Granite Ridge Resources (GRNT) Q3 2026 earnings summary

Executive summary

• Q3 production rose 9% YoY to 34,641 Boe/d, with 54.7% oil; Adjusted EBITDAX reached a public-company record $107.3 million, up 35% QoQ.

• Cash flow before working-capital changes was $96.6 million, covering $90.8 million of drilling and completion capital; Adjusted Free Cash Flow was $13.7 million.

Financial highlights

• Q3 oil and natural gas sales were $177.2 million, up 57% YoY from $112.7 million; net operating income was $59.3 million versus $19.6 million.

• GAAP net loss was $10.1 million, or $0.08 per diluted share, including a $52.7 million commodity-derivative loss; Adjusted Net Income was $22.6 million, or $0.17 per diluted share.

• Operating cash flow was $87.7 million, including $8.9 million in working-capital changes; 9M operating cash flow was $201.6 million versus $231.9 million.

• Q3 capital spending totaled $109.9 million: $90.8 million for drilling and completions and $19.0 million for acquisitions.

Outlook and guidance

• FY2026 production guidance is 34,000–35,000 Boe/d, with 51.5%–52.5% oil; development capital is $300–$330 million and total capital is $345–$385 million.

• FY2026 guidance includes $45–$55 million in acquisition capital, LOE of $9.25–$9.75/Boe, production and ad valorem taxes of 6%–7% of sales, and cash G&A of $28–$30 million.

• Management expects 2027 production growth of ~10%, weighted toward oil; hedge roll-off and growth are expected to support Adjusted Free Cash Flow that covers the dividend at current strip prices.

• 2027 Adjusted EBITDAX illustrations at $70–$90 WTI are scenarios, not guidance.