Granite Ridge Resources, Inc. Reports Fourth Quarter and Full-Year 2025 Results and Provides Outlook for 2026

About this update from Granite Ridge Resources, Inc.

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(NYSE: GRNT) ("Granite Ridge" or the "Company") today reported financial and operating results for the fourth quarter and full-year 2025 and provided initial guidance for 2026.","length":267,"tagName":"p"},{"type":"text","content":" Fourth Quarter 2025 Highlights ","length":30,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Increased total production by 27% to 35,120 Boe/day (49% oil) including a 17% increase in oil production","length":104,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Reported net loss of $25.1 million, or $(0.19) per share, and Adjusted Net Income (non-GAAP) of $1.5 million, or $0.01 Adjusted Earnings Per Diluted Share (non-GAAP)","length":165,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Generated Adjusted EBITDAX (non-GAAP) of $69.5 million","length":54,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Invested $127.5 million of capital, placing online 67 gross (10.50 net) wells","length":77,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Declared a dividend of $0.11 per share","length":38,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":"Ended the year with total liquidity of $339.5 million and Net Debt to Adjusted EBITDAX of 1.2x","length":94,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":532,"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, "Granite Ridge continued its evolution in 2025 from a traditional non-operated production company to a capital allocator focused on controlled, short-cycle development through Operated Partnerships. This strategic shift has resulted in greater control over development timing, and increased deal flow and exposure to high-quality resource in the Permian Basin. We have executed over fifty of these transactions and added approximately 100 net locations since the program began in 2023.","length":556,"tagName":"p"},{"type":"text","content":""For the year, we grew production 28% to an average of 32,000 Boe per day while investing $279 million in development capital. Our strategy remains straightforward: underwrite projects to 25% full-cycle returns at strip pricing, compound production and cash flow growth, and protect downside through disciplined leverage.","length":326,"tagName":"p"},{"type":"text","content":""In 2025, we added 331 gross, 77.2 net, locations for $122 million across both the Operated Partnership and non-operated portfolio. In the Permian Basin, we acquired 59.3 Operated Partnership net wells at $1.4 million per location. By underwriting transactions on a unit-by-unit basis at strip pricing, we moderate commodity price volatility and avoid execution and valuation risk associated with large-format acquisitions.","length":428,"tagName":"p"},{"type":"text","content":""Our 2026 guidance reflects the benefits of increased scale. Production growth is moderating and development capital expenditures align closely with expected cash flow.","length":173,"tagName":"p"},{"type":"text","content":""We remain committed to disciplined capital allocation, operational execution through our partners, and returning capital to shareholders. The scalability and resilience of our platform position Granite Ridge to generate durable shareholder value through disciplined growth and capital returns across commodity cycles."","length":329,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" Financial Results ","length":17,"tagName":"p"},{"type":"text","content":"Net loss for the quarter was $25.1 million, or $(0.19) per share of common stock. Excluding non-cash and special items, Adjusted Net Income (non-GAAP) was $1.5 million for the quarter, or $0.01 per diluted share of common stock. Adjusted EBITDAX (non-GAAP) and cash flow from operating activities for the quarter totaled $69.5 million and $64.5 million, respectively.","length":367,"tagName":"p"},{"type":"text","content":"Net income for the year was $24.4 million or $0.18 per diluted share of common stock. Excluding non-cash and special items, Adjusted Net Income (non-GAAP) was $56.2 million or $0.43 per diluted share of common stock. Adjusted EBITDAX (non-GAAP) and cash flow from operating activities for the year totaled $315.0 million and $296.4 million, respectively.","length":354,"tagName":"p"},{"type":"text","content":" Production Results ","length":18,"tagName":"p"},{"type":"text","content":"Total production for the quarter increased 27% from the prior year quarter to 35,120 Boe per day (49% oil), including a 17% increase in oil production to 17,152 barrels ("Bbls") per day. Natural gas production for the quarter totaled 107,804 thousand cubic feet of natural gas ("Mcf") per day.","length":313,"tagName":"p"},{"type":"text","content":"Total production for the year increased 28% to 31,984 Boe per day (50% oil), including a 31% increase in oil production to 16,041 Bbls per day. Natural gas production for the year totaled 95,649 Mcf per day.","length":207,"tagName":"p"},{"type":"text","content":" Oil, Natural Gas and Related Product Sales ","length":42,"tagName":"p"},{"type":"text","content":"During the quarter, NYMEX West Texas Intermediate ("WTI") crude oil averaged $59.64 per Bbl, and NYMEX natural gas at Henry Hub averaged $3.75 per Mcf. The Company’s average realized price for oil and natural gas, excluding the effect of commodity derivatives, was $55.49 per Bbl (a $4.15 differential to WTI) and $1.81 per Mcf (a 48% realization of Henry Hub), respectively.","length":385,"tagName":"p"},{"type":"text","content":" Operating Costs ","length":15,"tagName":"p"},{"type":"text","content":"Lease operating expenses were $24.9 million for the quarter, or $7.72 per Boe, a 29% increase on a per unit basis compared to the prior year quarter. Production and ad valorem taxes were $6.2 million for the quarter, or 5.9% of oil and natural gas sales. During the quarter general and administrative ("G&A") costs totaled $8.0 million, inclusive of $1.4 million of non-cash stock-based compensation.","length":414,"tagName":"p"},{"type":"text","content":"Lease operating expenses were $84.9 million for the year, or $7.27 per Boe, an 16% increase on a per unit basis compared to the prior year. Production and ad valorem taxes were $27.6 million for the year, or 6.1% of oil and natural gas sales. G&A costs for the year totaled $31.0 million, inclusive of $3.8 million of non-cash stock-based compensation.","length":356,"tagName":"p"},{"type":"text","content":" Capital Expenditures and Operational Activity ","length":45,"tagName":"p"},{"type":"text","content":"Capital expenditures for the quarter were $127.5 million comprised of $66.4 million of drilling and completion ("D&C") capital and $61.1 million of property acquisition costs. Total 2025 capital expenditures were $401.0 million comprised of $279.0 million of D&C capital and $122.0 million of property acquisition costs.","length":338,"tagName":"p"},{"type":"text","content":"The table below provides capital expenditures incurred for oil and natural gas producing activities for the periods indicated:","length":126,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;width:49%;","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;text-align:center;list-style-position:inside;white-space:nowrap;","val":[{"type":"text","content":" Three Months Ended ","length":18,"tagName":"p","attribs":{}},{"type":"text","content":" December 31, 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A brief Q&A session for security analysts will immediately follow the discussion.","length":272,"tagName":"p"},{"type":"text","content":"The details are as follows:","length":27,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;text-align:left;white-space:nowrap;vertical-align:top;","val":[{"type":"text","content":"When:","length":5,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;","val":[]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;","val":[]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;text-align:left;vertical-align:bottom;white-space:nowrap;","val":[{"type":"text","content":"Friday, March 6, 2026, at 10:00 a.m. CT","length":39,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;white-space:nowrap;text-align:left;vertical-align:top;","val":[{"type":"text","content":"Where:","length":6,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;vertical-align:bottom;white-space:nowrap;","val":[]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;vertical-align:bottom;white-space:nowrap;","val":[]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;vertical-align:bottom;white-space:nowrap;","val":[{"type":"text","content":" https://ir.graniteridge.com ","length":27,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;white-space:nowrap;text-align:left;vertical-align:top;","val":[{"type":"text","content":"Webcast:","length":8,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;vertical-align:bottom;white-space:nowrap;","val":[]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;vertical-align:bottom;white-space:nowrap;","val":[]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;vertical-align:bottom;white-space:nowrap;","val":[{"type":"text","content":"To access the webcast, please go to this link: Registration Link ","length":64,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;white-space:nowrap;text-align:left;vertical-align:top;","val":[{"type":"text","content":"Dial-in / Q&A Participation:","length":32,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;vertical-align:bottom;white-space:nowrap;","val":[]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;vertical-align:bottom;white-space:nowrap;","val":[]},{"colspan":"1","rowspan":"1","style":"padding-left:0.0px;vertical-align:bottom;","val":[{"type":"text","content":"If you would like to access the call by phone or to participate in the Q&A, please register here: Q&A Registration Link . You will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference fifteen minutes ahead of the scheduled start time.","length":293,"tagName":"p","attribs":{}}]}]}],"length":492},{"type":"text","content":" Upcoming Investor Events ","length":24,"tagName":"p"},{"type":"text","content":"Granite Ridge management will also be participating in the following upcoming investor event:","length":93,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Piper Sandler Energy Conference - March 17, 2026","length":48,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":48,"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 press release regarding, without limitation, Granite Ridge’s 2026 outlook, financial position, operating and financial performance, business 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 flows, and trends or operating results also constitute such forward-looking statements.","length":1356,"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 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 effects and duration of global hostilities, including the Israel-Hamas conflict, the Russia-Ukraine war, the joint U.S.-Israel strikes on Iran, 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 and Granite Ridge’s business and operations, increasing regulatory and investor emphasis on, and attention to, environmental, social and governance matters, Granite Ridge’s 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, 2025 to be filed with the Securities and Exchange Commission ("SEC"), as updated by any subsequent Quarterly Reports on Form 10-Q, which Granite Ridge files with the SEC.","length":2800,"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, and Net Debt.","length":353,"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":"table","headerItems":[],"items":[{"val":[{"colspan":"8","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"8","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"8","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"8","rowspan":"1","style":"padding-left:0.0px;text-align:center;list-style-position:inside;vertical-align:bottom;white-space:nowrap;","val":[{"type":"text","content":" Granite Ridge Resources, Inc. 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