Granite Ridge Resources, Inc. · NYSE:GRNT
Granite Ridge Resources — Q3 2025 Earnings Presentation
29 slides from Granite Ridge Resources's earnings presentation, Nov 7, 2025
Slide 1: Investor Presentation | November 2025
INVESTOR PRESENTATION | NOVEMBER 2025
Slide 2: A Smarter Way to Invest in Oil & Gas
A Smarter Way to Invest in Oil & Gas Combining disciplined capital allocation with diversified exposure to high quality operators and assets Q3 2025 Production BALANCE PRODUCTION GROWTH SHEET Utica Eagle Ford Haynesville 28% 0.9x Bakken Gas Oil Permian 2025 Target 49% 51% 67% Production Growth 1 Lev
Slide 3: Why Granite Ridge?
Why Granite Ridge? We provide investors with private equity-style exposure to high return energy development projects VISION MISSION STRATEGY To become the leading Invest alongside Public vehicle with public investment proven management private equity discipline platform for energy teams to capture
Slide 4: Lower Activity Now Means Higher Prices Later
MACRO & INDUSTRY TRENDS Lower Activity Now Means Higher Prices Later Lower drilling and completion activity is structurally tightening supply – setting the stage for significant price recovery U.S. Rig Count -30% Since Peak U.S. Frac Spread Count -45% vs Pre-Covid Industry meaningfully under-investi
Slide 5: U.S. Supply Running Hard to Stay Flat
MACRO & INDUSTRY TRENDS U.S. Supply Running Hard to Stay Flat Declining productivity and steeper production declines forcing more drilling to sustain output Lower 48 Onshore Crude Oil Production 2021 – 2024 | MMBbls/d 12.0 Pre-2021 Vintage 2021 Vintage 2022 Vintage 2023 Vintage 2024 Vintage Maintain
Slide 6: U.S. Shale Productivity Has Peaked
MACRO & INDUSTRY TRENDS U.S. Shale Productivity Has Peaked Years of high-intensity drilling have depleted Tier 1 inventory – requiring more capital for less output Cumulative 12 Months Oil Production | Bbls/ft Steady Returns Amid Experimentation Exploitation Exhaustion Shale Maturity Improving techn
Slide 7: How Granite Ridge Creates Value
How Granite Ridge Creates Value With U.S. supply constrained, Granite Ridge delivers yield today and upside to higher prices 1 2 3 4 Generate Cash Flow Source and Evaluate Allocate Capital Prioritize Shareholders from our diversified asset base of +650 opportunities annually focused on highest risk-
Slide 8: Two Upstream Investment Strategies
Two Upstream Investment Strategies Complementary approaches to value creation targeting project level full-cycle 25% IRRs Operated Partnerships Traditional Non-Op • Asset level partnerships with • Six US focus areas with Target proven operators proprietary deal flow Full-Cycle • Full operational, ti
Slide 9: Significant Production Growth With Low Leverage
Significant Production Growth With Low Leverage Disciplined underwriting has driven outperformance through multiple commodity cycles Net Production (Mboe/d) | Net Debt / Adjusted EBITDAX1 | WTI Spot Price ($Bbl) Daily Mboe WTI Spot Price ($/Bbl) Granite Ridge 47% CAGR Growth Since 2017 $94.90 35.0 3
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 – Q3 2025 $140 Production Growing Faster 31.9 Than Maintenance Capex $120 $100 $80 • 17% production CAG
Slide 11: Repeatable Model Delivering Resilient Returns
Repeatable Model Delivering Resilient Returns Investing through cycles in near-term drilling opportunities with rigorous underwriting and capital discipline Invested Over $1.8 Billion Over Past 10 Maintained Consistent Deal Sizes, Years Throughout Multiple Downturns Averaging Well Below $10 Million
Slide 12: Capital Retreat Drives Granite Ridge Opportunity
Capital Retreat Drives Granite Ridge Opportunity Granite Ridge deploys disciplined capital where private equity has exited the market US Natural Resources Private Equity Fundraising US Natural Resources Private Equity Funded Teams $ Billions $28 $25 131 $23 125 ~70% Decline 96 ~80% 85 Decline Granit
Slide 13: Operated Partnerships Gaining Momentum
Operated Partnerships Gaining Momentum Actively building inventory and production through Operated Partnerships in the Permian Basin Strategic Opportunity Control and Flexibility Scalable Unique Structure Addressing the gap left by Full control over acquisitions, Four partners with unique Attracting
Slide 14: Admiral Strengthens Granite Ridge's Permian Position
Admiral Strengthens Granite Ridge’s Permian Position Disciplined execution adds high-quality inventory and long-term exposure Production(1) and Inventory Growth Since Inception Admiral Enhances 10,000 250 Permian Basin Optionality 9,000 Average Daily Production (Boe/d) 8,000 200 7,000 6,000 150 Well
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 ~$24B Haynesville 0% Eagle Ford 0% Ov
Slide 16: Achieving Top Tier Results Across Small-Cap Peers
Achieving Top Tier Results Across Small-Cap Peers Outperforming the median in Production Growth, Leverage and Dividend Yield Return on Capital Employed1 Production Growth2 TTM Estimated 2025 Growth 40% 19% 17% 15% 15% 30% 29% 14% 28% 13% 21% 10% 18% 17% 8% 5% 4% 7% 3% -1% -1% -2% Leverage Ratio Divi
Slide 17: 2025 Capital Expenditures
2025 Capital Expenditures Granite Ridge expects to close 50+ deals in 2025, expanding inventory by over 74 net locations Capital Exposure Across Multiple Basins Sourced No Single Deal Contributes Almost Exclusively From Proprietary Channels More Than 20% of Forecast 100% Investing Through Cycles Pet
Slide 18: 2025 Strategic Plan
2025 Strategic Plan Forecast generates strong production growth with a focus on cost control and low overhead Guidance Low High 2025E Capital Allocation Breakdown1 ($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: Q3 2025 Results
Q3 2025 Results Adjusted EBITDAX 1 Well Activity 3Q ’25: $79MM 9.3 net wells TTS TTM: $328MM 11.3 net wells in process Production (Boe/d) Liquidity2 3Q ’25: 31,925 $422MM +27% vs 3Q ‘24 Leverage1 Shareholder Returns Declared quarterly dividend of 0.9x $0.11 per share 21 1. Non-GAAP financial measure
Slide 22: Current Hedges
Current Hedges 1 2025 2026 2027 Oil 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Swaps Bbl 210,180 134,684 95,082 73,484 53,974 452,936 — — — Price $60.92 $60.41 $60.33 $60.27 $60.24 $60.21 — — — Collars Bbl 806,958 724,724 635,310 569,332 478,762 — 405,616 376,934 119,846 Ceiling $75.38 $70.23 $69.51 $70.06 $69.65 —
Slide 23: Year End 2024 SEC Reserves Summary
Year End 2024 SEC Reserves Summary Reserve Category Oil (MBbls) Gas (MMcf) Equivalent (Mboe) PV-10% ($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 24: Non-GAAP Reconciliation: Adjusted EBITDAX
Non-GAAP Reconciliation: Adjusted EBITDAX $M 4Q ‘24 1Q ‘25 2Q ‘25 3Q ‘25 TTM Net income (loss) $(11,622) $9,812 $25,081 $14,523 $37,794 Interest expense, net 4,673 5,015 5,914 6,069 21,671 Income tax expense (benefit) (4,638) 2,880 7,777 4,769 10,788 Other, net (524) (120) — — (644) Depletion and ac
Slide 25: 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 9/30/2025 Long-term debt $31,300 $18,400 $56,500 $38,500 $51,100 — $110,000 $205,000 $300,000 Less: Cash 6,442 13,182 6,047 8,208 11,854 50,833 10
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations PV-10%, $M 12/31/2024 9/30/2025 Pre-tax present value of estimated future net revenues (Pre-Tax PV10%) $841,929 $840,181 Future income taxes, discounted at 10% (120,961) (104,013) Standardized measure of discounted future net cash flows $720,968 $736,168 26
Slide 27: 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 28: 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 29: 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
Granite Ridge Resources — Q3 2025 Earnings Presentation on 6ix