Granite Ridge Resources Provides an Operational Update, Releases Select Preliminary Fourth-Quarter 2023 Results, and Schedules Earnings Results Conference Call for March 8, 2024, at 10:00 a.m. Central Time
Vital Asset Sale
On
The transaction is associated with Granite Ridge exercising its right to tag-along with the sale of certain assets in the
“This transaction demonstrates one of the many ways to win in the non-op model, in this case selling at an operator premium due to a long-term
Fourth-Quarter 2023 Operational Update
During the quarter, Granite Ridge closed ten unique transactions.
-
Acquisitions
-
Haynesville Shale – two acquisitions alongside an existing operating partner for a combined$24 million including current net production of approximately 2.5 Mcf per day and inventory of 16.6 net locations -
Eagle Ford Shale – one acquisition that increased ownership in an existing producing unit at an attractive value of$3 million
-
-
Traditional Non-Op or “Burgers & Beer”
-
Delaware Basin – three transactions with aggregate inventory of 0.6 net locations, acquisition cost of$3 million , and estimated future development cost of$10 million -
Eagle Ford Shale – two transactions with aggregate inventory of 1.7 net locations, acquisition cost of$1 million , and estimated future development cost of$10 million
-
-
Controlled CapEx through Strategic Partnerships
-
Delaware Basin – two transactions with aggregate inventory of 1.9 net locations, acquisition cost of$3 million , and estimated future development cost of$18 million - As the largest interest owner in these locations, Granite Ridge controls development timing
-
Select Preliminary Fourth-Quarter 2023 Results
The Company’s fourth-quarter 2023 total production averaged approximately 26 thousand barrels of oil equivalent per day. Oil production for the quarter averaged approximately 12 thousand barrels of oil per day. Estimated oil price differential to benchmark WTI was approximately
Year-End 2023 SEC Proved Reserves Summary
The table below summarizes the Company’s estimated net proved reserves as of
Reserve Category |
Oil (Mbo)(1) |
Gas (MMcf)(1) |
Equivalent (Mboe)(2) |
PDP |
14,947 |
96,746 |
31,072 |
PDNP |
25 |
87 |
39 |
PUD |
12,345 |
60,095 |
22,361 |
Total Proved Reserves |
27,317 |
156,928 |
53,472 |
-
Pricing is based on average prices of
$78.21 per barrel of oil and$2.637 per MMbtu of natural gas and are adjusted for location and quality differentials. - Boe are computed based on a conversion ratio of one Boe for each barrel of oil and one Boe for every 6 Mcf of natural gas.
Weighted-Average Shares Outstanding
The weighted-average basic common share count for the fourth quarter and full year is 132.1 million and 133.1 million, respectively. As of
Year-End 2023 Balance Sheet Items
On
Fourth-Quarter and Full-Year 2023 Earnings Release and Conference Call Details
Granite Ridge expects to report fourth-quarter and full-year 2023 financial and operating results on
Webcast: We encourage participants to pre-register for the webcast using the following link https://events.q4inc.com/attendee/180858717. Alternatively, a link to the webcast can be found on the Company’s investor relations website.
Telephone: Toll-free dial in number (888) 660-6093, Conference ID 4127559
An audio replay will be available through
About Granite Ridge
Granite Ridge is a scaled, non-operated oil & gas exploration and production company. We invest in a diversified portfolio of production and top-tier acreage across the Permian and four other prolific US basins in partnership with proven operators. We create value by generating sustainable full-cycle risk adjusted returns for investors, offering a rewarding experience for our team, and delivering reliable energy solutions to all – safely and responsibly. For more information, visit Granite Ridge’s website at www.graniteridge.com.
Forward-Looking Statements and Cautionary Statements
This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Granite Ridge’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: the ability to recognize the anticipated benefits of the business combination, Granite Ridge’s financial performance following the business combination, changes in Granite Ridge’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans, changes in current or future commodity prices and interest rates, supply chain disruptions, infrastructure constraints and related factors affecting our properties, ability to acquire additional development opportunities or make acquisitions, changes in reserves estimates or the value thereof, operational risks including, but not limited to, the pace of drilling and completions activity on our properties, changes in the markets in which Granite Ridge competes, geopolitical risk and changes in applicable laws, legislation, or regulations, including those relating to environmental matters, cyber-related risks, the fact that reserve estimates depend on many assumptions that may turn out to be inaccurate and that any material inaccuracies in reserve estimates or underlying assumptions will materially affect the quantities and present value of the Granite Ridge’s reserves, the outcome of any known and unknown litigation and regulatory proceedings, legal and contractual limitations on the payment of dividends, limited liquidity and trading of Granite Ridge’s securities, acts of war, terrorism or uncertainty regarding the effects and duration of global hostilities, including the
Granite Ridge has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Granite Ridge’s control. Granite Ridge does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240202042866/en/
Investor Relations Team
IR@graniteridge.com
(214) 396-2850
Source: