2024 Q4 Form 10-Q Financial Statement

#000192844624000046 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q4
Revenue $94.08M $106.8M
YoY Change -13.22% -78.53%
Cost Of Revenue $6.345M $7.897M
YoY Change -18.55% -74.21%
Gross Profit $87.73M $98.90M
YoY Change -12.81% -78.81%
Gross Profit Margin 93.26% 92.61%
Selling, General & Admin $18.62M $21.49M
YoY Change -16.08% -63.52%
% of Gross Profit 21.22% 21.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $44.15M $47.57M
YoY Change -0.27% -55.01%
% of Gross Profit 50.32% 48.1%
Operating Expenses $69.39M $69.06M
YoY Change -8.45% -58.06%
Operating Profit $24.68M $29.84M
YoY Change -24.3% -90.12%
Interest Expense -$11.30M $17.23M
YoY Change -933.26% -163.92%
% of Operating Profit -45.78% 57.74%
Other Income/Expense, Net -$11.30M -$176.0K
YoY Change 19.01%
Pretax Income $13.38M $21.95M
YoY Change -42.09% -92.02%
Income Tax $4.330M $4.415M
% Of Pretax Income 32.35% 20.11%
Net Earnings $9.054M $17.54M
YoY Change -49.58% -93.31%
Net Earnings / Revenue 9.62% 16.42%
Basic Earnings Per Share $0.07
Diluted Earnings Per Share $0.07 $0.13
COMMON SHARES
Basic Shares Outstanding 130.7M shares 130.7M shares 133.0M shares
Diluted Shares Outstanding 130.2M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.24M $21.55M
YoY Change 619.92%
Cash & Equivalents $23.10M $10.73M
Short-Term Investments $36.14M $11.12M
Other Short-Term Assets $14.35M $57.07M
YoY Change 24.18%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $132.1M $151.6M
YoY Change 28.92% 3.58%
LONG-TERM ASSETS
Property, Plant & Equipment $899.5M $769.5M
YoY Change 10.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $1.189M
YoY Change
Other Assets $4.331M $4.821M
YoY Change 45.43% 39.01%
Total Long-Term Assets $903.8M $775.6M
YoY Change 10.47% 19.6%
TOTAL ASSETS
Total Short-Term Assets $132.1M $151.6M
Total Long-Term Assets $903.8M $775.6M
Total Assets $1.036B $927.1M
YoY Change 12.52% 16.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.04M
YoY Change -37.8%
Accrued Expenses $83.23M $60.88M
YoY Change 34.28% -2.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $84.46M $62.08M
YoY Change 20.96% -3.2%
LONG-TERM LIABILITIES
Long-Term Debt $195.0M $110.0M
YoY Change 129.41%
Other Long-Term Liabilities $11.11M $9.391M
YoY Change 59.22%
Total Long-Term Liabilities $290.8M $193.4M
YoY Change 44.98% 78.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $84.46M $62.08M
Total Long-Term Liabilities $290.8M $193.4M
Total Liabilities $375.3M $255.5M
YoY Change 38.78% 48.2%
SHAREHOLDERS EQUITY
Retained Earnings $42.05M $54.78M
YoY Change -18.75% 69.14%
Common Stock $14.00K $14.00K
YoY Change 0.0% 7.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $660.6M $671.6M
YoY Change
Total Liabilities & Shareholders Equity $1.036B $927.1M
YoY Change 12.52% 16.65%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q4
OPERATING ACTIVITIES
Net Income $9.054M $17.54M
YoY Change -49.58% -93.31%
Depreciation, Depletion And Amortization $44.15M $47.57M
YoY Change -0.27% -55.01%
Cash From Operating Activities $74.69M $90.18M
YoY Change 30.97% -74.05%
INVESTING ACTIVITIES
Capital Expenditures $88.63M $72.63M
YoY Change 18.56% -69.05%
Acquisitions
YoY Change
Other Investing Activities $7.577M $2.464M
YoY Change 12528.33% -40.28%
Cash From Investing Activities -$81.05M -$70.17M
YoY Change 8.51% -69.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.62M -15.69M
YoY Change 68.14% -79.87%
NET CHANGE
Cash From Operating Activities 74.69M 90.18M
Cash From Investing Activities -81.05M -70.17M
Cash From Financing Activities 15.62M -15.69M
Net Change In Cash 9.260M 4.313M
YoY Change -210.55% -88.93%
FREE CASH FLOW
Cash From Operating Activities $74.69M $90.18M
Capital Expenditures $88.63M $72.63M
Free Cash Flow -$13.93M $17.54M
YoY Change -21.38% -84.45%

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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q4 us-gaap Stockholders Equity
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660580000 usd
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Other Longterm Incentive Plans Requisite Service Period Recognition
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us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Common Stock Dividends Per Share Declared
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5000 usd
us-gaap Net Income Loss
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CY2023Q3 us-gaap Stockholders Equity
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650180000 usd
us-gaap Net Income Loss
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30381000 usd
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Depletion Of Oil And Gas Properties
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us-gaap Depletion Of Oil And Gas Properties
DepletionOfOilAndGasProperties
113088000 usd
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NoncashProjectAbandonmentCosts
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us-gaap Noncash Project Abandonment Costs
NoncashProjectAbandonmentCosts
1560000 usd
us-gaap Exploration Abandonment And Impairment Expense
ExplorationAbandonmentAndImpairmentExpense
732000 usd
us-gaap Exploration Abandonment And Impairment Expense
ExplorationAbandonmentAndImpairmentExpense
0 usd
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
7895000 usd
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
6415000 usd
grnt Net Cash Payments On Receipts From Derivatives
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12389000 usd
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us-gaap Share Based Compensation
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1683000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1813000 usd
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us-gaap Amortization Of Financing Costs
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0 usd
grnt Derivative Common Stock Warrants Not Designated As Hedging Instruments Gain Loss Net
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DeferredIncomeTaxExpenseBenefit
10733000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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OtherNoncashIncomeExpense
145000 usd
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OtherNoncashIncomeExpense
146000 usd
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10545000 usd
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IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2627000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
877000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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IncreaseDecreaseInOtherAccountsPayable
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us-gaap Increase Decrease In Other Accounts Payable
IncreaseDecreaseInOtherAccountsPayable
3165000 usd
us-gaap Net Cash Provided By Used In Operating Activities
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207536000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
212692000 usd
us-gaap Payments To Explore And Develop Oil And Gas Properties
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us-gaap Payments To Explore And Develop Oil And Gas Properties
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237138000 usd
us-gaap Payments To Acquire Oil And Gas Property And Equipment
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51994000 usd
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49427000 usd
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ProceedsFromSaleOfOilAndGasPropertyAndEquipment
3064000 usd
us-gaap Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
60000 usd
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ProceedsFromSaleOfEquitySecuritiesFvNi
3362000 usd
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ProceedsFromSaleOfEquitySecuritiesFvNi
0 usd
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5314000 usd
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Debt
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85000000 usd
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
117500000 usd
us-gaap Repayments Of Debt
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us-gaap Repayments Of Debt
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32500000 usd
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418000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
11765000 usd
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ProceedsFromIssuanceOfCommonStock
0 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5000 usd
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43112000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
44072000 usd
us-gaap Net Cash Provided By Used In Financing Activities
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38466000 usd
us-gaap Net Cash Provided By Used In Financing Activities
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29097000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
12372000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-44716000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10730000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23102000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6417000 usd
grnt Oil And Natural Gas Property Development Costs In Accrued Expenses Increase Decrease
OilAndNaturalGasPropertyDevelopmentCostsInAccruedExpensesIncreaseDecrease
40003000 usd
grnt Oil And Natural Gas Property Development Costs In Accrued Expenses Increase Decrease
OilAndNaturalGasPropertyDevelopmentCostsInAccruedExpensesIncreaseDecrease
-13068000 usd
grnt Advances To Operators Applied To Development Of Oil And Natural Gas Properties
AdvancesToOperatorsAppliedToDevelopmentOfOilAndNaturalGasProperties
80320000 usd
grnt Advances To Operators Applied To Development Of Oil And Natural Gas Properties
AdvancesToOperatorsAppliedToDevelopmentOfOilAndNaturalGasProperties
88463000 usd
CY2024Q3 us-gaap Cash
Cash
23102000 usd
CY2023Q3 us-gaap Cash
Cash
6117000 usd
CY2024Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
0 usd
CY2023Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
300000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23102000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6417000 usd
us-gaap Nature Of Operations
NatureOfOperations
Organization and Nature of Operations<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Granite Ridge Resources, Inc. (together with its consolidated subsidiaries, “Granite Ridge” or the “Company”) is a Delaware corporation, initially formed in May 2022, whose common stock is 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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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). </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Business Combination</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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”).</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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”).</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 (the “GREP Formation Transaction”). Fund I, Fund II and Fund III are collectively referred to herein as the “Funds”.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 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, dated as of May 16, 2022, by and among ENPC, Granite Ridge, and certain other parties thereto (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”). In January 2023, 220,348 of the 371,518 shares subject to vesting and forfeiture provisions under the terms of the Sponsor Agreement were forfeited.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.87pt;font-weight:400;line-height:120%;position:relative;top:-2.62pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 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. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Warrant Exchange</span></div>On October 24, 2022, in connection with the Business Combination, the Company issued 10,349,975 common stock warrants. On June 22, 2023, the Company completed an offer to holders of its outstanding warrants which provided such holders the opportunity to receive 0.25 shares of the Company’s common stock in exchange for each warrant tendered by such holders (the “Offer”). This Offer coincided with a solicitation of consents from holders of the warrants to amend the warrant agreement governing such warrants to permit the Company to require that each warrant that remained outstanding upon the closing of the Offer be exchanged for 0.225 shares of the Company’s common stock (together with the Offer, the “Warrant Exchange”). On June 22, 2023, the Company issued 2,471,738 shares of common stock in exchange for 9,887,035 warrants tendered in the Offer, with a minimal cash settlement in lieu of partial shares. In July 2023, each remaining outstanding warrant was converted into 0.225 shares of the Company’s common stock, and subsequently, no warrants remained outstanding. See Note 9 for further discussion of the Warrant Exchange.
CY2022Q4 grnt Common Stock To Be Converted
CommonStockToBeConverted
1 shares
CY2022Q4 grnt Common Stock Shares Converted
CommonStockSharesConverted
1 shares
CY2022Q4 grnt Class Of Warrant Or Right Warrants Issued
ClassOfWarrantOrRightWarrantsIssued
10349975 shares
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed 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 condensed 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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 workover costs, all of which may in fact </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additional significant estimates include, but are not limited to, fair value of derivative financial instruments, fair value of equity investments, fair value of business combinations, asset retirement obligations, revenue receivable and income taxes. Actual results could differ from those estimates.</span></div>
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
200000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
200000 usd
grnt Advance Payments To Operators Term
AdvancePaymentsToOperatorsTerm
P90D
CY2024Q3 us-gaap Depletion
Depletion
43900000 usd
CY2023Q3 us-gaap Depletion
Depletion
44100000 usd
us-gaap Depletion
Depletion
126100000 usd
us-gaap Depletion
Depletion
112700000 usd
CY2024Q3 us-gaap Exploration Abandonment And Impairment Expense
ExplorationAbandonmentAndImpairmentExpense
0 usd
us-gaap Exploration Abandonment And Impairment Expense
ExplorationAbandonmentAndImpairmentExpense
700000 usd
CY2024Q3 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-18400000 usd
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-19400000 usd
grnt Number Of Revenue Sources
NumberOfRevenueSources
2 source
grnt Operating Regions
OperatingRegions
5 region
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
94075000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
108404000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
273723000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
287271000 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
94075000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
108404000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
273723000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
287271000 usd
CY2024Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
11841000 usd
CY2023Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-8129000 usd
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
7895000 usd
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
6415000 usd
CY2024Q3 grnt Net Cash Payments On Receipts From Derivatives
NetCashPaymentsOnReceiptsFromDerivatives
5729000 usd
CY2023Q3 grnt Net Cash Payments On Receipts From Derivatives
NetCashPaymentsOnReceiptsFromDerivatives
4419000 usd
grnt Net Cash Payments On Receipts From Derivatives
NetCashPaymentsOnReceiptsFromDerivatives
12389000 usd
grnt Net Cash Payments On Receipts From Derivatives
NetCashPaymentsOnReceiptsFromDerivatives
18830000 usd
us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
54339000 usd
us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
42781000 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
600000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1800000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
175493 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
306195 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
130702 shares
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5200000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
20100000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.223
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.240
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 usd
CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
110000000.0 usd
CY2024Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
14400000 usd
CY2024Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.11
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
43100000 usd
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.33
CY2023Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
14800000 usd
CY2023Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.11
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
44100000 usd
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.33
grnt Percentage Of Wells Operated By Third Party Operating Partners
PercentageOfWellsOperatedByThirdPartyOperatingPartners
1
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
9054000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
17957000 usd
CY2024Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
59000 usd
CY2024Q3 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
8995000 usd
CY2024Q3 grnt Reallocation Of Participating Earnings
ReallocationOfParticipatingEarnings
0 usd
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
8995000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
63451000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
130204000 shares
CY2024Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
29000 shares
CY2024Q3 grnt Weighted Average Dilutive Stock Options
WeightedAverageDilutiveStockOptions
9000 shares
CY2023Q3 grnt Weighted Average Dilutive Stock Options
WeightedAverageDilutiveStockOptions
14000 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
130242000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
134421000 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2024Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
591914 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
399074 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
535196 shares
CY2024Q3 us-gaap Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
1423923000 usd
CY2023Q4 us-gaap Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
1198845000 usd
CY2024Q3 us-gaap Capitalized Costs Unproved Properties
CapitalizedCostsUnprovedProperties
68938000 usd
CY2023Q4 us-gaap Capitalized Costs Unproved Properties
CapitalizedCostsUnprovedProperties
37838000 usd
CY2024Q3 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization
593411000 usd
CY2023Q4 us-gaap Oil And Gas Property Successful Effort Method Accumulated Depreciation Depletion And Amortization
OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization
467141000 usd
CY2024Q3 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
899450000 usd
CY2023Q4 us-gaap Capitalized Costs Oil And Gas Producing Activities Net
CapitalizedCostsOilAndGasProducingActivitiesNet
769542000 usd
CY2024Q3 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
CostsIncurredAcquisitionOfOilAndGasPropertiesWithProvedReserves
0 usd
CY2023Q3 us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
CostsIncurredAcquisitionOfOilAndGasPropertiesWithProvedReserves
8161000 usd
us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
CostsIncurredAcquisitionOfOilAndGasPropertiesWithProvedReserves
2824000 usd
us-gaap Costs Incurred Acquisition Of Oil And Gas Properties With Proved Reserves
CostsIncurredAcquisitionOfOilAndGasPropertiesWithProvedReserves
27459000 usd
CY2024Q3 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
32919000 usd
CY2023Q3 us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
11262000 usd
us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
51515000 usd
us-gaap Costs Incurred Acquisition Of Unproved Oil And Gas Properties
CostsIncurredAcquisitionOfUnprovedOilAndGasProperties
24053000 usd
CY2024Q3 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
77171000 usd
CY2023Q3 us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
75726000 usd
us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
206761000 usd
us-gaap Costs Incurred Development Costs
CostsIncurredDevelopmentCosts
233071000 usd
CY2024Q3 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
110090000 usd
CY2023Q3 us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
95149000 usd
us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
261100000 usd
us-gaap Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities
CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities
284583000 usd

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