Granite Ridge Resources, Inc. · NYSE:GRNT
Granite Ridge Resources — Q2 2025 Earnings Presentation
30 slides from Granite Ridge Resources's earnings presentation, Aug 8, 2025
Slide 1: Investor Presentation | August 2025
INVESTOR PRESENTATION | AUGUST 2025
Slide 2: Why Granite Ridge?
Why Granite Ridge? A Smarter Way to Invest in Oil and Gas VISION UNIQUE To become the leading public investment platform for Offering private equity-like exposure to energy development energy development in the United States with daily liquidity and enhanced alignment MISSION STRATEGY Invest alongsi
Slide 3: Investing in US Energy Development
Investing in US Energy Development 6 premier basins | 65 operating partners | 3,100 gross wells | 50/50 oil and natural gas GRANITE RIDGE’S MULTI-BASIN ASSET PORTFOLIO PRODUC T ION STRONG BALANCE GROW T H SHEET Utica Eagle Ford 28% 0.8x Haynesville Gas Oil Permian Bakken 50% 50% 63% DJ Basin 2025 Ta
Slide 4: Activity Levels Are Down and Growth Has Stalled
MACRO & INDUSTRY TRENDS Activity Levels Are Down and Growth Has Stalled Lower activity levels in drilling and completion point to lower U.S. shale supply US Rig Count Showcases Smaller US Frac Spreads Have Stayed Drilling Programs Below Pre-Covid Levels While the industry contracts, Granite Ridge is
Slide 5: Stagnant US Production Growth Since 2023
MACRO & INDUSTRY TRENDS Stagnant US Production Growth Since 2023 The amount of production that must be replaced due to natural declines has been growing since 2021 Lower 48 Onshore Crude Oil Production 2021 – 2024 | MMBbls/d 12.0 Pre-2021 Vintage 2021 Vintage 2022 Vintage 2023 Vintage 2024 Vintage W
Slide 6: Well Productivity is Declining
MACRO & INDUSTRY TRENDS Well Productivity is Declining Development of Tier 2 inventory has resulted in flat U.S. production forecasts Cumulative 12 Months Oil Production | Bbls/ft Experimentation Exploitation Exhaustion While the industry’s inventory Improving technologies and Enhanced completion de
Slide 7: What Do We Do?
What Do We Do? Invest in energy projects through cycles to consistently deliver superior, full-cycle risk-adjusted returns 1 2 3 4 Generate Cash Flow1 Source and Evaluate Allocate Capital Prioritize Shareholders from our diversified asset base over 650 opportunities based on highest risk- by offerin
Slide 8: Two Upstream Investment Strategies
Two Upstream Investment Strategies Underwrite to 25% IRR full-cycle returns through Operated Partnerships and Traditional Non-Op Interests Operated Partnerships Traditional Non-Op Controlled investments with proven value Minority interests in core areas creators in their area of expertise managed by
Slide 9: Significant Production Growth With Low Leverage
Significant Production Growth With Low Leverage Disciplined underwriting has allowed for outperformance through multiple commodity cycles Net Production (Mboe/d) | Net Debt / Adj. EBITDAX1 | WTI Spot Price ($/Bbl) Daily Mboe WTI Spot Price ($/Bbl) 35.0 $94.90 47% CAGR growth since 2017 30.0 $77.58 $
Slide 10: Continual Improvements to Capital Efficiency
Continual Improvements to Capital Efficiency Granite Ridge has maintained steady development costs while achieving significant growth Granite Ridge Quarterly Capex and Production Since IPO Q3 2022 – Q2 2025 $140 17% CAGR production growth 31.6 while keeping development $120 capex under $80 million p
Slide 11: Targeted and Repeatable Investment Process
Targeted and Repeatable Investment Process Investing through the cycle focusing on near-term drilling opportunities and rigorous underwriting return hurdles Invested Over $1.8 Billion Over Past 10 Maintained consistent deal sizes, Years Throughout Multiple Downturns averaging well below $10 million
Slide 12: Unique Opportunity for Operated Partnerships
Unique Opportunity for Operated Partnerships The current upstream investing environment is the most constructive Granite Ridge has seen since inception Upstream PE Fundraising Has Collapsed Far Fewer Teams Receiving PE Funding US Natural Resources Private Equity Fundraising | $ Billions US Natural R
Slide 13: Investing in Operated Partnerships
Investing in Operated Partnerships Taking advantage of the decline in private equity fundraising while maintaining our selective underwriting Strategic Opportunity Control and Flexibility Partnerships Unique Structure Addressing the gap left by Full control over acquisitions, Three partners with uni
Slide 14: Operated Partnerships Gaining Momentum
Operated Partnerships Gaining Momentum Portfolio actively building inventory and growing production in the Permian Basin Net Locations Acquired Net Production (MBoe/d) Cumulative Capital Expenditures ($MM) 10 $200 52.1 $180 47.0 8 $160 41.4 10.1 10.1 $140 5.2 6 $120 $100 4 $80 14.5 42.0 $60 36.2 36.
Slide 15: Continuing to Exploit Massive Non-Op Market
Continuing to Exploit Massive Non-Op Market 2024 Shale Capex of ~$105 Billion1 2024 Non-Op Acquisition Capex Lookback ($MM) Publicly Traded3,4,5 Delaware 48% $2.1B Utica 36% DJ Basin 9% ~$79B ~$26B Midland 4% Operator Non-Op OTHER Bakken 3% Ownership1 Ownership2 ~$24B Haynesville 0% Eagle Ford 0% Ov
Slide 16: Achieving Top Tier Results Across Small-Cap Peers
Achieving Top Tier Results Across Small-Cap Peers Outperforming the median in ROCE, Production Growth, Leverage and Dividend Yield Return on Capital Employed1 Production Growth2 TTM Estimated 2025 Growth 19% 19% 37% 14% 28% 27% 12% 11% 24% 23% 9% 8% 14% 13% 4% 7% 2% 0% -1% -2% -3% -5% Leverage Ratio
Slide 17: 2025 Capital Expenditures
2025 Capital Expenditures Granite Ridge expects to close over 50 deals in 2025 expanding our inventory by 74+ net locations Capital Exposure Across Multiple Basins Sourced No Single Deal Contributes Almost Exclusively From Proprietary Channels More Than 20% of Forecast 100% PetroLegacy 90% Screened
Slide 18: 2025 Strategic Plan
2025 Strategic Plan Forecast generates strong production growth with a focus on cost control and low overhead Guidance Low High 2025E Capital Allocation Breakdown1 ($MM) Net Production (Boe/d) 31,000 33,000 Oil % of Production 51% 53% Total Capital Expenditures ($MM) $400 $420 Acquisitions Non-Op 35
Slide 19: Granite Ridge Strategic Pillars
Asset Growth: Drive growth by reinvesting cash flow into 1 efficient, near-term development projects, focusing on highest risk-adjusted full-cycle returns Adaptability and Diversification: Swiftly adapt to evolving 2 opportunity set and manage cash flow timing through Granite Ridge Operated Partners
Slide 20: Appendix
ea GRANITE RIDGE APPENDIX
Slide 21: 2025 Q2 Results
2025 Q2 Results Adjusted EBITDAX 1 Well Activity 2Q ’25: $75MM 4.9 net wells TTS TTM: $325MM 16.0 net wells in process Production (Boe/d) Liquidity2 2Q ’25: 31,576 $103MM +8% vs 1Q’25 | +37% vs 2Q ‘24 Leverage1 Shareholder Returns Declared quarterly dividend of 0.8x $0.11 per share 21 1. Non-GAAP fi
Slide 22: Quarterly Financial Performance
Quarterly Financial Performance Oil and Gas Production (MBoe/d) Total Revenues ($MM) 31.6 85% 91% 83% 82% 27.7 29.2 75% 23.1 25.2 $123 $109 15.6 $94 $106 13.0 14.5 $91 $31 12.5 $18 $20 12.2 $13 $9 14.7 14.8 16.0 $92 12.7 $77 $86 $89 $90 10.9 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 3Q'24 4Q'24 1Q'25 2Q'2
Slide 23: Current Hedges
Current Hedges 1 2025 2026 Oil 2Q 3Q 4Q 1Q 2Q 3Q 4Q Collars Bbl 933,266 802,210 698,000 606,400 544,580 497,000 457,000 Ceiling $76.69 $78.51 $77.13 $71.06 $70.09 $70.65 $69.83 Floor $62.67 $61.95 $60.00 $60.00 $60.00 $60.00 $60.00 Percent Hedged Current PDP 64% 62% 66% 68% 70% 72% 73% 2025 2026 Gas
Slide 24: Year End 2024 SEC Reserves Summary
Year End 2024 SEC Reserves Summary Reserve Category Oil (MBbls) Gas (MMcf) Equivalent (Mboe) PV-10% ($M)2 Proved PV-10 by Operator ($MM)1,2 PDP 17,372 104,293 34,754 $634,483 PDNP 1,897 13,811 4,199 90,983 PERMIAN EAGLE FORD BAKKEN DJ BASIN PUD 8,918 38,666 15,362 116,463 Total Proved Reserves 28,18
Slide 25: Non-GAAP Reconciliation: Adjusted EBITDAX
Non-GAAP Reconciliation: Adjusted EBITDAX $M 3Q ’24 4Q ‘24 1Q ‘25 2Q ‘25 TTM Net income $9,054 $(11,622) $9,812 $25,081 $32,325 Interest expense, net 4,820 4,673 5,015 5,914 20,422 Income tax expense (benefit) 4,330 (4,638) 2,880 7,777 10,349 Other, net 283 (524) (120) — (361) Depletion and accretio
Slide 26: Non-GAAP Reconciliation: Net Debt / Adjusted EBITDAX
Non-GAAP Reconciliation: Net Debt / Adjusted EBITDAX Net Debt, $M 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 6/30/2025 Long-term debt $31,300 $18,400 $56,500 $38,500 $51,100 — $110,000 $205,000 $275,000 Less: Cash 6,442 13,182 6,047 8,208 11,854 50,833 10
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations PV-10%, $M 2024 Pre-tax present value of estimated future net revenues (Pre-Tax PV10%) $841,929 Future income taxes, discounted at 10% (120,961) Standardized measure of discounted future net cash flows $720,968 27
Slide 28: Disclaimer
Disclaimer NON-GAAP MEASURES Leverage: The Company defines leverage as Net Debt divided by TTM Adjusted EBITDAX. Adjusted EBITDAX: The Company defines Adjusted EBITDAX as net income before depletion and PV-10: The Company defines PV-10 as the pre-tax present value of estimated future net revenues (P
Slide 29: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENTS 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, legal and contractual This investor presentation contains forward-looking stat
Slide 30: Disclaimer
Disclaimer INDUSTRY AND MARKET DATA Estimated Ultimate Recoveries, or “EURs,” refer to estimates of the sum of total gross remaining proved reserves per well as of a given date and cumulative production prior to such given date for developed The information, data and statistics contained herein are
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