Sitio Royalties Corp.

Good morning and welcome to the CTO Royalty's fourth quarter 2024 earnings conference call. My name is Carla and I will be the operator for the call today. During the presentation, you can register to ask a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two. I would now like to hand the call over to Ross Wong, Vice President of Finance and Investor Relations to begin. Ross, please go ahead.

Thanks, operator. Good morning, everyone. Welcome to the CIDIO Royalties first quarter 2024 earnings call. If you don't already have a copy of our recent press release and update investor presentation, please visit our website at www.cidio.com. We will find them in our investor relations section. With me today to discuss our first quarter 2024 financial and operating results is Chris Conocenti, our Chief Executive Officer, Kerry Osika, our Chief Financial Officer, and other members of our executive leadership team. Before we start, I would like to remind you that our discussion today may contain forward-looking statements and non-GAAP measures. Please refer to our earnings press release, investor presentation, and publicly filed documents for additional information regarding such forward-looking statements and non-GAAP measures. And with that, I will turn the call over to Chris.

Thanks, Ross. Good morning, everyone, and thank you for joining CTO's first quarter 2024 earnings call. We're off to a great start to the year with robust operator activity on our acreage, the recent closing of the DJ Basin acquisition, and the commencement of share repurchases in March. This quarter was a clear demonstration of the strength of our business model, which is designed to be diversified across regions, operators, and commodities, and focused on the returns expected from our acquisition underwriting. I want to thank our team at CITIO, which is driven by our belief in building shareholder value by creating a differentiated company focused on high rate of return investments and innovating the business of managing a large and complex asset base. The robust activity I referred to came from multiple regions, primarily Delaware, Eagleford, and DJ, and multiple operators, both public and private, which turned in line 14.3 pro forma net wells in the first quarter, resulting in a 3.7% quarterly pro forma production growth rate. Our first quarter pro forma production was a company record high of 37,970 BOEs per day, 51% of which was oil. Additionally, approximately 40% of all newly producing wells in the quarter came online in March. So we expect to see positive impacts from this in our second quarter production. We ended the first quarter with 52.9 pro forma net line of site wells, which supports our outlook for near term activity. We will continue to monitor operator activity the macro environment, and industry trends, and we'll update our 2024 guidance accordingly if our outlook differs materially from our previously issued guidance. On the M&A front, the DJ Basin acquisition closed on April 4th, and the acquired assets produced over 2,600 BOEs per day and had asset-level cash flow of $8.5 million during the first quarter. These assets had consistent operator activity throughout the quarter, with an estimated 1.2 net wells turn in line, all from Chevron, Oxy, and Civitas. Since the DJ Basin acquisition closed on April 4th, our first quarter reported financials do not include any impacts from these assets. However, our financials will have 88 days of contribution from these assets in the second quarter. Our minerals M&A pipeline remains strong. and we are evaluating acquisition opportunities of all sizes and across all of our regions with a continued focus on rate of return. With that, I'll now turn the call over to Carrie to provide an update on our quarterly financial results and return of capital.