Sitio Royalties to acquire the 12,200 NRAs in the Permian Basin of Apollo-backed Momentum Minerals for $224m.

Sitio Royalties, a company which focuses on investing in mineral and royalty interests in the Permian and other productive US oil basins, agreed to acquire the 12,200 NRAs in the Permian Basin of Apollo-backed Momentum Minerals, a mineral and royalty acquisition company, for $224m. “We are excited to announce these highly accretive acquisitions in the Permian Basin and continued execution of our returns-focused, large-scale mineral and royalty consolidation strategy. We expect our shareholders to significantly benefit from efficiencies due to the increased scale of the Company and a substantial increase to our dividend. These acquisitions are the latest in a series of transactions in excess of 10,000 NRAs since June of 2021, building on our track record of executing value-additive M&A and further cementing our position as the top consolidator in the space,” Chris Conoscenti, Sitio Chief Executive Officer.