EX-99.1 2 pressrelease-q32022.htm EX-99.1 Document
EXHIBIT 99.1

logoa.jpg

BRIGHAM MINERALS, INC. REPORTS RECORD THIRD QUARTER 2022 OPERATIONAL AND FINANCIAL RESULTS

AUSTIN, Texas - (BUSINESS WIRE) - November 3, 2022 - Brigham Minerals, Inc. (NYSE: MNRL) (“Brigham Minerals,” “Brigham,” or the “Company”), a leading mineral and royalty interest acquisition company, today announced record operational and financial results for the quarter ended September 30, 2022.


RECORD THIRD QUARTER 2022 OPERATIONAL AND FINANCIAL HIGHLIGHTS AND SUBSEQUENT EVENTS

•Record daily production volumes of 15,000 Boe/d (73% liquids, 50% oil)
◦Production up 15% sequentially from Q2 2022 including a 19% increase in Permian Basin volumes

•Record royalty revenues of $92.8 million
◦Up 3% sequentially from Q2 2022 driven by 15% higher volumes offset by 12% lower realized prices

•Net income totaling $44.4 million
◦Adjusted Net Income(1) of $52.2 million, excluding $7.8 million of merger related costs
◦Record Adjusted EBITDA(1) totaling $82.1 million up 3% sequentially from Q2 2022

•Declared record Q3 2022 dividend of $0.81 per share of Class A common stock(2)
◦Base Dividend of $0.16 per share of Class A common stock
◦Variable Dividend increased 7% sequentially to $0.65 per share of Class A common stock
◦Represents 75% payout ratio of Discretionary Cash Flow ex lease bonus(1)

•10.8 net (1,786 gross) activity wells comprised of 6.7 net (929 gross) DUCs and 4.1 net (857 gross) permits
◦1.9 net DUCs converted to PDP during Q3 2022
◦207 gross wells spud during Q3 2022 (1.7 net locations)
◦Permian Basin activity wells totaling 7.0 net locations representing 65% of total activity wells

•Acquired 365 net royalty acres deploying $12.2 million in mineral acquisition capital
◦100% of capital deployed to Permian Basin comprised of 59% PDP, DUC and permitted net locations

•$33.0 million cash balance and undrawn revolver capacity of $217.0 million as of September 30, 2022
◦Conservative leverage at 0.2x last quarter annualized Adjusted EBITDA(1)

•Subsequent to quarter end, closed previously announced Midland Basin acquisition with Avant Royalties
◦Roughly 3,900 net royalty acres with 19 rigs currently running across a core, well diversified position operated by Endeavor Energy Resources, Pioneer Natural Resources, Diamondback Energy and ExxonMobil
◦0.9 net DUCs and 0.3 net permits as of close resulting in 12.0 net pro forma activity wells


(1)Non-GAAP measure. See “Non-GAAP Financial Measures” below.
(2)See "Quarterly Cash Dividend" section below regarding Board approval of future dividends.


PROPOSED MERGER WITH SITIO ROYALTIES

As previously announced, on September 6, 2022, Brigham and Sitio Royalties Corp. (“Sitio”) entered into a definitive merger agreement, pursuant to which Sitio will acquire Brigham in an all-stock transaction. Following the approval by the

EXHIBIT 99.1
Brigham stockholders and the satisfaction of certain other closing conditions, the merger is expected to close during the first quarter of 2023.

In light of the pending merger with Sitio, Brigham has discontinued providing guidance and long-term outlook information regarding its results of operations and does not intend to update the previously issued guidance and long-term outlook information, including the guidance provided in the Company’s August 4, 2022 press release announcing its second quarter 2022 financial and operational results (“the second quarter earnings release”). Accordingly, investors are cautioned not to rely on historical forward-looking statements regarding guidance and long-term outlook information, including any such information provided in the second quarter earnings release, as those forward-looking statements were the estimates of management only as of the date provided, have not and will not be updated and were subject to the specific risks and uncertainties that accompanied such forward-looking statements. As a result of the pending merger, there will not be an investor conference call.


SUBSEQUENT EVENTS

Midland Acquisition

As previously announced, on August 22, 2022, Brigham LLC entered into a definitive purchase and sale agreement (the “Purchase Agreement”) with Avant Royalties, LP, Avant Royalties II, LP and Avant Royalties II Sidecar Fund, LP (collectively, the “Sellers”), pursuant to which Brigham LLC agreed to acquire certain mineral and royalty interests from the Sellers (the “Midland Acquisition”) for $132.5 million in cash, subject to customary closing adjustments. The Midland Acquisition was completed on October 21, 2022 and has an effective date of July 1, 2022. The Company financed the Midland Acquisition through a combination of cash on hand and borrowings under the Company’s revolving credit facility.

OPERATIONAL UPDATE

Mineral and Royalty Interest Ownership Update

During the third quarter 2022, the Company executed twelve transactions acquiring approximately 365 net royalty acres (standardized to a 1/8th royalty interest) and deployed $12.2 million in capital. The Company deployed substantially all of its mineral acquisition capital in the third quarter to the Permian Basin. Third quarter acquisitions are expected to deliver near-term production and cash flow growth with the addition of 26 gross DUCs (0.1 net) and 45 gross permits (0.2 net) to inventory counts.

The table below summarizes the Company’s approximate mineral and royalty interest ownership as of the dates indicated.
DelawareMidlandAnadarkoDJWillistonTotal
Net Royalty Acres
September 30, 2022
30,1509,2359,85024,7558,18582,175
June 30, 202230,0109,0159,85024,7558,18081,810
Acres Added and (Sold) Q/Q140220——5365
% Added and (Sold) Q/Q—%2%—%—%—%—%

DUC Conversions Updates

During the third quarter 2022, the Company identified 307 gross (1.9 net) horizontal wells converted to production, which represented 30% of its net DUC inventory as of the second quarter 2022 (28% of gross DUCs). Well conversions to proved developed producing during third quarter are summarized in the table below:
Q3 2022 Wells Converted to Proved Developed Producing
GrossNet
DUCs3071.9
Acquired Wells Net of Divestitures710.2
Converted Permitted and Other3(0.1)
Total3812.0


EXHIBIT 99.1

Drilling Activity Update

During the third quarter 2022, the Company identified 207 gross (1.7 net) wells spud on its mineral position, which represents a 13% sequential increase from the second quarter 2022 on a net well basis. Brigham’s average quarterly gross and net wells spud from 2019 through the second quarter 2022 relative to the third quarter 2022 are summarized in the table below:
2019(1)
2020(1)
2021(1)
Q1 22Q2 22Q3 22
Gross Wells Spud21995164238253207
Net Wells Spud1.40.71.32.11.51.7
(1) Amounts represent average quarterly numbers during the year.

DUC and Permit Inventory Update

The Company expects future production volumes will be driven by the continued conversion of its DUC and permit inventory. Brigham’s gross and net DUC and permit inventory as of September 30, 2022 by basin is outlined in the table below:
Development Inventory by Basin(1)
DelawareMidlandAnadarkoDJWillistonTotal
Gross Inventory
DUCs20736818166170929
Permits3551495149199857
Net Inventory
DUCs2.51.80.12.00.46.7
Permits 2.00.7—0.90.44.1
(1) Individual amounts may not add to totals due to rounding.


EXHIBIT 99.1

FINANCIAL UPDATE

For the three months ended September 30, 2022, crude oil, natural gas and NGL production volumes increased 15% to 15,000 Boe/d as compared to the three months ended June 30, 2022 and increased 65% as compared to the same prior-year period. During the three months ended September 30, 2022, we collected revenues attributable to first payments received on production from numerous new wells turned-in-line at high initial flow rates on high-interest acreage in the Delaware and Midland basins. We typically receive first payment from an operator several months or longer after initial production,which typically covers multiple months of production, and as such, high-interest wells or wells with robust initial production rates can have a significant impact on revenues for the period in which first payments are collected.

For the three months ended September 30, 2022, average realized prices were $97.20 per barrel of oil, $7.09 per Mcf of natural gas, and $30.70 per barrel of NGL, for a total equivalent price of $67.21 per Boe. This represents a 12% decrease relative to the three months ended June 30, 2022 and a 39% increase relative to the same prior-year period.

The Company's net income for the three months ended September 30, 2022 was $44.4 million, inclusive of $7.8 million of merger related costs. Adjusted Net Income for three months ended September 30, 2022 was $52.2 million, excluding $7.8 million of merger related costs, up 4% from the three months ended June 30, 2022 and up 176% relative to the same prior-year period. Adjusted EBITDA was $82.1 million for the three months ended September 30, 2022, up 3% from the three months ended June 30, 2022 and up 135% relative to the same prior-year period. Adjusted EBITDA ex lease bonus was $80.7 million for the three months ended September 30, 2022, up 2% from the three months ended June 30, 2022 and up 141% from the same prior-year period. Adjusted Net Income, Adjusted EBITDA and Adjusted EBITDA ex lease bonus are Non-GAAP financial measures. For a definition of Adjusted Net Income, Adjusted EBITDA and Adjusted EBITDA ex lease bonus and a reconciliation to our most directly comparable measure calculated and presented in accordance with GAAP, please read "Non-GAAP Financial Measures” below.

As of September 30, 2022, the Company had a cash balance of $33.0 million and $217.0 million of undrawn revolver capacity under its credit facility, providing the Company with total liquidity of $250.0 million.



EXHIBIT 99.1
Results of Operations

Unaudited Financial and Operational ResultsThree Months Ended Nine Months Ended
($ in thousands, except for realized prices and unit expenses)
September 30, 2022June 30, 2022September 30, 2022September 30, 2021
Operating Revenues
Oil sales$67,132 $66,415 $184,235 $78,022 
Natural gas sales16,016 13,968 40,296 19,450 
NGL sales9,602 10,020 28,617 12,182 
Total mineral and royalty revenue$92,750 $90,403 $253,148 $109,654 
Lease bonus and other revenue1,456 476 3,365 3,894 
Total Revenues$94,206 $90,879 $256,513 $113,548 
Production
Oil (MBbls)691 612 1,855 1,245 
Natural gas (MMcf)2,259 2,011 6,138 4,441 
NGLs (MBbls)312 237 769 471 
Equivalents (MBoe)1,379 1,185 3,647 2,456 
Equivalents per day (Boe/d)15,000 13,019 13,361 8,996 
Realized Prices ($/Boe)
Oil ($/Bbl)$97.20 $108.37 $99.32 $62.68 
Natural gas ($/Mcf)7.09 6.95 6.56 4.38 
NGLs ($/Bbl)30.70 42.31 37.19 25.87 
Average Realized Price$67.21 $76.31 $69.40 $44.65 
Operating Expenses
Gathering, transportation and marketing$2,962 $2,246 $7,211 $4,967 
Severance and ad valorem taxes5,972 5,361 15,664 6,505 
Depreciation, depletion, and amortization14,964 13,449 40,726 27,129 
General and administrative (before share-based compensation)10,914 3,587 18,929 9,331 
Total operating expenses (before share-based compensation)$34,812 $24,643 $82,530 $47,932 
General and administrative, share-based compensation1,961 1,959 5,401 7,537 
Total Operating Expenses$36,773 $26,602 $87,931 $55,469 
Income from Operations$57,433 $64,277 $168,582 $58,079 
Other expenses:
Interest expense, net(1,046)(1,154)(3,114)(1,105)
Other income, net6 14 40 51 
Income Before Taxes$56,393 $63,137 $165,508 $57,025 
Income tax expense11,950 12,957 31,820 10,717 
Net Income$44,443 $50,180 $133,688 $46,308 
Less: Net income attributable to non-controlling interest (5,984)(7,931)(21,998)(12,311)
Net income attributable to Brigham Minerals, Inc. stockholders$38,459 $42,249 $111,690 $33,997 


EXHIBIT 99.1
Three Months EndedNine Months Ended
Unit Expenses ($/Boe)September 30, 2022June 30, 2022September 30, 2022September 30, 2021
Gathering, transportation and marketing$2.15 $1.90 $1.98 $2.02 
Severance and ad valorem taxes4.33 4.52 4.29 2.65 
Depreciation, depletion and amortization10.84 11.35 11.17 11.05 
General and administrative (before share-based compensation) (1)7.91 3.03 5.19 3.80 
General and administrative, share-based compensation1.42 1.65 1.48 3.07 
Interest expense, net0.76 0.97 0.85 0.45 
(1)General and administrative expenses (before share-based compensation) for the three months ended September 30, 2022 include costs related to the Mergers of $7.8 million, or $5.63 per Boe. General and administrative expenses (before share-based compensation) for the nine months ended September 30, 2022 include costs related to the Mergers of $7.8 million, or $2.13 per Boe.


Quarterly Cash Dividend

The Company’s Board of Directors (the “Board”) has declared a quarterly cash dividend incorporating results for the third quarter 2022 of $0.81 per share of Class A common stock at a 75% payout ratio. This represents a 5% increase compared to the dividend declared for the second quarter of 2022. The third quarter dividend represents a base dividend of $0.16 per share and a variable dividend of $0.65 per share and will be paid on November 25, 2022 to holders of record as of November 18, 2022. An amount equal to the cash dividend per share will also be set aside for each outstanding award granted under the long-term incentive plan for payment upon the vesting of such awards in accordance with their terms.

Future declarations of dividends are subject to approval by the Board and to the Board’s continuing determination that the declarations of dividends are in the best interests of the Company and its shareholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability.

Non-GAAP Financial Measures

Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA ex lease bonus, Adjusted EBITDA Margin, Discretionary Cash Flow, Discretionary Cash Flow ex lease bonus, and Net Debt are non-GAAP supplemental financial measures used by our management and by external users of our financial statements such as investors, research analysts and others to assess the financial performance of our assets and their ability to sustain dividends over the long term without regard to financing methods, capital structure or historical cost basis.
    
We define Adjusted Net Income as net income excluding the impacts of merger related costs. We define Adjusted EBITDA as Adjusted Net Income before depreciation, depletion and amortization, share-based compensation expense, interest expense, and income tax expense, less other income. We define Adjusted EBITDA ex lease bonus as Adjusted EBITDA further adjusted to eliminate the impacts of lease bonus and other revenues we receive due to the unpredictability of timing of the revenue. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. We define Discretionary Cash Flow as Adjusted EBITDA, less cash interest expense and cash taxes. We define Discretionary Cash Flow ex lease bonus as Discretionary Cash Flow further adjusted to eliminate the impacts of lease bonus and other revenues. We define Net Debt as total debt less cash and cash equivalents.

Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA ex lease bonus, Adjusted EBITDA Margin, Discretionary Cash Flow, Discretionary Cash Flow ex lease bonus, and Net Debt do not represent and should not be considered alternatives to, or more meaningful than, net income or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA ex lease bonus, Adjusted EBITDA Margin, Discretionary Cash Flow and Discretionary Cash Flow ex lease bonus have important limitations as analytical tools because they exclude some but not all items that affect net income, the most directly comparable GAAP financial measure. Net Debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Our computation of Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA ex lease bonus, Adjusted EBITDA Margin, Discretionary Cash Flow, Discretionary Cash Flow ex lease bonus, and Net Debt may differ from computations of similarly titled measures of other companies.


EXHIBIT 99.1
The following tables present a reconciliation of Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA ex lease bonus, Adjusted EBITDA Margin, Discretionary Cash Flow, Discretionary Cash Flow ex lease bonus, and Net Debt to the most directly comparable GAAP financial measure for the periods indicated.



SUPPLEMENTAL SCHEDULES

Reconciliation of Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA ex Lease Bonus and Adjusted EBITDA Margin

Three Months EndedNine Months Ended
($ In thousands)September 30, 2022June 30, 2022September 30, 2021September 30, 2022September 30, 2021
Net Income$44,443 $50,180 $18,911 $133,688 $46,308 
Add:
Merger-related costs7,769 — — 7,769 — 
Adjusted Net Income$52,212 $50,180 $18,911 $141,457 $46,308 
Add:
Depreciation, depletion, and amortization14,964 13,449 8,682 40,726 27,129 
Share-based compensation expense1,961 1,959 2,682 5,401 7,537 
Interest expense, net1,046 1,154 451 3,114 1,105 
Income tax expense11,950 12,957 4,214 31,820 10,717 
Less:
Other income, net6 14 36 40 51 
Adjusted EBITDA$82,127 $79,685 $34,904 $222,478 $92,745 
Less:
Lease bonus and other revenue 1,456 476 1,491 3,365 3,894 
Adjusted EBITDA ex Lease Bonus$80,671 $79,209 $33,413 $219,113 $88,851 
Memo: Adjusted EBITDA Margin
Revenue$94,206 $90,879 $41,964 $256,513 $113,548 
Adjusted EBITDA$82,127 $79,685 $34,904 $222,478 $92,745 
Adjusted EBITDA Margin87 %88 %83 %87 %82 %


EXHIBIT 99.1

Reconciliation of Discretionary Cash Flow and Discretionary Cash Flow ex Lease Bonus

Three Months Ended
($ In thousands, except per share amounts)September 30, 2022June 30, 2022September 30, 2021
Adjusted EBITDA(1)
$82,127 $79,685 $34,904 
Less:
Adjusted EBITDA attributable to non-controlling interest(8,517)(8,869)(7,094)
Adjusted EBITDA attributable to Class A common stock$73,610 $70,816 $27,810 
Less:
Cash interest expense782 989 368 
Cash taxes12,091 13,500 3,238 
Dividend equivalent rights1,119 887 645 
Discretionary cash flow to Class A common stock$59,618 $55,440 $23,559 
Less:
Lease bonus1,305 423 1,188 
Discretionary cash flow ex lease bonus to Class A common stock$58,313 $55,017 $22,371 
Payout Ratio:75 %75 %80 %
Distributed cash flow to Class A common stock$43,735 $41,263 $17,897 
Shares of Class A common stock54,175 53,721 45,245 
Distributed cash flow per share of Class A common stock — Dividend$0.81 $0.77 $0.40 
(1) Refer to Reconciliation of Adjusted EBITDA from Net Income above.



Reconciliation of Net Debt

($ In thousands)September 30, 2022June 30, 2022December 31, 2021
Total Debt$73,000 $73,000 $93,000 
Less: Cash and Cash Equivalents32,995 24,103 20,819 
Net Debt$40,005 $48,897 $72,181 

EXHIBIT 99.1
Condensed Consolidated Balance Sheets
September 30,December 31,
(In thousands, except share amounts)20222021
ASSETS(Unaudited)
Current assets:
Cash and cash equivalents$32,995 $20,819 
Restricted cash6,629 200 
Accounts receivable63,317 30,539 
Prepaid expenses and other3,196 3,145 
Total current assets106,137 54,703 
Oil and gas properties, at cost, using the full cost method of accounting:
Unevaluated property310,783 338,613 
Evaluated property754,418 633,138 
Less accumulated depreciation, depletion, and amortization(354,361)(239,612)
Oil and gas properties, net710,840 732,139 
Other property and equipment3,559 2,060 
Less accumulated depreciation(1,629)(1,280)
Other property and equipment, net1,930 780 
Operating lease right-of-use asset5,883 6,764 
Deferred tax asset39,485 25,308 
Other assets, net1,202 1,183 
Total assets$865,477 $820,877 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities$21,923 $20,473 
Current operating lease liability1,211 1,178 
Total current liabilities23,134 21,651 
Long-term bank debt73,000 93,000 
Non-current operating lease liability4,831 5,742 
Other non-current liabilities2,427 810 
Equity:
Preferred stock, $0.01 par value; 50,000,000 authorized; no shares issued and outstanding at September 30, 2022 and December 31, 2021— — 
Class A common stock, $0.01 par value; 400,000,000 authorized, 54,734,157 shares issued and 54,175,458 shares outstanding at September 30, 2022; 400,000,000 authorized, 48,796,518 shares issued and 48,359,888 shares outstanding at December 31, 2021547 488 
Class B common stock, $0.01 par value; 150,000,000 authorized, 6,270,684 shares issued and outstanding at September 30, 2022; 150,000,000 authorized, 11,371,517 shares issued and outstanding at December 31, 2021— — 
Additional paid-in capital760,879 634,564 
Accumulated deficit(91,218)(105,096)
Treasury stock, at cost; 558,699 shares at September 30, 2022 and 436,630 shares at December 31, 2021(6,338)(3,527)
Total equity attributable to Brigham Minerals, Inc. 663,870 526,429 
Non-controlling interests98,215 173,245 
Total equity$762,085 $699,674 
Total liabilities and equity$865,477 $820,877 




EXHIBIT 99.1
Unaudited Condensed Consolidated Statements of Operations
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share data)2022202120222021
REVENUES
Mineral and royalty revenues$92,750 $40,473 $253,148 $109,654 
Lease bonus and other revenues1,456 1,491 3,365 3,894 
Total revenues94,206 41,964 256,513 113,548 
OPERATING EXPENSES
Gathering, transportation and marketing2,962 1,641 7,211 4,967 
Severance and ad valorem taxes5,972 2,372 15,664 6,505 
Depreciation, depletion, and amortization14,964 8,682 40,726 27,129 
General and administrative12,875 5,729 24,330 16,868 
Total operating expenses36,773 18,424 87,931 55,469 
INCOME FROM OPERATIONS57,433 23,540 168,582 58,079 
Interest expense, net(1,046)(451)(3,114)(1,105)
Other income, net6 36 40 51 
Income before income taxes56,393 23,125 165,508 57,025 
Income tax expense 11,950 4,214 31,820 10,717 
NET INCOME$44,443 $18,911 $133,688 $46,308 
Less: Net income attributable to non-controlling interest (5,984)(4,698)(21,998)(12,311)
Net income attributable to Brigham Minerals, Inc. stockholders$38,459 $14,213 $111,690 $33,997 
NET INCOME PER COMMON SHARE
Basic
$0.71 $0.31 $2.16 $0.77 
Diluted
$0.69 $0.31 $2.09 $0.75 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic
53,943 45,198 51,66344,216
Diluted
55,942 45,888 53,46345,056

















EXHIBIT 99.1
Unaudited Condensed Consolidated Statement of Cash Flows
Nine Months Ended September 30,
(In thousands)20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$133,688 $46,308 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization40,726 27,129 
Share-based compensation expense5,401 7,537 
Amortization of debt issuance costs467 217 
Deferred income tax expense2,499 2,794 
Credit losses274 144 
Changes in operating assets and liabilities:
(Increase) in accounts receivable(33,052)(10,999)
(Increase) in other current assets(49)(1,753)
Increase in accounts payable and accrued liabilities12,773 968 
Increase in other long-term liabilities— 20 
Net cash provided by operating activities$162,727 $72,365 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to oil and gas properties(71,748)(49,203)
Additions to other fixed assets(1,373)(28)
Proceeds from sale of oil and gas properties, net74,370 4,441 
Net cash provided by (used in) investing activities$1,249 $(44,790)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of long-term debt(70,000)(4,000)
Borrowing of long-term debt50,000 37,000 
Offering costs of Class A common stock (78)— 
Dividends paid (97,574)(41,374)
Distribution to holders of non-controlling interest(17,490)(12,668)
Debt issuance costs(486)(247)
Payment of employee tax withholding for settlement of equity compensation awards(9,743)(1,136)
Net cash used in financing activities$(145,371)$(22,425)
Change in cash and cash equivalents and restricted cash18,605 5,150 
Cash and cash equivalents and restricted cash, beginning of period21,019 9,144 
Cash and cash equivalents and restricted cash, end of period$39,624 $14,294 
Supplemental disclosure of non-cash activity:
Accrued capital expenditures$284 $36 
Capitalized share-based compensation cost$4,476 $5,475 
Issuance of Class A common stock for acquisitions of oil and gas properties, net$17,629 $— 
Temporary equity cumulative adjustment to carrying value$— $54,294 
Supplemental cash flow information:
Cash payments for loan commitment fees and interest$(2,789)$(898)
Tax payments, net of refunds$(23,655)$(6,481)






EXHIBIT 99.1
ABOUT BRIGHAM MINERALS, INC.

Brigham Minerals is an Austin, Texas, based company that acquires and actively manages a portfolio of mineral and royalty interests in the core of some of the most active, highly economic, liquids-rich resource basins across the continental United States. Brigham Minerals’ assets are located in the Delaware and Midland Basins in West Texas and New Mexico, the Anadarko Basin of Oklahoma, the DJ Basin in Colorado and Wyoming, and the Williston Basin in North Dakota. The Company’s primary business objective is to maximize risk-adjusted total return to its shareholders by both capturing organic growth in its existing assets as well as leveraging its highly experienced technical evaluation team to continue acquiring minerals.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements pertaining to our pending merger with Sitio and the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including production and other guidance within this press release. These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, operator capital discipline and inflation impacts on their cash flows, the Company’s ability to integrate acquisitions into its existing business, changes in oil, natural gas and NGL prices, weather and environmental conditions, the timing of planned capital expenditures, availability of and competition for acquisitions, operational factors affecting the commencement or maintenance of producing wells on the Company’s properties, the condition of the capital markets generally, as well as the Company’s ability to access them, economic and competitive conditions, including those resulting from the current conflict between Russia and Ukraine and elevated inflation levels resulting from global supply and demand imbalances, the proximity to and capacity of transportation, uncertainties regarding environmental regulations or litigation, global or national health events, such as the COVID-19 pandemic, potential future pandemics, the actions of the Organization of Petroleum Exporting Countries and other significant producers and governments and the ability of such producers to agree to and maintain oil price and production controls and other legal or regulatory developments affecting the Company’s business and other important factors. These and other applicable uncertainties, factors and risks are described more fully in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2021, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company’s actual results and plans could differ materially from those expressed in any forward-looking statements.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise except as required by applicable law.

Contacts
At the Company:
Brigham Minerals, Inc.
Blake C. Williams
Chief Financial Officer
(512) 220-1500
InvestorRelations@brighamminerals.com
SOURCE Brigham Minerals, Inc.