GRNT · Granite Ridge Resources, Inc

Granite Ridge Resources reported a mixed first quarter for 2026. Production grew 18% year-over-year to 34,467 Boe/d, driven by strong well performance across multiple basins, particularly in the Permian. However, the company reported a GAAP net loss of $47.0 million, primarily due to a $60.2 million non-cash mark-to-market loss on its hedge portfolio and an $11.2 million non-cash impairment. Excluding these items, Adjusted Net Income was $3.1 million, or $0.02 per diluted share. Adjusted EBITDAX fell to $71.0 million from $91.4 million in the prior year, reflecting lower realized natural gas prices ($2.55/Mcf vs $3.97/Mcf) and higher lease operating expenses ($9.57/Boe, up 55% per unit) due to increased saltwater disposal costs, surface equipment rentals, and contract labor. Capital expenditures totaled $68.4 million, with $58.3 million in development and $10.1 million in acquisitions, adding 3.0 net undeveloped locations. The company maintained its dividend at $0.11 per share and kept leverage low at 1.3x net debt to trailing twelve-month Adjusted EBITDAX. Management highlighted strong well performance and a robust pipeline of opportunities, while reiterating a disciplined capital allocation approach targeting 25% IRR at strip pricing. The 2026 guidance was updated, with annual production expected between 34,000-36,000 Boe/d and total capex of $345-$385 million. The company also published an investor presentation on its website.