Granite Ridge Resources, Inc. Reports Second Quarter 2025 Results, Declares Quarterly Cash Dividend and Provides Updated Outlook for 2025

About this update from Granite Ridge Resources, Inc.

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("Granite Ridge" or the "Company") (NYSE: GRNT) today reported financial and operating results for the second quarter of 2025.","length":218,"tagName":"p"},{"type":"text","content":" Second Quarter 2025 Highlights ","length":30,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Grew daily production 37% to 31,576 barrels of oil equivalent ("Boe") per day (51% oil), from 23,106 Boe per day for the second quarter of 2024.","length":154,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Reported net income of $25.1 million, or $0.19 per diluted share, versus $5.1 million, or $0.04 per diluted share, for the prior year period. Adjusted Net Income (non-GAAP) totaled $14.0 million, or $0.11 Adjusted Earnings Per Diluted Share (non-GAAP).","length":252,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Generated $75.4 million of Adjusted EBITDAX (non-GAAP).","length":55,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Invested $77.2 million in development capital expenditures and $10.1 million in acquisition capital to capture high quality drilling opportunities.","length":147,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Placed 4.9 net wells online.","length":28,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Declared dividend of $0.11 per share of common stock.","length":53,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Net Debt to Trailing Twelve Months Adjusted EBITDAX (non-GAAP) of 0.8x","length":70,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Subsequent to quarter end, the Company’s Board of Directors declared a regular quarterly dividend of $0.11 per share payable on September 15, 2025 to shareholders of record as of August 29, 2025. Future declarations of dividends are subject to approval by the Board of Directors.","length":279,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1038,"olType":false},{"type":"text","content":"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.","length":209,"tagName":"p"},{"type":"text","content":"Tyler Farquharson, President and CEO of Granite Ridge, commented, "Our quarterly results continue to validate our business model, with production and cash flow again exceeding expectations. We allocate capital to the highest risk-adjusted returns across a diverse portfolio of oil and natural gas assets, driving consistent and attractive full-cycle returns. This compounding effect is accelerating our growth momentum.","length":424,"tagName":"p"},{"type":"text","content":""In the second quarter, we increased production by 37% year-over-year to 31,576 Boe per day, driven by a 46% rise in oil production and a 28% rise in natural gas production. Development capital expenditures of $148.6 million for the six months ended June 30 were in line with expectations, while non-budgeted acquisition capital increased due to heightened transaction activity in our Operated Partnership and Traditional Non-Op investment strategies. We are raising our full-year production guidance by 10% at the midpoint to between 31,000 and 33,000 Boe per day and increasing our capital expenditure guidance to $400-420 million to support the expanded inventory additions."","length":688,"tagName":"p"},{"type":"readMore"},{"type":"text","content":""During the quarter, we announced that Luke Brandenburg stepped down as CEO. I am honored to lead Granite Ridge and am confident our strategy will maximize shareholder value. We deeply appreciate Luke’s significant contributions to our success and wish him the very best. Our strategy remains unchanged: underwrite development projects with full-cycle returns exceeding 25%, deliver consistent growth, and return capital to shareholders through a quarterly dividend."","length":477,"tagName":"p"},{"type":"text","content":" Guidance Update ","length":15,"tagName":"p"},{"type":"text","content":"The Company’s Operated Partnership and Traditional Non-Op investment strategies continued to drive value in the second quarter of 2025. Wells in the Permian came online ahead of schedule and Utica wells exceeded forecasts. As a result, the Company has raised its full-year production guidance by 10% at the midpoint to 31,000–33,000 barrels of oil equivalent per day, achieving 28% year-over-year growth. Capital expenditure guidance has also been increased to $400–$420 million, primarily to fund acquisitions expected to close in 2025.","length":537,"tagName":"p"},{"type":"text","content":"Granite Ridge plans to deploy approximately $120 million in acquisition capital, adding 74 net locations, with a significant portion allocated to the Permian Basin through its Operated Partnership strategy and the remaining portion to the high-performing Appalachia leasing strategy. These acquisitions have secured three additional years of inventory at an entry cost of approximately $1.7 million per location.","length":412,"tagName":"p"},{"type":"text","content":" Financial Results ","length":17,"tagName":"p"},{"type":"text","content":"Oil and natural gas sales for the second quarter of 2025 were $109.2 million. Net income was $25.1 million, or $0.19 per diluted share. Excluding non-cash and special items, Adjusted Net Income (non-GAAP) was $14.0 million, or $0.11 per diluted share.","length":251,"tagName":"p"},{"type":"text","content":"Adjusted EBITDAX (non-GAAP) for the second quarter of 2025 totaled $75.4 million compared to $68.3 million for the second quarter of 2024. Cash flow from operating activities was $78.0 million, including $8.6 million in working capital changes. Operating Cash Flow Before Working Capital Changes (non-GAAP) was $69.5 million.","length":325,"tagName":"p"},{"type":"text","content":" Production Results ","length":18,"tagName":"p"},{"type":"text","content":"Second quarter 2025 oil production volumes totaled 16,009 barrels ("Bbls") per day, a 46% increase from the second quarter of 2024. Natural gas production for the second quarter of 2025 totaled 93,404 thousand cubic feet of natural gas ("Mcf") per day, a 28% increase from the second quarter of 2024. The Company’s daily production for the second quarter of 2025 grew 37% from the second quarter of the prior year to 31,576 Boe per day.","length":456,"tagName":"p"},{"type":"text","content":" Oil, Natural Gas and Related Product Sales ","length":42,"tagName":"p"},{"type":"text","content":"The Company’s average realized price for oil and natural gas for the second quarter of 2025, excluding the effect of commodity derivatives, was $61.41 per Bbl and $2.32 per Mcf, respectively, compared to $77.84 per Bbl and $1.98 per Mcf realized in the second quarter of 2024.","length":276,"tagName":"p"},{"type":"text","content":" Operating Costs ","length":15,"tagName":"p"},{"type":"text","content":"Lease operating expenses were $20.1 million ($7.00 per Boe) for the three months ended June 30, 2025 compared to $13.7 million ($6.50 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 $6.4 million for the quarter, or 6% of oil and natural gas sales. During the quarter, general and administrative expenses totaled $8.5 million, or $2.96 per Boe, inclusive of $2.8 million of nonrecurring severance and capital markets expenses and $0.4 million of non-cash stock-based compensation.","length":620,"tagName":"p"},{"type":"text","content":" Capital Expenditures and Operational Activity ","length":45,"tagName":"p"},{"type":"text","content":"Capital expenditures for the quarter were $87.3 million comprised of $77.2 million of development capital and $10.1 million of property acquisition costs. The Company closed nine acquisitions in the Permian and Utica Basins, adding an aggregate inventory of 5.5 net undeveloped locations.","length":288,"tagName":"p"},{"type":"text","content":"The table below provides the costs incurred for oil and natural gas producing activities for the periods indicated:","length":115,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:53%;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"5","rowspan":"1","style":"vertical-align:bottom;border-bottom:solid black 1.0pt;padding-left:0.0px;","val":[{"type":"text","content":" Three Months Ended June 30, 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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:","length":303,"tagName":"p"},{"type":"text","content":"Dial-in: (888) 660-6093 Intl. dial-in: (929) 203-0844 Participant Passcode: 4127559","length":83,"tagName":"p"},{"type":"text","content":"To access the live webcast visit Granite Ridge’s website at www.graniteridge.com . Alternatively, an audio replay will be available through August 22, 2025. To access the audio replay dial (800) 770-2030 and enter confirmation code 4127559.","length":239,"tagName":"p"},{"type":"text","content":" Upcoming Investor Events ","length":24,"tagName":"p"},{"type":"text","content":"Granite Ridge management will be participating in the following upcoming investor events:","length":89,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Enercom The Energy Investment Conference (Denver, CO) - August 19, 2025","length":71,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":71,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Three Part Advisors Midwest IDEAS Conference (Chicago, IL) - August 26, 2025","length":76,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":76,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Pickering Energy Conference (Austin, TX) - September 30, 2025","length":61,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":61,"olType":false},{"type":"text","content":"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.","length":261,"tagName":"p"},{"type":"text","content":" About Granite Ridge ","length":19,"tagName":"p"},{"type":"text","content":"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 .","length":642,"tagName":"p"},{"type":"text","content":" Forward-Looking Statements and Cautionary Statements ","length":52,"tagName":"p"},{"type":"text","content":"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.","length":1383,"tagName":"p"},{"type":"text","content":"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.","length":2821,"tagName":"p"},{"type":"text","content":"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.","length":766,"tagName":"p"},{"type":"text","content":" Use of Non-GAAP Financial Measures ","length":34,"tagName":"p"},{"type":"text","content":"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.","length":446,"tagName":"p"},{"type":"text","content":"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.","length":242,"tagName":"p"},{"type":"text","content":" Granite Ridge Resources, Inc. 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