Granite Ridge Resources, Inc. · NYSE:GRNT
Granite Ridge Resources — Investor Presentation (August 2026)
27 slides from Granite Ridge Resources's investor presentation, August 2026
Slide 1: Investor Presentation | August 2026
INVESTOR PRESENTATION | AUGUST 2026
Slide 2: Investment Highlights
Investment Highlights A capital allocator partnering with proven operators to develop U.S. short-cycle oil and gas at >25% returns GRANITE RIDGE ASSET PORTFOLIO TARGET IRR Underwritten at Strip, Through Cycles >25% Short-cycle investments underwritten at strip to full- cycle IRRs with accelerated ca
Slide 3: Capital Allocation Platform at Scale
Capital Allocation Platform at Scale Scaled cash flow base, conservative leverage, and a valuation gap at odds with the fundamentals Q2 2026 Production BALANCE PRODUCTION SHEET GROWTH Utica DJ Basin Haynesville Gas Oil Permian 1.4x 9% 49% 61% 2026 Target 51% Leverage Ratio1 Production Growth2 Bakken
Slide 4: Two Upstream Investment Strategies
Two Upstream Investment Strategies Complementary approaches targeting 25% full-cycle returns CONTROL DIVERSIFICATION Operated Partnerships Traditional Non-Op • Asset-level partnerships with • Six U.S. focus areas with proprietary proven operators deal flow • Full control of development >25% • Capita
Slide 5: Capital Retreat Creates Structural Opportunity
Capital Retreat Creates Structural Opportunity Granite Ridge fills the capital and execution gap through its Operated Partnerships model Natural Resources PE Fundraising Natural Resources PE-Backed Teams $30 Granite Ridge Advantage ($Bn) 140 $25 120 • Significantly less competition ~70% 100 for shor
Slide 6: Operated Partnerships – Control with Alignment
Operated Partnerships – Control with Alignment We structure, control, and finance short-cycle development with incentive alignment baked into economics Structure Source Deploy Produce and Revert and Partnership Deals Capital Return Retain 1 2 3 4 5 No blind pool or DrillCo; Proprietary opportunities
Slide 7: Short-Cycle Underwriting Drives Operated Growth
Short-Cycle Underwriting Drives Operated Growth Approximately 88 net Operated Partnership locations support nearly $800 million of net development capital Operated Partnerships Program Admiral Permian (Flagship Partnership) Cumulative Net Locations Acquired Gross Operated Oil Production and Inventor
Slide 8: Admiral Permian Partnership Overview & Results
Admiral Permian Partnership Overview & Results 50+ transactions | 2 Active Rigs | Nearly $400 million capital deployed in the Permian Basin Delaware & Midland Basin All-Time Portfolio Performance 50+ transactions since 2023 12 tranches | Actual realizations through Jan. 2026 Portfolio IRR Portfolio
Slide 9: A Lower Entry Price – Not Lower-Quality Rock
A Lower Entry Price – Not Lower-Quality Rock Operated inventory developed at Permian-competitive productivity and drilling cost Gross Operated Locations1 DC&F Cost Well Productivity Lateral Length 238 ~$913/ft gross drill, complete and facilities cost2 ~56bbl/ft avg oil EUR2 ~10.7kft avg lateral2 ~8
Slide 10: Repeatable Model Maintains Attractive Entry Costs
Repeatable Model Maintains Attractive Entry Costs Investing through cycles with disciplined underwriting and capital allocation Invested Over $2 Billion in Last Decade Entry Costs Remain Disciplined as Volume Scales Through Multiple Downturns 2025 Avg. Entry Cost <$2MM 2014–20251 | Capex $MM 2014–20
Slide 11: Capital Efficiency Driving Production Growth
Capital Efficiency Driving Production Growth Granite Ridge has maintained steady development costs while growing at 13% CAGR Granite Ridge Quarterly Capex and Production Q2 2023 – Q2 2026 | Capex $MM Production Outpacing $140 Development Capex $120 32.0 $100 • 13% production CAGR with development ca
Slide 12: High Returns, Organic Growth — Without the M&A
High Returns, Organic Growth — Without the M&A Top-quartile capital returns and double-digit production growth — at only 16% acquisition intensity CROIC vs. Production Growth Acquisitions as % of TEV2,3 3-Year Average, 2022-2025 2022-2025 Peer 1 12% 30 25 Granite Ridge 16% 3-Year Avg. CROIC1 Peer 2
Slide 13: 2026: Disciplined Capital Allocation at Scale
2026: Disciplined Capital Allocation at Scale Capital aligned with cash flow for long-term durability Predominantly Operated Partnership D&C Capital Guidance Low High 2026E Net Production (Boe/d) 34,000 36,000 % Oil 50% 52% Development Capex ($MM) $300 $330 13% Acquisition Capex ($MM) $45 $55 Total
Slide 14: Transitioning to Sustainable Free Cash Flow
Transitioning to Sustainable Free Cash Flow Increased capital efficiency at scale drives continued growth and free cash flow in 2027 2027: First Year of Sustainable Free Cash Flow Operating Cash Flow | Capital Expenditures Scale-building phase | Deliberate outspend FCF Inflection Capital Allocation
Slide 15: Legacy Factors Explain Discount. All Are Changing.
Legacy Factors Explain Discount. All Are Changing. GRNT trades at a 20-30% discount to SMID-Oil and Permian peers — a gap driven by timing and structure not asset quality Relative Valuation1,2 Where We’ve Been What’s Changing NTM EV / EBITDA The three knocks on Granite Ridge What to watch 4.0x Outsp
Slide 16: Consistent Insider Buying Demonstrates Conviction
Consistent Insider Buying Demonstrates Conviction 9 insiders have consistently added to positions through open-market purchases Insider Buying Quarterly Open Market Purchases Since Inception $1,200,000 $3.8MM Significant Personal $1,000,000 Capital Invested $800,000 • 9 insiders have invested $600,0
Slide 17: Appendix
a GRANITE RIDGE APPENDIX
Slide 18: Q2 2026 Financial & Operating Highlights
Q2 2026 Financial & Operating Highlights Strong operational quarter — 1% Y/Y production growth, declared dividend; maintained liquidity and leverage Strong Production & Operating Performance Production Adj. EBITDAX • Daily production grew 1% Y/Y to 32.0 MBoe/d (51% oil), from 31.6 MBoe/d in Q2 2025
Slide 19: Current NYMEX Hedges
Current NYMEX Hedges 2026 2027 2028 Oil1 3Q 4Q 1Q 2Q 3Q 4Q 1Q Swaps Bbl 73,484 53,974 452,936 — — — — Price $60.27 $60.24 $60.21 — — — — Collars Bbl 909,612 795,038 161,179 560,295 520,325 379,135 — Ceiling $69.93 $68.53 $79.76 $75.99 $77.20 $75.44 — Floor $60.53 $59.97 $58.81 $54.13 $54.57 $54.89 —
Slide 20: Year End 2025 SEC Reserves Summary
Year End 2025 SEC Reserves Summary Reserve Category Oil (MBbls) Gas (MMcf) Equivalent (MBoe) PV-10% ($M)2 Proved PV-10 by Operator ($MM)1,2 PDP 21,141 155,327 47,029 $763,594 PDNP 357 834 496 14,389 PUD 9,075 34,482 14,822 118,902 Total Proved Reserves 30,573 190,643 62,347 $896,885 Net Reserves by
Slide 21: Non-GAAP Reconciliation: Adjusted EBITDAX
Non-GAAP Reconciliation: Adjusted EBITDAX $M 1Q ‘25 2Q ‘25 3Q ‘25 4Q ‘25 2025 1Q ‘26 2Q ‘26 Net income (loss) $9,812 $25,081 $14,523 $(25,063) $24,353 $(47,031) 29,996 Interest expense, net 5,015 5,914 6,069 8,502 25,500 10,319 11,074 Income tax expense (benefit) 2,880 7,777 4,769 (7,665) 7,761 (13,
Slide 22: Non-GAAP Reconciliation: Net Debt / Adjusted EBITDAX
Non-GAAP Reconciliation: Net Debt / Adjusted EBITDAX Net Debt, $M 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 6/30/2026 Long-term debt, net $18,400 $56,500 $38,500 $1,100 — $110,000 $205,000 $367,832 $427,108 Current portion of long-term debt — — — 50,000
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Net Income, $M Q2 Net income $29,996 Impairments of long-lived assets 9,149 Unrealized (gain) loss on derivatives – commodity derivatives (35,725) Loss on equity investments 2,223 Tax impact on above adjustments1 5,462 Adjusted Net Income $11,105 Adjusted Earnings P
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations PV-10%, $M 12/31/2025 Pre-tax present value of estimated future net revenues (Pre-Tax PV10%) $896,885 Future income taxes, discounted at 10% (107,004) Standardized measure of discounted future net cash flows $789,881 24
Slide 25: 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 26: 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 27: 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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