Sitio Royalties Corp. [STR-WT] has reported a net loss of $46,695,000,000.0 for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $593.4 billion
Based in DENVER, Colorado, Sitio Royalties Corp. operates in the MINING sector.
In the 12 months ended December 31, 2023, the company reported total revenues of $593.4 million, a significant increase from the previous period's revenue of $369.6 million in 2022 and $120.6 million in 2021. The primary driver of this revenue growth was the substantial increase in oil, natural gas, and natural gas liquids revenues, reaching $574.5 million in 2023 compared to $355.4 million in 2022 and $118.5 million in 2021.
On the expense side, the company reported total operating expenses of $558.0 million in 2023, a substantial increase from $175.6 million in 2022 and $70.7 million in 2021. The increase in operating expenses was mainly driven by higher depreciation, depletion, and amortization costs, which reached $291.3 million in 2023 compared to $104.5 million in 2022 and $40.9 million in 2021.
Despite the growth in revenues and operating expenses, the company reported a net loss of $46.7 million in 2023, a significant decrease from the net income of $184.1 million in 2022 and $47.5 million in 2021. This decline in net income was primarily attributed to higher interest expenses, loss on extinguishment of debt, and impairment of oil and gas properties.
The basic and diluted earnings per Class A common share were reported at $(0.2) in 2023, down from $1.1 in 2022. The weighted average Class A common shares outstanding for basic and diluted calculations were consistent at 81,269 shares in both 2023 and 2022.
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