Record Production and Acquisitions
The first quarter of 2025 marked another record quarter of production for Sitio, with net wells turned in line up 34% from 4Q 2024 and total production up 3% quarter-over-quarter, averaging over 42,000 BOE per day. Additionally, $20 million of acquisitions added 1,315 net royalty acres.
Strong Financial Performance
Adjusted EBITDA for the quarter was $142 million, reflecting a 1% increase from the prior quarter. Net income rose by 36% over the same period, beating consensus estimates. The company declared a cash dividend of $0.35 per share.
Share Buyback Program Expansion
The Board extended the buyback plan, authorizing an additional $300 million of share repurchases, with $350 million remaining buyback capacity. In Q1, 1.1 million shares were repurchased for $22 million.
Competitive Asset Positioning
The company has increased its inventory estimate by 40 additional net normalized locations, representing a 10% quarter-over-quarter increase. This shows strong asset quality and operator strength.