Granite Ridge Resources Reports 20% Revenue Growth to $109.2 Million in Q2 2025

Granite Ridge Resources, Inc. reported significant financial performance for the second quarter of 2025, with revenues reaching $109.2 million, a 20% increase from $90.7 million in the same period of 2024. For the first half of 2025, total revenues amounted to $232.2 million, up 29% from $179.6 million year-over-year. The company's net income for the second quarter was $25.1 million, compared to $5.1 million in the prior year, resulting in a basic earnings per share of $0.19, up from $0.04. The increase in revenue was primarily driven by a 46% rise in oil production, although this was partially offset by a 21% decrease in realized oil prices.

In terms of operational metrics, Granite Ridge's production volumes increased significantly, with oil production rising to 1.5 million barrels in the second quarter, compared to 997,000 barrels in the same quarter of 2024. Natural gas production also saw a notable increase, reaching 8.5 million Mcf, up from 6.6 million Mcf year-over-year. The company’s total production for the first half of 2025 was 5.5 million Boe, a 29% increase from 4.3 million Boe in the first half of 2024. The number of net producing wells increased from 191.94 to 227.42 during the same period, reflecting successful drilling activities and acquisitions.

Granite Ridge made strategic moves in its asset portfolio, acquiring various oil and natural gas properties for a total of $44.4 million in the first half of 2025, compared to $22.0 million in the same period of 2024. The company also divested certain properties, generating $0.2 million in proceeds. The increase in capital expenditures was primarily directed towards the development of oil and natural gas properties, which totaled $164.5 million for the first half of 2025, up from $135.9 million in the previous year.

The company’s financial position showed a total asset increase to $1.1 billion as of June 30, 2025, compared to $1.0 billion at the end of 2024. Total liabilities also rose to $462.5 million, up from $401.1 million, largely due to increased long-term debt, which reached $275 million. Granite Ridge maintained a liquidity position of $103.4 million, consisting of $99.7 million in available credit and $3.7 million in cash. The company’s management expressed confidence in its ability to fund capital expenditures and operational expenses for the next twelve months, supported by cash flows from operations and available borrowing capacity.

Looking ahead, Granite Ridge anticipates continued growth driven by its operational strategies and market conditions. The company plans to allocate approximately $400 million to $420 million in total capital expenditures for 2025, including $120 million for acquisitions. Management remains focused on optimizing its asset portfolio and enhancing shareholder value through strategic investments and operational efficiencies.