Granite Ridge Resources, Inc. reported its financial results for the fiscal year ending December 31, 2024, revealing a total revenue of $380.0 million, a decrease from $394.1 million in 2023. The decline was primarily attributed to a significant drop in natural gas revenues, which fell by 32% due to a 31% decrease in realized natural gas prices. In contrast, oil revenues increased by 3% to $327.5 million, driven by an 8% rise in production, despite a 4% decrease in realized prices. The company’s average daily production reached 24,973 barrels of oil equivalent (Boe), up from 24,311 Boe in the previous year.
The company experienced notable operational changes, including an increase in the number of productive wells from 176.5 net wells in 2023 to 202.4 net wells in 2024. This growth was supported by successful drilling activities and acquisitions, particularly in the Permian Basin. Granite Ridge's total proved reserves were estimated at 54.3 million barrels of oil equivalent (MBoe), with 28.2 million MBoe classified as proved developed reserves. The company also reported a pre-tax present value of future net revenues of $841.9 million for its proved reserves.
Granite Ridge's strategic focus on acquisitions and partnerships has been a key component of its growth strategy. The company has engaged in several acquisitions, particularly in the Permian Basin, which contributed to an increase in proved undeveloped reserves. However, the company also faced challenges, including impairments of long-lived assets totaling $36.4 million, primarily due to lower commodity prices and reserve revisions in the Bakken Basin.
Looking ahead, Granite Ridge anticipates capital expenditures of approximately $300 million to $320 million for 2025, funded through cash generated from operations and available borrowing under its credit agreement. The company maintains a strong liquidity position, with $129.1 million available under its credit facility as of December 31, 2024. Despite the challenges posed by fluctuating commodity prices and operational risks, Granite Ridge remains committed to its growth strategy and aims to continue delivering value to its shareholders through disciplined capital management and strategic investments.
About Granite Ridge Resources, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.