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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.
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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 ($0.07 per share) in Q3 2024; adjusted net income was $11.8 million ($0.09 per share).

  • Declared a quarterly dividend of $0.11 per share, reflecting an 8.3% yield and annualized to $0.44 per share.

  • Issued $350 million of 8.875% senior unsecured notes maturing in 2029 to refinance debt and enhance liquidity.

  • Operator partnership model, led by Admiral Permian, continues to drive capital efficiency and production growth, with expansion in the Permian Basin.

Financial highlights

  • Q3 2025 revenues were $112.7 million, up from $94.1 million year-over-year; adjusted EBITDAX was $79 million, and TTM Adjusted EBITDAX reached $328 million.

  • Operating cash flow before working capital was $73.1 million; cash flow from operations for nine months was $231.9 million.

  • Lease operating expenses increased to $23.6 million ($8.03/BOE), mainly due to higher service and saltwater disposal costs.

  • Depletion and accretion expense for Q3 2025 was $55.9 million, up 27% year-over-year.

  • Liquidity stood at $422 million, including $374.7 million in borrowing availability and $46.9 million in cash.

Outlook and guidance

  • 2025 production guidance: 31,000–33,000 Boe/d, with oil comprising 51–53% of output.

  • Capital expenditures for 2025 projected at $400–$420 million, with $120 million for acquisitions and 50+ deals expected to close.

  • Lease operating expenses expected at $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; Petro Legacy production to contribute mid-2026.

  • Sufficient liquidity expected for at least the next twelve months, with $86.5 million available as of September 30, 2025.

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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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