Granite Ridge Resources Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
GRNT$6.03+6.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Operating activities: | ||
| Net income | $30,381 | $63,560 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depletion and accretion expense | 126,682 | 113,088 |
| Abandonments expense | — | 1,560 |
| Impairments of unproved properties | 732 | — |
| (Gain) loss on derivatives - commodity derivatives | (7,895) | (6,415) |
| Net cash receipts from commodity derivatives | 12,389 | 18,830 |
| Stock-based compensation | 1,683 | 1,813 |
| Amortization of deferred financing costs | 3,162 | 490 |
| Loss on derivatives - common stock warrants | — | 5,742 |
| Unrealized loss on equity investments | 19,415 | — |
| Deferred income taxes | 10,733 | 17,069 |
| Other | (145) | (146) |
| Increase (decrease) in cash attributable to changes in operating assets and liabilities: | ||
| Revenue receivable | 14,429 | (10,545) |
| Accrued expenses | (3,240) | 2,627 |
| Prepaid and other current assets | (877) | 1,854 |
| Other payable | 87 | 3,165 |
| Net cash provided by operating activities | 207,536 | 212,692 |
| Investing activities: | ||
| Capital expenditures for oil and natural gas properties | (193,376) | (237,138) |
| Acquisition of oil and natural gas properties | (51,994) | (49,427) |
| Proceeds from sale of oil and natural gas properties | 3,064 | 60 |
| Proceeds from sale of equity investments | 3,362 | — |
| Refund of advances to operators | 5,314 | — |
| Net cash used in investing activities | (233,630) | (286,505) |
| Financing activities: | ||
| Proceeds from borrowing on credit facilities | 85,000 | 117,500 |
| Repayments of borrowing on credit facilities | — | (32,500) |
| Deferred financing costs | (3,004) | (28) |
| Payment of expenses related to formation of Granite Ridge Resources, Inc. | — | (43) |
| Purchase of treasury shares | (418) | (11,765) |
| Proceeds from issuance of common stock | — | 5 |
| Payment of dividends | (43,112) | (44,072) |
| Net cash provided by financing activities | 38,466 | 29,097 |
| Net change in cash and restricted cash | 12,372 | (44,716) |
| Cash and restricted cash at beginning of period | 10,730 | 51,133 |
| Cash and restricted cash at end of period | $23,102 | $6,417 |
| Supplemental disclosure of non-cash investing activities: | ||
| Oil and natural gas property development costs in accrued expenses | $40,003 | $(13,068) |
| Advances to operators applied to development of oil and natural gas properties | $80,320 | $88,463 |
| Cash and restricted cash: | ||
| Cash | $23,102 | $6,117 |
| Restricted cash included in other long-term assets | — | 300 |
| Cash and restricted cash | $23,102 | $6,417 |
The accompanying notes are an integral part of these condensed consolidated financial statements. T
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