Thu, Mar 6, 10:17 PM (10 days ago)
Granite Ridge Resources, Inc. (GRNT) reported a strong financial performance for the fiscal year ending December 31, 2024, with revenues totaling $380 million, a slight decrease from $394 million in 2023. The company’s net income was $18.8 million, down from $81.1 million in the previous year, primarily due to lower natural gas prices and increased operating costs. Operating expenses were $320.8 million, reflecting a significant increase in depletion and impairment charges. The average daily production reached 24,973 Boe, up from 24,311 Boe in 2023. Strategically, Granite Ridge focused on maintaining a diversified portfolio across six major U.S. basins, with 202.4 net producing wells as of year-end. The company aims to balance shareholder returns with a low leverage profile, maintaining $205 million in debt under its Credit Agreement. Future outlook indicates continued capital expenditures projected between $300 million to $320 million for 2025, funded by operational cash flow and credit facilities. Key risks include commodity price volatility, reliance on third-party operators, and regulatory changes impacting operational costs. Overall, Granite Ridge is positioned to leverage its operational strengths while navigating market challenges.