Granite Ridge Resources(US:GRNT)2025-11-06 23:19Financial Performance - Oil and natural gas sales for Q3 2025 were $112.7 million, with net income of $14.5 million, or $0.11 per diluted share, compared to $9.1 million, or $0.07 per diluted share in Q3 2024[5][8] - Adjusted EBITDAX for Q3 2025 totaled $78.6 million, up from $75.4 million in Q3 2024, while cash flow from operating activities was $77.8 million[6][8] - Net income for the nine months ended September 30, 2025, was $49,416,000, compared to $30,381,000 for the same period in 2024, reflecting a growth of 62.7%[33] - The company’s net income for Q3 2025 was $14.523 million, a 60.5% increase from $9.054 million in Q3 2024[44] - Adjusted Net Income for the nine months ended September 30, 2025, was $54,695,000, up from $50,946,000 in the same period of 2024, reflecting a 3.7% growth[50] - Earnings per diluted share for Q3 2025 was $0.11, up from $0.07 in Q3 2024, marking a 57.1% increase[50] - Adjusted Earnings Per Diluted Share for the nine months ended September 30, 2025, was $0.42, compared to $0.39 in 2024, reflecting a 7.7% growth[50] Production and Sales - Daily oil production volumes increased by 28% to 16,222 barrels per day, and natural gas production rose by 25% to 94,217 thousand cubic feet per day[7][8] - Oil and natural gas sales for the three months ended September 30, 2025, were $112,671,000, a 19.8% increase from $94,075,000 in the same period of 2024[31] - Oil sales amounted to $91.960 million in Q3 2025, up 7.4% from $85.503 million in Q3 2024[35] - Natural gas and related product sales surged to $20.711 million, a significant increase of 142.5% compared to $8.572 million in Q3 2024[35] - The company reported a total production of 2,937 MBoe in Q3 2025, an increase of 26.8% from 2,316 MBoe in Q3 2024[35] Expenses and Liabilities - Lease operating expenses were $23.6 million, or $8.03 per barrel of oil equivalent, compared to $13.0 million, or $5.62 per barrel of oil equivalent in the same period last year[10][8] - Operating expenses for Q3 2025 totaled $93.081 million, up from $69.060 million in Q3 2024, indicating a 34.8% increase[35] - Total current liabilities decreased to $76,963,000 as of September 30, 2025, down from $101,808,000 at December 31, 2024, a reduction of approximately 24.4%[29] - Long-term debt increased to $300,000,000 as of September 30, 2025, from $205,000,000 at December 31, 2024, representing a rise of 46.3%[29] Investments and Capital Expenditures - The company invested $64.0 million in development capital expenditures and $16.5 million in acquisition capital, closing 17 acquisitions in the Permian and Utica Basins[11][8] - Capital expenditures for oil and natural gas properties amounted to $233,135,000 for the nine months ended September 30, 2025, compared to $193,376,000 in 2024, indicating an increase of 20.6%[33] - The company has provided 2025 guidance for annual production between 31,000 and 33,000 barrels of oil equivalent per day, with total capital expenditures expected to be between $400 million and $420 million[17][8] Shareholder Returns - The company declared a quarterly dividend of $0.11 per share, payable on December 15, 2025[8][4] Other Financial Metrics - The gain on derivatives for the three months ended September 30, 2025, was $5,224,000, compared to $11,841,000 in the same period of 2024, a decrease of 55.8%[31] - The company reported a net cash provided by operating activities of $231,914,000 for the nine months ended September 30, 2025, compared to $207,536,000 in 2024, an increase of 11.7%[33] - The company’s net debt as of September 30, 2025, was $288.168 million, with a net debt to trailing twelve months Adjusted EBITDAX ratio of 0.9[46][47] - The total working capital changes for Q3 2025 resulted in a decrease of $4,663,000, compared to a decrease of $3,987,000 in Q3 2024[53] - The company incurred nonrecurring general and administrative expenses of $1,757,000 related to severance costs in the nine months ended September 30, 2025[50] - The tax impact on adjustments for the nine months ended September 30, 2025, was a negative $1,542,000, compared to a negative $6,143,000 in 2024[50]