GRNT
Granite Ridge Resources, Inc.4.7800
-0.1900-3.82%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Details on hidden operator partners
Q&A peeled back the curtain on Granite Ridge's three lesser-known operator partners beyond Admiral Permian: PetroLegacy targeting northern Midland Dean play with initial drilling this year; a team chasing blocky emerging plays like Woodford and Barnett for medium-term inventory; and a new Midland squad mirroring Admiral's unit captures, eyeing rigs by 2027. Management plans 29 net wells online in 2026 versus 38 last year, with 12% oil growth exit-to-exit amid H1 softness. Free cash flow breakeven in 2027 stems from leverage targets, not fading opportunities—deal flow stays robust, inventory cheap. Analysts probed differentials (Waha gas weak but stripped) and partner economics (mild reversions). Partners ramp steadily. Watch Permian inventory adds.
Key Stats
Market Cap
627.38MP/E (TTM)
16.48Basic EPS (TTM)
0.29Dividend Yield
0.09%Recent Filings
10-K
FY2025 results
Granite Ridge delivered FY2025 production of 31,984 Boe/d, up 28% y/y, with Permian output surging to 7,412 MBoe from 4,828 MBoe as operators completed 148 gross (31.77 net) wells. Revenues climbed 18% to $450M despite oil prices dipping to $61.63/Bbl from $73.06, buoyed by volume growth and natural gas strength; yet lease operating expenses jumped 48% to $7.27/Boe on higher saltwater disposal and labor. Q4 accelerated momentum with net wells rising to 244.74 from 202.40 y/y, proved reserves steady at 62,347 MBoe (PV-10 $897M). Strong cash flows funded $301M capex and $58M dividends while adding $350M senior notes; $340M liquidity remains robust. Volatility in oil prices threatens quarterly output.
8-K
Q4 production jumps 27%
Granite Ridge reported Q4 2025 production up 27% to 35,120 Boe/day (49% oil), with full-year output rising 28% to 31,984 Boe/day, but posted a $25.1M net loss from impairments while generating $69.5M Adjusted EBITDAX. Proved reserves grew to 62,347 MBoe. 2026 guidance targets 34,000-36,000 Boe/day. Production surged, yet impairments stung.
8-K
CFO appointment effective Feb 9
Granite Ridge Resources appointed Ronald Kyle Kettler as CFO effective February 9, 2026, succeeding Kim Weimer who stays as Chief Accounting Officer. Kettler, with 25+ years in energy finance from Chambers Energy Management and Lehman Brothers, signed a 3-year deal at $450,000 base, 50% target bonus, and $2M equity grants. New CFO locked in. Robust severance shields both sides.
8-K
Extended management deal, fee up
Granite Ridge Resources extended its Management Services Agreement with Grey Rock Administration to April 30, 2031, effective January 1, 2026, while hiking the annual fee from $10.0 million to $11.75 million, with CPI adjustments from 2027 and management flexibility up to $12.50 million. Deal locks in external management longer. Granite Ridge Ventures also inked a power capacity commitment with Conduit Bravo on December 12.
8-K
Q3 production up 27%
Granite Ridge boosted Q3 production 27% to 31,925 Boe/d (51% oil), driving net income to $14.5M from $9.1M last year. Production surged. They spent $80.5M on capex, placed 9.3 net wells online, and declared $0.11/share dividend. Post-quarter, issued $350M 8.875% notes due 2029 to cut debt, extending credit maturity while guiding 31,000-33,000 Boe/d for 2025.
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