Sitio Royalties Acquires Permian Basin NRAs from Foundation Minerals; Agrees to Buy NRAs from Momentum Minerals
June 27, 2022
Sitio Royalties Corp. completed the acquisition of over 19,700 net royalty acres in the Permian Basin from Foundation Minerals for approximately $323 million and signed a definitive agreement to acquire over 12,200 NRAs from Momentum Minerals for approximately $224 million (expected to close in Q3 2022). The transactions expand Sitio's Permian footprint, are accretive to cash flow per share, and were funded with debt facilities and hedges to protect near-term cash flows.
- Buyers
- Sitio Royalties Corp.
- Targets
- Foundation Minerals, Momentum Minerals
- Sellers
- Foundation Minerals, Momentum Minerals
- Industry
- Oil & Gas
- Location
- Texas, United States
- Transaction Type
- Buyout
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