Financial Data and Key Metrics Changes - The company reported average daily production of 25,200 Boe per day, marking a 9% increase over the second quarter and 5% from the third quarter last year [13] - Net income for the quarter was $9.1 million or $0.07 per share, with adjusted net income at $18.5 million or $0.14 per share [15] - Adjusted EBITDAX for the quarter was $75.4 million, representing a 10% increase from the prior quarter despite a 6% decline in realized pricing on a Boe basis [15][16] - Per unit lease operating cost improved significantly to $5.62 per Boe, a 14% improvement from the previous quarter [16] - The company reaffirmed its annual production guidance range of 23.3 Boe to 25.3 Boe per day [14] Business Line Data and Key Metrics Changes - The Controlled Capital program has exceeded production targets by approximately 15% and CapEx has come in about 15% under budget [7] - The company plans to allocate nearly 50% of its CapEx to Controlled Capital in 2024, increasing to approximately 60% in 2025 [8] - The company closed over a dozen transactions this quarter, adding nearly 16 net locations at a total cost of $31 million [8] Market Data and Key Metrics Changes - The company expects a quarter-over-quarter gas production decline of up to 10% in the fourth quarter, partially offset by a modest increase in oil production [10] - The oil production percentage increased to 50% in the third quarter, up from 47% in the prior quarter [13] Company Strategy and Development Direction - The company aims to reshape its narrative as a publicly traded private equity firm, blending control over development with private equity's agility [22][24] - The focus is on capital allocation strategy, with a significant portion of capital directed towards Controlled Capital development programs [19][24] Management's Comments on Operating Environment and Future Outlook - Management anticipates double-digit production growth in 2025 compared to 2024, with year-over-year production growth expected to be in the mid-teens [12][45] - The company is optimistic about the future, highlighting the potential for significant production and cash flow growth in early 2025 due to investments made in 2024 [20][24] Other Important Information - The company continued its quarterly cash dividend program, paying $0.11 per share in the third quarter, with another dividend declared for December 2024 [21] - The company expects to provide formal 2025 guidance during the Q4 call [20] Q&A Session Summary Question: What drove the lower LOE costs and expectations for Q4? - Management indicated that lower LOE costs were primarily due to less workover expense, expecting Q4 costs to come in towards the lower end of the guidance range [26] Question: Can you provide details on the new leasehold in Appalachia? - The company is focused on the Utica condensate window, particularly in Guernsey and Harrison, and is excited about the partnership opportunities in that area [27][28] Question: Can you elaborate on the Controlled CapEx partnerships and inventory? - The company has two partners, with five or six net locations in the Midland Basin and plans to pick up a rig in late 2024 or early 2025 [33][34] Question: How does the production performance compare to underwriting? - The production performance chart does not incorporate timing but shows actual performance against projections, highlighting the strength of the company's underwriting capabilities [38][39] Question: What is the expected decline rate for PDP? - The company indicated that the PDP decline rate has increased to around 40%, influenced by the Controlled Capital program [47] Question: Are there opportunities for Controlled Capital in other basins? - The company is exploring opportunities in the Bakken and Eagle Ford basins, although gas-weighted areas are currently challenging due to economics [52][54]

GRANITE RIDGE INVESTOR PRESENTATION | NOVEMBER 2024 GRNT LISTED NYSE Granite Ridge at a Glance Key Statistics ($MM except per share metrics) | --- | --- | |------------------------------------------------|-------------| | | | | Ticker / Exchange | GRNT / NYSE | | Share Price (as of 11/6/2024) | $6.35 | | Market Capitalization | $830 | | Enterprise Value 1 | $1,002 | | TTM Adjusted EBITDAX 2 | $290 | | Dividend Yield 3 | 6.9% | | Vital Energy, Inc Shares Held on Balance Sheet | 4 $29 | 3Q '24 Production (25, ...

Company Performance - Granite Ridge Resources, Inc. reported quarterly earnings of $0.14 per share, exceeding the Zacks Consensus Estimate of $0.13 per share, but down from $0.21 per share a year ago, representing an earnings surprise of 7.69% [1] - The company posted revenues of $94.08 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.36% and down from $108.4 million year-over-year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates two times but has not beaten revenue estimates [2] Stock Outlook - The stock has gained approximately 5.5% since the beginning of the year, while the S&P 500 has increased by 24.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.12 on revenues of $102.05 million, and for the current fiscal year, it is $0.55 on revenues of $378.05 million [7] - The estimate revisions trend for Granite Ridge Resources is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Industry Context - The Oil and Gas - Exploration and Production - United States industry is currently in the bottom 6% of over 250 Zacks industries, suggesting a challenging environment for stocks in this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment and stock performance [5]

Commodity Prices - For the three months ended September 30, 2024, the average NYMEX oil pricing was $76.43 per barrel, which is 7% lower than the average price of $82.20 per barrel for the same period in 2023[157] - The average realized oil price per barrel after reflecting settled derivatives for the three months ended September 30, 2024, was $73.99, compared to $78.52 for the same period in 2023[158] - For the nine months ended September 30, 2024, the average NYMEX oil pricing was $78.58 per barrel, which is 2% higher than the average price of $77.30 per barrel for the same period in 2023[157] - The average realized natural gas price per Mcf after reflecting settled derivatives for the three months ended September 30, 2024, was $1.98, compared to $3.13 for the same period in 2023, representing a significant decline[159] - The average NYMEX natural gas pricing for the nine months ended September 30, 2024, was $2.11 per Mcf, which is 18% lower than the average price of $2.58 per Mcf for the same period in 2023[159] - The oil price differential to the NYMEX benchmark price during the three months ended September 30, 2024, was a discount of $(2.99) per barrel, compared to a discount of $(3.79) per barrel for the same period in 2023[151] - The natural gas price differential to the average NYMEX price during the three months ended September 30, 2024, was a discount of $(0.87) per Mcf, compared to a discount of $(0.08) per Mcf for the same period in 2023[152] Revenue and Sales - Oil and natural gas sales for the three months ended September 30, 2024 decreased by 13% compared to the same period in 2023, with oil revenues down 3% and natural gas revenues down 58%[163] - For the nine months ended September 30, 2024, oil revenues increased by 3% driven by a 3% increase in production, while natural gas revenues decreased by 38% due to a 39% decrease in realized prices[164] - Total revenues for the three months ended September 30, 2024 were $94.1 million, down from $108.4 million in the same period of 2023[162] Expenses - Lease operating expenses for the three months ended September 30, 2024 were $13.0 million, a decrease of 23% from $16.9 million in the same period of 2023[166] - Production taxes for the three months ended September 30, 2024 were $5.3 million, compared to $7.1 million during the same period in 2023, representing 6% of oil and natural gas sales[168] - Depletion and accretion expense for the three months ended September 30, 2024 was $44.1 million, a decrease of 1% from $44.3 million in the same period of 2023[171] - General and administrative expenses for the three months ended September 30, 2024 were $5.6 million, an increase of 6% from $5.2 million in the same period of 2023[175] - Exploration expense for the three months ended September 30, 2024 was $0.3 million, a decrease of 82% from $1.6 million during the same period in 2023[174] Financial Performance - The company’s revenues, cash flows from operations, and future growth depend substantially on the timing and success of drilling and production activities by operating partners[147] - The company expects continued volatility in commodity prices, which have historically been unpredictable[154] - The company reported a total gain on commodity derivatives of $11.8 million, compared to a loss of $8.1 million for the same period in 2023[177] - The company recorded a net cash receipt of $5.7 million from commodity derivatives for the three months ended September 30, 2024, an increase from $4.4 million in the same period of 2023[178] - Interest expense increased to $4.8 million for the three months ended September 30, 2024, up from $1.4 million in the same period of 2023, primarily due to a higher average outstanding balance on the revolving credit facility[179] - The company experienced a loss of $18.3 million from equity investments during the three months ended September 30, 2024, compared to a loss of $19.3 million for the nine months ended September 30, 2024[183] - Income tax expense for the three months ended September 30, 2024, was $4.3 million, compared to $5.2 million for the same period in 2023[184] Debt and Liquidity - As of September 30, 2024, the company had $195.0 million of debt outstanding under its Credit Agreement and $127.8 million of liquidity available[186] - The company paid dividends of $14.4 million, or $0.11 per share, during the three months ended September 30, 2024, compared to $14.8 million, or $0.11 per share, in the same period of 2023[188] - For the nine months ended September 30, 2024, net cash used in investing activities was $233.6 million, down from $286.5 million in the same period of 2023[194] - The company reported a net cash provided by financing activities of $38.5 million for the nine months ended September 30, 2024, compared to $29.1 million for the same period in 2023[196] - The company entered into the Fourth Amendment to the Credit Agreement on November 1, 2024, increasing the borrowing base from $300 million to $325 million[202] - As of September 30, 2024, the company was in compliance with all financial covenants required by the Credit Agreement[206] Capital Expenditures - The company has budgeted approximately $355 million to $365 million in total planned capital expenditures for 2024, including about $60 million for acquisitions of oil and natural gas properties[208] - For the three months ended September 30, 2024, the company incurred $77.2 million in costs on oil and natural gas properties, compared to $75.7 million for the same period in 2023[208] - The company reported total property acquisition costs of $32.9 million for the three months ended September 30, 2024, compared to $19.4 million for the same period in 2023[210] - The company incurred $206.8 million in costs on oil and natural gas properties for the nine months ended September 30, 2024, compared to $233.1 million for the same period in 2023[208] Strategic Outlook - The company has a portfolio of wells and top-tier acreage across multiple prolific unconventional basins in the United States, enhancing asset diversity and reducing overhead[143] - The company expects to fund planned capital expenditures with cash generated from operations and, if required, borrowings under its Credit Agreement[208] - The company may seek additional capital for strategic acquisitions or increased drilling activity, depending on market conditions[211] - A 10% increase in average commodity prices would have decreased the fair value of commodity derivatives by $14.6 million at September 30, 2024[219] - The impact of a one percent increase in interest rates on the company's total indebtedness would result in increased annual interest expense of approximately $2.0 million[221]

Exhibit 99.1 Granite Ridge Resources, Inc. Reports Third-Quarter 2024 Results and Declares Quarterly Cash Dividend Dallas, Texas, November 7, 2024 – Granite Ridge Resources, Inc. ("Granite Ridge" or the "Company") (NYSE: GRNT) today reported financial and operating results for the third quarter 2024. Third Quarter 2024 Highlights • Achieved average production of 25,177 barrels of oil equivalent ("Boe") per day (50% oil). • Reported net income of $9.1 million, or $0.07 per diluted share, and adjusted net inc ...

Granite Ridge Resources, Inc. (GRNT) came out with quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -7.14%. A quarter ago, it was expected that this company would post earnings of $0.13 per share when it actually produced earnings of $0.12, delivering a surprise of -7.69%. Over the last four quarte ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2024 was $64.5 million, down 8% from the prior year due to lower natural gas prices and the impact of divested assets [54] - Average daily production for the quarter was 23,800 BOE per day, up 3% compared to Q1 2023 and up nearly 11% after adjusting for divested assets [86] - Per unit lease operating costs were $7.13 per BOE, and production and ad valorem taxes were 6.5% of sales, both within the guidance range for 2024 [54] Business Line Data and Key Metrics Changes - The oil production mix for the quarter was 45%, lower than the guidance expectation of 47% for the year, but expected to increase as some natural gas-focused operators defer development projects [3][51] - Total capital spending during Q1 2024 was $65 million, including $3 million of acquisitions [65] - The company expects to place 22 to 24 net wells online during 2024, with nearly 80% of those in the Permian Basin [87] Market Data and Key Metrics Changes - The company successfully completed its semiannual borrowing base redetermination, increasing both its borrowing base and elected commitments to $300 million [4] - The company has a pro forma liquidity of over $180 million and a leverage ratio of 0.4 times net debt to trailing EBITDA, below the target of 0.5 times [4][22] Company Strategy and Development Direction - The company is focusing on controlled capital, aiming for upwards of 40% of its 2024 D&C to be controlled, with a goal for a supermajority of capital to be controlled in the coming years [53] - The strategic partnership initiative aims to bridge the gap between operated and non-operated assets, providing broader deal flow and more control over development timing [63] - The company is targeting areas with low variability and high development potential, such as the Delaware and Eagle Ford basins [103] Management's Comments on Operating Environment and Future Outlook - Management noted that the current period is one of temporary dislocation due to demand destruction, primarily from a tightly held shareholder base [66] - The company anticipates production to be flat through the end of Q3 before ramping up in Q4, exiting 2024 at a high for the year [86] - Management emphasized the importance of patience and focusing on earnings, believing that a series of catalysts will eventually lead to a re-rating of the company's stock [57] Other Important Information - The company declared a cash dividend of $0.11 per share, representing a 6.7% annualized yield based on the closing price [65] - The company is actively working on several deals in the Delaware Basin, with a focus on unit-by-unit deals that allow for incentives based on performance [27][106] Q&A Session Summary Question: What are the drivers for increasing oil production in Q4? - Management indicated that deferrals on gas projects will help increase the oil mix, with expectations to creep from 45% to 50% over the next three quarters [91] Question: Can you provide details on the 5.5 net wells coming online? - The 5.5 net single-mile wells in Loving County are completed and ready to turn on, with an expected sales date of June 1st [93] Question: What is the expected capital expenditure for the second quarter? - The second quarter is expected to be the largest for acquisitions, with about 75% of 2024 acquisition CapEx hitting in this quarter [85]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission File Number: 001-41537 GRANITE RIDGE RESOURCES, INC. ( Exact Name of Registrant as Specified in Its Charter ) ____________ ...

Exhibit 99.1 Granite Ridge Resources, Inc. Reports First Quarter 2024 Results Dallas, Texas, May 9, 2024 – Granite Ridge Resources, Inc. ("Granite Ridge" or the "Company") (NYSE: GRNT) today reported financial and operating results for the first quarter of 2024. First Quarter 2024 Highlights See "Supplemental Non-GAAP Financial Measures" below for descriptions of the above non-GAAP measures as well as a reconciliation of these measures to the associated GAAP (as defined herein) measures. Luke Brandenberg, P ...

zhengzaishuru Granite Ridge Resources (NYSE:GRNT) appears capable of delivering a modest amount of free cash flow in 2024 before dividends. If it maintains its quarterly dividend at $0.11 per share, its net debt is projected to increase by $41 million during the year. This appears manageable for now, although Granite Ridge's dividend is at risk of being cut if commodity prices drop significantly. Granite Ridge has around 43% of its 2024 production hedged, but this drops to around 12% for 2025 at the mom ...