GRNT Reports Decrease in Revenue for the Latest Quarter
Segments of revenue
In the latest quarter, GRNT reported total revenues of $108.4 million, a decrease from $136.9 million in the same quarter last year. The majority of the revenue came from oil and natural gas sales, which accounted for the entire revenue figure.
Despite the decrease in revenue, GRNT's management highlighted several strengths. They attributed the decline in revenue to lower oil and natural gas prices during the quarter. However, the company was able to maintain a positive net operating income of $32.6 million, indicating efficient cost management. Additionally, GRNT's lease operating expenses increased from $12.3 million to $16.9 million, which can be attributed to increased production activities.
The main weakness for GRNT in the latest quarter was the decrease in revenue. This decline was primarily driven by lower oil and natural gas prices. The company also incurred a loss of $8.1 million on commodity derivatives, further impacting their financial performance.
It is worth noting that GRNT experienced a gain of $3.1 million on commodity derivatives in the same quarter last year. This significant difference in derivative gains/losses contributed to the overall decrease in revenue for the latest quarter.
GRNT reported a decrease in revenue for the latest quarter, primarily due to lower oil and natural gas prices. Despite this, the company managed to maintain a positive net operating income through efficient cost management. The decline in revenue was also influenced by a loss on commodity derivatives. Overall, GRNT faced challenges in the latest quarter but demonstrated strengths in cost management.