GRNT earnings analysis
What we found in GRNT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Granite Ridge Resources, Inc. reported Q1 2026 earnings with revenue of $128.3 million, a decline from $130.8 million in revenue estimates, and EPS of $0.02, significantly missing expectations of $0.11. The company's performance was impacted by higher lease operating costs and notable non-cash charges, although oil production increased significantly, partially offsetting declines in realized natural gas prices.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Miss
- Actual revenue stood at $128.3 million, below estimates of $130.8 million.
- Significant EPS Decline
- EPS of $0.02, falling short of the $0.11 estimate.
- Oil Production Growth
- Oil production increased to 1,479 MBbl, a rise from 1,328 MBbl in Q1 2025.
- Increased General and Administrative Expenses
- G&A expenses rose 22% to $9.1 million from $7.5 million year-over-year.
- Capital Expenditures Primarily Funded
- Total planned capital expenditures for 2026 estimated at $345 to $385 million.
- Strong Adjusted EBITDAX
- Achieved an Adjusted EBITDAX of $71.0 million despite financial pressures.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Impending Impairment Charges
- An impairment expense of $11.2 million on unproved properties was recognized in Q1 2026.
- Increased Debt Service Obligations
- Interest expense rose to $10.3 million from $5.0 million, reflecting significant debt increases.
- Higher Operating Costs
- Lease operating expenses surged 83% to $29.7 million from $16.2 million year-over-year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.02
What they said about what is next.
Capital expenditures for 2026 expected between $345 million and $385 million; production guidance for 2026 set between 34,000 to 36,000 Boe per day.
The filing reads worse than the one before it.
What came before.
- 10-K · March 6, 2026
- Granite Ridge positions itself as a diversified owner of oil & gas assets across six U.S. unconventional basins, seeking private-equity-like returns via operated partnerships and non‑operated minority interests while…
- 10-Q · November 7, 2025
- Granite Ridge reported quarter revenues of $112,671,000 and diluted EPS of $0.11 for the three months ended September 30, 2025, up versus the comparable 2024 quarter. Revenue increased to $112,671 (from $94,075) and net…
- 10-Q · August 7, 2025
- Granite Ridge reported strong Q2 2025 operating performance driven by higher oil & gas realizations and derivative gains: revenue rose to $109,219,000 and net income to $25,081,000 (diluted EPS $0.19). However, the…
- 10-Q · November 7, 2024
- Granite Ridge reported Q3 oil and natural gas revenue of $94,075,000 (three months ended September 30, 2024), down from $108,404,000 a year earlier. Net income fell to $9,054,000 (diluted EPS $0.07) from $17,957,000…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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