Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
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