Sitio Royalties Corp. (STR) announced late on Wednesday that it suffered a net loss of $91.72 million for the fourth quarter, in sharp contrast to the profit of $4.59 million that was reported for the same period in the previous year. The disappointing outcome was mainly due to a massive non-cash loss of $144.5 million resulting from the sale of assets located in the Appalachian and Anadarko Basins, along with falling price levels.
The company reported an Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $134.91 million, up from $93.09 million in the previous year. However, the Pro Forma Adjusted EBITDA decreased to $143.61 million, down from $169.46 million reported for the previous year.
Additionally, the company has decided to declare a fourth-quarter dividend of $0.51 per share for the holders of Class A Common Stock, marking an increase of approximately 4% from the third quarter.
In another move, the Board of Directors of Sitio Royalties Corp. has given its approval for a share repurchase program worth $200 million. This program, which does not have a predetermined expiry date, is expected to kick off in early March 2024.
