Granite Ridge Resources, Inc. reported a decline in revenues for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, revenues totaled $94.1 million, down from $108.4 million in 2023. For the nine months, revenues decreased to $273.7 million from $287.3 million. The decrease in revenue was primarily attributed to a significant drop in natural gas revenues, which fell by 58% in Q3 2024 due to a 52% decrease in realized prices and a 12% decrease in production. Oil revenues, however, showed a slight increase of 3% for the nine-month period, driven by a corresponding increase in production.

Operating costs and expenses for the third quarter of 2024 were $69.4 million, a decrease from $75.8 million in the prior year. Despite this reduction, net operating income for the quarter fell to $24.7 million from $32.6 million in 2023. For the nine months, net operating income also decreased to $66.2 million from $85.9 million. The company reported a net income of $9.1 million for Q3 2024, down from $18.0 million in Q3 2023, and a nine-month net income of $30.4 million compared to $63.6 million in the previous year.

Granite Ridge's cash position improved significantly, with cash as of September 30, 2024, at $23.1 million, up from $10.4 million at the end of 2023. The company’s total assets increased to $1.036 billion from $927.1 million, driven by higher oil and gas properties valued at $1.493 billion, up from $1.237 billion. Long-term debt rose to $195 million from $110 million, reflecting increased borrowings under its credit agreement.

Strategically, Granite Ridge has been active in acquisitions, with total adjusted purchase prices for the nine months ending September 30, 2024, amounting to $54.3 million, compared to $42.8 million in the same period of 2023. The company also divested partial interests in properties for $3.9 million during the nine-month period.

The company continues to manage its financial obligations effectively, maintaining compliance with its credit agreement's financial covenants. As of September 30, 2024, Granite Ridge had $104.7 million available under its credit facility, following an increase in the borrowing base to $300 million. The company plans to fund its capital expenditures, budgeted at approximately $355 million to $365 million for 2024, primarily through cash flows from operations and borrowings.