Granite Ridge Resources, Inc. reported significant financial results for the second quarter of 2026, with revenues reaching $149.3 million, a 37% increase from $109.2 million in the same period of 2025. For the first half of 2026, total revenues amounted to $277.5 million, up 20% from $232.2 million year-over-year. The company's net income for the second quarter was $30.0 million, or $0.23 per share, compared to $25.1 million, or $0.19 per share, in the prior year. However, for the six months ended June 30, 2026, Granite Ridge reported a net loss of $17.0 million, reflecting a decline from a profit of $34.9 million in the same period of 2025.
The company experienced notable changes in its operational metrics, with oil sales increasing by 56% in the second quarter, driven by a 2% rise in production and a 53% increase in realized prices. Natural gas revenues, however, fell by 51% due to a significant drop in realized prices. The total production for the second quarter was approximately 2.9 million barrels of oil equivalent (Boe), slightly up from 2.9 million Boe in the same quarter of 2025. The average daily production of oil and natural gas also saw an increase, with oil production averaging 16,341 barrels per day.
Strategically, Granite Ridge has focused on expanding its asset base, acquiring various oil and natural gas properties, with total acquisition costs of $26.8 million in the first half of 2026, down from $44.4 million in the same period of 2025. The company also recognized impairments of $9.1 million on unproved properties in the Permian Basin due to unfavorable drilling results. As of June 30, 2026, Granite Ridge had 249.92 net producing wells, an increase from 227.42 wells a year earlier, indicating a commitment to growth despite market challenges.
Financially, Granite Ridge's total assets increased to $1.24 billion as of June 30, 2026, compared to $1.17 billion at the end of 2025. The company's total liabilities also rose to $675.2 million, up from $562.3 million, primarily due to increased long-term debt. The company had $44.1 million in cash and $293.8 million in liquidity, which includes available borrowing capacity under its credit agreement. Looking ahead, Granite Ridge plans to allocate approximately $345 million to $385 million for capital expenditures in 2026, focusing on the development and acquisition of oil and natural gas properties, while maintaining a cautious approach to managing its debt and operational costs.
About Granite Ridge Resources, Inc.
Granite Ridge Resources, Inc. is an energy company focused on oil and natural gas exploration, development, and production across multiple U.S. basins. It invests in operated partnerships and minority interests, partnering with experienced operators to build a diversified portfolio. The company emphasizes risk-adjusted returns, low leverage, and shareholder value through cash flow management, strategic acquisitions, and hedging within a regulated industry environment.
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