Granite Ridge Resources, Inc. (NYSE: GRNT)

Granite Ridge Resources, Inc. is a scaled energy company that provides shareholders with exposure similar to energy private equity through operated partnerships and traditional non operated assets. The company owns oil and natural gas assets in 6 prolific unconventional basins across the United States, including the Permian, Eagle Ford, Bakken, Haynesville, Denver Julesburg and Appalachian basins. Its strategy focuses on building a diversified portfolio of high graded opportunities developed by proven public and private operators to achieve best in class full cycle returns.

The company generates revenue primarily from the sale of oil, natural gas and natural gas liquids produced from its properties. Oil production is sold at prices tied to spot oil markets, while natural gas is sold under short term contracts indexed to first of month or daily spot prices. Granite Ridge relies on its operating partners to market and sell the production, receiving proceeds based on its working interest in each well.

The company operates through the following segments.

• Operated Partnerships: This segment involves investing in assets drilled, developed and operated by private operators, with Granite Ridge providing the majority of capital at risk and retaining control over acquisition costs, strategy, development timing, rig schedules and well design, while structuring economic interests that benefit operators after return hurdles are met.

• Traditional Non Operated Assets: This segment consists of minority interests in oil and gas properties that give Granite Ridge a proportional right to participate alongside third-party operators who propose, drill and operate the assets, with the company evaluating each well proposal using proprietary data to ensure it meets return thresholds based on production estimates, costs, prices and operator expertise.

Granite Ridge holds a niche position in the oil and natural gas industry by concentrating on operated partnerships and non operated interests that allow it to compete effectively despite having fewer resources than larger integrated peers. Its competitive advantages include a geographically diversified asset base across 6 basins, a proprietary data set that enhances investment decision making, a focus on high graded drilling inventory with strong full cycle returns, and a disciplined, low leverage balance sheet that supports consistent cash flow generation.

The company’s customers are primarily oil and natural gas purchasers, including refiners, utilities and energy traders that buy its production at market linked prices. While specific customer names are not disclosed, the reliance on spot and short term contract sales indicates a broad and liquid base of commodity buyers.