$GRNT
Granite Ridge Resources, Inc.

2022 Q4 Form 10-Q Financial Statement

#000155837022017579 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022 Q2
Revenue $497.4M $90.19M $0.00
YoY Change 61.88%
Cost Of Revenue $30.62M
YoY Change
Gross Profit $466.8M
YoY Change
Gross Profit Margin 93.84%
Selling, General & Admin $58.90M $264.1K $8.078M
YoY Change 4912.77% -28.27%
% of Gross Profit 12.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $105.8M
YoY Change
% of Gross Profit 22.65%
Operating Expenses $164.7M $53.07M $8.128M
YoY Change 13800.63% 124.04%
Operating Profit $302.1M $37.13M $99.36M
YoY Change 15.91%
Interest Expense -$26.95M $476.0K -$6.304M
YoY Change -2063.96% 34.84%
% of Operating Profit -8.92% 1.28% -6.34%
Other Income/Expense, Net $5.606M $474.3K
YoY Change -181.12%
Pretax Income $275.2M $1.249M -$13.96M
YoY Change 138739.61% 16.27%
Income Tax $12.85M $362.3K $45.30K
% Of Pretax Income 4.67% 29.0%
Net Earnings $262.3M $42.74M $66.47M
YoY Change 132256.59% 70.12% 314.38%
Net Earnings / Revenue 52.74% 47.38%
Basic Earnings Per Share $0.60 $0.70
Diluted Earnings Per Share $1.97 $20.56K -$324.6K
COMMON SHARES
Basic Shares Outstanding 133.3M 132.9M shares 132.9M shares
Diluted Shares Outstanding 132.9M shares 132.9M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.0K $172.1K
YoY Change -44.88%
Cash & Equivalents $51.13M $6.410M $46.91M
Short-Term Investments
Other Short-Term Assets $4.098M $55.63K
YoY Change 1311.4%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $146.3M $95.45M $227.7K
YoY Change 88.07% 19828.59%
LONG-TERM ASSETS
Property, Plant & Equipment $381.9M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $416.3M $414.6M
YoY Change 0.55%
Other Assets $3.468M
YoY Change 858.01%
Total Long-Term Assets $648.5M $382.7M $414.6M
YoY Change 132.93% -7.58%
TOTAL ASSETS
Total Short-Term Assets $146.3M $95.45M $227.7K
Total Long-Term Assets $648.5M $382.7M $414.6M
Total Assets $794.8M $478.1M $414.8M
YoY Change 123.13% 15.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.22M $286.1K $168.0K
YoY Change 46766.45% 20.59%
Accrued Expenses $62.18M $20.60M $8.530M
YoY Change 836.45% 167067.21%
Deferred Revenue
YoY Change
Short-Term Debt $1.548M $1.548M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.13M $24.54M $10.31M
YoY Change 58.23% 5475.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $9.771M $9.560M
YoY Change 14.85%
Total Long-Term Liabilities $108.2M $2.243M $9.560M
YoY Change 7841.23% -74.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.13M $24.54M $10.31M
Total Long-Term Liabilities $108.2M $2.243M $9.560M
Total Liabilities $172.4M $26.78M $19.87M
YoY Change 311.45% 193.37%
SHAREHOLDERS EQUITY
Retained Earnings $32.39M
YoY Change
Common Stock $13.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $622.4M $395.8M $394.9M
YoY Change
Total Liabilities & Shareholders Equity $794.8M $478.1M $414.8M
YoY Change 123.13% 15.34%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022 Q2
OPERATING ACTIVITIES
Net Income $262.3M $42.74M $66.47M
YoY Change 132256.59% 70.12% 314.38%
Depreciation, Depletion And Amortization $105.8M
YoY Change
Cash From Operating Activities $347.5M -$68.15K -$759.9K
YoY Change -100899.85% -92.25%
INVESTING ACTIVITIES
Capital Expenditures $234.7M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $4.126M
YoY Change
Cash From Investing Activities -$230.6M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -77.97M 0.000 778.5K
YoY Change -31286.59% -100.0%
NET CHANGE
Cash From Operating Activities 347.5M -68.15K -759.9K
Cash From Investing Activities -230.6M
Cash From Financing Activities -77.97M 0.000 778.5K
Net Change In Cash 38.97M -68.15K 18.63K
YoY Change -41232.48% -90.26%
FREE CASH FLOW
Cash From Operating Activities $347.5M -$68.15K -$759.9K
Capital Expenditures $234.7M
Free Cash Flow $112.8M
YoY Change

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.</b></span>Organization and nature of operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Organization</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 11.15pt 12pt 0pt;">Granite Ridge Resources, Inc. (“Granite Ridge” the “Company” or the “Successor”) is a Delaware corporation, initially formed in May 2022, whose common stock and warrants are listed and traded on the New York Stock Exchange (“NYSE”). The Company was created for the purpose of the Business Combination (as defined below), and following the Business Combination, for the purpose of purchasing non-operated oil and natural gas assets in multiple basins in North America, and realizing profits through participation in oil and natural gas wells. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 11.15pt 12pt 0pt;">On October 24, 2022, the Business Combination closed and was accounted for as a reverse recapitalization and Grey Rock Energy Fund III (as defined below) has been determined to be the accounting acquirer and predecessor (as defined below). The information provided in this Quarterly Report on Form 10-Q only reflects the financial condition and results of operations of the Predecessor.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 11.15pt 12pt 0pt;">The financial information for the Predecessor for such periods does not reflect the material changes to the business as a result of the Business Combination. Accordingly, the financial information for the Predecessor is not necessarily indicative of Granite Ridge’s results of operations, cash flows or financial position following the completion of the Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Nature of operations</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Grey Rock Energy Fund III-A, LP (“Grey Rock III-A”) was formed on March 14, 2018 as a Delaware limited partnership and commenced operations on April 19, 2018. Grey Rock III-A was created for the purpose of purchasing non-operated oil and natural gas assets in multiple basins in North America, and realizing profits through participation in oil and natural gas wells.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Grey Rock Energy Fund III-B Holdings, LP (“Grey Rock III-B Holdings”) was formed on March 14, 2018, as a Delaware limited partnership and commenced operations on April 19, 2018. Grey Rock III-B Holdings was created for the purpose of purchasing non-operated oil and natural gas assets in multiple basins in North America, realizing profits through participation in oil and natural gas wells, and granting net profits interest in oil and natural gas assets to Grey Rock III-B (as defined below), a related party, in accordance with its limited partnership agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Grey Rock Energy Fund III-B, LP (the “Grey Rock III-B”) was formed on March 14, 2018 as a Delaware limited partnership and commenced operations on April 19, 2018. Grey Rock III-B was created for the purpose of acquiring net profits interests in oil and natural gas assets from Grey Rock III-B Holdings, a related party, in multiple basins in North America, in accordance with its limited partnership agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Grey Rock Preferred Limited Partner III, LP (“Grey Rock PLP III”) was formed on March 14, 2018, as a Delaware limited partnership and commenced operations on April 19, 2018. Grey Rock PLP III was created for the purpose of holding limited partnership interests in Grey Rock III-B, a related party.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:-0.05pt;margin:0pt 0pt 12pt 0pt;">Collectively, Grey Rock III-A, Grey Rock III-B Holdings, Grey Rock III-B and Grey Rock PLP III are known as the “Partnership”, “Grey Rock Energy Fund III”, “Fund III”, or “Predecessor”.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Grey Rock Energy Partners GP III-A, LP, a Delaware limited partnership (the “Fund III-A General Partner”), acts as general partner of Grey Rock III-A. Grey Rock Energy Partners GP III-B, LP, a Delaware limited partnership (the “Fund III-B General Partner”), acts as general partner of Grey Rock III-B Holdings and Grey Rock III-B. Grey Rock Energy Management, LLC, a Delaware limited liability company (the “Management Company”), serves as investment manager to the Partnership.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The term of the Partnership is up to nine years. The investment term is three years and may be extended by the General Partner, in its sole discretion, for an additional one-year term. The harvest period is four years and may be extended by the General Partner, in its sole discretion, for an additional one-year term, and thereafter, by the General Partner, with the consent of a majority-in- interest of the limited partners, for additional, successive one-year terms to allow for an orderly dissolution and liquidation of the Partnership.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;">The Partnership and certain other funds affiliated with Grey Rock formed GREP Holdings, LLC, a Delaware limited liability company (“GREP”), who entered into a business combination agreement (“BCA”) on May 16, 2022  with Executive Network Partnering Corporation (“ENPC”), a Delaware corporation and NYSE publicly traded special purpose acquisition company, Granite Ridge Resources, Inc., a Delaware corporation (“Granite Ridge”), ENPC Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Granite Ridge (“ENPC Merger Sub”), and GREP Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Granite Ridge (“GREP Merger Sub”), pursuant to which (i) ENPC Merger Sub merged with and into ENPC (the “ENPC Merger”), with ENPC surviving the ENPC Merger as a wholly-owned subsidiary of Granite Ridge; and (ii) GREP Merger Sub merged with and into GREP (the “GREP Merger”), with GREP surviving the GREP Merger as a wholly-owned subsidiary of Granite Ridge (the transactions contemplated by the foregoing clauses (i) and (ii), the “Business Combination”). The BCA provided that in connection with the Business Combination, the members of GREP would receive common stock of Granite Ridge in the business combination, valued at approximately $1.3 billion on May 16, 2022, upon the execution of the BCA. The Business Combination closed on October 24, 2022. </p>
grnt Term Of Partnership
TermOfPartnership
P9Y
grnt Investment Term Of Partnership
InvestmentTermOfPartnership
P3Y
grnt Extension Term Of Investment
ExtensionTermOfInvestment
P1Y
grnt Harvest Period
HarvestPeriod
P4Y
grnt Extension Term Of Harvest Period
ExtensionTermOfHarvestPeriod
P1Y
grnt Additional Term For Dissolution And Liquidation Of Partnership
AdditionalTermForDissolutionAndLiquidationOfPartnership
P1Y
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
0
CY2022Q3 us-gaap Allowance For Doubtful Accounts Premiums And Other Receivables
AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables
0
us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
0
CY2021Q3 us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
0
CY2022Q3 us-gaap Provision For Other Credit Losses
ProvisionForOtherCreditLosses
0
grnt Capitalized Fees Business Combination
CapitalizedFeesBusinessCombination
4098000
CY2021 grnt Capitalized Fees Business Combination
CapitalizedFeesBusinessCombination
0
grnt Prepaid Expenses Business Combination
PrepaidExpensesBusinessCombination
0
CY2021 grnt Prepaid Expenses Business Combination
PrepaidExpensesBusinessCombination
70000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 8pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 8pt 0pt;">The preparation of the condensed combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed combined financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates of reserves are used to determine depletion and to conduct impairment analysis. Estimating reserves is inherently uncertain, including the projection of future rates of production and the timing of development expenditures. Additional significant estimates include impairment testing, derivative instruments and hedging activity, and asset retirement obligations. Actual results could differ from those estimates.</p>
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2021Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2022Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
0
CY2021Q3 us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
0
us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
0
CY2022Q3 us-gaap Limited Partners Capital Account Distribution Amount
LimitedPartnersCapitalAccountDistributionAmount
0
CY2022Q3 grnt Reallocation Of Distributions From Limited Partner To General Partner
ReallocationOfDistributionsFromLimitedPartnerToGeneralPartner
6654
grnt Reallocation Of Distributions From Limited Partner To General Partner
ReallocationOfDistributionsFromLimitedPartnerToGeneralPartner
25623
grnt Reallocation Of Distributions From Limited Partner To General Partner
ReallocationOfDistributionsFromLimitedPartnerToGeneralPartner
12856000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
15757000
CY2022Q3 us-gaap Other Commitment
OtherCommitment
50000000
grnt Percentage Of Partnership Wells Operated By Third Party Operating Partners
PercentageOfPartnershipWellsOperatedByThirdPartyOperatingPartners
1

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