Sitio Royalties Corp.

I will now hand over to your host, Alyssa Stevens, Vice President of Investor Relations, to begin. Please go ahead.

Thanks, Operator. Good morning, and welcome to our fourth quarter and full year 2024 conference call. By now, it is our hope that you have been through our materials. You can find our recent news release and some supplemental slides on our website under the Investor Relations section. I'm joined this morning by our CEO, Chris Conocenti, and our CFO, Carrie Osika. After our brief prepared remarks, Chris, Carrie, and other members of our leadership team will be available to take your questions. 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 release, investor presentation, and publicly filed documents for additional information regarding such forward-looking statements and non-GAAP measures. I will now turn the call over to Chris.

Thanks, Alyssa, and welcome, everyone. I want to publicly welcome Alyssa Stevens to the Citio team. She joined us earlier this year as our new VP of investor relations. Many of you may have met her already, but she is a great addition to Citio. This has allowed Ross Wong to take on additional leadership responsibilities on our finance team. So let's get started. We will divide today's call into three segments. First, I'll review our 2024 highlights and how we strengthen the business through accretive acquisitions and active management of our minerals. Second, Kerry will summarize our recent financial results and our 2025 outlook. Lastly, we will review our key priorities for the year. 2024 was a strong year of execution for CITIO, and we have a solid list of accomplishments. I'll hit the highlights. First, we delivered against our full year projections. We had record fourth quarter production of about 41,000 barrels of oil equivalent per day, a 14% year-over-year increase. and averaged over 39,000 barrels of oil equivalent for the year pro forma for the DJ Basin acquisition. We exceeded the high end of full year guidance, even after raising guidance twice during the year. Our expenses and taxes fell within or slightly below our guidance range. Our solid results were due to the exceptional work of the entire team at CITIO. The quality of our land positions in the most prolific US basins, strong activity and well performance from our industry leading operators, of creative acquisitions and our differentiated asset management capabilities. Second, we continue to develop innovative efficiencies. This is one of our core competencies that differentiates us from our peers. Throughout 2024, we refined our proprietary custom-built asset management applications, which allow us to process and analyze significantly more data per person. We can now automatically process more than 99% of the revenue check data we receive from our operators reducing approximately 21 million rows of data down to 100,000 records for our staff to review annually. Taking this a step further, we use AI models to interpret contracts that enable us to identify revenue payment discrepancies, producing a dashboard for further analysis by our team. In 2024, we captured $19 million of missing revenue payments, offsetting over two-thirds of our cash G&A. We have invested in our future, both in terms of highly skilled people across the company and new technologies. Our relatively small investments in asset management systems will be returned many times over, and we expect meaningful reductions in cash G&A costs per BOE as we continue to scale our minerals position. Next, we closed 16 high value acquisitions throughout the year. These were immediately accretive to discretionary cash flow per share and represented some of the highest return investments in our history. It was a standout year for consolidation of high return, small and medium sized deals. CTO has demonstrated its ability to negotiate deals outside of normal broad auction processes. Our practices are repeatable and the deals we've executed are impactful in the aggregate. It was a healthy year of deal flow for us with acquisitions totaling more than $350 million, including fourth quarter deals of approximately $140 million. The fourth quarter deals added 3,300 net royalty acres to our portfolio, primarily in the Delaware Basin. Number four, we are committed to a strong balance sheet and our capital structure is solid. In December, our borrowing base was increased to $925 million, an increase of $75 million. Year over year, our annual interest expense on a per BOE basis was down over 17% as we refinanced higher cost notes in late 2023. Our balanced capital structure, high-quality assets, and robust coverage ratios helped ensure financial flexibility, ample liquidity, and access to future capital at attractive rates. Our senior notes continue to trade well above par, and we are one of two minerals companies currently accessing the public debt markets, which advantages our cost of capital. Lastly, we prioritize capital returns to shareholders and deliver value on a per-share basis. In 2024, we returned $330 million to owners, or over 70% of our discretionary cash flow. Since becoming public in mid-2022, our cumulative return of capital to shareholders is nearly $850 million, including dividends and share buybacks. This represents nearly 30% of our current market capitalization. At current commodity prices, we expect that number to exceed $1 billion in 2025. This was a great year for us. We had a winning combination of execution, efficiency gains, and acquisition activity that allowed us to maintain our strong balance sheet and return capital to shareholders. Importantly, our results underscore the repeatability of our business model. With that, I'll turn it over to Carrie to summarize our recent financial results and 2025 outlook.