Granite Ridge Resources, Inc. reported a significant increase in financial performance for the first quarter of 2025, with total revenues reaching $122.9 million, a 38% increase from $89.0 million in the same period of 2024. The company's net income for the quarter was $9.8 million, down from $16.2 million year-over-year, resulting in a diluted earnings per share of $0.07 compared to $0.12 in the prior year. The decline in net income was attributed to increased losses on commodity derivatives and higher interest expenses, which rose to $5.0 million from $3.2 million in the previous year.
The company experienced notable operational changes, including a 37% increase in oil production, which contributed to a 21% rise in oil revenues. Natural gas revenues surged by 135%, driven by a 116% increase in realized prices and a 9% increase in production. The total number of net producing wells increased from 181.34 to 211.63, reflecting successful drilling activities and acquisitions. However, the average realized oil price decreased by 11.5% to $69.13 per barrel, while the average realized natural gas price increased to $3.96 per Mcf.
Granite Ridge made strategic moves during the quarter, acquiring various oil and natural gas properties for a total of $34.4 million, a significant increase from $2.6 million in the same period last year. The company also divested unproved properties for $0.1 million. As of March 31, 2025, total assets stood at $1.09 billion, up from $1.04 billion at the end of 2024, while total liabilities increased to $456.0 million from $401.1 million, primarily due to increased long-term debt of $250.0 million.
Looking ahead, Granite Ridge anticipates continued growth driven by its operational strategies and market conditions. The company has budgeted approximately $300 million to $320 million for capital expenditures in 2025, focusing on the development and acquisition of oil and natural gas properties. The recent amendment to its credit agreement, which increased the borrowing base to $375 million, enhances its liquidity and financial flexibility. Despite the challenges posed by fluctuating commodity prices, Granite Ridge remains optimistic about its ability to fund its operations and capital needs over the next twelve months.
About Granite Ridge Resources, Inc.
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