Granite Ridge Provides Public Investors Private Equity-Like Exposure With Daily Liquidity and Enhanced Alignment
Granite Ridge at a Glance Key Statistics (MM except per share metrics) Assets Ticker / Exchange GRNT / NYSE Share Price (as of 5/5/2025) 4.91 Market Capitalization 644 Enterprise Value1 878 TTM Adjusted EBITDAX2 318 Dividend…
Granite Ridge by the Numbers INCOME PRODUCTION STRONG TRADING AT STOCK GROWTH BALANCE SHEET VALUE PRICE 9.0% 16% 0.7x 2.7x Dividend Yield 1 Year-over-Year Target Leverage Ratio3 EV / 2025 Production Growth2 EBITDA1,4 1. As…
Our Opportunity Set Target assets with low breakeven cost that generate compelling full-cycle, risk-adjusted returns Operated Partnerships Traditional Non-Op Controlled investments with proven value Minority interests in core areas…
Significant Production Growth Using Minimal Debt Disciplined underwriting has allowed for outperformance through multiple commodity cycles Net Production (Mboe/d) Net Debt / Adj. EBITDAX1 WTI Spot Price (/Bbl) 30.0 94.90 Conservative…
What Do We Do Simple business model that invests across cycles to deliver superior, full-cycle risk-adjusted returns 1 2 3 4 Generate cash flow1 Source and evaluate Allocate capital Prioritize Shareholders from our diversified…
Source and Evaluate Rigorous Sourcing Drives Better Economics Highly selective and focused only on deals that offer the best full-cycle returns Initial screen on Engineering and Business Development Deal Sourcing Final negotiations…
Source and Evaluate Tech-Enabled Platform Drives Accuracy & Efficiency Market Leading Data Set Gives Unique Insights to Evaluate Each Transaction Proprietary Database Drives Informed Decisions Ownership in over 3,100 wells Engineering…
Source and Evaluate Sophisticated & Accurate Underwriting Process Evaluation Steps 1 2 3 Screen Deal for Deep dive acquisition Operate and Relative Attractiveness target with subsurface portfolio expertise management Key…
Allocate Capital Capital Allocation Evolves With the Opportunity Set 2014 - 2023 2024 + Private equity capitalizing on Flywheel of cash in market inefficiencies in Traditional Non-Op business non-operated investing OPERATED…
Allocate Capital Operated Partnership Overview Controlled investments with proven value creators within their area of expertise Granite Ridge Operated Partnerships Inventory Summary Benefit to Management Teams Strategic Opportunity:…
Allocate Capital Traditional Non-Op Market Opportunity 2024 Shale Capex of 105 Billion1 Large Opportunity Set De-Risks Each Capital Decision Publicly Traded3,4,5 2024 GRNT Non-Op Capex Split Across 250+ Wells 2.1B Delaware Eagle Ford…
Allocate Capital Financial Strategy: The Best Offense is Good Defense Uses of Capital by Priority and Illustrative Uses of Cash Commodity Non-op asset base offers Base Business 1 Prices significant operational flexibility in…
Prioritize Shareholders Active Hedging Program to Defend Cashflows 75% of Current Production Hedged Through 2026 Example Well Production Profile (Boe/d) Hedge Coverage Maintain 50-90% hedging of near-term production over Granite…
Prioritize Shareholders Outsized Growth With Strong Balance Sheet 3-Yr (2022-2025E) Production Growth Rate Per Share (%) Current Dividend Yield (%) 51% 49% 10.5% 33% 32% 32% 9.6% 9.0% 22% 7.4% 5.8% 5.5% GRNT 2.9% (24%) NM…
2025 Strategic Plan Forecast generates mid-teens production growth Guidance Low High 2025E Capital Allocation Breakdown1 (MM) Net Production (Boe/d) 28,000 30,000 Oil % of Production 51% 53% Total Capital Expenditures (MM) 300 320…
Publicly Traded Private Equity: Provide public investors 1 private equity-like exposure with daily liquidity and enhanced alignment Shareholder Focus: Support fixed dividend1 of 0.44 per 2 share and pursue opportunistic share…
APPENDIX
2025 Q1 Results Adj. EBITDAX 1 Well Activity 1Q 25: 91MM 13.7 net wells TTS TTM: 318MM 15.8 net wells in process +1% vs 4Q23 +170% & +10%, respectively vs 1Q24 Production (Boe/d) Pro Forma Liquidity2,4 1Q 25: 29,245 163MM…
Quarterly Financial Performance Oil and Gas Production (MBoe/d) Total Revenues (MM) 40.0 85% 91% 83% 95% 29.2 75% 35.0 160.0 27.7 25.2 123 140.0 75% 30.0 23.1 106 14.5 91 94 120.0 13.0 31 25.0 55%…
Year End 2024 SEC Reserves Summary Reserve Category Oil (MBbls) Gas (MMcf) Equivalent (Mboe) PV-10% (M) Proved PV-10 by Operator (MM)1,2 PDP 17,372 104,293 34,754 634,483 PDNP 1,897 13,811 4,199 90,983 PERMIAN EAGLE FORD BAKKEN DJ…
Non-GAAP Reconciliation: Adjusted EBITDAX M 2Q 24 3Q 24 4Q 24 1Q 25 2024 TTM Net income 5,101 9,054 (11,622) 9,812 18,759 12,345 Interest expense 5,817 4,820 4,673 5,015 18,470 20,325 Income tax expense (benefit) 1,678 4,330 (4,638)…
Non-GAAP Reconciliation: Net Debt / Adjusted EBITDAX Net Debt, M 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 3/31/2025 Long-term debt 31,300 18,400 56,500 38,500 51,100 110,000 205,000 250,000…
Non-GAAP Reconciliations PV-10%, M 2024 Pre-tax present value of estimated future net revenues (Pre-Tax PV10%) 841,929 Future income taxes, discounted at 10% (120,961) Standardized measure of discounted future net cash flows…
Disclaimer NON-GAAP MEASURES Leverage: The Company defines leverage as Net Debt divided by TTM Adjusted EBITDAX. Adjusted EBITDAX: The Company defines Adjusted EBITDAX as net income before depletion and PV-10: The Company defines PV-10…
Disclaimer FORWARD-LOOKING STATEMENTS underlying assumptions will materially affect the quantities and present value of Granite Ridges reserves, the outcome of any known and unknown litigation and regulatory proceedings, legal and…
Disclaimer INDUSTRY AND MARKET DATA Estimated Ultimate Recoveries, or EURs, refer to estimates of the sum of total gross remaining proved reserves per well as of a given date and cumulative production prior to such given date for…
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