Granite Ridge Resources第二季收入增36.7%至1.49億美元 淨利3000萬美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to _______
Commission File Number: 001-41537
___________________________________
GRANITE RIDGE RESOURCES, INC.
( Exact Name of Registrant as Specified in Its Charter )
___________________________________
Texas88-2227812

(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification Number)

5217 McKinney Ave, Suite 400
Dallas, TX
 75205

(Address of principal executive offices)(Zip Code)

(214) 396-2850
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.0001 per shareGRNT
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated fileroAccelerated filerxNon-accelerated fileroSmaller reporting company o
Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of August 3, 2026, there were 131,900,242 shares of our common stock, par value $0.0001, outstanding.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
We are including the following discussion to inform our existing and potential security holders generally of some of the risks and uncertainties that can affect our company and to take advantage of the “safe harbor” protection for forward-looking statements that applicable federal securities law afford.
From time to time, our management or persons acting on our behalf may make "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to inform existing and potential security holders about our company. All statements other than statements of historical facts included in this Quarterly Report on Form 10-Q (this "Report"), including, without limitation, statements regarding our financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, industry conditions, indebtedness covenant compliance, capital expenditures, production, cash flow, borrowing base under our Credit Agreement (as defined below), our intention or ability to pay or increase dividends on our capital stock, and impairment are forward-looking statements. When used in this Report, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production, sales, market size, collaborations, cash flows, and trends or operating results also constitute such forward-looking statements.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our company’s control) could cause actual results to differ materially from those set forth in the forward-looking statements, including the following:
•changes in current or future commodity prices and interest rates;
•supply chain disruptions;
•infrastructure constraints and related factors affecting our properties;
•our ability to acquire additional development opportunities and potential or pending acquisition transactions, as well as the effects of such acquisitions on our company’s cash position and levels of indebtedness;
•changes in our reserves estimates or the value thereof;
•operational risks including, but not limited to, the pace of drilling and completions activity on our properties;
•changes in the markets in which Granite Ridge competes;
•geopolitical risk and changes in applicable laws, legislation, or regulations, including those relating to environmental matters;
•cyber-related risks;
•the fact that reserve estimates depend on many assumptions that may turn out to be inaccurate and that any material inaccuracies in reserve estimates or underlying assumptions will materially affect the quantities and present value of our reserves;
•the outcome of any known and unknown litigation and regulatory proceedings;
•limited liquidity and trading of Granite Ridge’s securities; 
•acts of war, terrorism or uncertainty regarding the effects and duration of global hostilities, including the Israel-Hamas conflict, the Russia-Ukraine war, the conflict in Iran, continued instability in the Middle East, and any associated armed conflicts or related sanctions which may disrupt commodity prices and create instability in the financial markets;
2

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•market conditions and global, regulatory, technical, and economic factors beyond Granite Ridge’s control, including the potential adverse effects of world health events affecting capital markets, general economic conditions, global supply chains and Granite Ridge’s business and operations;
•increasing regulatory and investor emphasis on, and attention to, environmental, social, and governance matters; 
•our ability to establish and maintain effective internal control over financial reporting; and
•other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K") under “Risk Factors,” as updated by any subsequent Quarterly Reports on Form 10-Q, including this Report, which we file with the United States Securities and Exchange Commission (“SEC”).
We have based any forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected.
Reserve engineering is a process of estimating underground accumulations of natural gas and oil that cannot be measured in an exact manner. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data, and the price and cost assumptions made by reservoir engineers. In addition, the results of drilling, testing and production activities, or changes in commodity prices, may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of natural gas and oil that are ultimately recovered.
Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Report. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Report, other than as may be required by applicable law or regulation. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the SEC which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected.

3

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TABLE OF CONTENTS

PAGE
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
2

PART I – FINANCIAL INFORMATION
5

Item 1.
Financial Statements
5

Condensed Consolidated Balance Sheets
5

Condensed Consolidated Statements of Operations
6

Condensed Consolidated Statements of Changes in Stockholders’ Equity
7

Condensed Consolidated Statements of Cash Flows
8

Notes to Condensed Consolidated Financial Statements
9

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
27

Item 3.
Quantitative and Qualitative Disclosures about Market Risk
38

Item 4.
Controls and Procedures
39

PART II – OTHER INFORMATION
39

Item 1.
Legal Proceedings
39

Item 1A.
Risk Factors
39

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
39

Item 3.
Defaults Upon Senior Securities
39

Item 4.
Mine Safety Disclosures
39

Item 5.
Other Information
39

Item 6.
Exhibits
40

Signatures
41

4

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

GRANITE RIDGE RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited

(in thousands, except par value and share data)June 30, 2026December 31, 2025
ASSETS
Current assets:
Cash$44,092 $14,846 
Revenue receivable100,956 74,166 
Advances to operators3,146 2,682 
Prepaid and other current assets4,840 2,251 
Derivative assets - commodity derivatives1,805 13,978 
Equity investments— 10,960 
Total current assets154,839 118,883 
Property and equipment:
Oil and gas properties, successful efforts method2,039,497 1,897,388 
Accumulated depletion(964,968)(857,832)
Total property and equipment, net1,074,529 1,039,556 
Long-term assets:
Derivative assets - commodity derivatives3,088 3,743 
Other long-term assets5,121 5,889 
Total long-term assets8,209 9,632 
Total assets$1,237,577 $1,168,071 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities$100,076 $76,847 
Current portion of long-term debt35,000 17,500 
Derivative liabilities - commodity derivatives10,635 24 
Other liabilities5,536 810 
Total current liabilities151,247 95,181 
Long-term liabilities:
Long-term debt, net427,108 367,832 
Derivative liabilities - commodity derivatives1,021 — 
Asset retirement obligations 12,430 11,968 
Deferred tax liability82,456 87,330 
Other long-term payables942 — 
Total long-term liabilities523,957 467,130 
Total liabilities675,204 562,311 
Stockholders' equity:
Common stock, $0.0001 par value, 431,000,000 shares authorized, 137,592,654 and 136,941,978 issued at June 30, 2026 and December 31, 2025, respectively
14 14 
Additional paid-in capital661,876 659,228 
Retained earnings (accumulated deficit)(63,291)(17,286)
Treasury stock, at cost, 5,692,412 and 5,686,711 shares at June 30, 2026 and December 31, 2025, respectively
(36,226)(36,196)
Total stockholders' equity562,373 605,760 
Total liabilities and stockholders' equity$1,237,577 $1,168,071 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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GRANITE RIDGE RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited

Three Months Ended June 30,Six Months Ended June 30,
(in thousands, except per share data)2026202520262025
Revenues:
Oil and natural gas sales$149,273 $109,219 $277,537 $232,150 
Operating costs and expenses:
Lease operating expenses29,961 20,118 59,640 36,358 
Production and ad valorem taxes9,284 6,437 17,520 14,805 
Depletion and accretion expense52,666 53,412 107,645 101,857 
Impairments of long-lived assets9,149 — 20,323 — 
General and administrative 9,151 8,517 18,231 15,980 
Other, net45 — 312 (120)
Total operating costs and expenses110,256 88,484 223,671 168,880 
Net operating income39,017 20,735 53,866 63,270 
Other income (expense):
Gain (loss) on derivatives - commodity derivatives12,992 23,925 (59,035)9,068 
Interest expense, net(11,074)(5,914)(21,393)(10,929)
Gain (loss) on equity investments(2,223)(5,795)4,452 (15,766)
Other income (loss)157 (93)315 (93)
Total other income (expense)(148)12,123 (75,661)(17,720)
Income (loss) before income taxes38,869 32,858 (21,795)45,550 
Income tax expense (benefit)8,873 7,777 (4,760)10,657 
Net income (loss)$29,996 $25,081 $(17,035)$34,893 

Net income (loss) per share:
Basic $0.23 $0.19 $(0.13)$0.27 
Diluted$0.23 $0.19 $(0.13)$0.27 
Weighted-average number of shares outstanding:
Basic 130,805130,469130,713130,403
Diluted130,824130,588130,713130,496

The accompanying notes are an integral part of these condensed consolidated financial statements.
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GRANITE RIDGE RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Unaudited

Three and Six Months Ended June 30, 2026
Common Stock IssuedAdditional
Paid-in
CapitalRetained
Earnings (Accumulated Deficit)Treasury StockTotal Stockholders'
Equity
(in thousands)SharesAmountSharesAmount
As of January 1, 2026136,942$14$659,228$(17,286)(5,687)$(36,196)$605,760 
Common stock issued related to stock-based compensation660——————
Stock-based compensation expense——1,398———1,398
Purchase of treasury stock————(5)(30)(30)
Common stock dividend declared ($0.11 per share)
———(14,461)——(14,461)
Net loss———(47,031)——(47,031)
As of March 31, 2026137,602$14$660,626$(78,778)(5,692)$(36,226)$545,636
Common stock issued related to stock-based compensation4——————
Forfeitures of restricted stock(13)——————
Stock-based compensation expense——1,250———1,250
Common stock dividend declared ($0.11 per share)
———(14,509)——(14,509)
Net income———29,996——29,996
As of June 30, 2026137,593$14$661,876$(63,291)(5,692)$(36,226)$562,373

Three and Six Months Ended June 30, 2025
Common Stock IssuedAdditional
Paid-in
CapitalRetained
EarningsTreasury StockTotal Stockholders'
Equity
(in thousands)SharesAmountSharesAmount
As of January 1, 2025136,418$14$655,472 $16,047(5,684)$(36,180)$635,353 
Common stock issued related to stock-based compensation413—— ———— 
Forfeitures of restricted stock(7)—————— 
Stock-based compensation expense——653———653 
Purchase of treasury stock————(3)(16)(16)
Common stock dividend declared ($0.11 per share)
———(14,389)——(14,389)
Net income———9,812——9,812
As of March 31, 2025136,824$14$656,125$11,470(5,687)$(36,196)$631,413
Common stock issued related to stock-based compensation218——————
Forfeitures of restricted stock(90)——————
Stock-based compensation expense——395———395
Common stock dividend declared ($0.11 per share)
———(14,423)——(14,423)
Net income———25,081——25,081
As of June 30, 2025136,952$14$656,520$22,128(5,687)$(36,196)$642,466

The accompanying notes are an integral part of these condensed consolidated financial statements.
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GRANITE RIDGE RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited

Six Months Ended June 30,
(in thousands)20262025
Operating activities:
Net income (loss)$(17,035)$34,893 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion and accretion expense107,645 101,857 
Impairments of long-lived assets20,323 — 
Unrealized (gain) loss on derivatives - commodity derivatives24,460 (8,210)
Stock-based compensation expense2,648 1,048 
Amortization of deferred financing costs and original issue discount2,658 800 
(Gain) loss on equity investments(4,452)15,766 
Deferred income taxes(4,874)10,275 
Other(135)(258)
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
Revenue receivable(26,790)(6,956)
Accounts payable and accrued liabilities6,581 3,202 
Prepaid and other current assets(2,589)1,615 
Other liabilities and long-term payables5,488 102 
Net cash provided by operating activities113,928 154,134 
Investing activities:
Capital expenditures for oil and natural gas properties(122,593)(164,533)
Acquisition of oil and natural gas properties(26,182)(44,861)
Proceeds from sale of equity investments15,412 4,991 
Proceeds from sale of oil and natural gas properties1,542 175 
Refund of advances to operators1,139 3,695 
Net cash used in investing activities(130,682)(200,533)
Financing activities:
Proceeds from borrowing on credit facilities105,000 95,000 
Repayments of borrowing on credit facilities(30,000)(25,000)
Deferred financing costs— (449)
Purchase of treasury shares(30)(16)
Payment of dividends(28,970)(28,812)
Net cash provided by financing activities46,000 40,723 
Net change in cash29,246 (5,676)
Cash at beginning of period14,846 9,419 
Cash at end of period$44,092 $3,743 
Supplemental disclosure of non-cash investing activities:
Change in accrued capital expenditures included in accounts payable and accrued liabilities$7,396 $(7,815)
Advances to operators applied to development of oil and natural gas properties$84,119 $72,541 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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GRANITE RIDGE RESOURCES, INC.
Notes to Condensed Consolidated Financial Statements

1.    Nature of Operations
Granite Ridge Resources, Inc. (together with its consolidated subsidiaries, “Granite Ridge” or the “Company”), a Texas corporation, is a scaled energy company which aims to provide shareholders with exposure similar to energy private equity through operated partnerships and traditional non-operated assets in multiple basins throughout North America. 
As discussed in Note 13 - Subsequent Events, on August 5, 2026, the Company completed its reincorporation from the State of Delaware to the State of Texas by means of a conversion.

2.    Summary of Significant Accounting Policies
A complete discussion of the Company’s significant accounting policies is included in the 2025 Form 10-K.
Interim Financial Statements, Basis of Presentation, Consolidation, and Significant Estimates 
The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. 
The accompanying condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the condensed consolidated balance sheet at December 31, 2025 is derived from audited consolidated financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments necessary to present fairly the Company’s condensed consolidated financial statements. All such adjustments are of a normal, recurring nature. 
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. 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. The results for interim periods are not necessarily indicative of annual results.
Certain disclosures have been condensed in, or omitted from, these condensed consolidated financial statements. Accordingly, these notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s 2025 Form 10-K. 
Certain reclassifications have been made to prior period amounts to conform to the current period presentation. 
Segment Reporting
The Company operates in one reporting segment, which is oil and natural gas development, exploration and production. All of the Company's operations are conducted in the geographic area of the United States. The reporting segment generates revenue through the sale of oil and natural gas. The Company’s chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, manages operations on a consolidated basis for purposes of evaluating operational performance and allocating resources. Net income, as reported within the Company’s condensed consolidated statement of operations, is used by the CODM to assess performance for the oil and natural gas development, exploration and production segment. Significant segment expenses are the same as those reported in the condensed consolidated statements 
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GRANITE RIDGE RESOURCES, INC.
Notes to Condensed Consolidated Financial Statements

of operations. Total assets, as reported within the Company’s condensed consolidated balance sheets, is the measure of segment assets.
Oil and Natural Gas Properties
The Company uses the successful efforts method of accounting for oil and natural gas producing activities, as further defined under Accounting Standards Codification ("ASC") 932, Extractive Activities - Oil and Gas (“ASC 932”). Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory leases that find proved reserves, and to drill and equip development leases and related asset retirement costs are capitalized. Costs to drill exploratory wells are capitalized pending determinations of whether the wells have proved reserves. If the Company determines that the wells do not have proved reserves, the costs are charged to expense.
Capitalized leasehold costs relating to proved properties are depleted using the unit-of-production method based on proved reserves. The depletion of capitalized drilling and development costs and integrated assets is based on the unit-of-production method using proved developed reserves. The Company recognized depletion expense of $52.4 million and $53.2 million for the three months ended June 30, 2026 and 2025, respectively, and $107.1 million and $101.4 million for the six months ended June 30, 2026 and 2025, respectively. 
The Company reviews its long-lived assets to be held and used, including proved oil and natural gas properties, whenever events or circumstances indicate that the carrying value of those assets may not be recoverable; for instance, when there are de