Granite Ridge Resources Inc Stock Price, News & Analysis

Granite Ridge Resources, Inc. (NYSE: GRNT) will release its first quarter 2023 financial and operating results on May 11, 2023, post-market close. A webcast and conference call to discuss these results is scheduled for May 12, 2023, at 10:00 a.m. Central time. Participants can register for the webcast through the provided link. An audio replay will be available until May 26, 2023, accessed by dialling (800) 770-2030 with the conference ID 4127559. Granite Ridge focuses on non-operated oil and gas exploration and production, investing across key U.S. basins. For more details, visit www.graniteridge.com.

Granite Ridge Resources reported strong fourth quarter and full year 2022 results, with a 45% increase in production to 22,031 barrels of oil equivalent per day. The company achieved net income of $56.7 million ($0.43/share) and an adjusted EBITDAX of $83.2 million, reflecting a 60% year-over-year increase. Total production for 2022 was up 22%, with a net income of $262.3 million ($1.97/share), compared to $108.5 million in 2021. Granite Ridge plans a quarterly dividend of $0.11 per share in 2023 and anticipates 9% production growth with $260-$270 million in capital expenditures. As of December 31, 2022, liquidity stood at $200.8 million.

Granite Ridge Resources, Inc. (NYSE: GRNT) has declared a quarterly cash dividend of $0.11 per share, with payment scheduled for March 15, 2023 to stockholders on record as of March 1, 2023. Additionally, the Company announced a webcast and conference call on March 28, 2023 at 10:00 a.m. Central time to discuss its fourth quarter and full-year 2022 earnings and initial guidance for 2023. As a non-operated oil and gas exploration company, Granite Ridge focuses on investments across the Permian and other prolific US basins, aiming for sustainable returns for shareholders.

Granite Ridge Resources, Inc. (NYSE: GRNT) has authorized a stock repurchase program allowing up to $50 million of its common stock to be repurchased by December 31, 2023. Concurrently, the Board's Conflicts Committee waived certain lock-up restrictions for approximately 23.6 million shares held by the Grey Rock Fund II. This move aims to increase trading volume and public float, enhancing shareholder value by utilizing cash flow from operations for opportunistic buybacks. The company's future aims include orderly share distribution by Grey Rock to improve stock liquidity.

Granite Ridge Resources (GRNT) reported its third quarter 2022 pro forma results, following its business combination on October 24, 2022. Key figures include a total pro forma net income of $66 million and adjusted net income of $48 million. The company declared an initial dividend of $0.08 per share and achieved total production of 21.2 MBoe per day, a 29% increase from Q3 2021. Additionally, Granite Ridge's pro forma Adjusted EBITDA was $99 million, with free cash flow of $25 million. The company aims to deliver sustainable returns and maintains a debt-free balance sheet.

Granite Ridge Resources (NYSE:GRNT) has announced its third quarter 2022 earnings news release will be available before the market opens on November 14, 2022. A conference call is scheduled for the same day at 11:00 a.m. EST to discuss the combined pro forma results. Investors can pre-register for the webcast or access the information via the company's website.

Granite Ridge focuses on oil & gas exploration and production, investing in a diversified portfolio across multiple US basins.