Segment

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment

Segment

Sitio’s chief operating decision maker (“CODM”) is the executive leadership team that includes the chief executive officer, chief financial officer, executive vice president of land, executive vice president of operations, executive vice president of corporate development, and the executive vice president, general counsel and secretary. The executive leadership team manages the business as a whole and assesses financial performance as a single enterprise and not on an area-by-area basis. Therefore, the Company identified one reportable segment: oil & natural gas minerals. The oil & natural gas minerals segment acquires, owns and manages high-quality mineral and royalty interests across premium basins in the United States and leases its mineral interests to E&P operators. These leases permit E&P operators to explore for and produce oil, natural gas and natural gas liquids from Sitio’s properties and entitle Sitio to receive a percentage of the proceeds from the sales of these commodities. The accounting policies of the oil & natural gas minerals segment are the same as those described in the summary of significant accounting policies. The CODM uses net income from operations generated from segment assets in deciding whether to reinvest profits into the oil & natural gas minerals segment or into other parts of the entity, such as to repurchase shares of our Class A Common Stock or Sitio OpCo Partnership Units (including associated Class C Common Shares), pay dividends to holders of our Class A Common Stock, pay distributions to noncontrolling interest, or make payments on our Sitio Revolving Credit Facility. The CODM assesses performance of the oil & natural gas minerals segment and decides how to allocate resources based on net income and net income from operations that is reported on the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM evaluates significant expenses and assets based off the consolidated financial statements and does not further disaggregate expenses or assets in deciding how to allocate resources and assess performance. Since the Partnership operates as a single reporting segment, all required segment reporting disclosures can be found in the consolidated financial statements.