Granite Ridge Resources reports Q1 adjusted EPS 12c, consensus 10c

Reports Q1 revenue $88.99M, consensus $88.75M. Q1 oil production volumes totaled 10,650 barrels per day, a 0.7% decrease from the first quarter of 2023. Natural gas production for the first quarter of 2024 totaled 79,151 thousand cubic feet of natural gas per day, a 6% increase from the first quarter of 2023. As a result, the company’s total production for the first quarter of 2024 grew 3% from the first quarter of the prior year to 23,842 Boe per day. Luke Brandenberg, President and CEO of Granite Ridge, commented, “Our first quarter 2024 performance is how we hope to start every year as we beat internal projections across the board, captured multiple acquisitions, and saw great execution by our Strategic Partners. We look forward to continuing to demonstrate that what we are building at Granite Ridge is different, repeatable, and resilient as we both grow the business and return capital to shareholders while maintaining conservative leverage.”