Commodity Prices - For the three months ended September 30, 2024, the average NYMEX oil pricing was $76.43 per barrel, which is 7% lower than the average price of $82.20 per barrel for the same period in 2023[157] - The average realized oil price per barrel after reflecting settled derivatives for the three months ended September 30, 2024, was $73.99, compared to $78.52 for the same period in 2023[158] - For the nine months ended September 30, 2024, the average NYMEX oil pricing was $78.58 per barrel, which is 2% higher than the average price of $77.30 per barrel for the same period in 2023[157] - The average realized natural gas price per Mcf after reflecting settled derivatives for the three months ended September 30, 2024, was $1.98, compared to $3.13 for the same period in 2023, representing a significant decline[159] - The average NYMEX natural gas pricing for the nine months ended September 30, 2024, was $2.11 per Mcf, which is 18% lower than the average price of $2.58 per Mcf for the same period in 2023[159] - The oil price differential to the NYMEX benchmark price during the three months ended September 30, 2024, was a discount of $(2.99) per barrel, compared to a discount of $(3.79) per barrel for the same period in 2023[151] - The natural gas price differential to the average NYMEX price during the three months ended September 30, 2024, was a discount of $(0.87) per Mcf, compared to a discount of $(0.08) per Mcf for the same period in 2023[152] Revenue and Sales - Oil and natural gas sales for the three months ended September 30, 2024 decreased by 13% compared to the same period in 2023, with oil revenues down 3% and natural gas revenues down 58%[163] - For the nine months ended September 30, 2024, oil revenues increased by 3% driven by a 3% increase in production, while natural gas revenues decreased by 38% due to a 39% decrease in realized prices[164] - Total revenues for the three months ended September 30, 2024 were $94.1 million, down from $108.4 million in the same period of 2023[162] Expenses - Lease operating expenses for the three months ended September 30, 2024 were $13.0 million, a decrease of 23% from $16.9 million in the same period of 2023[166] - Production taxes for the three months ended September 30, 2024 were $5.3 million, compared to $7.1 million during the same period in 2023, representing 6% of oil and natural gas sales[168] - Depletion and accretion expense for the three months ended September 30, 2024 was $44.1 million, a decrease of 1% from $44.3 million in the same period of 2023[171] - General and administrative expenses for the three months ended September 30, 2024 were $5.6 million, an increase of 6% from $5.2 million in the same period of 2023[175] - Exploration expense for the three months ended September 30, 2024 was $0.3 million, a decrease of 82% from $1.6 million during the same period in 2023[174] Financial Performance - The company’s revenues, cash flows from operations, and future growth depend substantially on the timing and success of drilling and production activities by operating partners[147] - The company expects continued volatility in commodity prices, which have historically been unpredictable[154] - The company reported a total gain on commodity derivatives of $11.8 million, compared to a loss of $8.1 million for the same period in 2023[177] - The company recorded a net cash receipt of $5.7 million from commodity derivatives for the three months ended September 30, 2024, an increase from $4.4 million in the same period of 2023[178] - Interest expense increased to $4.8 million for the three months ended September 30, 2024, up from $1.4 million in the same period of 2023, primarily due to a higher average outstanding balance on the revolving credit facility[179] - The company experienced a loss of $18.3 million from equity investments during the three months ended September 30, 2024, compared to a loss of $19.3 million for the nine months ended September 30, 2024[183] - Income tax expense for the three months ended September 30, 2024, was $4.3 million, compared to $5.2 million for the same period in 2023[184] Debt and Liquidity - As of September 30, 2024, the company had $195.0 million of debt outstanding under its Credit Agreement and $127.8 million of liquidity available[186] - The company paid dividends of $14.4 million, or $0.11 per share, during the three months ended September 30, 2024, compared to $14.8 million, or $0.11 per share, in the same period of 2023[188] - For the nine months ended September 30, 2024, net cash used in investing activities was $233.6 million, down from $286.5 million in the same period of 2023[194] - The company reported a net cash provided by financing activities of $38.5 million for the nine months ended September 30, 2024, compared to $29.1 million for the same period in 2023[196] - The company entered into the Fourth Amendment to the Credit Agreement on November 1, 2024, increasing the borrowing base from $300 million to $325 million[202] - As of September 30, 2024, the company was in compliance with all financial covenants required by the Credit Agreement[206] Capital Expenditures - The company has budgeted approximately $355 million to $365 million in total planned capital expenditures for 2024, including about $60 million for acquisitions of oil and natural gas properties[208] - For the three months ended September 30, 2024, the company incurred $77.2 million in costs on oil and natural gas properties, compared to $75.7 million for the same period in 2023[208] - The company reported total property acquisition costs of $32.9 million for the three months ended September 30, 2024, compared to $19.4 million for the same period in 2023[210] - The company incurred $206.8 million in costs on oil and natural gas properties for the nine months ended September 30, 2024, compared to $233.1 million for the same period in 2023[208] Strategic Outlook - The company has a portfolio of wells and top-tier acreage across multiple prolific unconventional basins in the United States, enhancing asset diversity and reducing overhead[143] - The company expects to fund planned capital expenditures with cash generated from operations and, if required, borrowings under its Credit Agreement[208] - The company may seek additional capital for strategic acquisitions or increased drilling activity, depending on market conditions[211] - A 10% increase in average commodity prices would have decreased the fair value of commodity derivatives by $14.6 million at September 30, 2024[219] - The impact of a one percent increase in interest rates on the company's total indebtedness would result in increased annual interest expense of approximately $2.0 million[221]

Exhibit 99.1 Granite Ridge Resources, Inc. Reports Third-Quarter 2024 Results and Declares Quarterly Cash Dividend Dallas, Texas, November 7, 2024 – Granite Ridge Resources, Inc. ("Granite Ridge" or the "Company") (NYSE: GRNT) today reported financial and operating results for the third quarter 2024. Third Quarter 2024 Highlights • Achieved average production of 25,177 barrels of oil equivalent ("Boe") per day (50% oil). • Reported net income of $9.1 million, or $0.07 per diluted share, and adjusted net inc ...

Financial Data and Key Metrics Changes - Average daily total production for Q2 2024 was 23,100 BOE per day, up 7% compared to the prior year quarter [9] - Adjusted EBITDA was $68.3 million, and adjusted EPS was $0.13 per diluted share for Q2 2024, flat from the prior year due to lower natural gas prices and divested assets [10] - Oil production as a percentage of total production increased to 47% for Q2 2024, with expectations to exit 2024 around 50% [10][11] - Per unit lease operating costs were $6.50 per BOE, and production and ad valorem taxes were 7.6% of sales, both within guidance range [10] Business Line Data and Key Metrics Changes - The company closed acquisitions representing 95 gross or 25.1 net locations for a total entry cost of $48 million, primarily in the Permian Basin [4] - Controlled capital development CapEx is expected to represent over 40% of total development CapEx for 2024 [5] - The company anticipates about four net wells to turn to sales in Q3 2024, with a total expectation of 22 to 24 net wells to be placed online during 2024 [11] Market Data and Key Metrics Changes - Hydrocarbon prices have changed significantly, with gas down about 22% and oil down about 2% compared to initial guidance in March 2024 [6] - The company is shifting capital allocation towards oil-weighted projects due to the current pricing environment [7] Company Strategy and Development Direction - The company is focusing on a controlled capital program, increasing its allocation to high-return operated projects [5][14] - The strategy includes adapting to market conditions by prioritizing economically advantageous projects [6] - The company aims for double-digit production growth year-over-year in 2025, driven by its controlled capital program [15] Management's Comments on Operating Environment and Future Outlook - Management noted that the current hydrocarbon price environment allows for flexibility in capital allocation [6] - The company expects oil production to rise over the next two quarters, with a potential 10% quarter-over-quarter increase in Q3 [7] - Management believes the market is undervaluing the company, highlighting the potential for growth and shareholder value [13][14] Other Important Information - The company raised its 2024 acquisition capital guidance to $60 million based on recent successes [12] - A quarterly cash dividend of $0.11 per share was declared, representing a 7.3% annualized yield [13] Q&A Session Summary Question: Expectations for oil production growth in Q3 - Management expects a 10% sequential increase in oil production in Q3, primarily driven by the first controlled capital pad brought online in June [18][19] Question: Impact of increased development budget on future growth - The increased development budget is expected to set the company up for growth in Q1 2025, with double-digit growth anticipated [20][21] Question: Acquisition of new locations and partnerships - A significant portion of the new locations acquired was through the new Midland Basin partnership, which is expected to drive future growth [24][25] Question: Production from deferred and DUC wells - Management indicated that there are several deferred and DUC wells that could add net production with minimal CapEx if commodity prices increase [28][29] Question: Lower lease operating expenses (LOE) - The lower LOE was driven by reduced gathering costs and less workover expense, primarily due to deferrals in the Haynesville [31] Question: Future production growth visibility with controlled capital - The controlled capital strategy is expected to enhance visibility for future production growth and cash flows, supporting the dividend [36][37]

Granite Ridge Resources, Inc. (GRNT) came out with quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -7.14%. A quarter ago, it was expected that this company would post earnings of $0.13 per share when it actually produced earnings of $0.12, delivering a surprise of -7.69%. Over the last four quarte ...

Table of Contents Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.0001 per share GRNT New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ ...

Exhibit 99.1 Granite Ridge Resources, Inc. Reports Second-Quarter 2024 Results, Declares Quarterly Cash Dividend and Provides Updated Outlook for 2024 Dallas, Texas, August 8, 2024 – Granite Ridge Resources Inc. ("Granite Ridge" or the "Company") (NYSE: GRNT) today reported financial and operating results for the second quarter 2024. Second Quarter 2024 Highlights • Increased production by 7% to 23,106 barrels of oil equivalent ("Boe") per day (47% oil) from the second quarter of 2023. • Reported net income ...

Granite Ridge Resources, Inc. (NYSE:GRNT) Q1 2024 Earnings Conference Call May 10, 2024 11:00 AM ET Company Participants Wes Harris - IR Representative Luke Brandenberg - President & CEO Tyler Farquharson - CFO Conference Call Participants Phillips Johnston - Capital One Michael Scialla - Stephens Jeff Robertson - Water Tower Research Michael Scialla - Stephens Operator Good morning and welcome everyone to Granite Ridge Resources First Quarter 2024 Earnings Conference Call. Currently, all participants are i ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission File Number: 001-41537 GRANITE RIDGE RESOURCES, INC. ( Exact Name of Registrant as Specified in Its Charter ) ____________ ...

Exhibit 99.1 Granite Ridge Resources, Inc. Reports First Quarter 2024 Results Dallas, Texas, May 9, 2024 – Granite Ridge Resources, Inc. ("Granite Ridge" or the "Company") (NYSE: GRNT) today reported financial and operating results for the first quarter of 2024. First Quarter 2024 Highlights 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. Luke Brandenberg, P ...

zhengzaishuru Granite Ridge Resources (NYSE:GRNT) appears capable of delivering a modest amount of free cash flow in 2024 before dividends. If it maintains its quarterly dividend at $0.11 per share, its net debt is projected to increase by $41 million during the year. This appears manageable for now, although Granite Ridge's dividend is at risk of being cut if commodity prices drop significantly. Granite Ridge has around 43% of its 2024 production hedged, but this drops to around 12% for 2025 at the mom ...