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Here are 1-3 brief analogies for Granite Ridge Resources (GRNT):

• Like a smaller, independent Pioneer Natural Resources, but focused on oil and gas drilling.
• The oil and gas exploration and production division of a major energy company such as Chevron, operating independently.

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• Oil and Natural Gas Exploration and Production: Granite Ridge Resources is engaged in the acquisition, development, and production of crude oil and natural gas properties, primarily in the Permian Basin.

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Granite Ridge Resources, Inc. (symbol: GRNT) is an independent oil and gas company focused on the acquisition and development of oil and gas properties, primarily in the Permian Basin. As such, it sells its produced crude oil, natural gas, and natural gas liquids primarily to other companies in the energy sector.

Based on the company's public filings (such as its annual report on Form 10-K for the year ended December 31, 2023), Granite Ridge Resources does not have any single customer that accounted for 10% or more of its total revenues. This indicates a diversified customer base, and therefore, there are no individually named "major customers" that are required to be disclosed or are otherwise identifiable as accounting for a significant portion of the company's revenue.

However, the company sells its production to a variety of purchasers. These customers typically fall into the following categories:

• Pipeline companies
• Natural gas gatherers and processors
• Refiners
• Other marketers of crude oil, natural gas, and natural gas liquids

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Tyler S. Farquharson, President and Chief Executive Officer

Mr. Farquharson has over 16 years of experience in the energy industry. He was promoted to President and CEO on June 12, 2025. Prior to joining Granite Ridge in 2022 as Chief Financial Officer, he served as Vice President, Chief Financial Officer, and Treasurer at EXCO Resources, Inc., an independent oil and natural gas company, from October 2017 to May 2022. Granite Ridge Resources was formed in 2022 through a $1.3 billion deal that involved private equity firm Grey Rock Investment Partners, and the company explicitly states it operates with a publicly traded private equity strategy.

Kyle Kettler, Chief Financial Officer

Mr. Kettler was appointed Chief Financial Officer, effective February 9, 2026. He brings over 25 years of experience across energy finance and capital markets, with deep expertise in financing oil and gas companies in both public and private markets. Most recently, he was a Partner at Chambers Energy Management, where he helped lead the firm's investment sourcing, due diligence, valuation, and portfolio management efforts.

Kim Weimer, Chief Accounting Officer

Ms. Weimer has over 20 years of accounting experience, primarily in the energy industry. Prior to joining Granite Ridge, she served as the Chief Financial Officer of Titanium Exploration Partners, an oil and gas asset manager, from October 2018 through December 2023. She has also held executive and senior leadership positions as Vice President and Chief Financial Officer of Enduro Resource Partners and Director of Investor Relations at Encore Acquisition Company and Encore Energy Partners.

Ryan Riggelson, Partner – Engineering

Mr. Riggelson provides engineering services to Granite Ridge through a Management Services Agreement with Grey Rock. He joined Grey Rock in 2016 and has nearly 25 years of experience in the oil and gas industry in various production, operations, and reservoir engineering roles. Most recently, prior to Grey Rock, his initiatives at EP Energy facilitated a significant increase in the value of EP's Haynesville asset, and he led the technical component of the resulting $420 million Haynesville asset sale in 2016.

Emily Fuquay, Corporate Secretary

Ms. Fuquay provides legal services to Granite Ridge through a Management Services Agreement with Grey Rock and joined Grey Rock in 2021. Prior to joining Grey Rock, she was Senior Counsel at EnLink Midstream, a publicly traded midstream company, and General Counsel and Chief Compliance Officer at Parallel Resource Partners, a private equity firm focused on investments in the upstream oil and gas sector.

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The key risks to Granite Ridge Resources (GRNT) are primarily associated with the inherent volatility of the energy sector and its specific operational model.

1. Volatility of Oil and Natural Gas Prices: As an exploration and production company, Granite Ridge Resources' financial performance is highly susceptible to fluctuations in crude oil and natural gas prices. Extended declines in these commodity prices can negatively impact the company's revenue, profitability, and overall business operations. While Granite Ridge utilizes hedging strategies to mitigate price volatility, these instruments carry their own risks, such as potential liquidity issues if actual production falls short of hedged amounts.
2. Reliance on Third-Party Operators: Granite Ridge Resources operates on a non-operated business model, meaning its development of successful operations relies extensively on third parties. This operational structure can limit the company's direct control over the timing, costs, and execution of drilling and development activities, introducing dependencies and potential inefficiencies.
3. Cash Burn and Transition to Free Cash Flow: Granite Ridge Resources has been projected to experience a cash burn, with a reported net loss in the fourth quarter of 2025 and an anticipated cash burn for 2026, even amidst strong oil prices. The company's ability to transition to sustainable free cash flow generation by 2027 is crucial for its financial health. This risk is exacerbated by increasing debt and higher-than-expected lease operating expenses, which could also put its dividend at risk if free cash flow generation is not achieved.

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There are two clear emerging threats for Granite Ridge Resources:

1. Accelerating Energy Transition: The rapid advancements and increasing adoption of renewable energy sources (solar, wind) and battery storage, coupled with electrification trends (e.g., electric vehicles), pose a threat of an accelerated structural decline in long-term demand for fossil fuels. This could lead to lower commodity prices and reduced valuations for oil and gas assets faster than traditional industry models predict.

2. ESG-Driven Capital Constraints: The growing pressure from Environmental, Social, and Governance (ESG) considerations is increasingly influencing capital markets. This trend is making it more challenging and potentially more expensive for oil and gas companies, including non-operators like Granite Ridge Resources, to access capital for future acquisitions and development projects from institutional investors, banks, and other financial institutions.

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Granite Ridge Resources (NYSE: GRNT) is expected to drive future revenue growth over the next 2-3 years through several key strategies centered on increasing production and optimizing its asset portfolio:

1. Increased Production Volumes: Granite Ridge Resources anticipates growth in its overall production. The company is targeting 9% production growth in 2026. This follows a significant 27% year-over-year increase in average daily production during Q4 2025, reaching 35,120 barrels of oil equivalent per day (Boe/d). The company's Q1 2024 results also showed a 3% year-over-year production increase to 23,842 Boe/d. Management explicitly states a strategy to "compound production and cash flow growth."
2. Strategic Shift to Operated Partnerships: A core component of Granite Ridge's strategy is its evolution from a traditional non-operated production company to one focused on controlled, short-cycle development through operated partnerships. This model provides the company with greater control over development timing, capital allocation, and execution. For instance, operated partnerships are expected to account for 90% of planned 2026 development capital.
3. Accretive Acquisitions and Proprietary Deal Flow: The company emphasizes disciplined acquisition of high-quality inventory, leveraging its scaled platform to source proprietary deal flow. In 2025, Granite Ridge completed 107 transactions, adding 77.2 net wells at an average entry cost below $2 million per location, approximately 65% below recent Permian Basin market averages. In Q1 2024, the company closed four acquisitions in the Permian Basin to enhance its operational footprint. Their diversified platform is capable of sourcing around 700 proprietary opportunities annually.
4. Disciplined Capital Allocation and Focus on High-Return Projects: While indirectly a revenue driver, Granite Ridge's commitment to disciplined capital allocation and underwriting projects for high returns supports sustainable future revenue growth. The company targets projects with greater than 25% internal rates of return (IRRs) at strip pricing, focusing on short-cycle investments for accelerated capital recovery. This approach ensures that capital is efficiently deployed into projects expected to generate substantial future production and cash flow.

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Share Repurchases

• Granite Ridge Resources authorized a stock repurchase program on December 15, 2022, allowing for the repurchase of up to $50 million of its common stock through December 31, 2023.

Outbound Investments

• In 2025, Granite Ridge Resources invested $122 million across 107 transactions, focusing on acquiring 77.2 net locations in operated partnerships and non-operated portfolios.
• Approximately 59.3 Permian Operated Partnership net wells were acquired in 2025 at an average cost of $1.4 million per location.
• For 2026, the company anticipates an additional $20 million to $30 million for acquisitions.

Capital Expenditures

• Total capital expenditures for the full year 2025 were $401 million, which included $279 million for drilling and completion activities and $122 million for property acquisitions. Fourth quarter 2025 capital expenditures were $127.5 million, with $66.4 million allocated to drilling and completion and $61.1 million to property acquisitions.
• For 2026, projected total capital expenditures are between $320 million and $360 million, with development capital estimated at $300 million to $330 million.
• Approximately 90% of the 2026 capital expenditures are planned for operated projects, primarily concentrated in the Permian Basin, aiming for 9% production growth while reducing spending by about 15% compared to 2025.