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2Q 2023 Earnings Presentation – Granite Ridge Resources Inc.

Granite Ridge Resources Inc. · Aug 11, 2023 · 29 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 1
    GRANITE RIDGE RESOURCES I N V E S T O R P R E S E N T A T I O N A U G U S T 2 0 2 3
  2. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 2
    Key Investment Highlights Non-Op A Better Way to Invest in Oil & Gas Access to Private Operators Decreased risk participate with a smaller piece Broaden exposure significant high-quality of a larger number of wells inventory is in…
  3. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 3
    Overview Assets Strategy & Execution Appendix 2Q 23 Highlights Q2 23 TTM Paid dividend of 15MM Production Repurchased 660,568 Avg Daily Production (Boe/d) 21,557 22,192 shares (4MM) during the % Oil 48% 49% quarter Gross / Net…
  4. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 4
    Overview Assets Strategy & Execution Appendix Strong Liquidity & Conservative Balance Sheet Key Company Statistics Capitalization As of As of 8/9/23 (MM, except per share data) (MM) 6/30/23 Ticker GRNT Cash 14 Share Price 7.24…
  5. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 5
    Overview Assets Strategy & Execution Appendix Scaled, Diversified Asset Base Bakken: 10% of PV-10 1 DJ: 7% of PV-10 1 LTM Spuds 2: 39 of Wells in Process 3: 28 LTM Spuds 2: 53 Net acreage 4,5: 15,030 of Wells in Process 3: 77…
  6. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 6
    Overview Assets Strategy & Execution Appendix Highly Diversified Upstream Portfolio Basin Operator Sample % Private 1 Oil 1 Gas 1 Permian 41% 60% 40% DJ 1% 33% 67% Bakken 31% 76% 24% Eagle Ford 70% 58% 42%…
  7. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 7
    Overview Assets Strategy & Execution Appendix Benefits of Non-Op Granite Ridge increases asset diversity and scales overhead by investing in a smaller piece of a larger number of high-graded wells drilled by proven public and private…
  8. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 8
    Overview Assets Strategy & Execution Appendix Capital Allocation Framework Capital Allocation Strategy Prioritize Highest Shareholder Returns Sources Uses Pursue burgers & beer Responsible opportunities and strategic Growth…
  9. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 9
    Overview Assets Strategy & Execution Appendix Opportunity Set Overview Average Average GRNT Strategy Format Investment Type Investment Working Interest Core growth engine to consolidate the fragmented non-op market 2-6MM entry…
  10. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 10
    Overview Assets Strategy & Execution Appendix Rigorous Deal Sourcing & Evaluation Process 01 02 03 04 05 Business Development Deal Sourcing Initial Screen On Detailed Engineering Final Negotiations Basin, Size, Operator / Finance…
  11. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 11
    Overview Assets Strategy & Execution Appendix Organic Growth Fueled by Burgers & Beer Capital Deployed (MM) 1 Inventory & Production Acquisition 237 219 212 180 116 120 89 69 25 25 Year 2014 2015 2016 2017 2018 2019…
  12. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 12
    Overview Assets Strategy & Execution Appendix Burgers & Beer: Opportunity + Proven Growth Est. 2022 Shale D&C Capex Spending of 100 Billion 1,2 Lookback: 2022 GRNT Opportunity Evaluations (BN) Publicly Traded Non-Op Capex 6.4BN…
  13. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 13
    Overview Assets Strategy & Execution Appendix Burgers & Beer: Case Study Underwrote a leasing and acquisition strategy in the Delaware Basin - Reeves County area after observing proximate activity by EOG Acquired, leased and farmed…
  14. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 14
    Overview Assets Strategy & Execution Appendix Strategic Partnerships: How & Why Creating Public Investor Access to the Private Upstream Market Declining fundraising and concentrated investments by private equity firms have…
  15. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 15
    Overview Assets Strategy & Execution Appendix Acquisitions: Non-Op Assets Controlled by Private Firms Public Non-Op Companies Represent Only 16% Of M&A GRNT Has Identified 16B Of Privately Held Non-Op Cumulative Non-Op M&A Since…
  16. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 16
    APPENDIX
  17. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 17
    Overview Assets Strategy & Execution Appendix 2023 Guidance Update Previous 2023 Updated 2023 Net Production (Boe/d) 21,000 23,000 21,500 23,000 Oil % of Production 49% 49% Production Acquisitions (MM) n/a 1 n/a 1 18 18 Inventory…
  18. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 18
    Overview Assets Strategy & Execution Appendix Share Ownership An Improving Vehicle for Investors The Company completed a warrant exchange in July 2023 A total of 2,575,795 shares of common stock were issued in exchange for the…
  19. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 19
    Overview Assets Strategy & Execution Appendix Compelling Value Opportunity Yield: Robust & Durable 1 Valuation: Cheap Relative to Peer Group 1,2,3 4.9x 4.7x 4.7x EV / TTM EBITDA 6.1% 3.2x Yield % 2.4% S&P E&P Index…
  20. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 20
    Overview Assets Strategy & Execution Appendix Commitment to Strong ESG Stewardship Granite Ridge partners with operators that are proven and responsible stewards. COP OAS PDCE DVN EOG Dedicated ESG Section of Website Explicit…
  21. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 21
    Overview Assets Strategy & Execution Appendix Historical Realized Pricing Realized Oil Pricing vs. NYMEX WTI 1 104% 102% Bakken 100% Permian 98% GRNT Eagle Ford 96% 94% DJ 92% 90% J-21 F-21 M-21 A-21 M-21 J-21 J-21 A-21…
  22. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 22
    Overview Assets Strategy & Execution Appendix Hedging Oil 3Q '23 4Q '23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 Collars Volume (Bo/d) 528 4,036 3,390 2,889 2,506 2,238 - Ceiling 81.60 88.14 82.01 81.89 81.76 81.70 - Floor 61.50 67.49 62.06…
  23. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 23
    Overview Assets Strategy & Execution Appendix YE2022 SEC Reserves Summary 1 Reserve Category Oil (MBbls) Gas (MMcf) Equivalent (Mboe) PV10% (M) PDP 15,376 89,418 30,279 1,008,786 PDNP 338 1,616 607 21,779 PUD 9,780 59,205 19,648…
  24. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 24
    Overview Assets Strategy & Execution Appendix Non-GAAP Reconciliation of Adjusted EBITDAX M 2Q 23 2Q 22 TTM FY 22 Net income 8,737 93,284 182,219 262,344 Interest expense 1,211 609 2,405 1,989 Income tax expense 4,129 27,765 12,850…
  25. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 25
    Overview Assets Strategy & Execution Appendix Non-GAAP Reconciliation of Net Debt M 6/30/2023 12/31/2022 12/31/2021 Long-term debt 55,000 1,100 Plus: Current portion of long-term 50,000 debt Less: Cash 14,493 50,833 11,854…
  26. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 26
    Overview Assets Strategy & Execution Appendix Non-GAAP Reconciliation of Inventory Acquisition M 2Q 23 2Q 22 1H 23 1H 22 Property acquisition costs: Proved 1,309 2,895 19,298 7,955 Property acquisition costs: Unproved 3,161 12,332…
  27. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 27
    Overview Assets Strategy & Execution Appendix Non-GAAP Reconciliation of PV10% M FY 22 FY 21 FY 20 Pre-tax present value of estimated future net revenues (Pre-Tax PV10%) 1,559,123 778,230 197,146 Future income taxes, discounted at…
  28. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 28
    Disclaimer FORWARD-LOOKING STATEMENTS This investor presentation 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…
  29. 2Q 2023 Earnings Presentation – Granite Ridge Resources Inc. – slide 29
    Disclaimer INDUSTRY AND MARKET DATA The information, data and statistics contained herein are derived from various internal and external third-party sources. While Granite Ridge believes such third-party information is reliable, there…

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