Sitio Royalties 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-41585
Entity Registrant Name	Sitio Royalties Corp.
Entity Address, State or Province	DE
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 Incorporation, State or Country Code	CO
Entity Address, Postal Zip Code	80202
City Area Code	720
Local Phone Number	640-7620
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	STR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001949543
Current Fiscal Year End Date	--12-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock Shares Outstanding		79,237,817
Class C Common Stock
Document Information [Line Items]
Entity Common Stock Shares Outstanding		73,677,467

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 8,507	$ 15,195
Accrued revenue and accounts receivable	118,635	107,347
Prepaid assets	8,023	12,362
Derivative asset	9,066	19,080
Total current assets	144,231	153,984
Oil and natural gas properties, successful efforts method:
Unproved properties	2,514,348	2,698,991
Proved properties	2,752,715	2,377,196
Other property and equipment	3,688	3,711
Accumulated depreciation, depletion, amortization, and impairment	(738,232)	(498,531)
Total property and equipment, net	4,532,519	4,581,367
Long-term assets
Long-term derivative asset	0	3,440
Deferred financing costs	8,887	11,205
Operating lease right-of-use asset	4,949	5,970
Other long-term assets	2,778	2,835
Total long-term assets	16,614	23,450
TOTAL ASSETS	4,693,364	4,758,801
Current liabilities
Accounts payable and accrued expenses	56,364	30,050
Operating lease liability	1,605	1,725
Total current liabilities	57,969	31,775
Long-term liabilities
Long-term debt	992,854	865,338
Deferred tax liability	248,005	259,870
Non-current operating lease liability	4,511	5,394
Other long-term liabilities	1,150	1,150
Total long-term liabilities	1,246,520	1,131,752
Total liabilities	1,304,489	1,163,527
Commitments and contingencies (see Note 14)
Equity
Additional paid-in capital	1,720,293	1,796,147
Accumulated deficit	(153,853)	(187,738)
Noncontrolling interest	1,907,581	1,987,526
Total equity	3,388,875	3,595,274
TOTAL LIABILITIES AND EQUITY	4,693,364	4,758,801
Class A Common Stock
Equity
Common stock, value	8	8
Treasury shares	(83,896)	0
Class C Common Stock
Equity
Common stock, value	7	8
Treasury shares	$ (1,265)	$ (677)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Class A Common Stock
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	240,000,000	240,000,000
Common stock issued (in shares)	82,871,009	82,451,397
Common stock outstanding (in shares)	79,288,976	82,451,397
Treasury stock (in shares)	3,582,033	0
Class C Common Stock
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	120,000,000	120,000,000
Common stock issued (in shares)	73,730,215	74,965,217
Common stock outstanding (in shares)	73,677,467	74,939,080
Treasury stock (in shares)	52,748	26,137

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Oil, natural gas and natural gas liquids revenues	$ 147,858,000	$ 152,766,000	$ 461,345,000	$ 430,887,000
Lease bonus and other income	1,517,000	3,944,000	7,969,000	13,115,000
Total revenues	149,375,000	156,710,000	469,314,000	444,002,000
Operating expenses:
Depreciation, depletion and amortization	78,093,000	80,716,000	239,896,000	222,718,000
General and administrative	14,382,000	12,044,000	40,849,000	37,786,000
Severance and ad valorem taxes	10,196,000	12,124,000	34,655,000	32,927,000
Impairment of oil and gas properties	0	0	0	25,617,000
Total operating expenses	102,671,000	104,884,000	315,400,000	319,048,000
Net income from operations	46,704,000	51,826,000	153,914,000	124,954,000
Other income (expense):
Interest expense, net	(22,511,000)	(26,373,000)	(63,709,000)	(71,735,000)
Change in fair value of warrant liability	0	8,000	0	2,950,000
Loss on extinguishment of debt	0	(687,000)	0	(1,470,000)
Commodity derivatives gains (losses)	7,785,000	(24,125,000)	(2,872,000)	(3,250,000)
Interest rate derivative gains	0	9,000	0	456,000
Net income before taxes	31,978,000	658,000	87,333,000	51,905,000
Income tax expense	(4,111,000)	(383,000)	(11,733,000)	(6,884,000)
Net income	27,867,000	275,000	75,600,000	45,021,000
Net (income) loss attributable to noncontrolling interest	(15,304,000)	12,000	(41,715,000)	(22,877,000)
Net income attributable to Class A stockholders	$ 12,563,000	$ 287,000	$ 33,885,000	$ 22,144,000
Net income (loss) per share of Class A Common Stock
Basic (in USD per share)	$ 0.15	$ 0	$ 0.41	$ 0.26
Diluted (in USD per share)	$ 0.15	$ 0	$ 0.41	$ 0.26
Weighted average Class A Common Stock outstanding
Basic (in shares)	80,142	81,712	81,095	80,984
Diluted (in shares)	80,278	157,260	81,263	80,984

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 75,600,000	$ 45,021,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	239,896,000	222,718,000
Amortization of deferred financing costs and long-term debt discount	3,925,000	4,275,000
Share-based compensation	17,558,000	14,474,000
Change in fair value of warrant liability	0	(2,950,000)
Loss on extinguishment of debt	0	1,470,000
Impairment of oil and gas properties	0	25,617,000
Commodity derivatives losses	2,872,000	3,250,000
Net cash received for commodity derivatives settlements	10,582,000	18,730,000
Interest rate derivative gains	0	(456,000)
Net cash paid for interest rate derivative settlements	0	403,000
Deferred tax benefit	(11,984,000)	(15,107,000)
Change in operating assets and liabilities:
Accrued revenue and accounts receivable	(11,288,000)	26,188,000
Prepaid assets	4,402,000	13,187,000
Other long-term assets	961,000	1,866,000
Accounts payable and accrued expenses	24,984,000	(3,131,000)
Operating lease liabilities and other long-term liabilities	(777,000)	(737,000)
Net cash provided by operating activities	356,731,000	354,818,000
Cash flows from investing activities:
Purchases of oil and gas properties, net of post-close adjustments	(190,834,000)	(172,070,000)
Purchases of other property and equipment	0	(19,000)
Other, net	(319,000)	0
Net cash used in investing activities	(191,153,000)	(172,089,000)
Cash flows from financing activities:
Borrowings on credit facilities	329,000,000	588,500,000
Repayments on credit facilities	(203,000,000)	(497,500,000)
Repayments on 2026 Senior Notes	0	(33,750,000)
2026 Senior Notes issuance costs	0	(351,000)
Distributions to noncontrolling interest	(91,512,000)	(121,924,000)
Dividends paid to Class A stockholders	(99,087,000)	(121,555,000)
Dividend equivalent rights paid	(943,000)	(982,000)
Cash paid for taxes related to net settlement of share-based compensation awards	(1,819,000)	(3,432,000)
Net cash used in financing activities	(172,266,000)	(200,208,000)
Net change in cash and cash equivalents	(6,688,000)	(17,479,000)
Cash and cash equivalents, beginning of period	15,195,000	18,818,000
Cash and cash equivalents, end of period	8,507,000	1,339,000
Supplemental disclosure of non-cash transactions:
Increase in current liabilities for additions to property and equipment:	42,000	224,000
Oil and gas properties acquired through issuance of Class C Common Stock and Sitio OpCo Partnership Units:	0	66,256,000
Supplemental disclosure of cash flow information:
Cash paid for income taxes:	3,080,000	9,268,000
Cash paid for interest expense:	51,144,000	68,249,000
Sitio Revolving Credit Facility
Cash flows from financing activities:
Debt issuance costs	0	(9,214,000)
2028 Senior Notes
Cash flows from financing activities:
Debt issuance costs	(144,000)	0
Class A Common Stock
Cash flows from financing activities:
Repurchases of Common Stock	(82,619,000)	0
Class C Common Stock
Cash flows from financing activities:
Repurchases of Common Stock	(22,142,000)	0
Commodity Contract
Adjustments to reconcile net income to net cash provided by operating activities:
Commodity derivatives losses	2,872,000	3,250,000
Interest Rate Contract
Adjustments to reconcile net income to net cash provided by operating activities:
Interest rate derivative gains	$ 0	$ (456,000)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Dividend Equivalent Rights	Class A Common Stock	Class C Common Stock	Common Stock Class A Common Stock	Common Stock Class C Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Dividend Equivalent Rights	Additional Paid-in Capital Class A Common Stock	Accumulated Deficit	Accumulated Deficit Dividend Equivalent Rights	Accumulated Deficit Class A Common Stock	Treasury Shares Class A Common Stock	Treasury Shares Class C Common Stock	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2022					80,805,000	74,347,000
Balance, beginning of period at Dec. 31, 2022	$ 3,886,595				$ 8	$ 7	$ 1,750,640			$ (9,203)			$ (19,085)	$ 0	$ 2,164,228
Beginning of period (in shares) at Dec. 31, 2022													(633,000)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	47,719									22,653					25,066
Share-based compensation	4,684						4,129								555
Conversion of Class C Common Stock to Class A Common Stock (in shares)					6,000	(6,000)
Conversion of Class C Common Stock to Class A Common Stock	0						183								(183)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes (in shares)					6,000
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes	(44)						(44)
Change in deferred taxes from conversion of Class C Common Stock to Class A Common Stock	36						36
Dividends to Class A stockholders and dividend equivalent rights		$ (400)	$ (48,107)								$ (400)	$ (48,107)
Distributions to noncontrolling interest	(49,206)														(49,206)
Cancellation of Treasury Shares (in shares)					(633,000)								633,000
Cancellation of Treasury Shares	0						(19,085)						$ 19,085
Ending balance (in shares) at Mar. 31, 2023					80,184,000	74,341,000
Balance, end of period at Mar. 31, 2023	3,841,277				$ 8	$ 7	1,735,859			(35,057)			$ 0	$ 0	2,140,460
End of period (in shares) at Mar. 31, 2023													0	0
Beginning balance (in shares) at Dec. 31, 2022					80,805,000	74,347,000
Balance, beginning of period at Dec. 31, 2022	3,886,595				$ 8	$ 7	1,750,640			(9,203)			$ (19,085)	$ 0	2,164,228
Beginning of period (in shares) at Dec. 31, 2022													(633,000)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	45,021
Ending balance (in shares) at Sep. 30, 2023					81,763,000	75,441,000
Balance, end of period at Sep. 30, 2023	3,772,806				$ 8	$ 8	1,790,492			(109,596)			$ 0	$ (677)	2,092,571
End of period (in shares) at Sep. 30, 2023													0	26,000
Beginning balance (in shares) at Mar. 31, 2023					80,184,000	74,341,000
Balance, beginning of period at Mar. 31, 2023	3,841,277				$ 8	$ 7	1,735,859			(35,057)			$ 0	$ 0	2,140,460
Beginning of period (in shares) at Mar. 31, 2023													0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2,973)									(796)					(2,177)
Share-based compensation	5,422						4,861								561
Conversion of Class C Common Stock to Class A Common Stock (in shares)					1,310,000	(1,310,000)
Conversion of Class C Common Stock to Class A Common Stock	0						37,865								(37,865)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes (in shares)					166,000
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes	(2,658)						(2,658)
Class C Common Stock withheld for income taxes upon vesting of RSAs and held in treasury (in shares)														(26,000)
Class C Common Stock withheld for income taxes upon vesting of RSAs and held in treasury	(677)													$ (677)
Change in deferred taxes from conversion of Class C Common Stock to Class A Common Stock	7,523						7,523
Issuance of Class C Common Stock in connection with acquisition (in shares)						2,508,000
Issuance of Class C Common Stock in connection with acquisition	66,526					$ 1									66,525
Dividends to Class A stockholders and dividend equivalent rights		(383)	(40,743)								(383)	(40,743)
Distributions to noncontrolling interest	(41,956)														(41,956)
Ending balance (in shares) at Jun. 30, 2023					81,660,000	75,539,000
Balance, end of period at Jun. 30, 2023	3,831,358				$ 8	$ 8	1,783,450			(76,979)			$ 0	$ (677)	2,125,548
End of period (in shares) at Jun. 30, 2023													0	26,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	275									287					(12)
Share-based compensation	4,368						3,800								568
Conversion of Class C Common Stock to Class A Common Stock (in shares)					98,000	(98,000)
Conversion of Class C Common Stock to Class A Common Stock	0						2,771								(2,771)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes (in shares)					5,000
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes	(53)						(53)
Change in deferred taxes from conversion of Class C Common Stock to Class A Common Stock	524						524
Dividends to Class A stockholders and dividend equivalent rights		(199)	$ (32,705)								$ (199)	$ (32,705)
Distributions to noncontrolling interest	(30,762)														(30,762)
Ending balance (in shares) at Sep. 30, 2023					81,763,000	75,441,000
Balance, end of period at Sep. 30, 2023	3,772,806				$ 8	$ 8	1,790,492			(109,596)			$ 0	$ (677)	2,092,571
End of period (in shares) at Sep. 30, 2023													0	26,000
Beginning balance (in shares) at Dec. 31, 2023			82,451,397	74,939,080	82,451,000	74,965,000
Balance, beginning of period at Dec. 31, 2023	3,595,274				$ 8	$ 8	1,796,147			(187,738)			$ 0	$ (677)	1,987,526
Beginning of period (in shares) at Dec. 31, 2023			0	(26,137)									0	26,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	18,692									8,468					10,224
Share-based compensation	5,104						4,543								561
Conversion of Class C Common Stock to Class A Common Stock (in shares)					135,000	(135,000)
Conversion of Class C Common Stock to Class A Common Stock	0						3,265								(3,265)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes (in shares)					50,000
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes	(607)						(607)
Change in deferred taxes from conversion of Class C Common Stock to Class A Common Stock	(73)						(73)
Dividends to Class A stockholders and dividend equivalent rights		(376)	$ (41,950)					$ (376)	$ (41,950)
Distributions to noncontrolling interest	(38,157)														(38,157)
Repurchases of Common Stock and Partnership Units (including associated Class C Common Shares) (in shares)													(546,000)
Repurchases of Common Stock and Partnership Units (including associated Class C Common Shares)	(13,057)												$ (13,057)
Ending balance (in shares) at Mar. 31, 2024					82,636,000	74,830,000
Balance, end of period at Mar. 31, 2024	3,524,850				$ 8	$ 8	1,760,949			(179,270)			$ (13,057)	$ (677)	1,956,889
End of period (in shares) at Mar. 31, 2024													546,000	26,000
Beginning balance (in shares) at Dec. 31, 2023			82,451,397	74,939,080	82,451,000	74,965,000
Balance, beginning of period at Dec. 31, 2023	3,595,274				$ 8	$ 8	1,796,147			(187,738)			$ 0	$ (677)	1,987,526
Beginning of period (in shares) at Dec. 31, 2023			0	(26,137)									0	26,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	75,600
Distributions to noncontrolling interest	(91,512)
Ending balance (in shares) at Sep. 30, 2024			79,288,976	73,677,467	82,871,000	73,730,000
Balance, end of period at Sep. 30, 2024	3,388,875				$ 8	$ 7	1,720,293			(153,853)			$ (83,896)	$ (1,265)	1,907,581
End of period (in shares) at Sep. 30, 2024			(3,582,033)	(52,748)									3,582,000	53,000
Beginning balance (in shares) at Mar. 31, 2024					82,636,000	74,830,000
Balance, beginning of period at Mar. 31, 2024	3,524,850				$ 8	$ 8	1,760,949			(179,270)			$ (13,057)	$ (677)	1,956,889
Beginning of period (in shares) at Mar. 31, 2024													546,000	26,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	29,041									12,854					16,187
Share-based compensation	6,203						5,642								561
Conversion of Class C Common Stock to Class A Common Stock (in shares)					162,000	(162,000)
Conversion of Class C Common Stock to Class A Common Stock	0						3,820								(3,820)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes (in shares)					28,000
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes	(382)						(382)
Class C Common Stock withheld for income taxes upon vesting of RSAs and held in treasury (in shares)														(27,000)
Class C Common Stock withheld for income taxes upon vesting of RSAs and held in treasury	(588)													$ (588)
Change in deferred taxes from conversion of Class C Common Stock to Class A Common Stock	(1)						(1)
Dividends to Class A stockholders and dividend equivalent rights		(331)	$ (33,066)					(331)	(33,066)
Distributions to noncontrolling interest	(30,245)														(30,245)
Repurchases of Common Stock and Partnership Units (including associated Class C Common Shares) (in shares)						(897,000)							(1,684,000)
Repurchases of Common Stock and Partnership Units (including associated Class C Common Shares)			(41,526)	$ (22,363)		$ (1)	1,329						$ (41,526)		(23,691)
Ending balance (in shares) at Jun. 30, 2024					82,826,000	73,771,000
Balance, end of period at Jun. 30, 2024	3,431,592				$ 8	$ 7	1,737,960			(166,416)			$ (54,583)	$ (1,265)	1,915,881
End of period (in shares) at Jun. 30, 2024													2,230,000	53,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	27,867									12,563					15,304
Share-based compensation	6,251						5,683								568
Conversion of Class C Common Stock to Class A Common Stock (in shares)					41,000	(41,000)
Conversion of Class C Common Stock to Class A Common Stock	0						1,062								(1,062)
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes (in shares)					4,000
Issuance of Class A Common Stock upon vesting of share-based awards, net of shares withheld for income taxes	(60)						(60)
Change in deferred taxes from conversion of Class C Common Stock to Class A Common Stock	(45)						(45)
Dividends to Class A stockholders and dividend equivalent rights		$ (236)	$ (24,071)					$ (236)	$ (24,071)
Distributions to noncontrolling interest	(23,110)														(23,110)
Repurchases of Common Stock and Partnership Units (including associated Class C Common Shares) (in shares)													(1,352,000)
Repurchases of Common Stock and Partnership Units (including associated Class C Common Shares)	(29,313)												$ (29,313)
Ending balance (in shares) at Sep. 30, 2024			79,288,976	73,677,467	82,871,000	73,730,000
Balance, end of period at Sep. 30, 2024	$ 3,388,875				$ 8	$ 7	$ 1,720,293			$ (153,853)			$ (83,896)	$ (1,265)	$ 1,907,581
End of period (in shares) at Sep. 30, 2024			(3,582,033)	(52,748)									3,582,000	53,000

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 nine months ended September 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	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 nine months ended September 30, 2024. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board issued ASU 2023-07 - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The scope and frequency of segment disclosures was increased to provide investors with additional detail about information utilized by an entity's "Chief Operating Decision Maker." ASU 2023-07 is effective for Sitio beginning with our 2024 annual reporting and interim periods beginning in 2025. The Company is currently evaluating the impact of adoption of this standard. While the Company does not believe adoption of the ASU will result in more than one reportable segment, it will result in additional disclosure and background information. Accounts Payable and Accrued Expenses The Company’s accounts payable and accrued expenses consisted of the following as of the dates indicated (in thousands): September 30, December 31, Accrued interest expense $ 20,797 $ 12,178 Ad valorem taxes payable 9,174 10,364 Payable to seller for pre-effective monies 2,845 2,268 Accrued general and administrative 4,415 1,889 Payable to buyer for post-effective monies 615 1,427 Other taxes payable 17,878 1,592 Other 640 332 Total accounts payable and accrued expenses $ 56,364 $ 30,050

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Oil, natural gas, and natural gas liquids revenues Revenue from customers is recognized when obligations under the terms of a contract with customers are satisfied; this generally occurs when control transfers at the wellhead for oil, natural gas, or NGLs. During the three and nine months ended September 30, 2024 and 2023, the disaggregated revenues from sales of oil, natural gas and NGLs were as follows (in thousands): For the Three Months Ended For the Nine Months Ended 2024 2023 2024 2023 Crude oil sales $ 131,438 $ 129,705 $ 402,226 $ 359,442 Natural gas sales 2,629 9,569 14,361 32,745 NGL sales 13,791 13,492 44,758 38,700 Total royalty revenues $ 147,858 $ 152,766 $ 461,345 $ 430,887 Lease bonus and other income

Oil and Natural Gas Properties

Oil and Natural Gas Properties	9 Months Ended
	Sep. 30, 2024
Oil and Gas Disclosure [Abstract]
Oil and Natural Gas Properties	Oil and Natural Gas Properties The following is a summary of oil and natural gas properties as of September 30, 2024 and December 31, 2023 (in thousands): Oil and natural gas properties: September 30, December 31, Unproved properties $ 2,514,348 $ 2,698,991 Proved properties 2,752,715 2,377,196 Oil and natural gas properties, gross 5,267,063 5,076,187 Accumulated depletion and impairment (736,393) (496,879) Oil and natural gas properties, net $ 4,530,670 $ 4,579,308 As presented in the unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2024, the Company paid $210.6 million for purchases of oil and gas properties, and received purchase price adjustments from acquisitions of $19.8 million. For the nine months ended September 30, 2023, the Company paid $172.1 million for purchases of oil and gas properties. Depletion expense was $78.0 million and $239.5 million for the three and nine months ended September 30, 2024, respectively. Depletion expense was $80.6 million and $222.3 million for the three and nine months ended September 30, 2023, respectively.

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures For the nine months ended September 30, 2024, the Company closed on the acquisition of oil and gas properties for an aggregate purchase price of $210.6 million.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The following is a summary of long-term debt as of September 30, 2024 and December 31, 2023 (in thousands): As of September 30, As of December 31, Sitio Revolving Credit Facility $ 403,000 $ 277,000 2028 Senior Notes 600,000 600,000 Less: 2028 Senior Notes unamortized issuance costs (10,146) (11,662) Total long-term debt $ 992,854 $ 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 September 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 $403.0 million and $277.0 million, respectively. As of September 30, 2024 and December 31, 2023, the weighted average interest rate related to our outstanding borrowings under the Sitio Revolving Credit Facility was 8.32% and 8.21%, respectively. As of September 30, 2024 and December 31, 2023, the Company had unamortized debt issuance costs of $8.9 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 September 30, 2024 and 2023, the Company recognized $806,000 and $761,000, respectively, in interest expense related to the amortization of deferred financing costs under the Sitio Revolving Credit Facility. For the nine months ended September 30, 2024 and 2023, the Company recognized $2.4 million and $2.1 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 and the First Amendment to the Sitio Revolving Credit Facility in September 2023, certain lenders did not elect to remain a party to the facility. As such, $687,000 and $1.5 million of previously capitalized deferred financing costs were written off during the three and nine months ended September 30, 2023, respectively. 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 September 30, 2024 and December 31, 2023. 2028 Senior Notes As of September 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 September 30, 2024 and December 31, 2023, the Company had unamortized debt issuance costs of $10.1 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 nine months ended September 30, 2024, the Company recognized $516,000 and $1.5 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 nine months ended September 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 September 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 nine months ended September 30, 2023, the Company recognized $0.7 million and $2.2 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 nine months ended September 30, 2024.

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	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 nine months ended September 30, 2024, 337,545 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 nine months ended September 30, 2023, 1,414,644 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 not guaranteed, and the program may be modified, suspended or discontinued at any time without prior notice. The Company is not obligated to repurchase any dollar amount or number of shares under the program. For the three and nine months ended September 30, 2024, the Company repurchased 1,351,896 and 3,582,033 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 $21.47 and $23.20, respectively upon repurchase by the Company, inclusive of third-party commissions. For the nine months ended September 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 September 30, 2024, 3,582,033 shares of Class A Common Stock were held in treasury at a weighted average price of $23.20. Class C Treasury Shares As of September 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 Quarterly Dividend per Class A Common Class A Cash Dividends Paid Payment Date Stockholder Record Date June 30, 2024 $ 0.30 $ 24,071 August 30, 2024 August 19, 2024 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 See “Note 15 – Subsequent Events” for additional information regarding cash dividends. 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 Ended For the Nine Months Ended 2024 2023 2024 2023 Numerator: Net income attributable to Class A stockholders $ 12,563 $ 287 $ 33,885 $ 22,144 Less: Earnings allocated to participating securities (236) (199) (943) (983) Net income attributable to Class A stockholders - basic $ 12,327 $ 88 $ 32,942 $ 21,161 Plus: net loss attributable to noncontrolling interest $ — $ (12) $ — $ — Net income attributable to Class A stockholders - diluted $ 12,327 $ 76 $ 32,942 $ 21,161 Denominator: Weighted average shares outstanding - basic 80,142 81,712 81,095 80,984 Effect of dilutive securities 136 75,548 168 — Weighted average shares outstanding - diluted 80,278 157,260 81,263 80,984 Net income per common share - basic $ 0.15 $ — $ 0.41 $ 0.26 Net income per common share - diluted $ 0.15 $ — $ 0.41 $ 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 Nine Months Ended 2024 2023 2024 2023 Warrants — 3,060 — 4,554 Unvested share-based compensation awards 1,310 899 1,397 789 Shares of Class C Common Stock if converted 73,716 — 74,157 74,601 Total 75,026 3,959 75,554 79,944 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 September 30, 2024.

Noncontrolling Interest

Noncontrolling Interest	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest Noncontrolling interest represents the 48.2% economic interest of Sitio OpCo Partnership Units not owned by Sitio as of September 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 September 30, 2024, the Company recorded adjustments to the value of noncontrolling interest as presented in the table below (in thousands): 1 Noncontrolling Interest Balance – December 31, 2023 $ 1,987,526 Net income 41,715 Share-based compensation 1,690 Conversion of Class C Common Stock to Class A Common Stock (8,147) Distributions to noncontrolling interest (91,512) Repurchases of Sitio OpCo Partnership Units (including associated Class C Common Stock) (23,691) Balance – September 30, 2024 $ 1,907,581

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation In June 2022, 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 September 30, 2024, a total of 5,927,871 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 nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 RSUs $ 1,530 $ 1,008 $ 4,423 $ 5,574 PSUs 3,449 2,107 9,361 5,539 DSUs 617 598 1,822 1,416 Sitio OpCo Restricted Stock Awards 568 567 1,690 1,684 RSUs Converted in the Brigham Merger 62 62 185 184 PSUs Converted in the Brigham Merger 25 26 77 77 Total $ 6,251 $ 4,368 $ 17,558 $ 14,474 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 nine months ended September 30, 2024. Restricted Stock Units Number of Shares Grant Date Unvested at January 1, 2024 468,112 $ 25.65 Granted 242,586 22.11 Forfeited (37,321) 24.65 Vested (122,545) 26.06 Unvested at September 30, 2024 550,832 $ 24.06 As of September 30, 2024, there was approximately $10.0 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 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 nine months ended September 30, 2024. Deferred Share Units Number of Shares Grant Date Fair Value Unvested at January 1, 2024 93,680 $ 25.38 Granted 101,440 24.12 Forfeited — — Vested (119,040) 25.11 Unvested at September 30, 2024 76,080 $ 24.12 As of September 30, 2024, there was approximately $1.5 million of unamortized equity-based compensation expense related to unvested DSUs, which is expected to be recognized over a weighted average period of 0.6 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 nine months ended September 30, 2024. Performance Stock Units Number of Shares Grant Date Fair Value Unvested at January 1, 2024 830,188 $ 30.82 Granted 566,568 24.71 Forfeited (10,848) 32.86 Vested — — Unvested at September 30, 2024 1,385,908 $ 28.31 As of September 30, 2024, there was approximately $20.0 million of unamortized equity-based compensation expense related to unvested PSUs, which is expected to be recognized over a weighted average period of 1.8 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 nine months ended September 30, 2024. Restricted Stock Units Converted in Brigham Merger Number of Shares Grant Date Fair Value Unvested at January 1, 2024 11,040 $ 30.15 Granted — — Forfeited — — Vested (5,518) 30.15 Unvested at September 30, 2024 5,522 $ 30.15 As of September 30, 2024, there was approximately $115,000 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 0.5 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 nine months ended September 30, 2024. Performance Stock Units Converted in Brigham Merger Number of Shares Grant Date Fair Value Unvested at January 1, 2024 7,638 $ 30.15 Granted — — Forfeited — — Vested — — Unvested at September 30, 2024 7,638 $ 30.15 As of September 30, 2024, there was approximately $48,000 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 0.5 years. Sitio OpCo Restricted Stock Awards The following table summarizes activity related to unvested Sitio OpCo restricted stock awards ("RSAs") for the nine months ended September 30, 2024. Sitio OpCo Restricted Stock Awards Number of Shares Grant Date Fair Value Unvested at January 1, 2024 232,145 $ 29.12 Granted — — Forfeited — — Vested (77,382) 29.12 Unvested at September 30, 2024 154,763 $ 29.12 As of September 30, 2024, there was approximately $3.8 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 1.7 years.

Warrants

Warrants	9 Months Ended
	Sep. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Warrants	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 nine months ended September 30, 2023, the Company recognized a gain of $8.0 thousand and $3.0 million, respectively, attributable to a decrease in the fair value of the warrants. No such expense was recognized for the three and nine months ended September 30, 2024 due to the aforementioned expiration of the warrants in August 2023.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instrument Detail [Abstract]
Derivative Instruments	Derivative Instruments Commodity Derivatives 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. 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 September 30, 2024 are summarized below: Oil (NYMEX WTI) Remaining Term Bbl per Day Weighted Average Price per Bbl October 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 October 2024 - December 2024 500 $ 3.41 The Company’s oil and gas two-way commodity collar contracts as of September 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 Weighted Average Ceiling Price October 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 September 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 September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Balance sheet Fair value Fair value Asset derivatives not designated as hedges for accounting purposes: Commodity contracts Current assets $ 9,066 $ 19,080 Commodity contracts Long-term assets — 3,440 Total asset derivatives $ 9,066 $ 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 $ 9,066 $ 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): September 30, 2024 December 31, 2023 Gross Fair Value Gross Amounts Offset Net Fair Value Gross Fair Value Gross Amounts Offset Net Fair Value Commodity derivative assets $ 9,252 $ (186) $ 9,066 $ 23,401 $ (881) $ 22,520 Commodity derivative liabilities (186) 186 — (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 nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended Nine Months Ended Statement of September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Commodity derivatives gains (losses) Other income $ 7,785 $ (24,125) $ (2,872) $ (3,250) Interest rate derivative gains Other income — 9 — 456 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	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement 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 nine months ended September 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 nine months ended September 30, 2023. No impairment of proved properties was recorded for the three and nine months ended September 30, 2024. No impairment of unproved properties was recorded for the three and nine months ended September 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 $627.7 million as of September 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).

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	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. We are subject to U.S. federal and state income taxes as a corporation. The Company recorded income tax expense of $11.7 million and $6.9 million for the nine months ended September 30, 2024 and 2023, respectively. The tax expense was $4.1 million and $0.4 million for the three months ended September 30, 2024 and 2023, respectively. Our provisions for income taxes differ from amounts that would be provided by applying the U.S. federal statutory tax rate of 21% to pre-tax book income primarily due to (i) the portion of pre-tax net income that is attributable to our non-controlling interest holders which is not taxable to the Company; (ii) other permanent differences; and (iii) state income taxes.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	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 November 6, 2024, the Company declared a cash dividend of $0.28 per share of Class A Common Stock with respect to the third quarter of 2024. The dividend is payable on November 27, 2024 to the stockholders of record at the close of business on November 19, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 12,563	$ 287	$ 33,885	$ 22,144

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
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 nine months ended September 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.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board issued ASU 2023-07 - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The scope and frequency of segment disclosures was increased to provide investors with additional detail about information utilized by an entity's "Chief Operating Decision Maker." ASU 2023-07 is effective for Sitio beginning with our 2024 annual reporting and interim periods beginning in 2025. The Company is currently evaluating the impact of adoption of this standard. While the Company does not believe adoption of the ASU will result in more than one reportable segment, it will result in additional disclosure and background information.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 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): September 30, December 31, Accrued interest expense $ 20,797 $ 12,178 Ad valorem taxes payable 9,174 10,364 Payable to seller for pre-effective monies 2,845 2,268 Accrued general and administrative 4,415 1,889 Payable to buyer for post-effective monies 615 1,427 Other taxes payable 17,878 1,592 Other 640 332 Total accounts payable and accrued expenses $ 56,364 $ 30,050

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated Revenues from Sales	During the three and nine months ended September 30, 2024 and 2023, the disaggregated revenues from sales of oil, natural gas and NGLs were as follows (in thousands): For the Three Months Ended For the Nine Months Ended 2024 2023 2024 2023 Crude oil sales $ 131,438 $ 129,705 $ 402,226 $ 359,442 Natural gas sales 2,629 9,569 14,361 32,745 NGL sales 13,791 13,492 44,758 38,700 Total royalty revenues $ 147,858 $ 152,766 $ 461,345 $ 430,887

Oil and Natural Gas Properties

Oil and Natural Gas Properties (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023 (in thousands): Oil and natural gas properties: September 30, December 31, Unproved properties $ 2,514,348 $ 2,698,991 Proved properties 2,752,715 2,377,196 Oil and natural gas properties, gross 5,267,063 5,076,187 Accumulated depletion and impairment (736,393) (496,879) Oil and natural gas properties, net $ 4,530,670 $ 4,579,308

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Long-Term Debt	The following is a summary of long-term debt as of September 30, 2024 and December 31, 2023 (in thousands): As of September 30, As of December 31, Sitio Revolving Credit Facility $ 403,000 $ 277,000 2028 Senior Notes 600,000 600,000 Less: 2028 Senior Notes unamortized issuance costs (10,146) (11,662) Total long-term debt $ 992,854 $ 865,338

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 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 Quarterly Dividend per Class A Common Class A Cash Dividends Paid Payment Date Stockholder Record Date June 30, 2024 $ 0.30 $ 24,071 August 30, 2024 August 19, 2024 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
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 Ended For the Nine Months Ended 2024 2023 2024 2023 Numerator: Net income attributable to Class A stockholders $ 12,563 $ 287 $ 33,885 $ 22,144 Less: Earnings allocated to participating securities (236) (199) (943) (983) Net income attributable to Class A stockholders - basic $ 12,327 $ 88 $ 32,942 $ 21,161 Plus: net loss attributable to noncontrolling interest $ — $ (12) $ — $ — Net income attributable to Class A stockholders - diluted $ 12,327 $ 76 $ 32,942 $ 21,161 Denominator: Weighted average shares outstanding - basic 80,142 81,712 81,095 80,984 Effect of dilutive securities 136 75,548 168 — Weighted average shares outstanding - diluted 80,278 157,260 81,263 80,984 Net income per common share - basic $ 0.15 $ — $ 0.41 $ 0.26 Net income per common share - diluted $ 0.15 $ — $ 0.41 $ 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 Nine Months Ended 2024 2023 2024 2023 Warrants — 3,060 — 4,554 Unvested share-based compensation awards 1,310 899 1,397 789 Shares of Class C Common Stock if converted 73,716 — 74,157 74,601 Total 75,026 3,959 75,554 79,944

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	9 Months Ended
	Sep. 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 September 30, 2024, the Company recorded adjustments to the value of noncontrolling interest as presented in the table below (in thousands): 1 Noncontrolling Interest Balance – December 31, 2023 $ 1,987,526 Net income 41,715 Share-based compensation 1,690 Conversion of Class C Common Stock to Class A Common Stock (8,147) Distributions to noncontrolling interest (91,512) Repurchases of Sitio OpCo Partnership Units (including associated Class C Common Stock) (23,691) Balance – September 30, 2024 $ 1,907,581

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
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 nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 RSUs $ 1,530 $ 1,008 $ 4,423 $ 5,574 PSUs 3,449 2,107 9,361 5,539 DSUs 617 598 1,822 1,416 Sitio OpCo Restricted Stock Awards 568 567 1,690 1,684 RSUs Converted in the Brigham Merger 62 62 185 184 PSUs Converted in the Brigham Merger 25 26 77 77 Total $ 6,251 $ 4,368 $ 17,558 $ 14,474 The following table summarizes activity related to unvested RSUs for the nine months ended September 30, 2024. Restricted Stock Units Number of Shares Grant Date Unvested at January 1, 2024 468,112 $ 25.65 Granted 242,586 22.11 Forfeited (37,321) 24.65 Vested (122,545) 26.06 Unvested at September 30, 2024 550,832 $ 24.06 The following table summarizes activity related to unvested DSUs for the nine months ended September 30, 2024. Deferred Share Units Number of Shares Grant Date Fair Value Unvested at January 1, 2024 93,680 $ 25.38 Granted 101,440 24.12 Forfeited — — Vested (119,040) 25.11 Unvested at September 30, 2024 76,080 $ 24.12 The following table summarizes activity related to unvested PSUs for the nine months ended September 30, 2024. Performance Stock Units Number of Shares Grant Date Fair Value Unvested at January 1, 2024 830,188 $ 30.82 Granted 566,568 24.71 Forfeited (10,848) 32.86 Vested — — Unvested at September 30, 2024 1,385,908 $ 28.31 The following table summarizes activity related to unvested RSUs converted in the Brigham Merger for the nine months ended September 30, 2024. Restricted Stock Units Converted in Brigham Merger Number of Shares Grant Date Fair Value Unvested at January 1, 2024 11,040 $ 30.15 Granted — — Forfeited — — Vested (5,518) 30.15 Unvested at September 30, 2024 5,522 $ 30.15 The following table summarizes activity related to unvested PSUs converted in the Brigham Merger for the nine months ended September 30, 2024. Performance Stock Units Converted in Brigham Merger Number of Shares Grant Date Fair Value Unvested at January 1, 2024 7,638 $ 30.15 Granted — — Forfeited — — Vested — — Unvested at September 30, 2024 7,638 $ 30.15 The following table summarizes activity related to unvested Sitio OpCo restricted stock awards ("RSAs") for the nine months ended September 30, 2024. Sitio OpCo Restricted Stock Awards Number of Shares Grant Date Fair Value Unvested at January 1, 2024 232,145 $ 29.12 Granted — — Forfeited — — Vested (77,382) 29.12 Unvested at September 30, 2024 154,763 $ 29.12
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%

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instrument Detail [Abstract]
Schedule of Oil and Gas Contracts	The Company’s oil and gas swap contracts as of September 30, 2024 are summarized below: Oil (NYMEX WTI) Remaining Term Bbl per Day Weighted Average Price per Bbl October 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 October 2024 - December 2024 500 $ 3.41 The Company’s oil and gas two-way commodity collar contracts as of September 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 Weighted Average Ceiling Price October 2024 - December 2024 11,400 $ 4.00 $ 7.24 January 2025 - June 2025 11,600 $ 3.31 $ 10.34
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 September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Balance sheet Fair value Fair value Asset derivatives not designated as hedges for accounting purposes: Commodity contracts Current assets $ 9,066 $ 19,080 Commodity contracts Long-term assets — 3,440 Total asset derivatives $ 9,066 $ 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 $ 9,066 $ 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): September 30, 2024 December 31, 2023 Gross Fair Value Gross Amounts Offset Net Fair Value Gross Fair Value Gross Amounts Offset Net Fair Value Commodity derivative assets $ 9,252 $ (186) $ 9,066 $ 23,401 $ (881) $ 22,520 Commodity derivative liabilities (186) 186 — (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 nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended Nine Months Ended Statement of September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Commodity derivatives gains (losses) Other income $ 7,785 $ (24,125) $ (2,872) $ (3,250) Interest rate derivative gains Other income — 9 — 456

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Accrued interest expense	$ 20,797	$ 12,178
Ad valorem taxes payable	9,174	10,364
Payable to seller for pre-effective monies	2,845	2,268
Accrued general and administrative	4,415	1,889
Payable to buyer for post-effective monies	615	1,427
Other taxes payable	17,878	1,592
Other	640	332
Total accounts payable and accrued expenses	$ 56,364	$ 30,050

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total royalty revenues	$ 147,858	$ 152,766	$ 461,345	$ 430,887
Crude oil sales
Disaggregation Of Revenue [Line Items]
Total royalty revenues	131,438	129,705	402,226	359,442
Natural gas sales
Disaggregation Of Revenue [Line Items]
Total royalty revenues	2,629	9,569	14,361	32,745
NGL sales
Disaggregation Of Revenue [Line Items]
Total royalty revenues	$ 13,791	$ 13,492	$ 44,758	$ 38,700

Oil and Natural Gas Propertie_2

Oil and Natural Gas Properties - Summary of Oil and Natural Gas Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Oil and Gas Disclosure [Abstract]
Unproved properties	$ 2,514,348	$ 2,698,991
Proved properties	2,752,715	2,377,196
Oil and natural gas properties, gross	5,267,063	5,076,187
Accumulated depletion and impairment	(736,393)	(496,879)
Oil and natural gas properties, net	$ 4,530,670	$ 4,579,308

Oil and Natural Gas Propertie_3

Oil and Natural Gas Properties - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Oil and Gas Disclosure [Abstract]
Payment to purchase oil and gas properties			$ 210.6	$ 172.1
Proceeds from purchase price adjustments from acquisitions, net of acquisition costs			19.8
Depletion expense	$ 78	$ 80.6	$ 239.5	$ 222.3

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Dec. 31, 2023	Sep. 30, 2024
Business Acquisition [Line Items]
Aggregate purchase price of oil and gas properties		$ 210.6
Appalachian and Anadarko Basins Divestiture | Disposal Group, Disposed of by Sale, Not Discontinued Operations
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	Sep. 30, 2024	Dec. 31, 2023
Line Of Credit Facility [Line Items]
Total long-term debt	$ 992,854	$ 865,338
Sitio Revolving Credit Facility
Line Of Credit Facility [Line Items]
Long term debt	403,000	277,000
2028 Senior Notes
Line Of Credit Facility [Line Items]
Long term debt	600,000	600,000
Less: 2028 Senior Notes unamortized issuance costs	$ (10,146)	$ (11,662)

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 03, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Sitio Revolving Credit Facility
Line Of Credit Facility [Line Items]
Borrowing base		$ 850,000,000		$ 850,000,000		$ 850,000,000
Long term debt		$ 403,000,000		$ 403,000,000		$ 277,000,000
Weighted average interest rate		8.32%		8.32%		8.21%
Unamortized deferred issuance costs		$ 8,900,000		$ 8,900,000		$ 11,200,000
Interest expense		806,000	$ 761,000	2,400,000	$ 2,100,000
Previously capitalized deferred financing costs, written off			687,000		1,500,000
Sitio Revolving Credit Facility | Borrowing Base
Line Of Credit Facility [Line Items]
Long term debt		403,000,000		403,000,000		277,000,000
2028 Senior Notes
Line Of Credit Facility [Line Items]
Long term debt		600,000,000		600,000,000		600,000,000
Unamortized deferred issuance costs		10,100,000		10,100,000		11,700,000
Interest expense		516,000	0	1,500,000	0
Borrowings outstanding		600,000,000		$ 600,000,000		$ 600,000,000
Annual rate	7.875%			7.875%		7.875%
2026 Senior Notes
Line Of Credit Facility [Line Items]
Interest expense		$ 0	$ 700,000	$ 0	$ 2,200,000

Equity - Narrative (Details)

Equity - Narrative (Details)		3 Months Ended	9 Months Ended
	Feb. 28, 2024 USD ($)	Sep. 30, 2024 vote $ / shares shares	Sep. 30, 2024 vote $ / shares shares	Sep. 30, 2023 shares	Dec. 31, 2023 $ / shares shares
Class Of Stock [Line Items]
Partnership unit conversion ratio			1
Repurchase amount | $	$ 0
Class A Common Stock
Class Of Stock [Line Items]
Common stock, par value (in USD per share)		$ 0.0001	$ 0.0001		$ 0.0001
Number of vote each share | vote		1	1
Number of shares redeemed (in shares) | shares			337,545	1,414,644
Treasury stock (in shares) | shares		3,582,033	3,582,033		0
Treasury shares weighted average price (in USD per share)		$ 23.20	$ 23.20
Class A Common Stock | Share Repurchase Program
Class Of Stock [Line Items]
Percentage of U.S. Federal excise tax on certain repurchases of stock	1%
Repurchases of common stock (in shares) | shares		1,351,896	3,582,033
Weighted average price (in USD per share)		$ 21.47	$ 23.20
Class A Common Stock | Maximum
Class Of Stock [Line Items]
Repurchase amount | $	$ 200,000,000
Class C Common Stock
Class Of Stock [Line Items]
Common stock, par value (in USD per share)		$ 0.0001	$ 0.0001		$ 0.0001
Number of vote each share | vote		1	1
Treasury stock (in shares) | shares		52,748	52,748		26,137
Treasury shares weighted average price (in USD per share)		$ 24.19	$ 24.19
Class C Common Stock | Share Repurchase Program
Class Of Stock [Line Items]
Weighted average price (in USD per share)			$ 24.67
Stock repurchased and canceled (in shares) | shares			897,457

Equity - Summary of Quarterly D

Equity - Summary of Quarterly Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Quarterly Dividend per Class A Common Share (usd per share)	$ 0.30	$ 0.41	$ 0.51	$ 0.49	$ 0.40	$ 0.50
Class A Cash Dividends Paid	$ 24,071	$ 33,066	$ 41,950	$ 40,396	$ 32,705	$ 40,743	$ 99,087	$ 121,555

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to stockholders	$ 12,563	$ 287	$ 33,885	$ 22,144
Less: Earnings allocated to participating securities	(236)	(199)	(943)	(983)
Net income attributable to Class A stockholders - basic	12,327	88	32,942	21,161
Plus: net loss attributable to noncontrolling interest	0	(12)	0	0
Net income attributable to Class A stockholders - diluted	$ 12,327	$ 76	$ 32,942	$ 21,161
Denominator:
Weighted average shares outstanding - basic (in shares)	80,142	81,712	81,095	80,984
Effect of dilutive securities (in shares)	136	75,548	168	0
Weighted average shares outstanding - diluted (in shares)	80,278	157,260	81,263	80,984
Net income per common share - basic (in USD per share)	$ 0.15	$ 0	$ 0.41	$ 0.26
Net income per common share - diluted (in USD per share)	$ 0.15	$ 0	$ 0.41	$ 0.26

Equity - Schedule of Computatio

Equity - Schedule of Computation of Diluted Earnings per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class Of Stock [Line Items]
Total diluted earnings (in shares)	75,026	3,959	75,554	79,944
Unvested share-based compensation awards
Class Of Stock [Line Items]
Total diluted earnings (in shares)	1,310	899	1,397	789
Shares of Class C Common Stock if converted
Class Of Stock [Line Items]
Total diluted earnings (in shares)	73,716	0	74,157	74,601
Warrants
Class Of Stock [Line Items]
Total diluted earnings (in shares)	0	3,060	0	4,554

Noncontrolling Interest - Narra

Noncontrolling Interest - Narrative (Details )	Sep. 30, 2024 vote
Sitio Opco Partnership Units [Member]
Temporary Equity [Line Items]
Ownership percentage, redemption conversion ratio	1
Class C Common Stock
Temporary Equity [Line Items]
Number of vote each share	1
Ownership percentage, redemption conversion ratio	1
Class A Common Stock
Temporary Equity [Line Items]
Number of vote each share	1
Ownership percentage, redemption conversion ratio	1
Sitio OpCo
Temporary Equity [Line Items]
Ownership percentage by related parties	48.20%

Noncontrolling Interest - Summa

Noncontrolling Interest - Summary of Recorded Adjustments to Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity, Attributable to Noncontrolling Interest [Roll Forward]
Beginning Balance			$ 1,987,526				$ 1,987,526
Net income	$ 15,304			$ (12)			41,715	$ 22,877
Share-based compensation							1,690
Conversion of Class C Common Stock to Class A Common Stock							(8,147)
Distributions to noncontrolling interest	(23,110)	$ (30,245)	$ (38,157)	$ (30,762)	$ (41,956)	$ (49,206)	(91,512)
Repurchases of Sitio OpCo Partnership Units (including associated Class C Common Stock)							(23,691)
Ending Balance	$ 1,907,581						$ 1,907,581

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Dec. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Available for future grant (in shares)		5,927,871
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period		3 years
Unamortized equity-based compensation expense		$ 10,000
Weighted average period expected to be recognized		2 years
Vesting rights, percentage		33.33%
DSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period		1 year
Unamortized equity-based compensation expense		$ 1,500
Weighted average period expected to be recognized		7 months 6 days
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unamortized equity-based compensation expense		$ 20,000
Weighted average period expected to be recognized		1 year 9 months 18 days
Performance period		3 years
Expected dividend rate		0%	0%
RSUs Converted in the Brigham Merger
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unamortized equity-based compensation expense		$ 115
Weighted average period expected to be recognized		6 months
Conversion rate	1.133
Vesting rights, percentage	33.33%
PSUs Converted in the Brigham Merger
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unamortized equity-based compensation expense		$ 48
Weighted average period expected to be recognized		6 months
Conversion rate	1.133
Deemed performance targets percentage on date of merger	200%
Sitio OpCo Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unamortized equity-based compensation expense		$ 3,800
Weighted average period expected to be recognized		1 year 8 months 12 days
Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate common stock available for issuance (in shares)				8,384,083

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Expense	$ 6,251	$ 4,368	$ 17,558	$ 14,474
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Expense	1,530	1,008	4,423	5,574
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Expense	3,449	2,107	9,361	5,539
DSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Expense	617	598	1,822	1,416
Sitio OpCo Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Expense	568	567	1,690	1,684
RSUs Converted in the Brigham Merger
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Expense	62	62	185	184
PSUs Converted in the Brigham Merger
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Expense	$ 25	$ 26	$ 77	$ 77

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Activity in Unvested RSUs, DSUs, PSUs and Unvested RSAs (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
RSUs
Number of Shares
Unvested, beginning balance (in shares) | shares	468,112
Granted (in shares) | shares	242,586
Forfeited (in shares) | shares	(37,321)
Vested (in shares) | shares	(122,545)
Unvested, ending balance (in shares) | shares	550,832
Grant Date Fair Value
Grant Date Fair Value, outstanding, beginning balance (in USD per share) | $ / shares	$ 25.65
Grant Date Fair Value, Granted (in USD per share) | $ / shares	22.11
Grant Date Fair Value, Forfeited (in USD per share) | $ / shares	24.65
Grant Date Fair Value, Vested (in USD per share) | $ / shares	26.06
Grant Date Fair Value, ending balance (in USD per share) | $ / shares	$ 24.06
DSUs
Number of Shares
Unvested, beginning balance (in shares) | shares	93,680
Granted (in shares) | shares	101,440
Forfeited (in shares) | shares	0
Vested (in shares) | shares	(119,040)
Unvested, ending balance (in shares) | shares	76,080
Grant Date Fair Value
Grant Date Fair Value, outstanding, beginning balance (in USD per share) | $ / shares	$ 25.38
Grant Date Fair Value, Granted (in USD per share) | $ / shares	24.12
Grant Date Fair Value, Forfeited (in USD per share) | $ / shares	0
Grant Date Fair Value, Vested (in USD per share) | $ / shares	25.11
Grant Date Fair Value, ending balance (in USD per share) | $ / shares	$ 24.12
PSUs
Number of Shares
Unvested, beginning balance (in shares) | shares	830,188
Granted (in shares) | shares	566,568
Forfeited (in shares) | shares	(10,848)
Vested (in shares) | shares	0
Unvested, ending balance (in shares) | shares	1,385,908
Grant Date Fair Value
Grant Date Fair Value, outstanding, beginning balance (in USD per share) | $ / shares	$ 30.82
Grant Date Fair Value, Granted (in USD per share) | $ / shares	24.71
Grant Date Fair Value, Forfeited (in USD per share) | $ / shares	32.86
Grant Date Fair Value, Vested (in USD per share) | $ / shares	0
Grant Date Fair Value, ending balance (in USD per share) | $ / shares	$ 28.31
RSUs Converted in the Brigham Merger
Number of Shares
Unvested, beginning balance (in shares) | shares	11,040
Granted (in shares) | shares	0
Forfeited (in shares) | shares	0
Vested (in shares) | shares	(5,518)
Unvested, ending balance (in shares) | shares	5,522
Grant Date Fair Value
Grant Date Fair Value, outstanding, beginning balance (in USD per share) | $ / shares	$ 30.15
Grant Date Fair Value, Granted (in USD per share) | $ / shares	0
Grant Date Fair Value, Forfeited (in USD per share) | $ / shares	0
Grant Date Fair Value, Vested (in USD per share) | $ / shares	30.15
Grant Date Fair Value, ending balance (in USD per share) | $ / shares	$ 30.15
PSUs Converted in the Brigham Merger
Number of Shares
Unvested, beginning balance (in shares) | shares	7,638
Granted (in shares) | shares	0
Forfeited (in shares) | shares	0
Vested (in shares) | shares	0
Unvested, ending balance (in shares) | shares	7,638
Grant Date Fair Value
Grant Date Fair Value, outstanding, beginning balance (in USD per share) | $ / shares	$ 30.15
Grant Date Fair Value, Granted (in USD per share) | $ / shares	0
Grant Date Fair Value, Forfeited (in USD per share) | $ / shares	0
Grant Date Fair Value, Vested (in USD per share) | $ / shares	0
Grant Date Fair Value, ending balance (in USD per share) | $ / shares	$ 30.15
Sitio OpCo Restricted Stock Awards
Number of Shares
Unvested, beginning balance (in shares) | shares	232,145
Granted (in shares) | shares	0
Forfeited (in shares) | shares	0
Vested (in shares) | shares	(77,382)
Unvested, ending balance (in shares) | shares	154,763
Grant Date Fair Value
Grant Date Fair Value, outstanding, beginning balance (in USD per share) | $ / shares	$ 29.12
Grant Date Fair Value, Granted (in USD per share) | $ / shares	0
Grant Date Fair Value, Forfeited (in USD per share) | $ / shares	0
Grant Date Fair Value, Vested (in USD per share) | $ / shares	29.12
Grant Date Fair Value, ending balance (in USD per share) | $ / shares	$ 29.12

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Performance Targets Associated (Details) - PSUs	9 Months Ended
	Sep. 30, 2024
Base of Range
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annualized Absolute TSR Goal	0%
Percentage of Target PSUs Earned	0%
Threshold
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annualized Absolute TSR Goal	0%
Percentage of Target PSUs Earned	50%
Target
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annualized Absolute TSR Goal	10%
Percentage of Target PSUs Earned	100%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annualized Absolute TSR Goal	20%
Percentage of Target PSUs Earned	200%

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Weighted Average Assumptions to Determine Fair Value (Details) - PSUs	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected Dividend Yield	0%	0%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Average Expected Volatility	39.76%	43.57%
Risk-Free Interest Rate	4.41%	3.97%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Average Expected Volatility	41.09%	52.71%
Risk-Free Interest Rate	4.48%	4.60%

Warrants (Details)

Warrants (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jul. 31, 2017
Subsidiary, Sale of Stock [Line Items]
Fair value of warrants	$ 0		$ 0
Gain attributable to decrease in fair value of warrants	$ 0	$ 8,000	$ 0	$ 2,950,000
Initial Public Offering Warrant
Subsidiary, Sale of Stock [Line Items]
Number of securities issued per unit (in shares)					0.5
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Number of securities issued per unit (in shares)					1

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Oil and Gas Swap Contracts (Details) - Designated as Hedging Instrument	Sep. 30, 2024 bbl / d MMBTU / d $ / MMBTU $ / bbl
October 2024 - December 2024
Derivative [Line Items]
Bbl per Day | bbl / d	3,300
Weighted Average Price, Price Per Bbl/Price per MMBtu (in usd/Bbl and usd per Mmbtu) | $ / bbl	82.66
January 2025 - June 2025
Derivative [Line Items]
Bbl per Day | bbl / d	1,100
Weighted Average Price, Price Per Bbl/Price per MMBtu (in usd/Bbl and usd per Mmbtu) | $ / bbl	74.65
October 2024 - December 2024
Derivative [Line Items]
MMBtu per Day | MMBTU / d	500
Weighted Average Price, Price Per Bbl/Price per MMBtu (in usd/Bbl and usd per Mmbtu) | $ / MMBTU	3.41

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Oil and Gas Two-way Commodity Collar Contracts (Details) - Designated as Hedging Instrument	Sep. 30, 2024 bbl / d MMBTU / d $ / bbl $ / MMBTU
January 2025 - June 2025
Derivative [Line Items]
Bbl per Day | bbl / d	2,000
Weighted Average Floor Price | $ / bbl	60
Weighted Average Ceiling Price | $ / bbl	93.20
October 2024 - December 2024
Derivative [Line Items]
MMBtu per Day | MMBTU / d	11,400
Weighted Average Floor Price	4
Weighted Average Ceiling Price	7.24
January 2025 - June 2025
Derivative [Line Items]
MMBtu per Day | MMBTU / d	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	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets, current	$ 9,066	$ 19,080
Long-term derivative asset	0	3,440
Derivatives Not Designated as Hedging Instruments
Derivative [Line Items]
Total asset derivatives	9,066	22,520
Total liability derivatives	0	0
Net derivatives	9,066	22,520
Commodity Contract | Derivatives Not Designated as Hedging Instruments
Derivative [Line Items]
Derivative assets, current	9,066	19,080
Long-term derivative asset	0	3,440
Derivative liability, current	0	0
Derivative liability, noncurrent	$ 0	$ 0

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) - Commodity Contract - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Gross Fair Value	$ 9,252	$ 23,401
Gross Amounts Offset	(186)	(881)
Net Fair Value	9,066	22,520
Gross Fair Value	(186)	(881)
Gross Amounts Offset	186	881
Total liability derivatives	$ 0	$ 0

Derivative Instruments - Summ_3

Derivative Instruments - Summary of Derivative Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Commodity derivatives gains (losses)	$ 7,785	$ (24,125)	$ (2,872)	$ (3,250)
Commodity and interest rate derivative gains (losses)	0	9	0	456
Commodity Contract
Derivative [Line Items]
Commodity derivatives gains (losses)	7,785	(24,125)	(2,872)	(3,250)
Interest Rate Contract
Derivative [Line Items]
Commodity and interest rate derivative gains (losses)	$ 0	$ 9	$ 0	$ 456

Fair Value Measurement (Details

Fair Value Measurement (Details ) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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
2028 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt outstanding	$ 627,700,000		$ 627,700,000
Appalachian Basin
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment of proved oil and natural gas properties				$ 25,600,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 4,111	$ 383	$ 11,733	$ 6,884

Subsequent Events (Details)

Subsequent Events (Details)	Nov. 06, 2024 $ / shares
Class A Common Stock | Subsequent Event
Subsequent Event [Line Items]
Dividend declared amount (in USD per share)	$ 0.28