The following is a summary of the Granite Ridge Resources, Inc. (GRNT) Q1 2024 Earnings Call Transcript:
Financial Performance:
Granite Ridge Resources reported Q1 2024 average daily production of 23,800 barrels of oil equivalent per day, a rise of 3% compared to Q1 of 2023.
The adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) and Earnings Per Share (EPS) stood at $64.5 million and $0.12 per diluted share respectively.
The company allocated a capital spending of $65 million during the first quarter of 2024 including $3 million of acquisitions.
A cash dividend of $0.11 per share has been declared which is a 6.7% dividend yield compared to their closing price.
Business Progress:
The company expanded their credit facility to a $300 million borrowing base and aims to clear its debt using sales revenue.
A production ramp is planned for Q3, although there are slight delays due to deferred gas production.
A total of 58 gross or 5.1 net wells were brought to production in the recent quarter and it aims to put approximately 24 more online by end of the year.
Granite Ridge pursues a strategic partnership strategy for improved deal flow control and is exploring opportunities across Delaware Basin and Midland Basin.
More details: Granite Ridge Resources IR
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