DALLAS–(BUSINESS WIRE)–Granite Ridge Resources, Inc. (“Granite Ridge” or the “Company”) (NYSE: GRNT) today reported financial and operating results for the third quarter of 2025.
Third Quarter 2025 Highlights
- Grew daily production 27% to 31,925 barrels of oil equivalent (“Boe”) per day (51% oil), from 25,177 Boe per day for the third quarter of 2024.
- Reported net income of $14.5 million, or $0.11 per diluted share, versus $9.1 million, or $0.07 per diluted share, for the prior year period. Adjusted Net Income (non-GAAP) totaled $11.8 million, or $0.09 Adjusted Earnings Per Diluted Share (non-GAAP).
- Generated $78.6 million of Adjusted EBITDAX (non-GAAP).
- Invested $64.0 million in development capital expenditures and $16.5 million in acquisition capital to capture high quality drilling opportunities.
- Placed 9.3 net wells online.
- Declared dividend of $0.11 per share of common stock.
- Net Debt to Trailing Twelve Months Adjusted EBITDAX (non-GAAP) of 0.9x.
- Subsequent to quarter end, the Company’s Board of Directors declared a regular quarterly dividend of $0.11 per share payable on 12/15/2025 to shareholders of record as of 11/28/2025. Future declarations of dividends are subject to approval by the Board of Directors.
- Subsequent to quarter end, the Company issued $350.0 million aggregate principal amount of 8.875% senior unsecured notes at 96.0% of par with a stated maturity of November 5, 2029.
See “Supplemental Non-GAAP Financial Measures” below for descriptions of the above non-GAAP measures as well as a reconciliation of these measures to the associated GAAP (as defined herein) measures.
Tyler Farquharson, President and CEO of Granite Ridge, commented, “Granite Ridge delivered another quarter of strong execution and disciplined growth, demonstrating the consistency of our model and the strength of our diversified portfolio. Our Operated Partnership platform continues to perform well, highlighted by Admiral Permian Resources and other key partners who are driving operational excellence and capital efficiency across our portfolio.
“Subsequent to quarter end, we further strengthened our balance sheet through proactive refinancing that enhanced our liquidity and extended our financial runway heading into 2026. These actions reflect our continued commitment to maintaining a conservative capital structure and ensuring the flexibility to pursue high-return opportunities while delivering consistent cash returns to shareholders.
“As we look ahead to 2026, Granite Ridge is well positioned to build on this momentum. Our Operated Partnerships provide a repeatable path to growth, our non-operated portfolio continues to generate steady cash flow, and our financial strength enables us to create long-term value for shareholders through commodity cycles.”
Financial Results
Oil and natural gas sales for the third quarter of 2025 were $112.7 million. Net income was $14.5 million, or $0.11 per diluted share. Excluding non-cash and special items, Adjusted Net Income (non-GAAP) was $11.8 million, or $0.09 per diluted share.
Adjusted EBITDAX (non-GAAP) for the third quarter of 2025 totaled $78.6 million compared to $75.4 million for the third quarter of 2024. Cash flow from operating activities was $77.8 million, including $4.7 million in working capital changes. Operating Cash Flow Before Working Capital Changes (non-GAAP) was $73.1 million.
Production Results
Third quarter 2025 oil production volumes totaled 16,222 barrels (“Bbls”) per day, a 28% increase from the third quarter of 2024. Natural gas production for the third quarter of 2025 totaled 94,217 thousand cubic feet of natural gas (“Mcf”) per day, a 25% increase from the third quarter of 2024. The Company’s daily production for the third quarter of 2025 grew 27% from the third quarter of the prior year to 31,925 Boe per day.
Oil, Natural Gas and Related Product Sales
The Company’s average realized price for oil and natural gas for the third quarter of 2025, excluding the effect of commodity derivatives, was $61.62 per Bbl and $2.39 per Mcf, respectively, compared to $73.44 per Bbl and $1.24 per Mcf realized in the third quarter of 2024.
Operating Costs
Lease operating expenses were $23.6 million ($8.03 per Boe) for the three months ended September 30, 2025 compared to $13.0 million ($5.62 per Boe) during the same period in 2024. The increase was primarily due to an overall increase in service costs, particularly saltwater disposal costs. Production and ad valorem taxes were $6.6 million for the quarter, or 6% of oil and natural gas sales. During the quarter, general and administrative expenses totaled $7.0 million, or $2.38 per Boe, inclusive of $0.4 million of nonrecurring severance and capital markets expenses and $1.3 million of non-cash stock-based compensation.
Capital Expenditures and Operational Activity
Capital expenditures for the quarter were $80.5 million comprised of $64.0 million of development capital and $16.5 million of property acquisition costs. The Company closed 17 acquisitions in the Permian and Utica Basins, adding an aggregate inventory of 13.6 net undeveloped locations.
The table below provides the costs incurred for oil and natural gas producing activities for the periods indicated:
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
(in thousands) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Property acquisition costs: |
|
|
|
|
|
|
|
||||
|
Proved |
$ |
807 |
|
$ |
— |
|
$ |
14,148 |
|
$ |
2,824 |
|
Unproved |
|
15,704 |
|
|
32,919 |
|
|
46,794 |
|
|
51,515 |
|
Development costs |
|
64,006 |
|
|
77,171 |
|
|
212,593 |
|
|
206,761 |
|
Total costs incurred for oil and natural gas properties |
$ |
80,517 |
|
$ |
110,090 |
|
$ |
273,535 |
|
$ |
261,100 |
The Company had 9.3 net wells turned in-line (“TIL”) during the third quarter of 2025, compared to 5.2 net wells TIL in the third quarter of 2024. Granite Ridge saw strong well performance across multiple basins, highlighted by robust initial production from recently TIL wells in the Permian Basin.
The table below provides a summary of gross and net wells completed and TIL for the three and nine months ended September 30, 2025:
|
|
Three Months Ended September 30, 2025 |
|
Nine Months Ended September 30, 2025 |
||||
|
|
Gross |
|
Net |
|
Gross |
|
Net |
|
Permian |
25 |
|
7.3 |
|
113 |
|
24.3 |
|
Eagle Ford |
5 |
|
0.5 |
|
7 |
|
0.5 |
|
Bakken |
0 |
|
0.0 |
|
10 |
|
0.2 |
|
Haynesville |
12 |
|
1.2 |
|
12 |
|
1.2 |
|
DJ |
6 |
|
0.2 |
|
72 |
|
0.6 |
|
Appalachian |
11 |
|
0.1 |
|
41 |
|
1.1 |
|
Total |
59 |
|
9.3 |
|
255 |
|
27.9 |
At September 30, 2025, the Company had 108 gross (11.3 net) wells in process.
Liquidity and Capital Resources
As of September 30, 2025, Granite Ridge had $300.0 million of debt outstanding under its existing Credit Agreement and $86.5 million of liquidity, consisting of $74.7 million of committed borrowing availability and $11.8 million of cash on hand.
On November 5, 2025, the Company, as issuer, completed an issuance of $350.0 million aggregate principal amount of 8.875% senior unsecured notes at 96.0% of par with stated maturity on November 5, 2029 (the “2029 Senior Notes”) pursuant to a note purchase agreement. The 2029 Senior Notes were purchased by a group of institutional accounts, including funds managed by EOC Partners Advisors L.P. The Company used the net proceeds from issuance of the 2029 Senior Notes to repay certain amounts under the Credit Agreement and to pay related fees and expenses.
On November 5, 2025, the Company and its lenders entered into the Sixth Amendment to Credit Agreement, which amended the Credit Agreement to, among other things:
- reaffirm the borrowing base and aggregate elected commitment amounts at $375.0 million,
- permit the issuance of the 2029 Senior Notes, and
- extend the maturity date to 2029.
Commodity Derivatives Update
The Company’s commodity derivatives strategy is intended to manage its exposure to commodity price fluctuations. Please see the table under “Derivatives Information” below for detailed information about Granite Ridge’s current derivatives positions.
2025 Guidance
The following table summarizes the Company’s operational and financial guidance for 2025.
|
Annual production (Boe per day) |
31,000 – 33,000 |
|
|
Oil as a % of sales volumes |
51% – 53% |
|
|
Acquisitions ($ in millions) |
$120 – $120 |
|
|
Development capital expenditures ($ in millions) |
$280 – $300 |
|
|
Total capital expenditures ($ in millions) |
$400 – $420 |
|
|
Lease operating expenses (per Boe) |
$6.25 – $7.25 |
|
|
Production and ad valorem taxes (as a % of total sales) |
6% – 7% |
|
|
Cash general and administrative expense ($ in millions) |
$25 – $27 |
|
Conference Call
Granite Ridge will host a conference call on November 7, 2025, at 10:00 AM CT (11:00 AM ET) to discuss its third quarter 2025 results. A brief Q&A session for security analysts will immediately follow the discussion. The telephone number and passcode to access the conference call are provided below:
Dial-in: (888) 660-6093
Intl. dial-in: (929) 203-0844
Participant Passcode: 4127559
To access the live webcast visit Granite Ridge’s website at www.graniteridge.com. Alternatively, an audio replay will be available through November 21, 2025. To access the audio replay, dial (800) 770-2030 and enter confirmation code 4127559.
Upcoming Investor Events
Granite Ridge management will be participating in the following upcoming investor events:
- BofA Securities Global Energy Conference (Houston, TX) – November 12, 2025
- Stephens Annual Investment Conference (Nashville, TN) – November 20, 2025
- Capital One Securities Energy Conference (New Orleans, LA) – December 9, 2025
Any investor presentations to be used for such events will be posted prior to the respective event on Granite Ridge’s website. Information on Granite Ridge’s website does not constitute a portion of, and is not incorporated by reference into this press release.
About Granite Ridge
Granite Ridge is a scaled energy company which aims to provide shareholders with exposure similar to energy private equity through operated partnerships and traditional non-operated assets. We own assets in six prolific unconventional basins across the United States. We aim to deliver a diversified portfolio with best-in-class full cycle returns by investing in a large number of high-graded deals developed by proven public and private operators. We focus on success as measured by total shareholder returns, which we seek to balance with a low leverage profile. For more information, visit Granite Ridge’s website at www.graniteridge.com.
Forward-Looking Statements and Cautionary Statements
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release regarding, without limitation, Granite Ridge’s 2025 outlook, financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, industry conditions, indebtedness covenant compliance, capital expenditures, production and cash flows are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Granite Ridge’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in Granite Ridge’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans, changes in current or future commodity prices and interest rates, supply chain disruptions, infrastructure constraints and related factors affecting our properties, ability to acquire additional development opportunities and potential or pending acquisition transactions, as well as the effects of such acquisitions on the Company’s cash position and levels of indebtedness, changes in reserves estimates or the value thereof, operational risks including, but not limited to, the pace of drilling and completions activity on our properties, changes in the markets in which Granite Ridge competes, geopolitical risk and changes in applicable laws, legislation, or regulations, including those relating to environmental matters, cyber-related risks, the fact that reserve estimates depend on many assumptions that may turn out to be inaccurate and that any material inaccuracies in reserve estimates or underlying assumptions will materially affect the quantities and present value of Granite Ridge’s reserves, the outcome of any known and unknown litigation and regulatory proceedings, limited liquidity and trading of Granite Ridge’s securities, acts of war, terrorism or uncertainty regarding the effects and duration of global hostilities, including the Israel-Hamas conflict, the Russia-Ukraine war, continued instability in the Middle East, and any associated armed conflicts or related sanctions which may disrupt commodity prices and create instability in the financial markets, and market conditions and global, regulatory, technical, and economic factors beyond Granite Ridge’s control, including the potential adverse effects of world health events, affecting capital markets, general economic conditions, global supply chains, uncertainties with respect to trade policies (including the imposition of tariffs) and Granite Ridge’s business and operations, increasing regulatory and investor emphasis on, and attention to, environmental, social and governance matters, our ability to establish and maintain effective internal control over financial reporting, and the other risks described under the heading “Item 1A. Risk Factors” in Granite Ridge’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”), as updated by any subsequent Quarterly Reports on Form 10-Q that Granite Ridge files with the SEC.
Granite Ridge has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Granite Ridge’s control. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Granite Ridge does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
Use of Non-GAAP Financial Measures
To supplement the presentation of the Company’s financial results prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), this press release contains certain financial measures that are not prepared in accordance with GAAP, including Adjusted Net Income, Adjusted Earnings Per Share, Adjusted EBITDAX, Trailing Twelve Months Adjusted EBITDAX, Operating Cash Flow Before Working Capital Changes, and Net Debt.
See “Supplemental Non-GAAP Financial Measures” below for a description and reconciliation of each non-GAAP measure presented in this press release to the most directly comparable financial measure calculated in accordance with GAAP.
Granite Ridge Resources, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
|
(in thousands, except par value and share data) |
September 30, 2025 |
|
December 31, 2024 |
||||
|
ASSETS |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash |
$ |
11,832 |
|
|
$ |
9,419 |
|
|
Revenue receivable |
|
74,669 |
|
|
|
69,692 |
|
|
Advances to operators |
|
2,786 |
|
|
|
19,959 |
|
|
Prepaid and other current assets |
|
1,131 |
|
|
|
3,831 |
|
|
Derivative assets – commodity derivatives |
|
6,809 |
|
|
|
537 |
|
|
Equity investments |
|
11,574 |
|
|
|
31,783 |
|
|
Total current assets |
|
108,801 |
|
|
|
135,221 |
|
|
Property and equipment: |
|
|
|
||||
|
Oil and gas properties, successful efforts method |
|
1,815,027 |
|
|
|
1,540,021 |
|
|
Accumulated depletion |
|
(800,177 |
) |
|
|
(643,051 |
) |
|
Total property and equipment, net |
|
1,014,850 |
|
|
|
896,970 |
|
|
Long-term assets: |
|
|
|
||||
|
Derivative assets – commodity derivatives |
|
1,373 |
|
|
|
— |
|
|
Other long-term assets |
|
3,516 |
|
|
|
4,288 |
|
|
Total long-term assets |
|
4,889 |
|
|
|
4,288 |
|
|
Total assets |
$ |
1,128,540 |
|
|
$ |
1,036,479 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable and accrued liabilities |
$ |
75,413 |
|
|
$ |
99,440 |
|
|
Derivative liabilities – commodity derivatives |
|
426 |
|
|
|
1,822 |
|
|
Other liabilities |
|
1,124 |
|
|
|
546 |
|
|
Total current liabilities |
|
76,963 |
|
|
|
101,808 |
|
|
Long-term liabilities: |
|
|
|
||||
|
Long-term debt |
|
300,000 |
|
|
|
205,000 |
|
|
Derivative liabilities – commodity derivatives |
|
1,055 |
|
|
|
3,679 |
|
|
Asset retirement obligations |
|
11,511 |
|
|
|
10,693 |
|
|
Deferred tax liability |
|
95,119 |
|
|
|
79,946 |
|
|
Total long-term liabilities |
|
407,685 |
|
|
|
299,318 |
|
|
Total liabilities |
|
484,648 |
|
|
|
401,126 |
|
|
Stockholders’ Equity: |
|
|
|
||||
|
Common stock, $0.0001 par value, 431,000,000 shares authorized, 136,937,989 and 136,417,677 issued at September 30, 2025 and December 31, 2024, respectively |
|
14 |
|
|
|
14 |
|
|
Additional paid-in capital |
|
657,859 |
|
|
|
655,472 |
|
|
Retained earnings |
|
22,215 |
|
|
|
16,047 |
|
|
Treasury stock, at cost, 5,686,711 and 5,683,921 shares at September 30, 2025 and December 31, 2024, respectively |
|
(36,196 |
) |
|
|
(36,180 |
) |
|
Total stockholders’ equity |
|
643,892 |
|
|
|
635,353 |
|
|
Total liabilities and stockholders’ equity |
$ |
1,128,540 |
|
|
$ |
1,036,479 |
|
Granite Ridge Resources, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
(in thousands, except per share data) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Revenues: |
|
|
|
|
|
|
|
||||||||
|
Oil and natural gas sales |
$ |
112,671 |
|
|
$ |
94,075 |
|
|
$ |
344,821 |
|
|
$ |
273,723 |
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
||||||||
|
Lease operating expenses |
|
23,596 |
|
|
|
13,026 |
|
|
|
59,954 |
|
|
|
42,174 |
|
|
Production and ad valorem taxes |
|
6,551 |
|
|
|
6,345 |
|
|
|
21,356 |
|
|
|
18,975 |
|
|
Depletion and accretion expense |
|
55,947 |
|
|
|
44,149 |
|
|
|
157,804 |
|
|
|
126,682 |
|
|
Impairments of unproved properties |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
732 |
|
|
General and administrative |
|
6,988 |
|
|
|
5,590 |
|
|
|
22,968 |
|
|
|
18,705 |
|
|
Other, net |
|
— |
|
|
|
283 |
|
|
|
(120 |
) |
|
|
283 |
|
|
Total operating costs and expenses |
|
93,082 |
|
|
|
69,393 |
|
|
|
261,962 |
|
|
|
207,551 |
|
|
Net operating income |
|
19,589 |
|
|
|
24,682 |
|
|
|
82,859 |
|
|
|
66,172 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
|
Gain on derivatives – commodity derivatives |
|
5,224 |
|
|
|
11,841 |
|
|
|
14,292 |
|
|
|
7,895 |
|
|
Interest expense, net |
|
(6,069 |
) |
|
|
(4,820 |
) |
|
|
(16,998 |
) |
|
|
(13,797 |
) |
|
Gain (loss) on equity investments |
|
548 |
|
|
|
(18,320 |
) |
|
|
(15,218 |
) |
|
|
(19,315 |
) |
|
Other income (loss) |
|
— |
|
|
|
1 |
|
|
|
(93 |
) |
|
|
271 |
|
|
Total other income (expense) |
|
(297 |
) |
|
|
(11,298 |
) |
|
|
(18,017 |
) |
|
|
(24,946 |
) |
|
Income before income taxes |
|
19,292 |
|
|
|
13,384 |
|
|
|
64,842 |
|
|
|
41,226 |
|
|
Income tax expense |
|
4,769 |
|
|
|
4,330 |
|
|
|
15,426 |
|
|
|
10,845 |
|
|
Net income |
$ |
14,523 |
|
|
$ |
9,054 |
|
|
$ |
49,416 |
|
|
$ |
30,381 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income per share: |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
0.11 |
|
|
$ |
0.07 |
|
|
$ |
0.38 |
|
|
$ |
0.23 |
|
|
Diluted |
$ |
0.11 |
|
|
$ |
0.07 |
|
|
$ |
0.38 |
|
|
$ |
0.23 |
|
|
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
130,472 |
|
|
|
130,204 |
|
|
|
130,426 |
|
|
|
130,182 |
|
|
Diluted |
|
130,506 |
|
|
|
130,242 |
|
|
|
130,500 |
|
|
|
130,219 |
|
Granite Ridge Resources, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
|
|
Nine Months Ended September 30, |
||||||
|
(in thousands) |
|
2025 |
|
|
|
2024 |
|
|
Operating activities: |
|
|
|
||||
|
Net income |
$ |
49,416 |
|
|
$ |
30,381 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
|
Depletion and accretion expense |
|
157,804 |
|
|
|
126,682 |
|
|
Impairments of unproved properties |
|
— |
|
|
|
732 |
|
|
Unrealized (gain) loss on derivatives – commodity derivatives |
|
(11,666 |
) |
|
|
4,494 |
|
|
Stock-based compensation |
|
2,387 |
|
|
|
1,683 |
|
|
Amortization of deferred financing costs |
|
1,222 |
|
|
|
3,162 |
|
|
Loss on equity investments |
|
15,218 |
|
|
|
19,415 |
|
|
Deferred income taxes |
|
15,173 |
|
|
|
10,733 |
|
|
Other |
|
(266 |
) |
|
|
(145 |
) |
|
Increase (decrease) in cash attributable to changes in operating assets and liabilities: |
|
|
|
||||
|
Revenue receivable |
|
(4,978 |
) |
|
|
14,429 |
|
|
Other receivable |
|
317 |
|
|
|
(18 |
) |
|
Accounts payable and accrued liabilities |
|
5,797 |
|
|
|
(3,240 |
) |
|
Prepaid and other current assets |
|
1,497 |
|
|
|
(859 |
) |
|
Other liabilities |
|
(7 |
) |
|
|
87 |
|
|
Net cash provided by operating activities |
|
231,914 |
|
|
|
207,536 |
|
|
Investing activities: |
|
|
|
||||
|
Capital expenditures for oil and natural gas properties |
|
(233,135 |
) |
|
|
(193,376 |
) |
|
Acquisition of oil and natural gas properties |
|
(57,048 |
) |
|
|
(51,994 |
) |
|
Proceeds from sale of equity investments |
|
4,991 |
|
|
|
3,362 |
|
|
Proceeds from sale of oil and natural gas properties |
|
175 |
|
|
|
3,064 |
|
|
Refund of advances to operators |
|
4,230 |
|
|
|
5,314 |
|
|
Net cash used in investing activities |
|
(280,787 |
) |
|
|
(233,630 |
) |
|
Financing activities: |
|
|
|
||||
|
Proceeds from borrowing on credit facilities |
|
135,000 |
|
|
|
85,000 |
|
|
Repayments of borrowing on credit facilities |
|
(40,000 |
) |
|
|
— |
|
|
Deferred financing costs |
|
(450 |
) |
|
|
(3,004 |
) |
|
Purchase of treasury shares |
|
(16 |
) |
|
|
(418 |
) |
|
Payment of dividends |
|
(43,248 |
) |
|
|
(43,112 |
) |
|
Net cash provided by financing activities |
|
51,286 |
|
|
|
38,466 |
|
|
Net change in cash and restricted cash |
|
2,413 |
|
|
|
12,372 |
|
|
Cash and restricted cash at beginning of period |
|
9,419 |
|
|
|
10,730 |
|
|
Cash and restricted cash at end of period |
$ |
11,832 |
|
|
$ |
23,102 |
|
|
Supplemental disclosure of non-cash investing activities: |
|
|
|
||||
|
Change in accrued capital expenditures included in accounts payable and accrued liabilities |
$ |
(13,575 |
) |
|
$ |
40,003 |
|
|
Advances to operators applied to development of oil and natural gas properties |
$ |
115,868 |
|
|
$ |
80,320 |
|
Granite Ridge Resources, Inc.
Summary Production and Price Data
The following table sets forth summary information concerning production and operating data for the periods indicated:
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Net Sales (in thousands): |
|
|
|
|
|
|
|
||||
|
Oil sales |
$ |
91,960 |
|
$ |
85,503 |
|
$ |
273,269 |
|
$ |
238,761 |
|
Natural gas and related product sales |
|
20,711 |
|
|
8,572 |
|
|
71,552 |
|
|
34,962 |
|
Total revenues |
$ |
112,671 |
|
$ |
94,075 |
|
$ |
344,821 |
|
$ |
273,723 |
|
|
|
|
|
|
|
|
|
||||
|
Net Production: |
|
|
|
|
|
|
|
||||
|
Oil (MBbl) |
|
1,492 |
|
|
1,164 |
|
|
4,277 |
|
|
3,129 |
|
Natural gas (MMcf) |
|
8,668 |
|
|
6,912 |
|
|
24,994 |
|
|
20,758 |
|
Total (MBoe)(1) |
|
2,937 |
|
|
2,316 |
|
|
8,443 |
|
|
6,589 |
|
Average Daily Production: |
|
|
|
|
|
|
|
||||
|
Oil (Bbl) |
|
16,222 |
|
|
12,655 |
|
|
15,666 |
|
|
11,420 |
|
Natural gas (Mcf) |
|
94,217 |
|
|
75,133 |
|
|
91,554 |
|
|
75,758 |
|
Total (Boe)(1) |
|
31,925 |
|
|
25,177 |
|
|
30,925 |
|
|
24,046 |
|
|
|
|
|
|
|
|
|
||||
|
Average Sales Prices: |
|
|
|
|
|
|
|
||||
|
Oil (per Bbl) |
$ |
61.62 |
|
$ |
73.44 |
|
$ |
63.89 |
|
$ |
76.31 |
|
Effect of gain on settled oil derivatives on average price (per Bbl) |
|
0.02 |
|
|
0.55 |
|
|
0.16 |
|
|
0.11 |
|
Oil net of settled oil derivatives (per Bbl)(2) |
$ |
61.64 |
|
$ |
73.99 |
|
$ |
64.05 |
|
$ |
76.42 |
|
|
|
|
|
|
|
|
|
||||
|
Natural gas sales (per Mcf) |
$ |
2.39 |
|
$ |
1.24 |
|
$ |
2.86 |
|
$ |
1.68 |
|
Effect of gain on settled natural gas derivatives on average price (per Mcf) |
|
0.20 |
|
|
0.74 |
|
|
0.08 |
|
|
0.58 |
|
Natural gas sales net of settled natural gas derivatives (per Mcf)(2) |
$ |
2.59 |
|
$ |
1.98 |
|
$ |
2.94 |
|
$ |
2.26 |
|
|
|
|
|
|
|
|
|
||||
|
Realized price on a Boe basis excluding settled commodity derivatives |
$ |
38.36 |
|
$ |
40.61 |
|
$ |
40.84 |
|
$ |
41.54 |
|
Effect of gain on settled commodity derivatives on average price (per Boe) |
|
0.60 |
|
|
2.47 |
|
|
0.31 |
|
|
1.88 |
|
Realized price on a Boe basis including settled commodity derivatives(2) |
$ |
38.96 |
|
$ |
43.08 |
|
$ |
41.15 |
|
$ |
43.42 |
|
|
|
|
|
|
|
|
|
||||
|
Operating Expenses (in thousands): |
|
|
|
|
|
|
|
||||
|
Lease operating expenses |
$ |
23,596 |
|
$ |
13,026 |
|
$ |
59,954 |
|
$ |
42,174 |
|
Production and ad valorem taxes |
|
6,551 |
|
|
6,345 |
|
|
21,356 |
|
|
18,975 |
|
Depletion and accretion expense |
|
55,947 |
|
|
44,149 |
|
|
157,804 |
|
|
126,682 |
|
General and administrative |
|
6,988 |
|
|
5,590 |
|
|
22,968 |
|
|
18,705 |
|
Costs and Expenses (per Boe): |
|
|
|
|
|
|
|
||||
|
Lease operating expenses |
$ |
8.03 |
|
$ |
5.62 |
|
$ |
7.10 |
|
$ |
6.40 |
|
Production and ad valorem taxes |
$ |
2.23 |
|
$ |
2.74 |
|
$ |
2.53 |
|
$ |
2.88 |
|
Depletion and accretion |
$ |
19.05 |
|
$ |
19.06 |
|
$ |
18.69 |
|
$ |
19.23 |
|
General and administrative |
$ |
2.38 |
|
$ |
2.41 |
|
$ |
2.72 |
|
$ |
2.84 |
|
|
|
|
|
|
|
|
|
||||
|
Net Producing Wells at Period-End: |
|
235.27 |
|
|
195.88 |
|
|
235.27 |
|
|
195.88 |
|
(1) Natural gas is converted to Boe using the ratio of one barrel of oil to six Mcf of natural gas. (2) The presentation of realized prices including settled commodity derivatives is a result of including the net cash receipts from (payments on) commodity derivatives to realized pricing. This presentation of average prices with derivatives is a means by which to reflect the actual cash performance of our commodity derivatives for the respective periods and presents oil and natural gas prices with derivatives in a manner consistent with the presentation generally used by the investment community. |
|||||||||||
Contacts
Investor and Media Contact:
[email protected] – (214) 396-2850
