Why Granite Ridge A Smarter Way to Invest in Oil and Gas VISION UNIQUE To become the leading public investment platform for Offering private equity-like exposure to energy development energy development in the United States with…
Investing in US Energy Development 6 premier basins 65 operating partners 3,100 gross wells 50/50 oil and natural gas GRANITE RIDGES MULTI-BASIN ASSET PORTFOLIO PRODUC T ION STRONG BALANCE GROW T H SHEET Utica Eagle Ford 28%…
MACRO & INDUSTRY TRENDS Activity Levels Are Down and Growth Has Stalled Lower activity levels in drilling and completion point to lower U.S. shale supply US Rig Count Showcases Smaller US Frac Spreads Have Stayed Drilling Programs…
MACRO & INDUSTRY TRENDS Stagnant US Production Growth Since 2023 The amount of production that must be replaced due to natural declines has been growing since 2021 Lower 48 Onshore Crude Oil Production 2021 2024 MMBbls/d 12.0…
MACRO & INDUSTRY TRENDS Well Productivity is Declining Development of Tier 2 inventory has resulted in flat U.S. production forecasts Cumulative 12 Months Oil Production Bbls/ft Experimentation Exploitation Exhaustion While the…
What Do We Do Invest in energy projects through cycles to consistently deliver superior, full-cycle risk-adjusted returns 1 2 3 4 Generate Cash Flow1 Source and Evaluate Allocate Capital Prioritize Shareholders from our…
Two Upstream Investment Strategies Underwrite to 25% IRR full-cycle returns through Operated Partnerships and Traditional Non-Op Interests Operated Partnerships Traditional Non-Op Controlled investments with proven value Minority…
Significant Production Growth With Low Leverage Disciplined underwriting has allowed for outperformance through multiple commodity cycles Net Production (Mboe/d) Net Debt / Adj. EBITDAX1 WTI Spot Price (/Bbl) Daily Mboe WTI Spot…
Continual Improvements to Capital Efficiency Granite Ridge has maintained steady development costs while achieving significant growth Granite Ridge Quarterly Capex and Production Since IPO Q3 2022 Q2 2025 140 17% CAGR production…
Targeted and Repeatable Investment Process Investing through the cycle focusing on near-term drilling opportunities and rigorous underwriting return hurdles Invested Over 1.8 Billion Over Past 10 Maintained consistent deal sizes,…
Unique Opportunity for Operated Partnerships The current upstream investing environment is the most constructive Granite Ridge has seen since inception Upstream PE Fundraising Has Collapsed Far Fewer Teams Receiving PE Funding US…
Investing in Operated Partnerships Taking advantage of the decline in private equity fundraising while maintaining our selective underwriting Strategic Opportunity Control and Flexibility Partnerships Unique Structure Addressing the…
Operated Partnerships Gaining Momentum Portfolio actively building inventory and growing production in the Permian Basin Net Locations Acquired Net Production (MBoe/d) Cumulative Capital Expenditures (MM) 10 200 52.1 180 47.0 8…
Continuing to Exploit Massive Non-Op Market 2024 Shale Capex of 105 Billion1 2024 Non-Op Acquisition Capex Lookback (MM) Publicly Traded3,4,5 Delaware 48% 2.1B Utica 36% DJ Basin 9% 79B 26B Midland 4% Operator Non-Op OTHER Bakken 3%…
Achieving Top Tier Results Across Small-Cap Peers Outperforming the median in ROCE, Production Growth, Leverage and Dividend Yield Return on Capital Employed1 Production Growth2 TTM Estimated 2025 Growth 19% 19% 37% 14% 28% 27%…
2025 Capital Expenditures Granite Ridge expects to close over 50 deals in 2025 expanding our inventory by 74+ net locations Capital Exposure Across Multiple Basins Sourced No Single Deal Contributes Almost Exclusively From…
2025 Strategic Plan Forecast generates strong production growth with a focus on cost control and low overhead Guidance Low High 2025E Capital Allocation Breakdown1 (MM) Net Production (Boe/d) 31,000 33,000 Oil % of Production 51%…
Asset Growth: Drive growth by reinvesting cash flow into 1 efficient, near-term development projects, focusing on highest risk-adjusted full-cycle returns Adaptability and Diversification: Swiftly adapt to evolving 2 opportunity…
APPENDIX
2025 Q2 Results Adjusted EBITDAX 1 Well Activity 2Q 25: 75MM 4.9 net wells TTS TTM: 325MM 16.0 net wells in process Production (Boe/d) Liquidity2 2Q 25: 31,576 103MM +8% vs 1Q25 +37% vs 2Q 24 Leverage1 Shareholder…
Year End 2024 SEC Reserves Summary Reserve Category Oil (MBbls) Gas (MMcf) Equivalent (Mboe) PV-10% (M)2 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 3Q 24 4Q 24 1Q 25 2Q 25 TTM Net income 9,054 (11,622) 9,812 25,081 32,325 Interest expense, net 4,820 4,673 5,015 5,914 20,422 Income tax expense (benefit) 4,330 (4,638) 2,880 7,777 10,349…
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 6/30/2025 Long-term debt 31,300 18,400 56,500 38,500 51,100 110,000 205,000 275,000…
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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