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GRNT NYSE· Granite Ridge Resources Inc
Earnings report Q3 2023

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.

Strengths

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.

Challenges

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.

Noteworthy

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.

Summary

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.

Source documents

Form 10-Q  filed on Nov 09, 2023
5 pages scanned

Reference data

Company financials Q3 revenue 0
Analyst estimates Q3 EPS missed by NaN%
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