NEWS RELEASE
Granite Ridge Resources, Inc. Reports Fourth Quarter
and Full-Year 2024 Results and Provides Outlook for
2025
2025-03-06
DALLAS--(BUSINESS WIRE)-- Granite Ridge Resources, Inc. (NYSE: GRNT) ("Granite Ridge" or the
"Company") today reported
provided initial guidance for 2025.
Fourth Quarter 2024 Highlights
Increased total production by 7% to 27,734 Boe/day (53% oil) driven by a 20% increase in oil production
Reported Net Loss of $11.6 million, or $(0.09) per share, and Adjusted Net Income (non-GAAP) of $22.7
million, or $0.17 per diluted share
Generated Adjusted EBITDAX (non-GAAP) of $82.6 million
Invested $93.3 million of capital, placing online 86 gross (4.08 net) wells
Declared a dividend of $0.11 per share
Ended the year with total liquidity of $129.1 million and Net Debt to Adjusted EBITDAX of 0.7x
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 de
Luke Brandenberg, President and CEO of Granite Ridge, commented, "Granite Ridge concluded 2024 with
outstanding performance across our portfolio, achieving a corporate record for total production driven by a 10%
increase over the third quarter. Our disciplined investment strategy enabled us to e
completing 86 gross wells and executing nearly two dozen transactions across the Permian and Appalachian basins.
These actions have bolstered our asset base while maintaining
liquidity position at year-end and conservative leverage of 0.7x Net Debt to Adjusted EBITDAX."
Mr. Brandenberg concluded, "Our Operated Partnership portfolio surpassed expectations in 2024, reinforcing our
con
highly aligned management teams to source, acquire, and develop high-quality assets, we are generating signi
value in today's market. We look forward to keeping our investors informed as we continue to execute our
strategy."
"Looking ahead, we remain committed to driving sustainable growth and delivering shareholder returns. Our 2025
outlook projects a 16% increase in production at the midpoint, and our declared dividend implies a current yield of
over 7%, highlighting the strength of our strategy. With a robust portfolio of high-quality assets, strong
partnerships, and a disciplined approach to capital allocation, we are well-positioned to build on our momentum in
the coming year."
Financial Results
Net loss for the quarter was $11.6 million, or $(0.09) per diluted share of common stock. Excluding non-cash and
special items, Adjusted Net Income (non-GAAP) was $22.7 million for the quarter, or $0.17 per diluted share of
common stock. Adjusted EBITDAX (non-GAAP) and cash
million and $68.2 million, respectively.
Net income for the year was $18.8 million or $0.14 per diluted share of common stock. Excluding non-cash and
special items, Adjusted Net Income (non-GAAP) was $73.8 million or $0.57 per diluted share of common stock.
Adjusted EBITDAX (non-GAAP) and cash
million, respectively.
Production Results
Total production for the quarter increased 7% from the prior year quarter to 27,734 Boe per day (53% oil), including
a 20% increase in oil production to 14,717 barrels ("Bbls") per day. Natural gas production for the quarter totaled
78,104 thousand cubic feet of natural gas ("Mcf") per day.
Total production for the year increased 3% to 24,973 Boe per day (49% oil), including a 8% increase in oil production
to 12,248 Bbls per day. Natural gas production for the year totaled 76,350 Mcf per day.
Oil, Natural Gas and Related Product Sales
During the quarter, NYMEX West Texas Intermediate ("WTI") crude oil averaged $70.69 per Bbl, and NYMEX natural
gas at Henry Hub averaged $2.44 per Mcf. The Company's average realized price for oil and natural gas, excluding
the e
realization of Henry Hub), respectively.
Operating Costs
Lease operating expenses were $15.3 million for the quarter, or $5.99 per Boe, a 7% decrease on a per unit basis
compared to the prior year quarter. Production and ad valorem taxes were $7.0 million for the quarter, or 6.6% of
oil and natural gas sales. During the quarter general and administrative ("G&A") costs totaled $5.9 million, inclusive
of $0.6 million of non-cash stock-based compensation.
Lease operating expenses were $57.5 million for the year, or $6.29 per Boe, an 8% decrease on a per unit basis
compared to the prior year. Production and ad valorem taxes were $26.0 million for the year, or 6.8% of oil and
natural gas sales. G&A costs for the year totaled $24.6 million, inclusive of $2.3 million of non-cash stock-based
compensation.
Capital Expenditures and Operational Activity
Capital expenditures for the quarter were $93.3 million comprised of $83.5 million of drilling and completion
("D&C") capital and $9.8 million of property acquisition costs. Total 2024 capital expenditures were $354.4 million
comprised of $290.3 million of D&C capital and $64.2 million of property acquisition costs.
The table below provides capital expenditures incurred for oil and natural gas producing activities for the periods
indicated:
Three Months Ended | Year Ended | ||||||||||
December 31, | December 31, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
(in thousands) | |||||||||||
Property acquisition costs: | |||||||||||
Proved | $ | 612 | $ | 9,365 | $ | 3,436 | $ | 36,824 | |||
Unproved | 9,207 | 18,172 | 60,721 | 42,225 | |||||||
Development costs | 83,522 | 50,844 | 290,283 | 283,915 | |||||||
Total costs incurred for oil and natural gas properties | |||||||||||
$ | 93,341 | $ | 78,381 | $ | 354,440 | $ | 362,964 | ||||
The table below provides a summary of gross and net wells completed and put on production for the three months
and year ended December 31, 2024:
Three Months Ended | Twelve Months Ended | |||||||||
December 31, 2024 | December 31, 2024 | |||||||||
Gross | Net | Gross | Net | |||||||
Permian | 31 | 3.24 | 133 | 16.81 | ||||||
Eagle Ford | 5 | 0.26 | 18 | 3.36 | ||||||
Bakken | 19 | 0.40 | 56 | 1.00 | ||||||
Haynesville | - | - | 6 | 0.34 | ||||||
DJ | 25 | 0.04 | 80 | 1.78 | ||||||
Appalachian | 6 | 0.14 | 6 | 0.14 | ||||||
Total | 86 | 4.08 | 299 | 23.43 | ||||||
On December 31, 2024, the Company had 202 gross (14.85 net) wells for which drilling was either in-progress or
were pending completion.
Liquidity and Capital Resources
As of December 31, 2024, Granite Ridge had $205.0 million of debt outstanding under its Credit Agreement and
$129.1 million of liquidity, consisting of $119.7 million of committed borrowing availability and $9.4 million of cash
on hand. On November 1, 2024, the Company and its lenders entered into the Fourth Amendment to the Credit
Agreement, which amended the Credit Agreement to, among other things, increase the borrowing base and
aggregate elected commitments from $300.0 million to $325.0 million.
2024 Proved Reserves
As of December 31, 2024, Granite Ridge's estimated proved reserves totaled 54,315 MBoe, compared to 53,472
MBoe December 31, 2023. The Company's proved reserves are approximately 52% oil and 48% natural gas. Proved
developed reserves totaled 38,953 MBoe, or 72% of total proved reserves. The table below provides a summary of
changes in total proved reserves for the year ended December 31, 2024, as well as the proved developed reserves
balance at the beginning and end of the year.
Oil | Natural Gas | ||||
Proved developed and undeveloped reserves at | (MBbl) | (MMcf) | MBoe | ||
December 31, 2023 | 27,317 | 156,928 | 53,472 | ||
Revisions of previous estimates | (1,992) | (1,860) | (2,302) | ||
Extensions and discoveries | 3,545 | 20,043 | 6,885 | ||
Divestiture of reserves | (1,718) | (10,840) | (3,525) | ||
Acquisition of reserves | 5,518 | 20,442 | 8,925 | ||
Production | (4,483) | (27,944) | (9,140) | ||
Proved developed and undeveloped reserves at | |||||
December 31, 2024 | 28,187 | 156,769 | 54,315 | ||
Oil | Natural Gas | ||||
(MBbl) | (MMcf) | MBoe | |
Proved developed reserves: | |||
December 31, 2023 | 14,972 | 96,833 | 31,111 |
December 31, 2024 | 19,269 | 118,103 | 38,953 |
Proved undeveloped reserves: | |||
December 31, 2023 | 12,345 | 60,095 | 22,361 |
December 31, 2024 | 8,918 | 38,666 | 15,362 |
2025 Guidance
The Company provides initial 2025 guidance and anticipates approximately 28,000 to 30,000 Boe per day of
production for 2025, an increase of approximately 16% from 2024.
The following table summarizes the Company's operational and
Annual production (Boe per day) | 2025 Guidance | |
28,000 - 30,000 | ||
Oil production (% of total production) | 51% - 53% | |
Total capital expenditures ($ in millions) | $300 - $320 | |
Lease operating expenses (per Boe) | $6.25 - $7.25 | |
Production and ad valorem taxes (% of total revenue) | 6% - 7% | |
Cash general and administrative expense ($ in millions) | $25 - $27 |
Conference Call
Granite Ridge will host a conference call on March 7, 2025, at 10:00 AM CT (11:00 AM ET) to discuss its fourth
quarter and full-year 2024
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 March 21, 2025. To access the audio replay dial (800) 770-2030 and enter con
4127559.
Upcoming Investor Events
Granite Ridge management will also be participating in the following upcoming investor events:
2025 Louisiana Energy Conference - May 28, 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 proli
unconventional basins across the United States. We aim to deliver a diversi
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 pro
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 press release regarding,
without limitation, Granite Ridge's 2025 outlook,
strategy, plans and objectives of management for future operations, industry conditions, and indebtedness
covenant compliance 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, cash
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 di
forward-looking statements, including the following: Granite Ridge's
combination, changes in Granite Ridge's strategy, future operations,
losses, projected costs, prospects and plans, changes in current or future commodity prices and interest rates,
supply chain disruptions, infrastructure constraints and related factors a
additional development opportunities and potential or pending acquisition transactions, as well as the e
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 a
of the 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 e
and duration of global hostilities, including the Israel-Hamas con
in the Middle East, and any associated armed con
and create instability in the
economic factors beyond Granite Ridge's control, including the potential adverse e
a
operations, increasing regulatory and investor emphasis on, and attention to, environmental, social and
governance matters, Granite Ridge's ability to establish and maintain e
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 to be
("SEC"), as updated by any subsequent Quarterly Reports on Form 10-Q, which Granite Ridge
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 signi
uncertainties, most of which are di
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
Accepted Accounting Principles ("GAAP"), this press release contains certain
prepared in accordance with GAAP, including Adjusted Net Income, Adjusted Earnings Per Share, Adjusted EBITDAX,
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
accordance with GAAP.
Granite Ridge Resources, Inc. | |||||
Consolidated Balance Sheets | |||||
(Unaudited) | |||||
(in thousands, except par value and share data) | December 31, | ||||
2024 | 2023 | ||||
ASSETS | |||||
Current assets: | |||||
Cash | $ | 9,419 | $ | 10,430 | |
Revenue receivable | 69,692 | 72,934 | |||
Advances to operators | 19,959 | 4,928 | |||
Prepaid and other current assets | 3,831 | 1,716 | |||
Derivative assets - commodity derivatives | 537 | 11,117 | |||
Equity investments | 31,783 | 50,427 | |||
Total current assets | 135,221 | 151,552 | |||
Property and equipment: | |||||
Oil and gas properties, successful e | 1,540,021 | 1,236,683 | |||
Accumulated depletion | (643,051) | (467,141) | |||
Total property and equipment, net | 896,970 | 769,542 | |||
Long-term assets: | |||||
Derivative assets - commodity derivatives | - | 1,189 | |||
Other long-term assets | 4,288 | 4,821 | |||
Total long-term assets | 4,288 | 6,010 | |||
Total assets | $ | 1,036,479 | $ | 927,104 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current liabilities: | |||||
Accounts payable and accrued liabilities | $ | 99,440 | $ | 60,875 | |
Other liabilities | 546 | 1,204 | |||
Derivative liabilities - commodity derivatives | 1,822 | - | |||
Total current liabilities | 101,808 | 62,079 | |||
Long-term liabilities: | |||||
Long-term debt | 205,000 | 110,000 | |||
Derivative liabilities - commodity derivatives | 3,679 | - | |||
Asset retirement obligations | 10,693 | 9,391 | |||
Deferred tax liability | 79,946 | 73,989 |
Total long-term liabilities
Total liabilities
Stockholders' Equity:
Common stock, $0.0001 par value, 431,000,000 shares authorized, 136,417,677 and 136,040,777 issued at December 31, 2024 and 2023, respectively
Additional paid-in capital
Retained earnings
Treasury stock, at cost, 5,683,921 and 5,677,627 shares at December 31, 2024 and 2023, respectively
Total stockholders' equity
Total liabilities and stockholders' equity
299,318193,380
401,126255,459
1414
655,472653,174
16,04754,782
(36,180)(36,325)
635,353671,645
$ 1,036,479 $ 927,104
Granite Ridge Resources, Inc. | ||||||||||
Consolidated Statements of Operations | ||||||||||
(Unaudited) | ||||||||||
Three Months Ended | Year Ended | |||||||||
(in thousands, except per share data) | December 31, | December 31, | ||||||||
2024 | 2023 | 2024 | 2023 | |||||||
Revenues: | ||||||||||
Oil and natural gas sales | $ 106,307 | $ | 106,798 | $ 380,030 | $ | 394,069 | ||||
Operating costs and expenses: | ||||||||||
Lease operating expenses | 15,287 | 15,408 | 57,461 | 60,521 | ||||||
Production and ad valorem taxes | 7,032 | 7,897 | 26,007 | 27,707 | ||||||
Depletion and accretion expense | 49,847 | 47,574 | 176,529 | 160,662 | ||||||
Impairments of long-lived assets | 35,637 | 26,496 | 36,369 | 26,496 | ||||||
General and administrative | 5,944 | 6,081 | 24,649 | 27,920 | ||||||
Other, net | (524) | (1,384) | (241) | 176 | ||||||
Total operating costs and expenses | 113,223 | 102,072 | 320,774 | 303,482 |
Net operating income (loss) | (6,916) | 4,726 | 59,256 | 90,587 |
Other income (expense):
Gain (loss) on derivatives - commodity derivatives | (8,803) | 19,129 | (908) | 25,544 | |||
Interest expense, net | (4,673) | (2,409) | (18,470) | (5,315) | |||
Gain (loss) on derivatives - common stock warrants | - | - | - | (5,742) | |||
Gain (loss) on equity investments | 4,132 | 508 | (15,183) | 508 | |||
Other income | - | - | 271 | - | |||
Total other income (expense) | (9,344) | 17,228 | (34,290) | 14,995 |
Income (loss) before income taxes | (16,260) | 21,954 | 24,966 | 105,582 | |||||||
Income tax expense (bene | (4,638) | 4,415 | 6,207 | 24,483 | |||||||
Net income (loss) | $ | (11,622) | $ | 17,539 | $ | 18,759 | $ | 81,099 | |||
Net income (loss) per share: | |||||||||||
Basic | $ | (0.09) | $ | 0.13 | $ | 0.14 | $ | 0.61 | |||
Diluted | $ | (0.09) | $ | 0.13 | $ | 0.14 | $ | 0.61 | |||
Weighted-average number of shares outstanding: | |||||||||||
Basic | 130,210 | 132,105 | 130,189 | 133,093 | |||||||
Diluted | 130,210 | 132,129 | 130,227 | 133,109 | |||||||
Granite Ridge Resources, Inc. | |||||
Consolidated Statements of Cash Flows | |||||
(Unaudited) | |||||
Year Ended | |||||
December 31, | |||||
(in thousands) | 2024 | 2023 | |||
Operating activities: | |||||
Net income | $ | 18,759 | $ | 81,099 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depletion and accretion expense | 176,529 | 160,662 | |||
Impairments of long-lived assets | 36,369 | 26,496 | |||
(Gain) loss on derivatives - commodity derivatives | 908 | (25,544) | |||
Net cash receipts from (payments on) commodity derivatives | 16,363 | 22,895 | |||
Stock-based compensation | 2,298 | 2,162 | |||
Amortization of loan origination costs | 3,540 | 1,260 | |||
Loss on derivatives - common stock warrants | - | 5,742 | |||
(Gain) loss on equity investments | 15,183 | (508) | |||
Deferred income taxes | 5,958 | 24,274 | |||
Other | (1,034) | (313) | |||
Increase (decrease) in cash attributable to changes in operating assets and liabilities: | |||||
Revenue receivable | 3,288 | (846) | |||
Other receivable | 183 | 103 | |||
Accrued expenses | (1,153) | 4,550 | |||
Prepaid and other current assets | (1,411) | 485 | |||
Other payable | (47) | 350 | |||
Net cash provided by operating activities | 275,733 | 302,867 | |||
Investing activities: | |||||
Capital expenditures for oil and natural gas properties | (285,796) | (282,390) | |||
Acquisition of oil and natural gas properties | (61,197) | (76,810) | |||
Deposit on acquisition | (887) | - | |||
Refund of advances to operators | 19,655 | 2,464 | |||
Proceeds from the disposal of oil and natural gas properties | 13,995 | 60 | |||
Proceeds from the sale of equity investments | 3,462 | - | |||
Net cash used in investing activities | (310,768) | (356,676) | |||
Financing activities: | |||||
Proceeds from borrowing on credit facilities | 110,000 | 162,500 | |||
Repayments of borrowing on credit facilities | (15,000) | (52,500) | |||
Deferred | (3,340) | (2,616) | |||
Payment of expenses related to formation of Granite Ridge Resources, Inc. | - | (43) | |||
Purchase of treasury shares | (442) | (35,353) | |||
Payment of dividends | (57,494) | (58,587) | |||
Proceeds from issuance of common stock | - | 5 | |||
Net cash provided by | 33,724 | 13,406 | |||
Net change in cash and restricted cash | (1,311) | (40,403) | |||
Cash and restricted cash at beginning of year | 10,730 | 51,133 | |||
Cash and restricted cash at end of year | $ | 9,419 | $ | 10,730 | |
Supplemental disclosure of cash | |||||
Cash paid during the year for interest | $ | (14,472) | $ | (4,825) | |
Cash paid during the year for income taxes | $ | (197) | $ | (742) |
Supplemental disclosure of non-cash investing activities:
Oil and natural gas properties divested in exchange for equity securities | $ | - | $ | 49,920 |
Oil and natural gas property development costs in accrued expenses | $ | 36,736 | $ | (12,325) |
Advances to operators applied to development of oil and natural gas properties | $ | 121,922 | $ | 98,224 |
Cash and restricted cash:
Cash | $ | 9,419 | $ | 10,430 | |
Restricted cash included in other long-term assets | - | 300 | |||
Cash and restricted cash | $ | 9,419 | $ | 10,730 | |
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 | Year Ended | |||||||||||
December 31, | December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Net Sales (in thousands): | ||||||||||||
Oil sales | $ | 88,730 | $ | 86,345 | $ | 327,491 | $ | 317,099 | ||||
Natural gas sales | 17,577 | 20,453 | 52,539 | 76,970 | ||||||||
Total revenues | ||||||||||||
106,307 | 106,798 | 380,030 | 394,069 | |||||||||
Net Production: | ||||||||||||
Oil (MBbl) | 1,354 | 1,130 | 4,483 | 4,162 | ||||||||
Natural gas (MMcf) | 7,186 | 7,592 | 27,944 | 28,266 | ||||||||
Total (MBoe)(1) | ||||||||||||
2,552 | 2,395 | 9,140 | 8,873 | |||||||||
Average Daily Production: | ||||||||||||
Oil (Bbl) | 14,717 | 12,280 | 12,248 | 11,404 | ||||||||
Natural gas (Mcf) | 78,104 | 82,525 | 76,350 | 77,442 | ||||||||
Total (Boe)(1) | ||||||||||||
27,734 | 26,034 | 24,973 | 24,311 | |||||||||
Average Sales Prices: | ||||||||||||
Oil (per Bbl) | $ | 65.53 | $ | 76.43 | $ | 73.06 | $ | 76.18 | ||||
E | 0.85 | 0.59 | 0.34 | 1.10 | ||||||||
Oil net of settled oil derivatives (per Bbl) (2) | ||||||||||||
66.38 | 77.02 | 73.40 | 77.28 | |||||||||
Natural gas sales (per Mcf) | 2.45 | 2.69 | 1.88 | 2.72 | ||||||||
E | ||||||||||||
0.39 | 0.45 | 0.53 | 0.65 | |||||||||
Mcf) | ||||||||||||
Natural gas sales net of settled natural gas derivatives (per Mcf) (2) | 2.84 | 3.14 | 2.41 | 3.37 | ||||||||
Realized price on a Boe basis excluding settled commodity derivatives | 41.66 | 44.60 | 41.58 | 44.41 | ||||||||
E | ||||||||||||
1.56 | 1.70 | 1.79 | 2.58 | |||||||||
Boe) | ||||||||||||
Realized price on a Boe basis including settled commodity derivatives (2) | 43.22 | 46.30 | 43.37 | 46.99 | ||||||||
Operating Expenses (in thousands): | ||||||||||||
Lease operating expenses | $ | 15,287 | $ | 15,408 | $ | 57,461 | $ | 60,521 | ||||
Production and ad valorem taxes | 7,032 | 7,897 | 26,007 | 27,707 | ||||||||
Depletion and accretion expense | 49,847 | 47,574 | 176,529 | 160,662 | ||||||||
Impairments of long-lived assets | 35,637 | 26,496 | 36,369 | 26,496 | ||||||||
General and administrative | 5,944 | 6,081 | 24,649 | 27,920 | ||||||||
Costs and Expenses (per Boe): | ||||||||||||
Lease operating expenses | $ | 5.99 | $ | 6.43 | $ | 6.29 | $ | 6.82 | ||||
Production and ad valorem taxes | 2.76 | 3.30 | 2.85 | 3.12 | ||||||||
Depletion and accretion | 19.53 | 19.87 | 19.31 | 18.11 | ||||||||
Impairments of long-lived assets | 13.96 | 11.06 | 3.98 | 2.99 | ||||||||
2.33 | 2.54 | 2.70 | 3.15 | |||||||||
General and administrative | ||||||||||||
Net Producing Wells at Period-End: | 202.40 | 176.50 | 202.40 | 176.50 | ||||||||
- Natural gas is converted to Boe using the ratio of one barrel of oil to six Mcf of natural gas.
-
The presentation of realized prices including settled commodity derivatives is a result of including the net cash receipts from (payments on) commodity derivatives that are presented in our consolidated statements of cash
means by which to re
with derivatives in a manner consistent with the presentation generally used by the investment community.
Granite Ridge Resources, Inc.
Derivatives Information
The table below provides data associated with the Company's current derivatives, for the periods indicated: