The following is a summary of the Granite Ridge Resources, Inc. (GRNT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Granite Ridge maintained a dividend of $0.11 per quarter equating to $0.44 per annum and repurchased $36 million of stock.

• Granite Ridge generated $305 million of adjusted EBITDAX for the year and $298 million of operating cash flow.

• The company reinvested $29 million in growth projects.

• The year ended with debts at a desirable low of only 0.3x, below the target of 0.5x.

• Financial deals closed or highly probable to close stand at $35 million but are expected to increase.

• Adjusted EBITDA for the quarter was $81.8 million, with adjusted EPS sitting at $0.20 per diluted share.

• Per unit lease operating cost and G&A expense were $6.43 per Boe and $2.54 per Boe, respectively, both within guided ranges.

• Total capital expenditures for 2024 are expected to be between $265 million to $285 million, including $35 million of budgeted acquisitions.

Business Progress:

• Granite Ridge added seven team members, achieving nine corporate milestones and implementing 140 different controls.

• The company outperformed its growth goals with a 23% production increase, delivering over 26,000 barrels of oil equivalent per day for Q4.

• Growth for 2024, is anticipated with a predicted 7% increase in production.

• Partnership with an undisclosed Midland group to run a full-time rig.

• GRNT will allocate a third or more of their CapEx for the strategic partnership.

• About 5.5 net wells have finished drilling, slated to be operational by Q2.

• GRNT maintains their unique approach as their value driver moving forward.

• Company recorded a 14% growth in oil volumes and 23% increase in total production year-over-year.

• The company successfully kept a rig running full time and added another rig in November 2023.

• Sold some Permian assets to Vital Energy, expected to close in summer 2024.

• The board declared an $0.11 cash dividend per share.

• Approximately 60% of oil and 50% of gas PDP has been hedged for 2024.

More details: Granite Ridge Resources IR

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