| Metric | Value ($ M) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 177.21 | 18.7% | 57.3% |
| Total Income | 177.21 | 18.7% | 57.3% |
| Expenditure | 117.95 | 7.0% | 26.7% |
| PBT | -5.34 | 113.7% | 127.7% |
| Net Profit | -10.05 | 133.5% | 169.2% |
| OPM | 33.44% | 7.30pp | 16.06pp |
| NPM | -5.67% | 25.77pp | 18.56pp |
| EPS | -0.08 | 134.8% | 172.7% |
Granite Ridge Reports Q3 2026 Results and Declares Quarterly Cash Dividend
06 Nov 2026 · 13h ago
Summary
Granite Ridge Resources, Inc. reported its third quarter 2026 results, highlighting a record Adjusted EBITDAX of $107.3 million, up from $78.6 million in the prior year period. Daily production increased by 9% to 34,641 Boe per day. The company reported a net loss of $10.1 million for the quarter, but non-GAAP Adjusted Net Income was $22.6 million. Management noted that the reported third quarter Adjusted EBITDAX was the highest in the company's history as a public company and expressed optimism for 2027 due to anticipated production growth and the roll-off of lower-priced hedges. Additionally, the company declared a quarterly dividend and authorized a $35 million share repurchase program.
Key Highlights
- 1
Granite Ridge grew daily production by 9% to 34,641 barrels of oil equivalent per day in the third quarter of 2026, compared to 31,925 barrels of oil equivalent per day in the third quarter of 2025.
- 2
The Company reported a net loss of $10.1 million, or $0.08 net loss per share, for the third quarter of 2026, compared to a net income of $14.5 million, or $0.11 net income per diluted share, for the prior year period.
- 3
Adjusted Net Income (non-GAAP) for the third quarter of 2026 totaled $22.6 million, or $0.17 Adjusted Earnings Per Diluted Share (non-GAAP).
- 4
Adjusted EBITDAX (non-GAAP) for the third quarter of 2026 reached a company record of $107.3 million, an increase from $78.6 million in the third quarter of 2025.
- 5
Capital expenditures for the quarter were $109.9 million, comprising $90.8 million in drilling and completions and $19.0 million for acquisitions.
- 6
The Company declared a regular quarterly dividend of $0.11 per share of common stock, payable on December 14, 2026.
- 7
Subsequent to the quarter end, the Board of Directors approved a share repurchase program allowing for the repurchase of up to $35.0 million of common stock through December 31, 2027.
Management Comments
Tyler Farquharson
Our reported third quarter Adjusted EBITDAX was the highest in our history as a public company, and it gives a clear view of where our business is heading. In 2027, the roll-off of our lower-priced 2026 hedges, anticipated production growth and a higher oil weighting build on that record without relying on today’s oil prices, and at current strip prices we expect adjusted free cash flow to comfortably cover the dividend and grow our business. We are also announcing a new partner to our Operated Partnership platform. Arete Creek Resources is a Midland-based operator focused on the Midland Basin. Its team has drilled and produced more than 200 horizontal wells together and has built five prior Permian ventures. Like our flagship partnership, Admiral Permian, Arete Creek sources acreage and near-term development opportunities through its own leasing and relationships, we provide the majority of the capital, and we control what gets drilled and when. Arete Creek spud its first well under our partnership in October, and we expect it to run one rig in 2027. Finally, our Board has authorized the repurchase of up to $35 million of our common stock through 2027 giving us another way to return capital to shareholders alongside our dividend.
Informational and educational content only. Not investment advice.