Highlights 

  • Daily output increased 27% year-over-year to 31,925 Boe per day. 
  • Net income rose to 14.5M, compared with 9.1M in Q3 2024. 
  • The board announced a quarterly dividend of 0.11 per share, payable on Dec. 15, 2025. 

Granite Ridge Resources, Inc. (NYSE:GRNT) released its financial and operational results for the third quarter ended September 30, 2025. The company reported oil and natural gas sales of 112.7M and net income of 14.5M, or 0.11 per diluted share, compared to 9.1M, or 0.07 per diluted share, during the same quarter last year. 

Adjusted Net Income (non-GAAP) came in at 11.8M, or 0.09 per diluted share. Adjusted EBITDAX (non-GAAP) was 78.6M, up from 75.4M in Q3 2024. Cash flow from operating activities totaled 77.8M, which included 4.7M in working capital changes. 

Production and Revenue 

Average daily production climbed 27% from the previous year to 31,925 barrels of oil equivalent per day, with oil representing 51% of total volumes. Oil production averaged 16,222 barrels per day, a 28% increase year-over-year, while natural gas production rose 25% to 94,217 Mcf per day. 

Realized prices, excluding the impact of derivatives, averaged 61.62 per barrel for oil and 2.39 per Mcf for natural gas, compared with 73.44 and 1.24, respectively, in the same quarter of 2024. 

Operating Expenses 

Lease operating expenses totaled 23.6M, or 8.03 per Boe, compared to 13.0M, or 5.62 per Boe, in Q3 2024, primarily reflecting higher service and saltwater disposal costs. Production and ad valorem taxes were 6.6M, accounting for 6% of total oil and gas sales. General and administrative expenses were 7.0M, or 2.38 per Boe, including 0.4M in nonrecurring expenses and 1.3M in non-cash stock-based compensation. 

Capital Investment and Operations 

The company invested 80.5M during the quarter, consisting of 64.0M in development capital and 16.5M in acquisition spending. Granite Ridge placed 9.3 net wells online, up from 5.2 in Q3 2024, and finalized 17 acquisitions across the Permian and Utica Basins, adding 13.6 net undeveloped locations. 

As of the quarter-end, the company had 108 gross (11.3 net) wells in progress. 

Liquidity and Debt Position 

On September 30, 2025, Granite Ridge had 300.0M in debt under its Credit Agreement and total liquidity of 86.5M, comprising 74.7M of available borrowing capacity and 11.8M in cash. 

After quarter-end, the company issued 350.0M of 8.875% senior unsecured notes due 2029 at 96.0% of par. Proceeds were used to repay outstanding debt and cover related transaction costs. The Board also declared a quarterly cash dividend of 0.11 per share, payable on December 15, 2025, to shareholders of record as of November 28, 2025. 

Management Statement 

Tyler Farquharson, President and CEO, commented, 

“Granite Ridge delivered another quarter of strong execution and disciplined growth, demonstrating the consistency of our model and the strength of our diversified portfolio. Our Operated Partnership platform continues to perform well, highlighted by Admiral Permian Resources and other key partners who are driving operational excellence and capital efficiency across our portfolio.”