Granite Ridge Resources Reports Q3 2026 Revenue Growth Amid Production Increases
Granite Ridge Resources (GRNT) reported third-quarter revenue of $177.2 million, driven by increased production volumes and significantly improved natural gas price realizations. While the company posted a net loss of $10.1 million ($0.08 per share) due to a $52.7 million loss on commodity derivatives, its adjusted net income reached $22.6 million ($0.17 per diluted share). Adjusted EBITDAX saw a robust 35% sequential increase compared to the second quarter. The company is currently in an investment phase, transitioning toward positive free cash flow expected in 2027. Management highlighted a strategic shift toward higher oil weighting and the expansion of their operator partnership model. Despite elevated lease operating expenses caused by saltwater disposal costs, Granite Ridge maintains strong liquidity and has authorized $35 million for share repurchases through late 2027.
Topics: EBITDAX natural gas prices net loss oil production revenue
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