Granite Ridge Resources Inc
For the period ended Dec 31, 2024. Filed Mar 6, 2025.
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FY2024 · Filed Mar 6, 2025
GRNT$6.03+6.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Operating activities: | |||
| Net income | $18,759 | $81,099 | $262,344 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depletion and accretion expense | 176,529 | 160,662 | 105,752 |
| Impairments of long-lived assets | 36,369 | 26,496 | — |
| (Gain) loss on derivatives - commodity derivatives | 908 | (25,544) | 25,324 |
| Net cash receipts from (payments on) commodity derivatives | 16,363 | 22,895 | (42,437) |
| Stock-based compensation | 2,298 | 2,162 | — |
| Amortization of loan origination costs | 3,540 | 1,260 | 159 |
| (Gain) loss on derivatives - common stock warrants | — | 5,742 | (362) |
| (Gain) loss on equity investments | 15,183 | (508) | — |
| Deferred income taxes | 5,958 | 24,274 | 12,850 |
| Other | (1,034) | (313) | — |
| Increase (decrease) in cash attributable to changes in operating assets and liabilities: | |||
| Revenue receivable | 3,288 | (846) | (24,989) |
| Other receivable | 183 | 103 | — |
| Accrued expenses | (1,153) | 4,550 | 9,838 |
| Prepaid and other current assets | (1,411) | 485 | (2,095) |
| Other payable | (47) | 350 | 5 |
| Net cash provided by operating activities | 275,733 | 302,867 | 346,389 |
| Investing activities: | |||
| Capital expenditures for oil and natural gas properties | (285,796) | (282,390) | (185,497) |
| Acquisition of oil and natural gas properties | (61,197) | (76,810) | (49,191) |
| Deposit on acquisition | (887) | — | (1,899) |
| Refund of advances to operators | 19,655 | 2,464 | 1,180 |
| Proceeds from the disposal of oil and natural gas properties | 13,995 | 60 | 4,845 |
| Proceeds from the sale of equity investments | 3,462 | — | — |
| Net cash used in investing activities | (310,768) | (356,676) | (230,562) |
| Financing activities: | |||
| Proceeds from borrowing on credit facilities | 110,000 | 162,500 | 21,000 |
| Repayments of borrowing on credit facilities | (15,000) | (52,500) | (72,100) |
| Deferred financing costs | (3,340) | (2,616) | (3,237) |
| Payment of expenses related to formation of Granite Ridge Resources, Inc. | — | (43) | (18,456) |
| Purchase of treasury shares | (442) | (35,353) | (216) |
| Payment of dividends | (57,494) | (58,587) | (10,664) |
| Proceeds from issuance of common stock | — | 5 | 6,825 |
| Net cash provided by (used in) financing activities | 33,724 | 13,406 | (76,848) |
| Net change in cash and restricted cash | (1,311) | (40,403) | 38,979 |
| Cash and restricted cash at beginning of year | 10,730 | 51,133 | 12,154 |
| Cash and restricted cash at end of year | $9,419 | $10,730 | $51,133 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the year for interest | $(14,472) | $(4,825) | $(2,286) |
| Cash paid during the year for income taxes | $(197) | $(742) | $(98) |
| 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 | $36,736 | $(12,325) | $48,187 |
| Advances to operators applied to development of oil and natural gas properties | $121,922 | $98,224 | $103,535 |
| Cash and restricted cash: | |||
| Cash | $9,419 | $10,430 | $50,833 |
| Restricted cash included in other long-term assets | — | 300 | 300 |
| Cash and restricted cash | $9,419 | $10,730 | $51,133 |
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