Minerals firm Sitio Royalties Corp. is boosting its position in the Permian Basin with a pair of acquisitions that is expected to increase net production by 23%.

Sitio Royalties Corp.

Sitio, the company formed when Desert Peak Minerals and Falcon Minerals Corp. completed their merger this year, said late last month that it acquired more than 19,700 net royalty acres (NRA) for around $323 million from Foundation Minerals LLC, a Midland-based portfolio company of Quantum Energy Partners.

Sitio also signed a definitive agreement to buy more than 12,200 net royalty acres from Momentum Minerals, which is backed by investor Apollo Global Management. The Permian assets sold for around $224 million in a deal expected to close in the third quarter of 2022.

Together, the two transactions are expected to...