If You Invested in Questar Corporation (STR)

Sitio Royalties Corp. (formerly NYSE: STR) was an energy company in the oil and gas exploration and production (E&P) sector that focused on mineral and royalty interests. According to company communications, Sitio described itself as a shareholder returns-driven business concentrating on large-scale consolidation of high-quality oil and gas mineral and royalty interests across premium basins, working with a diversified set of operators. Over time, Sitio accumulated a substantial position in net royalty acres through numerous acquisitions and emphasized generating cash flow from operations that could be both returned to stockholders and reinvested.

Based on its public disclosures, Sitio’s assets were concentrated in key U.S. oil and gas basins. The company reported net royalty acres and production in areas including the Delaware Basin, Midland Basin, DJ Basin, Eagle Ford and Williston/Other regions. Sitio highlighted that operators on its acreage turned in-line multiple net wells each quarter and maintained a meaningful inventory of line-of-sight wells (spud and permitted), which underpinned its production profile and future development visibility.

Sitio’s business model centered on owning mineral and royalty interests rather than operating wells. In its first quarter 2025 results, Sitio noted that its assets had no obligatory capital expenditures and no operating costs at the asset level, and referenced a high Adjusted EBITDA margin over the prior twelve months. The company pointed to these characteristics, together with exposure to well-capitalized operators and diversified, perpetual real assets, as key elements of its approach to generating free cash flow and returning capital to shareholders through cash dividends and share repurchases.

Over multiple quarters, Sitio reported that it had closed numerous acquisitions of mineral and royalty interests, often describing these as immediately accretive to cash flow per share. The company also disclosed that it had returned significant cumulative capital to shareholders since becoming public in 2022, through a combination of dividends and repurchase of Class A common stock and partnership units. Sitio’s disclosures emphasized a framework of balancing shareholder returns with a durable capital structure, including the use of a revolving credit facility and senior unsecured notes.

Corporate activity in 2024 and 2025 included ongoing acquisitions, production growth and updates to financial and operational guidance. Sitio reported record or near-record average daily production in several periods, with a mix of oil, natural gas and natural gas liquids. The company regularly provided detail on realized prices, production taxes, general and administrative expenses, interest expense and other metrics, as well as information on its commodity derivative contracts such as oil and gas swaps and collars.

A significant corporate milestone was a merger agreement with Viper Energy, Inc. As described in Sitio’s SEC filings, on June 2, 2025 Sitio and Sitio Royalties Operating Partnership, LP entered into an Agreement and Plan of Merger with Viper Energy, Inc., Viper Energy Partners LLC and related entities. Under this agreement, Viper agreed to acquire Sitio in an all-equity transaction through a series of mergers involving both the public company and the operating partnership. Sitio stockholders were to receive shares of Class A common stock of a new parent company referred to as New Cobra Pubco, Inc. (later Viper Energy, Inc.) in exchange for each share of Sitio Class A common stock, while Sitio Opco unitholders were to receive common units in Viper Energy Partners LLC and shares of New Viper Class B common stock.

On August 18, 2025, Sitio held a special meeting of stockholders at which the stockholders approved the merger proposal and a related advisory compensation proposal, as disclosed in a Form 8-K. A Business Wire release on the same date stated that Sitio stockholders approved the previously announced merger between Sitio and Viper Energy, Inc. and noted that Sitio Class A common stock would be suspended from trading on the New York Stock Exchange prior to market open on August 19, 2025.

According to a Form 8-K dated August 19, 2025, the mergers were consummated on August 19, 2025. The filing explains that, at the effective time of the Sitio Pubco Merger, each share of Sitio Class A common stock issued and outstanding immediately prior to that time (other than certain excluded shares) was canceled and converted into the right to receive 0.4855 shares of New Viper Class A common stock. Each share of Sitio Class C common stock was canceled and ceased to exist. The same filing notes that, as a result of the mergers, Sitio became a wholly owned subsidiary of New Viper, and that Sitio stockholders immediately prior to the merger effective time owned approximately 20% of the outstanding shares of New Viper common stock, while Viper stockholders owned approximately 80%.

In connection with the closing of the transaction, Sitio’s Class A common stock was suspended from trading on the New York Stock Exchange prior to the opening of the market on August 19, 2025. The Form 8-K states that the company requested that the NYSE file a Form 25 to delist the shares from the NYSE and to deregister them under Section 12(b) of the Exchange Act. A Form 25-NSE dated August 21, 2025, filed by the New York Stock Exchange, confirms the notification of removal from listing and registration of Sitio Royalties Corp.’s Class A common stock on the NYSE.

Subsequently, Sitio filed a Form 15 dated September 2, 2025, certifying and giving notice of termination of registration under Section 12(g) of the Securities Exchange Act of 1934 and suspension of the duty to file reports under Sections 13 and 15(d). The Form 15 identifies the class of securities covered as Class A common stock, $0.0001 par value, and notes that the approximate number of holders of record as of the certification or notice date was one.

As a result of these transactions and regulatory filings, Sitio Royalties Corp. no longer trades as an independent public company under the STR ticker. Its business and assets are reflected within Viper Energy, Inc. and related entities following the completion of the mergers described in the SEC filings.

Key business characteristics

• Sector and industry: Energy sector, with a focus on oil and gas mineral and royalty interests associated with exploration and production activity.
• Asset base: Net royalty acres and associated production in basins including the Delaware, Midland, DJ, Eagle Ford and Williston/Other regions, as reported in company releases.
• Revenue drivers: Oil, natural gas and natural gas liquids revenues from royalty interests, supplemented by lease bonus and other income, as outlined in Sitio’s financial statements.
• Capital allocation: Emphasis on returning capital to shareholders through cash dividends and share repurchases, alongside acquisitions of additional mineral and royalty interests.
• Corporate status: Following an all-equity acquisition by Viper Energy, Inc., Sitio became a wholly owned subsidiary of New Viper and its Class A common stock was delisted and deregistered.

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