$GRNT

Granite Ridge Resources, Inc.

CIK:0001928446|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Oil and natural gas sales	$ 149,273	$ 109,219	$ 277,537	$ 232,150
Operating costs and expenses:
Lease operating expenses	29,961	20,118	59,640	36,358
Production and ad valorem taxes	9,284	6,437	17,520	14,805
Depletion and accretion expense	52,666	53,412	107,645	101,857
Impairments of long-lived assets	9,149	0	20,323	0
General and administrative	9,151	8,517	18,231	15,980
Other, net	45	0	312	(120)
Total operating costs and expenses	110,256	88,484	223,671	168,880
Net operating income	39,017	20,735	53,866	63,270
Other income (expense):
Gain (loss) on derivatives - commodity derivatives	12,992	23,925	(59,035)	9,068
Interest expense, net	(11,074)	(5,914)	(21,393)	(10,929)
Gain (loss) on equity investments	(2,223)	(5,795)	4,452	(15,766)
Other income (loss)	157	(93)	315	(93)
Total other income (expense)	(148)	12,123	(75,661)	(17,720)
Income (loss) before income taxes	38,869	32,858	(21,795)	45,550
Income tax expense (benefit)	8,873	7,777	(4,760)	10,657
Net income (loss)	$ 29,996	$ 25,081	$ (17,035)	$ 34,893
Net income (loss) per share:
Basic (in dollars per share)	$ 0.23	$ 0.19	$ (0.13)	$ 0.27
Diluted (in dollars per share)	$ 0.23	$ 0.19	$ (0.13)	$ 0.27
Weighted-average number of shares outstanding:
Basic (in shares)	130,805	130,469	130,713	130,403
Diluted (in shares)	130,824	130,588	130,713	130,496

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income (loss)	$ (17,035)	$ 34,893
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion and accretion expense	107,645	101,857
Impairments of long-lived assets	20,323	0
Unrealized (gain) loss on derivatives - commodity derivatives	24,460	(8,210)
Stock-based compensation expense	2,648	1,048
Amortization of deferred financing costs and original issue discount	2,658	800
(Gain) loss on equity investments	(4,452)	15,766
Deferred income taxes	(4,874)	10,275
Other	(135)	(258)
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
Revenue receivable	(26,790)	(6,956)
Accounts payable and accrued liabilities	6,581	3,202
Prepaid and other current assets	(2,589)	1,615
Other liabilities and long-term payables	5,488	102
Net cash provided by operating activities	113,928	154,134
Investing activities:
Capital expenditures for oil and natural gas properties	(122,593)	(164,533)
Acquisition of oil and natural gas properties	(26,182)	(44,861)
Proceeds from sale of equity investments	15,412	4,991
Proceeds from sale of oil and natural gas properties	1,542	175
Refund of advances to operators	1,139	3,695
Net cash used in investing activities	(130,682)	(200,533)
Financing activities:
Proceeds from borrowing on credit facilities	105,000	95,000
Repayments of borrowing on credit facilities	(30,000)	(25,000)
Deferred financing costs	0	(449)
Purchase of treasury shares	(30)	(16)
Payment of dividends	(28,970)	(28,812)
Net cash provided by financing activities	46,000	40,723
Net change in cash	29,246	(5,676)
Cash at beginning of period	14,846	9,419
Cash at end of period	44,092	3,743
Supplemental disclosure of non-cash investing activities:
Change in accrued capital expenditures included in accounts payable and accrued liabilities	7,396	(7,815)
Advances to operators applied to development of oil and natural gas properties	$ 84,119	$ 72,541

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 44,092	$ 14,846
Revenue receivable	100,956	74,166
Advances to operators	3,146	2,682
Prepaid and other current assets	4,840	2,251
Derivative assets - commodity derivatives	1,805	13,978
Equity investments	0	10,960
Total current assets	154,839	118,883
Property and equipment:
Oil and gas properties, successful efforts method	2,039,497	1,897,388
Accumulated depletion	(964,968)	(857,832)
Total property and equipment, net	1,074,529	1,039,556
Long-term assets:
Derivative assets - commodity derivatives	3,088	3,743
Other long-term assets	5,121	5,889
Total long-term assets	8,209	9,632
Total assets	1,237,577	1,168,071
Current liabilities:
Accounts payable and accrued liabilities	100,076	76,847
Current portion of long-term debt	35,000	17,500
Derivative liabilities - commodity derivatives	10,635	24
Other liabilities	5,536	810
Total current liabilities	151,247	95,181
Long-term liabilities:
Long-term debt, net	427,108	367,832
Derivative liabilities - commodity derivatives	1,021	0
Asset retirement obligations	12,430	11,968
Deferred tax liability	82,456	87,330
Other long-term payables	942	0
Total long-term liabilities	523,957	467,130
Total liabilities	675,204	562,311
Stockholders' equity:
Common stock, $0.0001 par value, 431,000,000 shares authorized, 137,592,654 and 136,941,978 issued at June 30, 2026 and December 31, 2025, respectively	14	14
Additional paid-in capital	661,876	659,228
Retained earnings (accumulated deficit)	(63,291)	(17,286)
Treasury stock, at cost, 5,692,412 and 5,686,711 shares at June 30, 2026 and December 31, 2025, respectively	(36,226)	(36,196)
Total stockholders' equity	562,373	605,760
Total liabilities and stockholders' equity	$ 1,237,577	$ 1,168,071