Granite Ridge Resources Inc

For the period ended Dec 31, 2023. Filed Mar 8, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 8, 2024

GRNT$6.03+6.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
(in thousands)	2023	2022	2021
Operating activities:
Net income	$81,099	$262,344	$108,459
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and accretion expense	160,662	105,752	94,661
Impairments of long-lived assets	26,496	—	—
(Gain) loss on derivatives - commodity derivatives	(25,544)	25,324	32,389
Net cash receipts from (payments on) commodity derivatives	22,895	(42,437)	(25,219)
Stock-based compensation	2,162	—	—
Gain on disposal of oil and gas properties	—	—	(2,279)
Amortization of loan origination costs	1,260	159	48
(Gain) loss on derivatives - common stock warrants	5,742	(362)	—
Gain on equity investments	(508)	—	—
Deferred income taxes	24,274	12,850	—
Other	(313)	—	—
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
Revenue receivable	(846)	(24,989)	(28,603)
Other receivable	103	—	—
Accrued expenses	4,550	9,838	1,840
Prepaid and other expenses	485	(2,095)	(125)
Other payable	350	5	10
Net cash provided by operating activities	302,867	346,389	181,181
Investing activities:
Capital expenditures for oil and natural gas properties	(282,390)	(185,497)	(136,077)
Acquisition of oil and natural gas properties	(76,810)	(49,191)	(83,209)
Deposit on acquisition	—	(1,899)	—
Refund of advances to operators	2,464	1,180	3,819
Proceeds from the disposal of oil and natural gas properties	60	4,845	29,443
Net cash used in investing activities	(356,676)	(230,562)	(186,024)
Financing activities:
Proceeds from borrowing on credit facilities	162,500	21,000	62,000
Repayments of borrowing on credit facilities	(52,500)	(72,100)	(49,400)
Cash distributions	—	—	(51,091)
Cash contributions	—	—	46,980
Deferred financing costs	(2,616)	(3,237)	—
Payment of expenses related to formation of Granite Ridge Resources, Inc.	(43)	(18,456)	—
Purchase of treasury shares	(35,353)	(216)	—
Payment of dividends	(58,587)	(10,664)	—
Proceeds from issuance of common stock	5	6,825	—
Net cash provided by (used in) financing activities	13,406	(76,848)	8,489
Net change in cash and restricted cash	(40,403)	38,979	3,646
Cash and restricted cash at beginning of year	51,133	12,154	8,508
Cash and restricted cash at end of year	$10,730	$51,133	$12,154
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	$(4,825)	$(2,286)	$(1,636)
Cash paid during the year for income taxes	$(742)	$(98)	$(79)
Supplemental disclosure of non-cash investing activities:
Oil and natural gas properties divested in exchange for equity securities	$49,920	$—	$—
Oil and natural gas property development costs in accrued expenses	$(12,325)	$48,187	$6,251
Advances to operators applied to development of oil and natural gas properties	$98,224	$103,535	$48,387
Cash and restricted cash:
Cash	$10,430	$50,833	$11,854
Restricted cash included in other long-term assets	300	300	300
Cash and restricted cash	$10,730	$51,133	$12,154

The accompanying notes are an integral part to these consolidated financial statements. FT

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