Granite Ridge Resources, Inc.

Granite Ridge Resources, Inc. is a U.S.-focused energy company that owns interests in oil and natural gas wells rather than operating the wells itself. It seeks to give shareholders exposure similar to energy private equity by partnering with experienced public and private operators across multiple unconventional basins while maintaining a low-leverage profile.

5,4 %

+18,5 %

1.25

1.25

— Granite Ridge Resources, Inc.
%
Non-operated oil and gas assets85% Interests in producing and development wells operated by third parties across U.S. basins.
Operated partnership investments10% Capital participation alongside experienced operators in high-graded drilling opportunities.
Commodity derivatives5% Oil and natural gas hedges used to reduce price volatility and protect cash flow.

Granite Ridge does not sell to end consumers; its economic counterparties are the operators and purchasers tied to its...

  • Third-party operatorsprimary

    Operators drill, complete, and produce the wells; Granite Ridge buys into their programs because it relies on their technical execution.

  • Hydrocarbon purchasersprimary

    Refiners, marketers, and other buyers purchase oil and natural gas production from the wells in which Granite Ridge owns interests.

  • Public and private energy sponsorssecondary

    Proven operators and sponsors source and develop the opportunities Granite Ridge participates in.

  • Equity investorssecondary

    Investors buy the stock for exposure to U.S. oil and gas cash flows with a lower-leverage structure.

Granite Ridge’s assets are concentrated in the United States, with interests in six unconventional basins: Eagle Ford,...

  • •All reported wells and acreage are located in the United States
  • •Core basins include Eagle Ford, Permian, Bakken, and Haynesville
  • •Also exposed to Denver-Julesburg and Appalachian basin conditions
  • •Regional infrastructure and weather can affect production timing
  • •Domestic focus reduces foreign-currency and cross-border complexity

Granite Ridge’s strategy is to compound value through a diversified portfolio of high-graded oil and gas opportunities...

01
Diversify across multiple unconventional basinsmedium-term

Diversification reduces dependence on any single operator, basin, or well outcome.

02
Partner with proven operatorsshort-term

As a non-operator, execution quality depends heavily on third-party drilling and completion performance.

03
Preserve balance sheet flexibilityshort-term

Low leverage supports resilience through commodity cycles and preserves capacity for new opportunities.

04
Return capital when appropriatemedium-term

Shareholder returns are part of the value proposition alongside cash flow generation.

Granite Ridge is exposed to commodity price swings, derivative mark-to-market volatility, and the execution risk of...

high

Dependence on third-party operators

Granite Ridge is a non-operator, so drilling timing and success depend on others' execution.

Scope
Development, exploitation, production, and exploration outcomes
Materiality
high
high

Commodity price volatility

Revenue is tied to oil and natural gas sales, so lower prices reduce cash flow and asset values.

Scope
Oil and natural gas pricing
Materiality
high
medium

Derivative mark-to-market volatility

Hedging instruments are remeasured through earnings, creating non-cash swings in net income.

Scope
Commodity derivatives
Materiality
medium
medium

Basin concentration and regional disruption

Most acreage is in a small set of U.S. unconventional basins exposed to weather and infrastructure limits.

Scope
Eagle Ford, Permian, Bakken, Haynesville, DJ, Appalachian
Materiality
medium
medium

Leverage and covenant constraints

Debt service and credit agreement covenants can restrict dividends, acquisitions, and liquidity use.

Scope
Revolving credit facility and senior unsecured notes
Materiality
medium
medium

Cybersecurity and systems disruption

Operations and partner coordination rely on information and telecommunications systems.

Scope
Operational technology and third-party service providers
Materiality
low
Revenue estimation and true-ups
Can create timing differences between reported revenue and cash receipts
Commodity derivative fair value
Can materially swing net income even when cash settlements differ
Oil and gas reserve estimates
Changes can affect earnings and balance sheet values
Impairment of long-lived assets
Potential non-cash charges to earnings
Debt and covenant accounting
Can influence dividend capacity and refinancing risk

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: 28/04/2026