History
Sitio Royalties was formed by the 2022 merger of Sitio and Brigham Minerals, refinanced its debt in 2023, and was acquired by Viper Energy in August 2025.
2022: Sitio and Brigham join forces
The record begins with a deal. Under a merger agreement dated September 6, 2022, Sitio agreed to an all-stock acquisition of Brigham Minerals. A new holding company filed a registration statement in October 2022. Brigham shareholders were to receive 1.133 new shares per share, and Sitio holders one for one. That would leave Sitio holders with about 54% and Brigham holders about 46%. Holders of about 83.7% of Sitio's voting power had already agreed to vote in favour.
The merger closed on December 29, 2022. The new holding company took the name Sitio Royalties Corp., the old Sitio became STR Sub Inc., and Brigham became a subsidiary. Shares on issue stood at 74,347,005 at the end of that year.
2023: Tidying the debt and adding assets
The first months of 2023 went on clearing up after the merger. On February 3, Sitio's operating partnership replaced its credit facility with a new agreement led by JPMorgan. It carried commitments of up to $1.5 billion, a $750 million borrowing base (the amount lenders will lend against the company's assets) and a June 2027 maturity. Brigham's old credit agreement was repaid and ended.
In June, Sitio issued 2,508,490 Class C shares and the same number of operating partnership units in exchange for mineral and royalty interests. The units can be swapped one for one into Class A shares. Shares on issue ended 2023 at 74,939,080, though the beats do not tie that figure to this issue.
In September, the borrowing base and lender commitments were raised from $750 million to $850 million. Sitio then announced a note offering, upsized and completed on October 3, when the operating partnership sold $600 million of 7.875% senior unsecured notes due November 2028. The money redeemed all of its 2026 notes and repaid part of the credit facility. The company reported a net loss of $2.97 million for the second quarter of 2023.
The record also shows routine filings in 2023 about removing a class of securities from listing and deregistering securities. They are not explained further.
2024: A quiet record
The disclosures show no major events for 2024 or for the first part of 2025.
2025: Sold to Viper Energy
On June 2, 2025, Sitio agreed to be acquired by Viper Energy in an all-equity merger. Each Sitio Class A share would convert into 0.4855 shares of the new parent's Class A stock, Class C shares would be cancelled, and operating units would be exchanged for Viper units plus Class B shares. Sitio holders would own about 20% of the combined company and Viper holders about 80%. Viper's board and executives would run it. Sitio agreed not to seek rival offers, with an exception for a superior proposal before the vote.
A proxy statement in July set a stockholder meeting for August 18. Holders of about 48% of Sitio's voting power had signed support agreements. Class C holders who were not supporting stockholders could seek appraisal, meaning a court valuation of their shares.
Stockholders approved the merger on August 18, with 130,700,871 votes for, 366,763 against and 148,537 abstaining. It closed on August 19. Sitio's credit facility was repaid in full and ended, and its Class A stock was suspended from the NYSE. Sitio's deregistration with the SEC followed on September 2, 2025. At that date, Sitio was part of Viper Energy, Inc., with former Sitio holders owning about 20%. Three lawsuits challenging the merger's disclosures and the appraisal outcome had no resolution in the filings, and the beats do not say what happened to the 2028 notes.
Written from the 15 story beats below (2022 to 2 Sept 2025), which come from the company's own announcements and filings.