Granite Ridge reports Q4 adjusted EPS 20c, consensus 20c

Reports Q4 revenue $106.8M, two estimates $105.34M. Luke Brandenberg, President and CEO of Granite Ridge, commented, “We were pleased to end fourth quarter and full year 2023 with an average daily production increase of 18% and 23%, respectively. We also posted a year-over-year increase in proved reserves of 6%. This was a direct result of our successful multi-pronged strategy as we thoughtfully grow the business, and I want to thank our full team for their hard work and dedication as we continue to execute on additional opportunities to further enhance our asset base. We continued these efforts in the fourth quarter of 2023 with the closing of ten unique transactions, including two Haynesville acquisitions alongside an existing operating partner for a combined $24 million and two transactions with a Strategic Partner in the Delaware Basin including aggregate inventory of 1.9 net locations, acquisition cost of $3 million, and estimated future development cost of $18 million. While we are typically a buyer of assets, we are always looking for opportunities to redeploy capital at attractive valuations. As such, sometimes it makes sense to divest. This occurred in the fourth quarter with our sale of certain Permian Basin assets to Vital Energy for consideration that included common shares and preferred securities.”