil and Gas Swap Contracts [Member]
Derivative [Line Items]
Schedule of Oil and Gas Contracts	The Company’s oil and gas swap contracts as of June 30, 2024 are summarized below: Oil (NYMEX WTI) Remaining Term Bbl per Day Weighted Average Price per Bbl July 2024 - December 2024 3,300 $ 82.66 January 2025 - June 2025 1,100 $ 74.65 Gas (NYMEX Henry Hub) Remaining Term MMBtu per Day Weighted Average Price per MMBtu July 2024 - December 2024 500 $ 3.41
Oil and Gas Two-way Commodity Collar Contracts [Member]
Derivative [Line Items]
Schedule of Oil and Gas Contracts	The Company’s oil and gas two-way commodity collar contracts as of June 30, 2024 are summarized below: Oil (NYMEX WTI) Remaining Term Bbl per Day Weighted Average Floor Price per Bbl Weighted Average Ceiling Price per Bbl January 2025 - June 2025 2,000 $ 60.00 $ 93.20 Gas (NYMEX Henry Hub) Remaining Term MMBtu per Day Weighted Average Floor Price per MMBtu Weighted Average Ceiling Price per MMBtu July 2024 - December 2024 11,400 $ 4.00 $ 7.24 January 2025 - June 2025 11,600 $ 3.31 $ 10.34

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Accrued interest expense	$ 9,522	$ 12,178
Ad valorem taxes payable	7,539	10,364
Payable to buyer for post-effective monies	1,031	1,427
Accrued general and administrative	3,392	1,889
Payable to sellers for pre-effective monies	2,251	2,268
Other taxes payable	3,227	1,592
Other	119	332
Total accounts payable and accrued expenses	$ 27,081	$ 30,050

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Summary of Disaggregated Revenues From Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Total royalty revenues	$ 165,516	$ 132,567	$ 313,487	$ 278,121
Crude Oil Sales [Member]
Disaggregation Of Revenue [Line Items]
Total royalty revenues	143,496	111,993	270,789	229,738
Natural Gas Sales [Member]
Disaggregation Of Revenue [Line Items]
Total royalty revenues	5,945	8,522	11,732	23,176
NGL Sales [Member]
Disaggregation Of Revenue [Line Items]
Total royalty revenues	$ 16,075	$ 12,052	$ 30,966	$ 25,207

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Details)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Payment receives description	The Company typically receives payment for oil, natural gas and NGL sales within 30 to 90 days of the month of delivery after initial production from the well. Such periods can extend longer due to factors outside of our control.

Oil and Natural Gas Propertie_2

Oil and Natural Gas Properties - Summary of Oil and Natural Gas Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Oil and natural gas properties:
Unproved properties	$ 2,579,583	$ 2,698,991
Proved properties	2,674,068	2,377,196
Oil and natural gas properties, gross	5,253,651	5,076,187
Accumulated depletion and impairment	(658,417)	(496,879)
Oil and natural gas properties, net	$ 4,595,234	$ 4,579,308

Oil and Natural Gas Propertie_3

Oil and Natural Gas Properties (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Oil and Gas Disclosure [Abstract]
Payment to purchase oil and gas properties			$ 189
Proceeds to acquire oil and gas property and equipment				$ 5.7
Proceeds from purchase price adjustments from acquisitions, net of acquisition costs			11.6
Purchases of oil and gas properties for property acquisitions				17.9
Depletion expense	$ 85.4	$ 74.1	$ 161.5	$ 141.7

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details Textual) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Dec. 31, 2023	Jun. 30, 2024
Business Acquisition [Line Items]
Aggregate purchase price of oil and gas properties		$ 189
Appalachian and Anadarko Basins Divestiture [Member]
Business Acquisition [Line Items]
Proceeds from divestiture of mineral and royalty interests, net of third-party transaction costs	$ 113.3

Debt - Summary of Long-Term Deb

Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Total long-term debt	$ 1,049,338	$ 865,338
Sitio Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Long term debt	460,000	277,000
2028 Senior Notes [Member]
Line of Credit Facility [Line Items]
Long term debt	600,000	600,000
Less: 2028 Senior Notes unamortized issuance costs	$ (10,662)	$ (11,662)

Debt (Details)

Debt (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 03, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Sitio Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Outstanding borrowings		$ 460,000,000		$ 460,000,000		$ 277,000,000
Weighted average interest rate		8.44%		8.44%		8.21%
Unamortized debt issuance costs		$ 9,700,000		$ 9,700,000		$ 11,200,000
Interest expense		804,000	$ 732,000	1,600,000	$ 1,300,000
Borrowing base		850,000,000		850,000,000		850,000,000
Previously capitalized deferred financing costs, written off					783,000
Sitio Revolving Credit Facility [Member] | Borrowing Base [Member]
Line Of Credit Facility [Line Items]
Outstanding borrowings		460,000,000		460,000,000		277,000,000
2026 Senior Notes [Member]
Line Of Credit Facility [Line Items]
Interest expense		0	716,000	0	1,400,000
2028 Senior Notes [Member]
Line Of Credit Facility [Line Items]
Aggregate principal amount		600,000,000		600,000,000		600,000,000
Outstanding borrowings		600,000,000		600,000,000		600,000,000
Unamortized debt issuance costs		10,700,000		10,700,000		$ 11,700,000
Interest expense		$ 505,000	$ 0	$ 1,000,000	$ 0
Annual rate	7.875%			7.875%		7.875%
Frequency of periodic payment	semi-annually
Commencing date	May 01, 2024
Covenants description				The 2028 Senior Notes contain covenants that limit Sitio OpCo’s ability and the ability of Sitio OpCo’s restricted subsidiaries to engage in certain transactions and activities. The Company was in compliance with the terms and covenants of the 2028 Senior Notes as of June 30, 2024 and December 31, 2023.

Equity - (Details Textual)

Equity - (Details Textual) - USD ($)		3 Months Ended		6 Months Ended
	Feb. 28, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class Of Stock [Line Items]
Consideration received				$ 0
Shares repurchased	0
Repurchase amount	$ 0
Subsidiaries [Member]
Class Of Stock [Line Items]
Additional partnership units may be issued		2,500,000		2,500,000
Warrants [Member]
Class Of Stock [Line Items]
Business combination, description				Contributors of Falcon’s initial assets in 2018 will be entitled to receive earn-out consideration to be paid in the form of Sitio OpCo Partnership Units (with a corresponding number of shares of Class C Common Stock) if the volume-weighted average price of the trading days during any thirty (30) calendar days (the “30-Day VWAP”) of the Class A Common Stock equals or exceeds certain hurdles set forth in the Contribution Agreement, dated as of June 3, 2018, by and among Falcon and the other parties thereto. If the 30-Day VWAP of the Class A Common Stock is $50.00 or more per share (on a split-adjusted basis) at any time within the seven years following the 2018 closing, the contributors will receive (a) an additional 2.5 million Sitio OpCo Partnership Units (and an equivalent number of shares of Class C Common Stock), plus (b) an amount of Sitio OpCo Partnership Units (and an equivalent number of shares of Class C Common Stock) equal to (i) the amount by which annual cash dividends paid on each share of Class A Common Stock exceeds $2.00 in each year between the closing and the date the first earn-out is achieved (with any dividends paid in the stub year in which the first earn-out is achieved annualized for purposes of determining what portion of such dividends would have, on an annual basis, exceeded $2.00), multiplied by 2.5 million, (ii) divided by $50.00. If the 30-Day VWAP of the Class A Common Stock is $60.00 or more per share (on a split-adjusted basis) at any time within the seven years following the closing (which $60.00 threshold will be reduced by the amount by which annual cash dividends paid on each share of Class A Common Stock exceeds $2.00 in each year between the closing and the date the earn-out is achieved, but not below $50.00), the contributors will receive an additional 2.5 million Sitio OpCo Partnership Units (and an equivalent number of shares of Class C Common Stock). Upon recognition of the earn-out, as there is no consideration received, the Company would record the payment of the earn-out as adjustments through equity (noncontrolling interest and additional-paid-in-capital).
Class A Common Stock [Member]
Class Of Stock [Line Items]
Voting rights description				Holders of Class A Common Stock, par value $0.0001 per share (“Class A Common Stock”), are entitled to one vote per share on all matters to be voted upon by the stockholders and are entitled to ratably receive dividends when and if declared by the Company’s board of directors (the “Board”).
Common stock, par value		$ 0.0001		$ 0.0001		$ 0.0001
Redemption of shares				296,651	1,316,216
Shares held in treasury		2,230,137		2,230,137		0
Treasury shares weighted average price		$ 24.25		$ 24.25
Class A Common Stock [Member] | Share Repurchase Program [Member]
Class Of Stock [Line Items]
Percentage of U.S. Federal excise tax on certain repurchases of stock	1%
Repurchases of Class A Common Stock, shares		1,684,610		2,230,137
Weighted average price per share		$ 24.41		$ 24.25
Class A Common Stock [Member] | Maximum [Member]
Class Of Stock [Line Items]
Repurchase amount	$ 200,000,000
Class A Common Stock [Member] | Treasury Stock [Member]
Class Of Stock [Line Items]
Repurchases of Class A Common Stock, shares		1,684,000	546,000
Class C Common Stock [Member]
Class Of Stock [Line Items]
Common stock, par value		$ 0.0001		$ 0.0001		$ 0.0001
Shares held in treasury		52,748		52,748		26,137
Treasury shares weighted average price		$ 24.19		$ 24.19
Class C Common Stock [Member] | Share Repurchase Program [Member]
Class Of Stock [Line Items]
Stock repurchased and canceled		897,457		897,457
Weighted average price per share		$ 24.67		$ 24.67

Equity - Summary of Quarterly D

Equity - Summary of Quarterly Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022
Equity [Abstract]
Total Quarterly Dividend per Class A Common Share	$ 0.41	$ 0.51	$ 0.49	$ 0.4	$ 0.5	$ 0.6	$ 0.72	$ 0.71
Class A Cash Dividends Paid	$ 33,066	$ 41,950	$ 40,396	$ 32,705	$ 40,743	$ 48,107	$ 9,148	$ 9,017
Payment Date	May 31, 2024	Mar. 28, 2024	Nov. 30, 2023	Aug. 31, 2023	May 31, 2023	Mar. 31, 2023	Nov. 30, 2022	Aug. 31, 2022
Stockholder Record Date	May 21, 2024	Mar. 15, 2024	Nov. 21, 2023	Aug. 18, 2023	May 19, 2023	Mar. 17, 2023	Nov. 21, 2022	Aug. 18, 2022

Equity - Schedule of basic and

Equity - Schedule of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss) attributable to Class A stockholders	$ 12,854	$ (796)	$ 21,322	$ 21,857
Less: Earnings allocated to participating securities	(331)	(383)	(707)	(783)
Net income (loss) attributable to Class A stockholders - basic	12,523	(1,179)	20,615	21,074
Net income (loss) attributable to Class A stockholders - diluted	$ 12,523	$ (1,179)	$ 20,615	$ 21,074
Denominator:
Weighted average shares outstanding - basic	80,751	81,044	81,578	80,614
Effect of dilutive securities	128		183
Weighted average shares outstanding - diluted	80,879	81,044	81,761	80,614
Net income (loss) per common share - basic	$ 0.16	$ (0.01)	$ 0.25	$ 0.26
Net income (loss) per common share - diluted	$ 0.15	$ (0.01)	$ 0.25	$ 0.26

Equity - Schedule of Computatio

Equity - Schedule of Computation of diluted earnings per share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class Of Stock [Line Items]
Total diluted earnings	75,108	6,775	75,821	6,369
Warrants [Member]
Class Of Stock [Line Items]
Total diluted earnings		5,312		5,312
Unvested Share-based Compensation Awards [Member]
Class Of Stock [Line Items]
Total diluted earnings	1,225	1,463	1,441	1,057
Shares of Class C Common Stock if converted [Member]
Class Of Stock [Line Items]
Total diluted earnings	73,883		74,380

Noncontrolling Interest (Detail

Noncontrolling Interest (Details Textual)	Jun. 30, 2024
Sitio OpCo [Member]
Temporary Equity [Line Items]
Ownership percentage by related parties	47.80%

Noncontrolling Interest - Summa

Noncontrolling Interest - Summary of Recorded Adjustments to Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Noncontrolling Interest [Line Items]
Balance		$ 1,987,526			$ 1,987,526
Net income	$ 16,187		$ (2,177)		26,411	$ 22,889
Share-based compensation					1,122
Conversion of Class C Common Stock to Class A Common Stock					(7,085)
Distributions to noncontrolling interest	(30,245)	(38,157)	$ (41,956)	$ (49,206)	(68,402)
Repurchases of Sitio OpCo Partnership Units (including associated Class C Common Stock)		$ (13,057)			(23,691)
Balance	$ 1,915,881				$ 1,915,881

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Available for future grant	5,923,903				5,923,903
Share-based Compensation Expense	$ 6,203,000		$ 5,422,000		$ 11,307,000	$ 10,106,000
Dividend equivalent rights paid	331,000	$ 376,000	383,000	$ 400,000
Amount paid to restricted stock award holders under distribution equivalent rights	$ 331,000	$ 376,000	383,000	$ 400,000
Class A Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate common stock available for issuance	8,384,083				8,384,083
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued					236,715
Share-based Compensation Expense	$ 1,565,000		2,226,000		$ 2,893,000	4,566,000
Unamortized equity-based compensation expense	11,500,000				$ 11,500,000
Weighted average period expected to be recognized					2 years 2 months 12 days
Deferred Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued					101,440
Share-based Compensation Expense	614,000		470,000		$ 1,205,000	818,000
Unamortized equity-based compensation expense	2,100,000				$ 2,100,000
Weighted average period expected to be recognized					10 months 24 days
Equity based awards description					DSUs generally vest in equal quarterly installments over the one-year period beginning on the grant date.
Performance Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares issued					566,568
Share-based Compensation Expense	3,375,000		2,084,000		$ 5,912,000	$ 3,432,000
Unamortized equity-based compensation expense	23,500,000				$ 23,500,000
Weighted average period expected to be recognized					2 years
Dividend yield					0%	0%
Sitio OpCo Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Expense	561,000		561,000		$ 1,122,000	$ 1,117,000
Unamortized equity-based compensation expense	4,400,000				$ 4,400,000
Weighted average period expected to be recognized					1 year 10 months 24 days
Equity based awards description					In connection with the Falcon Merger, legacy owners of the Company’s predecessor desired to assign, transfer and convey their rights to receive a portion of their Falcon Merger consideration to our executive officers as an incentive to continue to serve as executive officers following the Falcon Merger. The Falcon Merger consideration consisted of Sitio OpCo Partnership Units and an equal number of shares of Class C Common Stock. The conveyance of Falcon Merger consideration is deemed to be a grant of restricted stock awards (each, an “RSA”) to our executive officers. Each Sitio OpCo RSA is expected to vest in equal installments on the first four anniversaries of June 6, 2022. The Company estimated the fair value of the RSAs as the closing price of the Company’s Class A Common Stock on the grant date of the award, which is expensed over the applicable service period.
Restricted Stock Units Converted to Brigham Merger [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Expense	62,000		61,000		$ 123,000	122,000
Unamortized equity-based compensation expense	177,000				$ 177,000
Conversion rate					1.133
Weighted average period expected to be recognized					8 months 12 days
Performance Stock Units Converted to Brigham Merger [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Expense	26,000		$ 20,000		$ 52,000	$ 51,000
Unamortized equity-based compensation expense	$ 75,000				$ 75,000
Conversion rate					1.133
Deemed Performance Targets Percentage On Date Of Merger	200%				200%
Weighted average period expected to be recognized					8 months 12 days

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Expense	$ 6,203	$ 5,422	$ 11,307	$ 10,106
Restricted Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Expense	1,565	2,226	2,893	4,566
Performance Stock Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Expense	3,375	2,084	5,912	3,432
Deferred Share Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Expense	614	470	1,205	818
Sitio OpCo Restricted Stock Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Expense	561	561	1,122	1,117
Restricted Stock Units Converted to Brigham Merger [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Expense	62	61	123	122
Performance Stock Units Converted to Brigham Merger [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based Compensation Expense	$ 26	$ 20	$ 52	$ 51

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of activity in unvested RSUs, DSUs, PSUs and unvested RSAs (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, beginning balance | shares	468,112
Granted | shares	236,715
Forfeited | shares	(30,021)
Vested | shares	(115,594)
Unvested, ending balance | shares	559,212
Grant Date Fair Value, outstanding, beginning balance | $ / shares	$ 25.65
Grant Date Fair Value, Granted | $ / shares	22.11
Grant Date Fair Value, Forfeited | $ / shares	24.65
Grant Date Fair Value, Vested | $ / shares	26.03
Grant Date Fair Value, ending balance | $ / shares	$ 24.13
Deferred Share Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, beginning balance | shares	93,680
Granted | shares	101,440
Vested | shares	(93,680)
Unvested, ending balance | shares	101,440
Grant Date Fair Value, outstanding, beginning balance | $ / shares	$ 25.38
Grant Date Fair Value, Granted | $ / shares	24.12
Grant Date Fair Value, Vested | $ / shares	25.38
Grant Date Fair Value, ending balance | $ / shares	$ 24.12
Performance Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, beginning balance | shares	830,188
Granted | shares	566,568
Forfeited | shares	(10,848)
Unvested, ending balance | shares	1,385,908
Grant Date Fair Value, outstanding, beginning balance | $ / shares	$ 30.82
Grant Date Fair Value, Granted | $ / shares	24.71
Grant Date Fair Value, Forfeited | $ / shares	32.86
Grant Date Fair Value, ending balance | $ / shares	$ 28.31
Restricted Stock Units Converted to Brigham Merger [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, beginning balance | shares	11,040
Vested | shares	(5,518)
Unvested, ending balance | shares	5,522
Grant Date Fair Value, outstanding, beginning balance | $ / shares	$ 30.15
Grant Date Fair Value, Vested | $ / shares	30.15
Grant Date Fair Value, ending balance | $ / shares	$ 30.15
Performance Stock Units Converted to Brigham Merger [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, beginning balance | shares	7,638
Unvested, ending balance | shares	7,638
Grant Date Fair Value, outstanding, beginning balance | $ / shares	$ 30.15
Grant Date Fair Value, ending balance | $ / shares	$ 30.15
Sitio OpCo Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, beginning balance | shares	232,145
Vested | shares	(77,382)
Unvested, ending balance | shares	154,763
Grant Date Fair Value, outstanding, beginning balance | $ / shares	$ 29.12
Grant Date Fair Value, Vested | $ / shares	29.12
Grant Date Fair Value, ending balance | $ / shares	$ 29.12

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of performance targets associated (Details) - Performance Stock Units [Member]	6 Months Ended
	Jun. 30, 2024
Base of Range [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of Target PSUs Earned	0%
Threshold [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annualized Absolute TSR Goal	0%
Percentage of Target PSUs Earned	50%
Target [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annualized Absolute TSR Goal	10%
Percentage of Target PSUs Earned	100%
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annualized Absolute TSR Goal	20%
Percentage of Target PSUs Earned	200%
Maximum [Member] | Base of Range [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annualized Absolute TSR Goal	0%

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of weighted average assumptions to determine fair value (Details) - Performance Stock Units [Member]	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0%	0%
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	41.09%	52.71%
Risk-free rate	4.48%	4.60%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility	39.76%	43.57%
Risk-free rate	4.41%	3.97%

Warrants (Details Textual)

Warrants (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Class of warrant or right expiration period			2023-08
Fair value of warrants	$ 0		$ 0
Gain attributable to decrease in fair value of warrants	$ 0	$ 584,000	$ 0	$ 2,942,000

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Oil and Gas Swap Contracts (Details) - Oil and Gas Swap Contracts [Member]	Jun. 30, 2024 MMBTU $ / bbl $ / MMBTU bbl
Oil (NYMEX WTI) Remaining Term From July 2024 to December 2024 [Member]
Derivative [Line Items]
Bbl per Day | bbl	3,300
Weighted Average Price | $ / bbl	82.66
Oil (NYMEX WTI) Remaining Term From January 2025 to June 2025 [Member]
Derivative [Line Items]
Bbl per Day | bbl	1,100
Weighted Average Price | $ / bbl	74.65
Gas (NYMEX Henry Hub) Remaining Term From July 2024 to December 2024 [Member]
Derivative [Line Items]
MMBtu per Day | MMBTU	500
Weighted Average Price | $ / MMBTU	3.41

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Oil and Gas Two-way Commodity Collar Contracts (Details) - Oil and Gas Two-way Commodity Collar Contracts [Member]	Jun. 30, 2024 MMBTU $ / MMBTU $ / bbl bbl
Oil (NYMEX WTI) Remaining Term From January 2025 to June 2025 [Member]
Derivative [Line Items]
Bbl per Day | bbl	2,000
Weighted Average Floor Price | $ / bbl	60
Weighted Average Ceiling Price | $ / bbl	93.2
Gas (NYMEX Henry Hub) Remaining Term From July 2024 to December 2024 [Member]
Derivative [Line Items]
MMBtu per Day | MMBTU	11,400
Weighted Average Floor Price	4
Weighted Average Ceiling Price	7.24
Gas (NYMEX Henry Hub) Remaining Term From January 2025 to June 2025 [Member]
Derivative [Line Items]
MMBtu per Day | MMBTU	11,600
Weighted Average Floor Price	3.31
Weighted Average Ceiling Price	10.34

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets, current	$ 5,547	$ 19,080
Long-term derivative asset		3,440
Derivatives Not Designated as Hedges [Member]
Derivative [Line Items]
Derivative asset	5,547	22,520
Net derivatives	5,547	22,520
Derivatives Not Designated as Hedges [Member] | Commodity Contracts [Member]
Derivative [Line Items]
Derivative assets, current	5,547	19,080
Long-term derivative asset	$ 0	$ 3,440

Derivative Instruments - Summ_2

Derivative Instruments - Summary of Gross Fair Values of Recognized Derivative Assets and Liabilities, Amounts Offset Under Master Netting Arrangements With Counterparties and Resulting Net Amounts (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commodity Derivative Assets [Member]
Derivative [Line Items]
Gross Fair Value	$ 6,610	$ 23,401
Gross Amounts Offset	(1,063)	(881)
Net Fair Value	$ 5,547	$ 22,520
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets, Current	Assets, Current
Commodity Derivative Liabilities [Member]
Derivative [Line Items]
Gross Fair Value	$ (1,063)	$ (881)
Gross Amounts Offset	$ 1,063	$ 881
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current	Liabilities, Current

Derivative Instruments - Summ_3

Derivative Instruments - Summary of Derivative Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative [Line Items]
Commodity and interest rate derivative gains (losses)		$ 607		$ 447
Commodity and interest rate derivative gains (losses)	$ (607)	6,112	$ (10,657)	20,875
Commodity Contracts [Member]
Derivative [Line Items]
Commodity and interest rate derivative gains (losses)	$ (607)	6,112	$ (10,657)	20,875
Interest Rate Contract [Member]
Derivative [Line Items]
Commodity and interest rate derivative gains (losses)		$ 607		$ 447

Fair Value Measurement (Details

Fair Value Measurement (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment of proved oil and natural gas properties	$ 0		$ 0
Impairment of unproved oil and natural gas properties	0	$ 0	0	$ 0
Appalachian Basin [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment of proved oil and natural gas properties		$ 25,600,000		$ 25,600,000
2028 Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt outstanding	$ 620,400,000		$ 620,400,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes [Line Items]
Income tax expense (benefit)	$ 4,838,000	$ (683,000)	$ 7,622,000	$ 6,501,000
Effective tax rate	14.30%	18.70%	13.80%	12.70%
Federal statutory tax rate			21%

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Aug. 07, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022
Subsequent Event [Line Items]
Dividends payable, description	On August 7, 2024, the Company declared a cash dividend of $0.30 per share of Class A Common Stock with respect to the second quarter of 2024. The dividend is payable on August 30, 2024 to the stockholders of record at the close of business on August 19, 2024
Dividends amount per share			$ 0.41	$ 0.51	$ 0.49	$ 0.4	$ 0.5	$ 0.6	$ 0.72	$ 0.71
Class A Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends amount per share		$ 0.3