Granite Ridge Resources, Inc.
For the period ended Dec 31, 2025. Filed Mar 6, 2026.
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FY2025 · Filed Mar 6, 2026
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) | 2025 | 2024 | 2023 |
| Operating activities: | |||
| Net income | $24,353 | $18,759 | $81,099 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depletion and accretion expense | 215,701 | 176,529 | 160,662 |
| Impairments of long-lived assets | 44,654 | 36,369 | 26,496 |
| Unrealized (gain) loss on derivatives - commodity derivatives | (22,662) | 17,271 | (2,649) |
| Stock-based compensation | 3,756 | 2,298 | 2,162 |
| Amortization of deferred financing costs and original issue discount | 2,208 | 3,540 | 1,260 |
| Loss on derivatives - common stock warrants | — | — | 5,742 |
| (Gain) loss on equity investments | 15,833 | 15,183 | (508) |
| Deferred income taxes | 7,383 | 5,958 | 24,274 |
| Other | (359) | (1,034) | (313) |
| Increase (decrease) in cash attributable to changes in operating assets and liabilities: | |||
| Revenue receivable | (4,449) | 3,288 | (846) |
| Accounts payable and accrued liabilities | 9,561 | (1,153) | 4,550 |
| Prepaid and other current assets | 693 | (1,228) | 588 |
| Other liabilities | (258) | (47) | 350 |
| Net cash provided by operating activities | 296,414 | 275,733 | 302,867 |
| Investing activities: | |||
| Capital expenditures for oil and natural gas properties | (300,768) | (285,796) | (282,390) |
| Acquisition of oil and natural gas properties | (118,491) | (61,197) | (76,810) |
| Deposit on acquisition | — | (887) | — |
| Refund of advances to operators | 4,285 | 19,655 | 2,464 |
| Proceeds from the disposal of oil and natural gas properties | 175 | 13,995 | 60 |
| Proceeds from the sale of equity investments | 4,991 | 3,462 | — |
| Net cash used in investing activities | (409,808) | (310,768) | (356,676) |
| Financing activities: | |||
| Proceeds from borrowing on credit facilities | 190,000 | 110,000 | 162,500 |
| Repayments of borrowing on credit facilities | (345,000) | (15,000) | (52,500) |
| Proceeds from senior notes, net of discount | 336,000 | — | — |
| Deferred financing costs | (4,477) | (3,340) | (2,616) |
| Payment of expenses related to formation of Granite Ridge Resources, Inc. | — | — | (43) |
| Purchase of treasury shares | (16) | (442) | (35,353) |
| Payment of dividends | (57,686) | (57,494) | (58,587) |
| Proceeds from issuance of common stock | — | — | 5 |
| Net cash provided by financing activities | 118,821 | 33,724 | 13,406 |
| Net change in cash and restricted cash | 5,427 | (1,311) | (40,403) |
| Cash and restricted cash at beginning of year | 9,419 | 10,730 | 51,133 |
| Cash and restricted cash at end of year | $14,846 | $9,419 | $10,730 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the year for interest, net of capitalized interest | $(24,748) | $(14,472) | $(4,825) |
| Cash paid during the year for income taxes, net of refunds | $(549) | $(197) | $(742) |
| Supplemental disclosure of non-cash investing activities: | |||
| Oil and natural gas properties divested in exchange for equity securities | $— | $— | $49,920 |
| Change in accrued capital expenditures included in accounts payable and accrued liabilities | $(10,900) | $36,736 | $(12,325) |
| Advances to operators applied to development of oil and natural gas properties | $150,692 | $121,922 | $98,224 |
| Cash and restricted cash: | |||
| Cash | $14,846 | $9,419 | $10,430 |
| Restricted cash included in other long-term assets | — | — | 300 |
| Cash and restricted cash | $14,846 | $9,419 | $10,730 |
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