Granite Ridge Resources (GRNT) Q4 2025 earnings summary

Executive summary

• Achieved 28% year-over-year production growth in 2025, reaching 32,000–35,120 BOE/day, with Q4 averaging 35,120 BOE/day and oil up 17%.

• Strategic shift to operated partnerships in the Permian Basin, expanding proprietary deal flow and adding 100 net locations since 2023.

• Maintained a $0.11/share quarterly dividend and a conservative balance sheet, ending 2025 with $339.5M liquidity and 1.2x net debt to Adjusted EBITDAX.

• Transitioning from rapid growth to capital efficiency, targeting sustainable free cash flow by 2027 and over 25% full-cycle returns at strip pricing.

• Operates across six premier U.S. basins with 65 high-quality operators and ~3,600 gross wells.

Financial highlights

• Q4 oil and gas sales totaled $105.5M; full-year sales reached $450.3M.

• Adjusted EBITDAX was $69.5M for Q4 and $315M for the year.

• Operating cash flow was $64.5M in Q4 and $296.4M for the year.

• Full-year CapEx was $401M, with $279M for drilling/completion and $122M for acquisitions.

• Dividend yield stood at 8.6% as of February 2026, based on a $0.44/share annualized payout.

Outlook and guidance

• 2026 production guidance: 34,000–36,000 BOE/day, with oil comprising 50–52% of the mix.

• Development CapEx projected at $300–$330M; total capital including acquisitions at $320–$360M.

• Expecting 9% production growth in 2026 with 15% lower capital spend than 2025.

• Maintenance capital estimated at $250M; free cash flow from operations targeted for 2027 at $60 oil.

• 2026 LOE guidance: $6.75–$7.75 per BOE; cash G&A $25–$27M.