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Dec 31, 2025
Granite Ridge Q4 2025 Earnings Report
Granite Ridge Q4 2025 Earnings Report
Key Takeaways
Granite Ridge transitioned toward an Operated Partnerships model in 2025, driving production growth of 27% year-over-year in Q4. Despite a GAAP net loss due to impairments and unrealized derivative shifts, the company maintained strong liquidity and provided a positive 2026 outlook focused on aligning capital expenditures with cash flow.
Total production increased 27% year-over-year to 35,120 Boe/day in Q4 2025.
Strategic shift to Operated Partnerships added approximately 100 net locations since 2023.
Ended the quarter with $339.5 million in total liquidity and a 1.2x Net Debt to Adjusted EBITDAX ratio.
Proved reserves grew to 62,347 MBoe at year-end, a 15% increase from the prior year.
Revenue by Segment
Forward Guidance
For 2026, Granite Ridge expects a 9% production increase at the midpoint with capital expenditures aligned with cash flow.
Positive Outlook
- Annual production projected at 34,000 - 36,000 Boe/day
- Oil production expected to remain high at 50% - 52% of total
- Lease operating expenses guided lower at $6.75 - $7.75 per Boe
- Development capital expenditures of $300 - $330 million
- Strategic focus on high-quality resource in the Permian Basin
Challenges Ahead
- Production growth is expected to moderate compared to 2025
- Cash G&A expense projected between $25 - $27 million
- Acquisition capital limited to $20 - $30 million in initial guidance
- Production and ad valorem taxes expected at 6% - 7% of revenue
Historical Earnings Impact
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Avg. Return Before/After Earnings
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