Granite Ridge is a Dallas-based non-operated E&P holding minority working interests across the Permian, Eagle Ford, Bakken, Haynesville and DJ basins, partnering with top operators to diversify across ~1,000+ gross wells with only six employees. The model is capital-light on overhead but capital-intensive on drilling participation, and FY2025 revenue rose ~19% to ~$0.45bn as production climbed toward ~30 mboe/d.
The balance sheet carries the strain of growth: free cash flow has been negative since 2023 as capex outpaced operating cash flow, net debt has grown toward ~$0.4bn, and the ~9% dividend yield reflects both a fixed payout and a depressed share price (~$4.85). Management guides FY2026 production of 34-36 mboe/d and targets a return to free cash flow in 2027, making the deleveraging path and commodity prices the key swing factors.
Its EV/EBITDA of 3.2x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of -15.6% is lower than the 6.5% median, and at $16.45/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Granite Ridge Resources scores 42/100, strongest on growth (65/100). Sub-scores: value 48, quality 31, growth 65, risk 63 (higher = riskier).
Granite Ridge Resources holds approximately 0.06 billion boe of proved (1P) reserves with FY2025 production of about 32 thousand boe/d (49% liquids), a reserve life of roughly 5.3 years. Break-even: ~$45 (WTI FCF breakeven) — Non-op capital-efficient model; targets free cash flow generation by 2027 after a heavy 2024-25 outspend to grow production
For Granite Ridge Resources, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Interest | Country | Type | note |
| Non-op WI | United States | Permian (Delaware/Midland) | Core basin — largest share of production and capital |
| Non-op WI | United States | Eagle Ford | Oil-weighted South Texas participation |
| Non-op WI | United States | Bakken | Williston Basin oil interests |
| Non-op WI | United States | Haynesville | Natural gas exposure for commodity diversification |
| Non-op WI | United States | DJ Basin | Colorado non-operated interests |
| Controlled capital program | United States | Operated/JV pilots | Selective operated & controlled-capital deals to improve returns |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 13 | 19 | 24 | 26 | 32 |
| Proved reserves (bnboe) | 0.06 | 0.07 | 0.08 | 0.09 | 0.06 |
| Revenue ($bn) | 0.3 | 0.5 | 0.4 | 0.4 | 0.5 |
| EBITDA ($bn) | 0.2 | 0.4 | 0.3 | 0.3 | 0.3 |
| Net income ($bn) | 0.1 | 0.3 | 0.1 | 0.0 | 0.0 |
| Free cash flow ($bn) | -0.0 | 0.1 | -0.1 | -0.1 | -0.1 |
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✓ FY2025 figures verified against primary sources:
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