Granite Ridge Resources, Inc. SEC 10-Q Report

Granite Ridge Resources, Inc., a leading player in the oil and natural gas industry, has released its Form 10-Q report for the second quarter of 2025. The report showcases the company's robust financial performance and significant operational achievements, underscoring its strategic growth and expansion in key geographic areas.

Financial Highlights

• Total Revenues: $109.2 million, reflecting a 20% increase from the same period in 2024 due to higher production volumes and increased natural gas prices.
• Net Operating Income: $20.7 million, a slight decrease from $21.9 million in the prior year period, primarily due to increased operating expenses.
• Net Income: $25.1 million, significantly higher than $5.1 million in the prior year period, driven by higher revenues and gains on derivatives.
• Basic Net Income Per Share: $0.19, compared to $0.04 in the prior year period, reflecting improved profitability.
• Diluted Net Income Per Share: $0.19, consistent with the basic net income per share, indicating minimal dilution effects.

Business Highlights

• Revenue Segments: The company's oil and natural gas sales are primarily derived from six geographic areas in the United States: the Permian Basin, Eagle Ford Basin, Bakken Basin, Haynesville Basin, DJ Basin, and Appalachian Basin. The Permian Basin contributed the most to revenue, with $75.3 million for the three months ended June 30, 2025, and $156.9 million for the six months ended June 30, 2025.
• Geographical Performance: The Permian Basin showed significant growth, with revenues increasing from $56.2 million in Q2 2024 to $75.3 million in Q2 2025. The Appalachian Basin also contributed to revenue growth, with $7.3 million in Q2 2025, a new addition compared to no revenue in Q2 2024.
• Sales Units: Oil production increased by 46% for the three months ended June 30, 2025, compared to the same period in 2024, with 1,457 MBbl produced. Natural gas production also increased by 28% for the same period, with 8,500 MMcf produced.
• Operational Performance: The company participated in 227.42 net producing wells as of June 30, 2025, up from 191.94 net wells as of June 30, 2024, indicating an expansion in operational capacity.
• Lease Operating Expenses: Lease operating expenses increased by 47% to $20.1 million for the three months ended June 30, 2025, primarily due to an increase in well count and associated service costs.
• Future Outlook: The company plans to continue expanding its operations with a budget of approximately $400 million to $420 million for 2025, including $120 million for acquisitions of oil and natural gas properties. This indicates a strategic focus on growth and expansion in key operational areas.

SEC Filing: Granite Ridge Resources, Inc. [ GRNT ] - 10-Q - Aug. 07, 2025