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Granite Ridge Resources (GRNT) investor relations material
Granite Ridge Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved 27% year-over-year growth in daily production to 31,925 BOE/d, with oil comprising 51% of the mix and a 28% target production growth for 2025.
Net income for Q3 2025 was $14.5 million ($0.11 per diluted share), up from $9.1 million in Q3 2024; adjusted net income was $11.8 million ($0.09 per share).
Maintained disciplined capital allocation, operational excellence, and strong execution across operator partnerships, with Admiral Permian Resources leading performance.
Enhanced capital structure post-quarter with reaffirmed $375 million borrowing base and $350 million senior unsecured notes issuance, increasing pro forma liquidity to $422 million.
Continued quarterly dividend of $0.11 per share, reflecting commitment to shareholder returns and an 8.3% annualized yield.
Financial highlights
Q3 2025 revenue was $112.7 million, up from $94.1 million year-over-year; adjusted EBITDAX was $79 million.
Operating cash flow before working capital changes totaled $73.1 million; cash flow from operations for nine months was $231.9 million.
Lease operating expenses increased to $23.6 million ($8.03 per BOE), mainly due to higher service and saltwater disposal costs.
Ended quarter with $11.8 million cash and $300 million drawn on credit facility; liquidity stood at $422 million including borrowing availability.
Depletion and accretion expense for Q3 2025 was $55.9 million, up 27% year-over-year.
Outlook and guidance
2025 production guidance: 31,000–33,000 BOE/d, with oil comprising 51–53% of output.
Full-year 2025 capital expenditures expected at $400–$420 million, with $120 million for acquisitions and 75+ net new locations.
Lease operating expense guidance: $6.25–$7.25 per BOE; production and ad valorem taxes at 6–7% of sales.
High single-digit production growth expected from Q3 to Q4 2025; measured 2026 growth if oil stays above $50.
Acquisitions in 2025 expected to add approximately three years of drilling inventory.
Partnership model's risk-adjusted return drivers
CapEx reallocation in sub-$55 oil scenario
Waha gas strategy and pricing alternatives
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Next Granite Ridge Resources earnings date
Q4 20256 Mar, 2026
Next Granite Ridge Resources earnings date
Q4 20256 Mar, 2026
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Frequently asked questions
Granite Ridge Resources Inc. (GRNT) is a non-operated oil and gas exploration and production company. It has a diversified portfolio of production and top-tier acreage through partnerships with proven operators across five basins: Permian, Eagle Ford, Bakken, Haynesville, and DJ Basin. The company is a hybrid entity, combining the asset-based approach of an oil and gas company with the investment strategy of a private equity firm. This positioning aims to tighten the outcomes in oil and gas investing and generate asymmetric upside through high diversification. By not operating wells directly, Granite Ridge focuses on creating value through investments while avoiding the high overhead typical of traditional oil and gas operators. The company is headquartered in Dallas, Texas, and its shares are listed on the NYSE.
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