$GRNT
Granite Ridge Resources, Inc.

2023 Q1 Form 10-K Financial Statement

#000155837023004735 Filed on March 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $91.31M $497.4M $497.4M
YoY Change
Cost Of Revenue $5.717M $30.62M $30.62M
YoY Change 10.47% 69.48%
Gross Profit $85.59M $466.8M $466.8M
YoY Change -3.48% 71.54%
Gross Profit Margin 93.74% 93.84% 93.84%
Selling, General & Admin $22.35M $58.90M $58.90M
YoY Change 3905.12% 4912.77% 2572.18%
% of Gross Profit 26.11% 12.62% 12.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.85M $105.8M $105.8M
YoY Change 109.93% 11.72%
% of Gross Profit 39.55% 22.65% 22.65%
Operating Expenses $61.92M $164.7M $195.3M
YoY Change 10518.38% 13800.63% 8162.68%
Operating Profit $29.39M $302.1M $302.1M
YoY Change -52.11% 110.95%
Interest Expense $339.0K -$26.95M $1.989M
YoY Change -91.26% -2063.96% -47.58%
% of Operating Profit 1.15% -8.92% 0.66%
Other Income/Expense, Net $18.26M -$26.95M
YoY Change 68554.14% -65183.31%
Pretax Income $47.65M $275.2M $275.2M
YoY Change 1334.04% 138739.61% 18591.05%
Income Tax $10.80M $12.85M $12.85M
% Of Pretax Income 22.66% 4.67% 4.67%
Net Earnings $36.87M $262.3M $262.3M
YoY Change 32.4% 132256.59% 17718.29%
Net Earnings / Revenue 40.37% 52.74% 52.74%
Basic Earnings Per Share $0.28 $1.97
Diluted Earnings Per Share $0.28 $1.97 $1.97
COMMON SHARES
Basic Shares Outstanding 133.2M 133.3M 132.9M
Diluted Shares Outstanding 133.0M shares 133.1M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.54M $60.92M
YoY Change 17843.57% 64807.31%
Cash & Equivalents $11.23M $51.13M
Short-Term Investments $16.61M $10.09M
Other Short-Term Assets $22.09M $13.11M
YoY Change 18685.82% 6234.43%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $115.3M $146.3M $146.3M
YoY Change 42447.68% 88.07% 48537.15%
LONG-TERM ASSETS
Property, Plant & Equipment $737.4M $645.0M
YoY Change 43.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $3.305M $3.468M $3.468M
YoY Change 858.01% 858.01%
Total Long-Term Assets $740.7M $648.5M $648.5M
YoY Change 78.89% 132.93% 56.61%
TOTAL ASSETS
Total Short-Term Assets $115.3M $146.3M $146.3M
Total Long-Term Assets $740.7M $648.5M $648.5M
Total Assets $856.1M $794.8M $794.8M
YoY Change 106.61% 123.13% 91.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.22M
YoY Change 46766.45%
Accrued Expenses $69.60M $62.18M $62.18M
YoY Change 5576.85% 836.45% 6423.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $71.96M $64.13M $64.13M
YoY Change 3201.33% 58.23% 5260.27%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $12.54M $16.65M
YoY Change 285.12% 133.3%
Total Long-Term Liabilities $139.1M $108.2M $16.65M
YoY Change 4170.83% 7841.23% 120.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.96M $64.13M $64.13M
Total Long-Term Liabilities $139.1M $108.2M $16.65M
Total Liabilities $211.0M $172.4M $172.4M
YoY Change 3782.06% 311.45% 1867.27%
SHAREHOLDERS EQUITY
Retained Earnings $54.50M $32.39M
YoY Change
Common Stock $13.00K $13.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $645.1M $622.4M $622.4M
YoY Change
Total Liabilities & Shareholders Equity $856.1M $794.8M $794.8M
YoY Change 106.61% 123.13% 91.81%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $36.87M $262.3M $262.3M
YoY Change 32.4% 132256.59% 17718.29%
Depreciation, Depletion And Amortization $33.85M $105.8M $105.8M
YoY Change 109.93% 11.72%
Cash From Operating Activities $81.47M $347.5M $346.4M
YoY Change -29157.38% -100899.85% -28394.21%
INVESTING ACTIVITIES
Capital Expenditures $129.9M $234.7M $234.7M
YoY Change 186.48% 7.02%
Acquisitions
YoY Change
Other Investing Activities $0.00 $4.126M $4.126M
YoY Change -100.0%
Cash From Investing Activities -$129.9M -$230.6M -$230.6M
YoY Change 196.26%
FINANCING ACTIVITIES
Cash Dividend Paid $14.64M $10.66M
YoY Change
Common Stock Issuance & Retirement, Net $6.825M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $8.549M -77.97M -76.85M
YoY Change 2414.41% -31286.59% -17971.63%
NET CHANGE
Cash From Operating Activities $81.47M 347.5M 346.4M
Cash From Investing Activities -$129.9M -230.6M -230.6M
Cash From Financing Activities $8.549M -77.97M -76.85M
Net Change In Cash -$39.90M 38.97M 38.98M
YoY Change -67040.11% -41232.48% -5007.71%
FREE CASH FLOW
Cash From Operating Activities $81.47M $347.5M $346.4M
Capital Expenditures $129.9M $234.7M $234.7M
Free Cash Flow -$48.45M $112.8M $111.7M
YoY Change 6.18% -150.66%

Facts In Submission

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CY2022 us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
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CY2021 us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
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CY2020 us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
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CY2021 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
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CY2020 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
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CY2022 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
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CY2021 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
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CY2020 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
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CY2022 grnt Payment Of Deposit On Acquisition
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CY2022 us-gaap Proceeds From Advances For Construction
ProceedsFromAdvancesForConstruction
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CY2021 us-gaap Proceeds From Advances For Construction
ProceedsFromAdvancesForConstruction
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CY2022 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
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CY2021 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
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CY2020 us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
647000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2022 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
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CY2021 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
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CY2020 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
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CY2022 us-gaap Repayments Of Debt
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CY2021 us-gaap Repayments Of Debt
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CY2020 us-gaap Repayments Of Debt
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54500000
CY2021 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
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CY2020 us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
12876000
CY2021 us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
46980000
CY2020 us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
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CY2022 grnt Payment Of Deferred Financing Cost
PaymentOfDeferredFinancingCost
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CY2022 grnt Payment Of Expenses Related To Formation
PaymentOfExpensesRelatedToFormation
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CY2022 grnt Payment To Acquire Treasury Shares
PaymentToAcquireTreasuryShares
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CY2022 us-gaap Payments Of Dividends
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
2134000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12154000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8508000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6374000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51133000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12154000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8508000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
2286000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
1636000
CY2020 us-gaap Interest Paid Net
InterestPaidNet
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CY2022 grnt Cash Paid Received During Year For Income Taxes
CashPaidReceivedDuringYearForIncomeTaxes
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CY2021 grnt Cash Paid Received During Year For Income Taxes
CashPaidReceivedDuringYearForIncomeTaxes
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CY2020 grnt Cash Paid Received During Year For Income Taxes
CashPaidReceivedDuringYearForIncomeTaxes
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CY2022 grnt Oil And Natural Gas Property Development Costs In Accrued Expenses
OilAndNaturalGasPropertyDevelopmentCostsInAccruedExpenses
48187000
CY2021 grnt Oil And Natural Gas Property Development Costs In Accrued Expenses
OilAndNaturalGasPropertyDevelopmentCostsInAccruedExpenses
6251000
CY2020 grnt Oil And Natural Gas Property Development Costs In Accrued Expenses
OilAndNaturalGasPropertyDevelopmentCostsInAccruedExpenses
5746000
CY2022 grnt Advances To Operators Applied To Development Of Oil And Natural Gas Properties
AdvancesToOperatorsAppliedToDevelopmentOfOilAndNaturalGasProperties
103535000
CY2021 grnt Advances To Operators Applied To Development Of Oil And Natural Gas Properties
AdvancesToOperatorsAppliedToDevelopmentOfOilAndNaturalGasProperties
48387000
CY2020 grnt Advances To Operators Applied To Development Of Oil And Natural Gas Properties
AdvancesToOperatorsAppliedToDevelopmentOfOilAndNaturalGasProperties
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CY2022Q4 us-gaap Cash
Cash
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CY2021Q4 us-gaap Cash
Cash
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CY2020Q4 us-gaap Cash
Cash
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CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
300000
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
300000
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
300000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51133000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12154000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8508000
CY2022 us-gaap Nature Of Operations
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<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">1.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Organization and nature of operations</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Granite Ridge Resources, Inc. (together with its consolidated subsidiaries, “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 0pt 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) was determined to be the accounting acquirer and Predecessor (as defined below). Unless otherwise indicated, for the periods prior to October 24, 2022, (i) the historical financial data in this Annual Report on Form 10-K and (ii) the operating and other non-financial data, disclosed in “Part II – Management’s Discussion and Analysis of Financial Condition and Results of Operations” (collectively the “Financial Statement Sections”) reflect the combined business and operations of the Funds (as defined below).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">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;">On October 24, 2022 (the “Closing Date”), Granite Ridge and Executive Network Partnering Corporation, a Delaware corporation (“ENPC”) consummated the Business Combination pursuant to the terms of the Business Combination Agreement, dated as of May 16, 2022 (the “Business Combination Agreement”), by and among ENPC, Granite Ridge, ENPC Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Granite Ridge (“ENPC Merger Sub”), GREP Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Granite Ridge (“GREP Merger Sub”), and Granite Ridge Holdings, LLC, a Delaware limited liability company formerly known as GREP Holdings, LLC (“GREP”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Pursuant to the Business Combination Agreement, on the Closing Date, (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,” and together with the ENPC Merger, the “Mergers”), 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,” and together with the other transactions contemplated by the Business Combination Agreement, the “Transactions”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Immediately prior to the closing of the Transactions, the net assets of Grey Rock Energy Fund, L.P., a Delaware limited partnership (“Fund I”), Grey Rock Energy Fund II, L.P., a Delaware limited partnership (“Fund II-A”), Grey Rock Energy Fund II-B, L.P., a Delaware limited partnership (“Fund II-B”) and Grey Rock Energy Fund II-B Holdings, L.P., a Delaware limited partnership (“Fund II-B Holdings”, and together with Fund II-A and Fund II-B, collectively, “Fund II”), and Grey Rock Energy Fund III-A, L.P., a Delaware limited partnership (“Fund III-A”), Grey Rock Energy Partners Fund III-B, L.P., a Delaware limited partnership (“Fund III-B”), and Grey Rock Energy Fund III-B Holdings, L.P., a Delaware limited partnership (“Fund III-B Holdings” and together with Fund III-A and Fund III-B, collectively, “Fund III” or “Predecessor”) were transferred (through various intermediary entities) to GREP (“GREP Formation Transaction”). Fund I, Fund II and Fund III are collectively referred to herein as, the “Funds”.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;">At the special meeting of ENPC stockholders held in connection with the Business Combination, of the 41,400,000 shares of ENPC Class A common stock, public stockholders of 39,343,496 shares of ENPC Class A common stock exercised their rights to have those shares redeemed for cash at a redemption price of approximately $10.07 per share, or an aggregate of approximately $396.1 million. The holders of membership interests in GREP (the “Existing GREP Members”) and their direct and indirect members were issued 130.0 million shares of Granite Ridge common stock at the closing. Upon consummation of the Business Combination, each public stockholder’s ENPC common stock and ENPC warrants were automatically converted into an equivalent number of shares of Granite Ridge common stock and Granite Ridge warrants </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">as a result of the Transactions. At the effective time of the Mergers, (i) 495,357 shares of ENPC Class F common stock were converted to 1,238,393 shares of ENPC Class A common stock (of which an aggregate of 220,348 shares were subsequently forfeited pursuant to the terms of the Sponsor Agreement) and the remaining shares of ENPC Class F common stock outstanding were automatically cancelled for no consideration (the “ENPC Class F Conversion”) (ii) all other remaining shares of ENPC Class A common stock automatically cancelled without any conversion, payment or distribution (the “Sponsor Share Cancellation”) and (iii) all shares of ENPC Class B common stock outstanding were deemed transferred to ENPC and surrendered and forfeited for no consideration (the “ENPC Class B Contribution”). 220,348 of the 371,518 shares subject to vesting and forfeiture provisions were forfeited in January 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Following the ENPC Class F Conversion, the Sponsor Share Cancellation, the ENPC Class B Contribution and the separation of the securities offered in ENPC’s initial public offering, which consisted of one share of Class A common stock and one-quarter of one ENPC warrant (“CAPS<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup> Separation”), each share of ENPC Class A common stock outstanding was automatically converted into one share of Granite Ridge common stock. Total aggregate investment by ENPC was $6.8 million, which amount represents total risk capital contributed by ENPC, including working capital loans that were forgiven. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Fund III, Fund I and Fund II were identified as entities under common control, in which all entities are ultimately controlled by the same party before and after the GREP Formation Transaction and therefore resulted in a change in reporting entity. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC")  805-50-45-5, for transactions between entities under common control, the consolidated financial statements for periods prior to the GREP Formation Transaction have been adjusted to retrospectively combine the previously separate entities for presentation purposes.</p>
CY2022 grnt Operating Segments
OperatingSegments
1
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 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 12pt 0pt;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated 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.</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 Company’s estimates of oil and natural gas reserves are, by necessity, projections based on geologic and engineering data, and there are uncertainties inherent in the interpretation of such data as well as the projection of future rates of production and the timing of development expenditures. Reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that are difficult to measure. The accuracy of any reserve estimate is a function of the quality of available data, engineering and geological interpretation and judgment. Estimates of economically recoverable oil and natural gas reserves and future net cash flows necessarily depend upon a number of variable factors and assumptions, such as historical production from the area compared with production from other producing areas, the assumed effect of regulations by governmental agencies, and assumptions governing future oil and natural gas prices, future operating costs, severance taxes, development costs and work over costs, all of which may in fact vary considerably from actual results. The future drilling costs associated with reserves assigned to proved undeveloped locations may ultimately increase to the extent that these reserves are later determined to be uneconomic. For these reasons, estimates of the economically recoverable quantities of expected oil and natural gas attributable to any particular group of properties, classifications of such reserves based on risk of recovery, and estimates of the future net cash flows may vary substantially. Any significant variance in the assumptions could materially affect the estimated quantity of the reserves, which could affect the carrying value of the Company’s oil and natural gas properties and/or the rate of depletion related to the oil and natural gas properties.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Additional significant estimates include, but are not limited to, fair value of derivative financial instrument, fair value of business combinations, asset retirement obligations, revenue receivable and income taxes. Actual results could differ from those estimates.</p>
CY2021Q4 us-gaap Restricted Cash Noncurrent
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CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
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CY2021 grnt Number Of Standby Letters Of Credit
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CY2022 grnt Number Of Standby Letters Of Credit
NumberOfStandbyLettersOfCredit
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CY2021 us-gaap Capitalized Exploratory Well Cost Additions Pending Determination Of Proved Reserves
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0
CY2022 us-gaap Capitalized Exploratory Well Cost Additions Pending Determination Of Proved Reserves
CapitalizedExploratoryWellCostAdditionsPendingDeterminationOfProvedReserves
0
CY2022 grnt Depletion And Accretion Recognized
DepletionAndAccretionRecognized
105300000
CY2021 grnt Depletion And Accretion Recognized
DepletionAndAccretionRecognized
94200000
CY2020 grnt Depletion And Accretion Recognized
DepletionAndAccretionRecognized
79500000
CY2020 grnt Capitalized Exploratory Well Cost Interest Costs Capitalized
CapitalizedExploratoryWellCostInterestCostsCapitalized
0
CY2021 grnt Capitalized Exploratory Well Cost Interest Costs Capitalized
CapitalizedExploratoryWellCostInterestCostsCapitalized
0
CY2022 grnt Capitalized Exploratory Well Cost Interest Costs Capitalized
CapitalizedExploratoryWellCostInterestCostsCapitalized
0
CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
5700000
CY2022 grnt Number Of Revenue Sources
NumberOfRevenueSources
2
CY2022 grnt Operating Regions
OperatingRegions
6
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
290193000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
290193000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
87098000
CY2022 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
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CY2021 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-32389000
CY2020 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
13006000
CY2022 grnt Net Cash Payments On Receipts From Derivatives
NetCashPaymentsOnReceiptsFromDerivatives
-42437000
CY2021 grnt Net Cash Payments On Receipts From Derivatives
NetCashPaymentsOnReceiptsFromDerivatives
-25219000
CY2020 grnt Net Cash Payments On Receipts From Derivatives
NetCashPaymentsOnReceiptsFromDerivatives
11913000
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
2962000
CY2020Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
3114000
CY2019Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1561000
CY2022 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
1012000
CY2021 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
465000
CY2020 us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
329000
CY2022 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
490000
CY2021 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
-868000
CY2020 us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
814000
CY2022 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
499000
CY2021 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
447000
CY2020 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
410000
CY2021 us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
196000
CY2022Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
4963000
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
2962000
CY2020Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
3114000
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
1406000
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
12850000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12850000
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.21
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
275194000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
108459000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-23930000
CY2022 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
57791000
CY2021 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
22776000
CY2020 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
-5025000
CY2022 grnt Net Income Loss Prior To Business Combination Non Taxable
NetIncomeLossPriorToBusinessCombinationNonTaxable
46051000
CY2021 grnt Net Income Loss Prior To Business Combination Non Taxable
NetIncomeLossPriorToBusinessCombinationNonTaxable
22776000
CY2020 grnt Net Income Loss Prior To Business Combination Non Taxable
NetIncomeLossPriorToBusinessCombinationNonTaxable
-5025000
CY2022 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
1110000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12850000
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.047
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Asset Retirement Obligations
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAssetRetirementObligations
1128000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Other
DeferredTaxAssetsTaxDeferredExpenseOther
88000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
12716000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
12716000
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
102112000
CY2022Q4 us-gaap Deferred Tax Liabilities Derivatives
DeferredTaxLiabilitiesDerivatives
2196000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
104308000
CY2022Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
91592000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Not Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsNotSubjectToExpiration
51600000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
51600000
CY2022 grnt Effective Income Tax Rate Reconciliation Corporate Alternative Minimum Tax Percent
EffectiveIncomeTaxRateReconciliationCorporateAlternativeMinimumTaxPercent
0.15
CY2022 grnt Effective Income Tax Rate Reconciliation Nondeductible Excise Tax Percent
EffectiveIncomeTaxRateReconciliationNondeductibleExciseTaxPercent
0.01
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
51100000
CY2021Q4 us-gaap Debt Current
DebtCurrent
50000000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
1100000
CY2022Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
10700000
CY2022Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.08
CY2022 grnt Percentage Of Wells Operated By Third Party Operating Partners
PercentageOfWellsOperatedByThirdPartyOperatingPartners
1
CY2020 grnt Number Of Operators
NumberOfOperators
0
CY2021 grnt Number Of Operators
NumberOfOperators
0
CY2022 grnt Number Of Operators
NumberOfOperators
0
CY2022 us-gaap Net Income Loss
NetIncomeLoss
262344000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
108459000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-23930000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132923000
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132923000
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
132923000
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133074000
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132923000
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
132923000
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.97
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.82
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.97
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.82
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.18

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