0001928446-23-000046 | 10-Q | XBRL Viewer | Granite Ridge Resources INC

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Subsequent Events - Narrative (Details) - Line of Credit - USD ($) $ in Millions	Nov. 07, 2023	Sep. 30, 2023
Subsequent events
Initial borrowing capacity		$ 325.0
Capacity for aggregate elected commitments		$ 150.0
Subsequent Event
Subsequent events
Initial borrowing capacity	$ 275.0
Capacity for aggregate elected commitments	$ 240.0

Supplementary Data

9 Months Ended

Sep. 30, 2023

Extractive Industries [Abstract]

Supplementary Data

Capitalized Costs


(in thousands)	September 30, 2023		December 31, 2022
Oil and natural gas properties:
Proved	$	1,260,110	$	996,573
Unproved	51,515		32,089
Less: accumulated depletion	(496,452)		(383,673)
Net capitalized costs for oil and natural gas properties (1)	$	815,173	$	644,989

Costs Incurred for Oil and Natural Gas Producing Activities


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Property acquisition costs:
Proved	$	8,161	$	4,251	$	27,459	$	12,206
Unproved	11,262		7,864		24,053		20,653
Development costs	75,726		59,898		233,071		164,923
Total costs incurred for oil and natural gas properties	$	95,149	$	72,013	$	284,583	$	197,782

Risk Concentrations (Details)	9 Months Ended
Risk Concentrations (Details)	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Percentage of wells operated by third-party operating partners	100.00%

Stock Incentive Plan

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plan

In connection with the closing of the Transactions, the Company’s Board of Directors adopted the Granite Ridge Resources, Inc. 2022 Omnibus Incentive Plan (the “Plan”), which provides for granting, among others, stock options, restricted stock awards, PSUs and other awards to directors, officers, employees and consultants or advisors employed by or providing service to the Company.

During the first quarter of 2023, the Company issued restricted stock awards, stock awards, stock options, and PSUs. Stock-based compensation expense during the three and nine months ended September 30, 2023 was $0.4 million and $1.8 million, respectively.

Restricted Stock Awards - The Company may award restricted stock to its employees and consultants under the Plan. All restricted shares are legally issued and outstanding. If an employee terminates employment prior to the restriction lapse date, the awarded shares are forfeited and canceled and are no longer considered issued and outstanding. The holders of

unvested restricted stock awards have voting rights and the right to receive dividends. The restricted stock awards generally vest over a period of three years.

PSUs - The Company may award PSUs to its employees and consultants under the Plan. The PSUs vest over a period of approximately three years with the total number of shares determined based upon certain performance criteria. Under the terms of our PSU grants, awards are granted to certain officers and are subject to “financial performance” and “market performance” criteria for the Company and to individual performance criteria for the officers awarded PSUs. Financial performance is based on the Company’s financial performance at the end of the performance period, while market performance is based on the relative standing of total shareholder return achieved by the Company compared to a predetermined group of peer companies at the end of the performance period. Individual performance criteria is based on the officers’ performance relative to individual performance goals at the end of the performance period. The number of shares ultimately issued under these awards can range from zero to 200% of target award amounts.

Stock Options - The Company may award stock options to its employees and consultants under the Plan. The Company’s outstanding stock options have been granted to certain officers and expire in 10 years following the date of grant. Pursuant to the stock options granted under the Plan, 33% of the options vested immediately with an additional 33% to vest on each of the next two anniversaries of the date of the grant. Of the stock options granted during 2023, 72,108 of the stock options have an exercise price per share of $5.02, and 320,000 of the stock options have an exercise price per share of $9.22.

Other Awards - The Company may issue other awards to its employees and consultants under the Plan. During the first quarter of 2023, the Company issued 94,007 fully vested stock awards as other awards under the Plan. Weighted average grant date fair value of other awards was $8.51.

A summary of the Company’s activity under the Plan for the restricted stock awards, PSUs and stock options for the nine months ended September 30, 2023 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2022	—		—		—
Awards granted (1)	308,938		26,574		392,108

Awards vested	—		—		(130,702)

Outstanding at September 30, 2023	308,938		26,574		261,406

(1) Weighted average grant date fair value per share/unit	$	5.72	$	6.01	$	0.82

Summary of Significant Accounting Policies - Schedule of disaggregated revenues by operation and geographic location (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) source region	Sep. 30, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Number of revenue sources \| source			2
Operating regions \| region			5
Revenue	$ 108,404	$ 136,966	$ 287,271	$ 381,082
Permian
Disaggregation of Revenue [Line Items]
Revenue	66,586	69,386	168,920	196,552
Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	12,279	15,732	34,000	49,120
Bakken
Disaggregation of Revenue [Line Items]
Revenue	14,005	18,007	39,124	52,817
Haynesville
Disaggregation of Revenue [Line Items]
Revenue	5,968	25,570	20,001	52,223
DJ
Disaggregation of Revenue [Line Items]
Revenue	9,566	8,271	25,226	30,370
Oil
Disaggregation of Revenue [Line Items]
Revenue	88,210	79,051	230,755	251,088
Natural gas
Disaggregation of Revenue [Line Items]
Revenue	$ 20,194	$ 57,915	$ 56,516	$ 129,994

Supplementary Data - Capitalized costs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Extractive Industries [Abstract]
Proved	$ 1,260,110	$ 996,573
Unproved	51,515	32,089
Less: accumulated depletion	(496,452)	(383,673)
Net capitalized costs for oil and natural gas properties (1)	$ 815,173	$ 644,989

Acquisitions and Divestitures	9 Months Ended
Acquisitions and Divestitures	Sep. 30, 2023
Oil and Gas Property [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures 2023 Acquisitions During the nine months ended September 30, 2023, the Company acquired various oil and natural gas properties. In September 2023, the Company closed on an acquisition treated as a business combination where it received proved developed producing oil and natural gas properties with approximately 281 net acres. The properties are located in the Permian, Eagle Ford and DJ basins. As consideration for the acquisition, the Company paid $8.5 million in cash. Asset retirement obligations acquired were $0.2 million. All other acquisitions during the nine months ended September 30, 2023 qualified as asset acquisitions. These included the following transactions: Permian Basin - During the nine months ended September 30, 2023, the Company closed on various acquisitions of unproved oil and natural gas properties for a total purchase price of $22.8 million in the Permian Basin. DJ Basin - During the nine months ended September 30, 2023, the Company closed on an acquisition of proved developed producing oil and natural gas properties in the DJ Basin. As consideration for the entire acquisition, the Company paid $17.4 million in cash, of which $1.9 million was held in escrow and paid during 2022. Asset retirement obligations acquired were $0.9 million. Eagle Ford Basin - During the nine months ended September 30, 2023, the Company acquired proved oil and natural gas properties in the Eagle Ford Basin for $0.5 million. Haynesville Basin - During the nine months ended September 30, 2023, the Company acquired various proved and unproved oil and natural gas properties in the Haynesville Basin for $2.1 million. 2022 Acquisitions Permian Basin - During the nine months ended September 30, 2022, the Company closed on various asset acquisitions of proved oil and natural gas properties for $7.6 million and unproved oil and natural gas properties for $17.7 million in the Permian Basin. Bakken Basin - During the nine months ended September 30, 2022, the Company closed on an asset acquisition of proved oil and natural gas properties in the Bakken Basin for $1.6 million. DJ Basin - During the nine months ended September 30, 2022, the Company closed on asset acquisitions of unproved oil and natural gas properties in the DJ Basin for $2.9 million. Haynesville Basin - During the nine months ended September 30, 2022, the Company closed on an asset acquisition of proved oil and natural gas properties in the Haynesville Basin for $3.0 million. 2022 Divestitures Eagle Ford Basin - During the nine months ended September 30, 2022, the Company sold a partial unit of oil and natural gas properties in the Eagle Ford Basin for $0.7 million.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividend declared (in USD per share)	$ 0.11	$ 0.33

Equity	9 Months Ended
Equity	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Equity	Equity As a result of the Business Combination, periods prior to October 24, 2022 reflect Granite Ridge as a limited partnership, not a corporation. On the date of the Transactions, the capital of the Funds consisted of general partner interests and limited partner interests. The general partner interest was a management interest. The general partners of each of the Funds were granted full and complete power and authority to manage and conduct the business and affairs of the Funds and to take all such actions as they deemed necessary or appropriate to accomplish the purpose of the Funds. In connection with the Business Combination, the net assets of the Funds were transferred to GREP, which became a wholly-owned subsidiary of Granite Ridge. For additional information regarding the Business Combination, see Note 1. Warrant Exchange - On June 22, 2023, the Company completed an Offer to holders of its outstanding warrants which provided such holders the opportunity to receive 0.25 shares of the Company’s common stock in exchange for each warrant tendered by such holders. This Offer coincided with a solicitation of consents from holders of the warrants to amend the warrant agreement to permit the Company to require that each warrant that remained outstanding upon the closing of the Offer be exchanged for 0.225 shares of the Company’s common stock. On June 22, 2023, the Company issued 2,471,738 shares of common stock in exchange for 9,887,035 warrants tendered in the Offer, with a minimal cash settlement in lieu of partial shares. In July 2023, each remaining outstanding warrant was converted into 0.225 shares of the Company’s common stock, and subsequently, no warrants remained outstanding. The warrants exchanged in the Offer were marked to fair value on the date of settlement, which was recorded in Loss on derivatives - common stock warrants on the condensed consolidated statements of operations. Upon exchange, the liability of $17.0 million and $0.7 million related to the exchanged common stock warrants in June 2023 and July 2023, respectively, was removed from the condensed consolidated balance sheet and the issuance of shares of the Company’s common stock was reflected in stockholders’ equity. The Company incurred $2.5 million of costs directly related to the Warrant Exchange, consisting primarily of professional, legal, printing, filing, regulatory, and other costs. The costs were recorded in General and administrative expenses on the condensed consolidated statements of operations for the nine months ended September 30, 2023. Common Stock Dividends - The Company paid dividends of $14.8 million, or $0.11 per share, and $44.1 million, or $0.33 per share during the three and nine months ended September 30, 2023, respectively. Any payment of future dividends will be at the discretion of the Company’s Board of Directors. Stock Repurchase Program - In December 2022, the Company announced that its Board of Directors approved a stock repurchase program for up to $50.0 million of the Company’s common stock through December 31, 2023. Under the stock repurchase program, the Company can repurchase shares of its common stock from time to time in open market transactions or in privately negotiated transactions as permitted under applicable rules and regulations. The Board of Directors of the Company may limit or terminate the stock repurchase program at any time without prior notice, but, with no further action of the Board of Directors of the Company, the stock repurchase program will terminate on December 31, 2023. During the three and nine months ended September 30, 2023, the Company repurchased 868,726 and 1,802,311 shares under the program at an aggregate cost of $6.3 million and $12.1 million, respectively. As of September 30, 2023, the Company had repurchased a total of 1,828,231 shares since the inception of the program at an aggregate cost of $12.3 million. The extent to which the Company repurchases its shares of common stock, and the timing of such repurchases, will depend upon market conditions and other considerations as may be considered in the Company’s sole discretion. Vesting Shares As discussed in Note 1, 495,357 shares of Class F common stock of ENPC were converted into 1,238,393 shares of Class A common stock of ENPC, 371,518 of which became subject to certain vesting and forfeiture provisions upon their conversion to the Company’s common stock in accordance with the Business Combination Agreement (the “Vesting Shares”). Based on an assessment of the Vesting Shares, the Company considered ASC 480 and accounted for the Vesting Shares as a liability. The Company recorded a liability related to the Vesting Shares of $1.3 million as of December 31, 2022. In January 2023, the Company reversed this liability and the related additional paid-in capital when 151,170 of these shares vested. The remaining shares were forfeited.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Summary of Significant Accounting Policies - Basis of presentation (Details)	9 Months Ended
	Sep. 30, 2023 segment
Accounting Policies [Abstract]
Operating segments	1

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company uses derivative financial instruments in connection with its oil and natural gas operations to provide an economic hedge of the Company’s exposure to commodity price risk associated with anticipated future oil and natural gas production. The Company does not hold or issue derivative financial instruments for trading purposes.

The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its condensed consolidated statements of operations as they occur.

Collar, Producer 3-way Option Contracts and Swaps

The Company’s derivative financial instruments consist of collar, producer 3-way option contracts and swaps.

A collar option is established with the sale of a short call option (ceiling price) and the purchase of a long put option (floor price) set to expire at a predetermined date in the future. The options give the owner the right but not the obligation to exercise the option at the expiration date.

A producer 3-way option contract is established with the sale of a short call option (ceiling price) and the purchase of a long put option (floor price) set to expire at a predetermined date in the future. However, the producer 3-way option contract also includes the sale of a short put option (sub-floor price) set to expire at a predetermined date in the future. The options give the owner the right but not the obligation to exercise the option at the expiration date.

When the settlement price is below the established floor price, the Company receives an amount from its counterparty equal to the difference between the settlement price and the floor price multiplied by the hedged contract volume. When the settlement price is above the established ceiling price, the Company pays its counterparty an amount equal to the difference between the settlement price and the ceiling price multiplied by the hedged contract volume. When the settlement price is between the established floor and the ceiling, no amounts are due to or from the counterparty. In the case of a 3-way option contract, when the settlement price is below the sub-floor price, the Company receives from its counterparty an amount equal to the difference of the floor price and the sub-floor price multiplied by the hedged contract volume.

A swap contract allows the Company to receive a fixed price and pay a floating market price to the counterparty for the hedged commodity.

The Company has master netting agreements with its counterparties, and therefore certain amounts may be presented on a net basis in the condensed consolidated balance sheets.

Volume of Derivative Activities

The following table sets forth the Company’s outstanding commodity derivative contracts as of September 30, 2023.


	2023		2024		2025
	Total		Total		Total
Producer 3-way (oil)
Volume (Bbl)	208,488		—		—
Weighted-average sub-floor price ($/Bbl)	$	60.43	$	—	$	—
Weighted-average floor price ($/Bbl)	$	80.00	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	101.92	$	—	$	—
Collar (oil)
Volume (Bbl)	371,304		1,188,846		—
Weighted-average floor price ($/Bbl)	$	67.49	$	62.85	$	—
Weighted-average ceiling price ($/Bbl)	$	88.14	$	82.95	$	—
Swaps (oil)
Volume (Bbl)	—		181,000		—
Weighted-average price ($/Bbl)	$	—	$	80.00	$	—





Collar (natural gas)
Volume (Mcf)	2,086,650		3,301,000		1,406,000
Weighted-average floor price ($/Mcf)	$	4.49	$	3.26	$	3.63
Weighted-average ceiling price ($/Mcf)	$	6.34	$	4.86	$	5.42
Swaps (natural gas)
Volume (Mcf)	—		4,303,000		—
Weighted-average price ($/Mcf)	$	—	$	3.24	$	—

The following table summarizes the amounts reported in the condensed consolidated statements of operations related to the commodity derivative instruments for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Gain (loss) on commodity derivatives
Oil derivatives	$	(9,808)	$	15,842	$	(4,906)	$	(12,297)
Natural gas derivatives	1,679		(12,771)		11,321		(18,490)
Total	$	(8,129)	$	3,071	$	6,415	$	(30,787)

The following table represents the Company’s net cash receipts (payments on) commodity derivatives for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Net cash receipts from (payments on) commodity derivatives
Oil derivatives	$	119	$	(6,946)	$	3,912	$	(23,165)
Natural gas derivatives	4,300		(8,153)		14,918		(16,841)
Total	$	4,419	$	(15,099)	$	18,830	$	(40,006)

Common Stock Warrants

On October 24, 2022, in connection with the Business Combination, the Company issued 10,349,975 common stock warrants. Each warrant entitled the holder to purchase one share of Granite Ridge’s common stock at an exercise price of $11.50 per share. The common stock warrants became exercisable 30 days after the completion of the Business Combination and 461 common stock warrants were exercised as of September 30, 2023.

The fair value of the common stock warrants as of December 31, 2022 was $11.9 million. We recognized a loss of $8.0 thousand and $5.7 million during the three and nine months ended September 30, 2023, respectively, from the change in fair value of the warrant liability in the condensed consolidated statements of operations. The warrants exchanged in the Offer were marked to fair value on the date of settlement, and the liability of $17.0 million and $0.7 million related to the exchanged common stock warrants was removed from the condensed consolidated balance sheet in June 2023 and July 2023, respectively, and the issuance of shares of the Company’s common stock was reflected in stockholders’ equity. See Note 9 for further discussion of the Warrant Exchange.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Adoption of ASU No. 2016-13 (Note 2)	As of January 1, 2023	Common Stock Issued	Common Stock Issued As of January 1, 2023	Additional Paid-in Capital	Additional Paid-in Capital As of January 1, 2023	Retained Earnings	Retained Earnings Adoption of ASU No. 2016-13 (Note 2)	Retained Earnings As of January 1, 2023	Treasury Stock	Treasury Stock As of January 1, 2023	Previous Partnerships' Capital Existing Until the Recapitalization of Granite Ridge Resources, Inc.
Balance at beginning of period at Dec. 31, 2021	$ 474,930												$ 474,930
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	205,719												205,719
Balance at ending of period at Sep. 30, 2022	680,649												680,649
Balance at beginning of period at Jun. 30, 2022	600,658												600,658
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	79,991												79,991
Balance at ending of period at Sep. 30, 2022	$ 680,649												$ 680,649
Balance at beginning of period (in shares) at Dec. 31, 2022	133,294,897			133,295,000	133,295,000
Balance at beginning of period at Dec. 31, 2022	$ 622,404	$ (118)	$ 622,286	$ 13	$ 13	$ 590,232	$ 590,232	$ 32,388	$ (118)	$ 32,270	$ (229)	$ (229)
Begging balance, treasury stock (in shares) at Dec. 31, 2022	(25,920)										(26,000)	(26,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grants of restricted stock (in shares)				403,000
Cancellation of vesting shares (in shares)				(221,000)
Vesting shares	$ 1,287					1,287
Stock-based compensation	1,813					1,813
Purchase of treasury stock (in shares)											(1,814,000)
Purchase of treasury stock	(12,345)										$ (12,345)
Common stock dividend declared	(44,072)							(44,072)
Common stock issued in warrant exchange (in shares)				2,576,000
Common stock issued in warrant exchange	17,646			$ 1		17,645
Common stock issued for exercise of warrants (in shares)				1,000
Common stock issued for exercise of warrants	5					5
Net income	$ 63,560							63,560
Balance at ending of period (in shares) at Sep. 30, 2023	136,053,725			136,054,000
Balance at ending of period at Sep. 30, 2023	$ 650,180			$ 14		610,982		51,758			$ (12,574)
Ending balance, treasury stock (in shares) at Sep. 30, 2023	(1,840,427)										(1,840,000)
Balance at beginning of period (in shares) at Jun. 30, 2023				135,949,000
Balance at beginning of period at Jun. 30, 2023	$ 652,325			$ 14		609,909		48,610			$ (6,208)
Begging balance, treasury stock (in shares) at Jun. 30, 2023											(972,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	379					379
Purchase of treasury stock (in shares)											(868,000)
Purchase of treasury stock	(6,366)										$ (6,366)
Common stock dividend declared	(14,809)							(14,809)
Common stock issued in warrant exchange (in shares)				104,000
Common stock issued in warrant exchange	689			$ 0		689
Common stock issued for exercise of warrants (in shares)				1,000
Common stock issued for exercise of warrants	5					5
Net income	$ 17,957							17,957
Balance at ending of period (in shares) at Sep. 30, 2023	136,053,725			136,054,000
Balance at ending of period at Sep. 30, 2023	$ 650,180			$ 14		$ 610,982		$ 51,758			$ (12,574)
Ending balance, treasury stock (in shares) at Sep. 30, 2023	(1,840,427)										(1,840,000)

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Disaggregated Revenues by Operation and Geographic Location

The following tables present the disaggregation of the Company’s oil revenues and natural gas revenues by basin for the three and nine months ended September 30, 2023 and 2022.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Oil	$	88,210	$	79,051	$	230,755	$	251,088
Natural gas	20,194		57,915		56,516		129,994
Total	$	108,404	$	136,966	$	287,271	$	381,082

Permian	$	66,586	$	69,386	$	168,920	$	196,552
Eagle Ford	12,279		15,732		34,000		49,120
Bakken	14,005		18,007		39,124		52,817
Haynesville	5,968		25,570		20,001		52,223
DJ	9,566		8,271		25,226		30,370

Total	$	108,404	$	136,966	$	287,271	$	381,082

Stock Incentive Plan - Summary of company's activity under the Plan (Details) - $ / shares	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Awards granted (in shares)	94,007
Weighted average grant date fair value per share/unit (in dollars per share)	$ 8.51
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	0	0
Awards granted (in shares)		308,938
Awards vested (in shares)		0
Ending balance (in shares)		308,938
Weighted average grant date fair value per share/unit (in dollars per share)		$ 5.72
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	0	0
Awards granted (in shares)		26,574
Awards vested (in shares)		0
Ending balance (in shares)		26,574
Weighted average grant date fair value per share/unit (in dollars per share)		$ 6.01
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	0	0
Stock options granted (in shares)		392,108
Awards vested (in shares)		(130,702)
Ending balance (in shares)		261,406
Weighted average grant date fair value per share/unit (in dollars per share)		$ 0.82

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended	21 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Sep. 30, 2023
Operating activities:
Net income	$ 17,957	$ 79,991	$ 63,560	$ 205,719
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and accretion expense	44,267	36,567	113,088	84,096
Abandonments expense	1,560	0	1,560	0
(Gain) loss on derivatives - commodity derivatives	8,129	(3,071)	(6,415)	30,787
Net cash receipts from (payments on) commodity derivatives	4,419	(15,099)	18,830	(40,006)
Stock-based compensation	379		1,813	0
Amortization of deferred financing costs			490	62
Loss on derivatives - common stock warrants	8	0	5,742	0
Deferred income taxes			17,069	0
Other			(146)	0
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
Revenue receivable			(10,545)	(27,517)
Accrued expenses			2,627	4,932
Prepaid and other expenses			1,854	(6,703)
Other payable			3,165	(14)
Net cash provided by operating activities			212,692	251,356
Investing activities:
Capital expenditures for oil and natural gas properties			(237,138)	(143,923)
Acquisition of oil and natural gas properties			(49,427)	(32,858)
Refund of advances to operators			0	971
Proceeds from the disposal of oil and natural gas properties			60	747
Net cash used in investing activities			(286,505)	(175,063)
Financing activities:
Proceeds from borrowing on credit facilities			117,500	16,000
Repayments of borrowing on credit facilities			(32,500)	(67,100)
Cash contributions			0	84
Deferred financing costs			(28)	0
Payment of expenses related to formation of Granite Ridge Resources, Inc.			(43)	0
Purchase of treasury shares			(11,765)	0
Payment of dividends			(44,072)	0
Proceeds from issuance of common stock			5	0
Net cash provided by (used in) financing activities			29,097	(51,016)
Net change in cash and restricted cash			(44,716)	25,277
Cash and restricted cash at beginning of period			51,133	12,154	$ 12,154	$ 12,154
Cash and restricted cash at end of period	6,417	37,431	6,417	37,431	51,133	6,417
Supplemental disclosure of non-cash investing activities:
Oil and natural gas property development costs in accrued expenses			(13,068)	17,326
Advances to operators applied to development of oil and natural gas properties			88,463	55,775
Cash and restricted cash:
Cash	6,117	37,131	6,117	37,131	50,833	6,117
Restricted cash included in other long-term assets	300	300	300	300		300
Cash and restricted cash	$ 6,417	$ 37,431	$ 6,417	$ 37,431	$ 51,133	$ 6,417

Summary of Significant Accounting Policies - Derivative instruments- common stock warrants (Details) - shares	Jun. 22, 2023	Sep. 30, 2023	Jul. 31, 2023
Warrant Exchange Offer
Basin acquisition that met the definition of a business combination
Warrants tendered (in shares)	2,471,738
Number of warrants tendered (shares)	9,887,035
Shares of common stock underlying each warrant (in shares)	0.25	0.25
Amended Warrant Agreement Offer
Basin acquisition that met the definition of a business combination
Shares of common stock underlying each warrant (in shares)	0.225	0.225	0.225
Warrants outstanding (in shares)			0

Derivative Financial Instruments - Impact of commodity derivatives on earnings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative instruments
Gain (loss) on derivatives - commodity derivatives	$ (8,129)	$ 3,071	$ 6,415	$ (30,787)
Net cash receipts from (payments on) commodity derivatives	4,419	(15,099)	18,830	(40,006)
Oil derivatives
Derivative instruments
Gain (loss) on derivatives - commodity derivatives	(9,808)	15,842	(4,906)	(12,297)
Net cash receipts from (payments on) commodity derivatives	119	(6,946)	3,912	(23,165)
Natural gas derivatives
Derivative instruments
Gain (loss) on derivatives - commodity derivatives	1,679	(12,771)	11,321	(18,490)
Net cash receipts from (payments on) commodity derivatives	$ 4,300	$ (8,153)	$ 14,918	$ (16,841)

Debt	9 Months Ended
Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The carrying value of the Company’s total debt was $85.0 million at September 30, 2023. We had no debt outstanding at December 31, 2022. Granite Ridge Credit Agreement On October 24, 2022, Granite Ridge entered into a senior secured revolving credit agreement (the “Credit Agreement”) among Granite Ridge, as borrower, Texas Capital Bank, as administrative agent, and the lenders from time to time party thereto. The Credit Agreement has a maturity date of five years from the effective date thereof. The Credit Agreement initially provided for aggregate elected commitments of $150.0 million, a borrowing base of $325.0 million and an aggregate maximum revolving credit amount of $1.0 billion. The borrowing base is scheduled to be redetermined semiannually on or about April 1 and October 1 of each calendar year, and is subject to additional adjustments from time to time, including for asset sales, elimination or reduction of hedge positions and incurrence of other debt. On November 7, 2023, Granite Ridge amended the Credit Agreement which, among other things, decreased the borrowing base from $325.0 million to $275.0 million and provided for aggregate elected commitments of $240.0 million. The Company and the Required Lenders (as defined in the Credit Agreement) may each request one unscheduled redetermination of the borrowing base between each scheduled redetermination. The amount of the borrowing base is determined by the lenders in their sole discretion and consistent with the oil and gas lending criteria of the lenders at the time of the relevant redetermination. The amount Granite Ridge is able to borrow under the Credit Agreement is subject to compliance with the financial covenants, satisfaction of various conditions precedent to borrowing, and other provisions of the Credit Agreement. At September 30, 2023, we had outstanding borrowings of $85.0 million and $0.3 million of letters of credit issued and outstanding under the Credit Agreement, resulting in availability of $64.7 million. The Credit Agreement is guaranteed by the restricted subsidiaries of Granite Ridge and is secured by a first priority mortgage and security interest in substantially all assets of the Company and of its restricted subsidiaries. Borrowings under the Credit Agreement may be base rate loans or secured overnight financing rate (“SOFR”) loans. Interest for base rate loans and SOFR loans is payable at the end of the applicable interest period. Prior to the Credit Agreement amendment on November 7, 2023, SOFR loans accrued interest at SOFR plus an applicable margin ranging from 250 to 350 basis points, depending on the percentage of the borrowing base utilized, plus an additional 10, 15 or 20 basis point credit spread adjustment for a one, three or six month interest period, respectively. Base rate loans accrued interest at a rate per annum equal to the greatest of: (i) the U.S. prime rate as published by the Wall Street Journal; (ii) the federal funds effective rate plus 50 basis points; and (iii) the adjusted SOFR rate for a one-month interest period plus 100 basis points, plus an applicable margin ranging from 150 to 250 basis points, depending on the percentage of the borrowing base utilized. As a result of the Credit Agreement amendment on November 7, 2023, SOFR loans now bear interest at SOFR plus an applicable margin ranging from 300 to 400 basis points, depending on the percentage of the borrowing base utilized, plus an additional 10, 15 or 20 basis point credit spread adjustment for a one, three or six month interest period, respectively. Base rate loans now bear interest at a rate per annum equal to the greatest of: (i) the U.S. prime rate as published by the Wall Street Journal; (ii) the federal funds effective rate plus 50 basis points; and (iii) the adjusted SOFR rate for a one-month interest period plus 100 basis points, plus an applicable margin ranging from 200 to 300 basis points, depending on the percentage of the borrowing base utilized. We also pay a commitment fee on unused elected commitment amounts under our facility of 50 basis points. We may repay any amounts borrowed under the Credit Agreement prior to the maturity date without any premium or penalty. The Credit Agreement contains certain financial covenants, including the maintenance of the following financial ratios: (i)a leverage ratio, which is the ratio of Consolidated Total Debt to EBITDAX (each as defined in the Credit Agreement), of not greater than 3.00 to 1.00 as of the last day of each fiscal quarter, and (ii)a Current Ratio (as defined in the Credit Agreement), of not less than 1.00 to 1.00 as of the last day of each fiscal quarter. At September 30, 2023, the Company was in compliance with all financial covenants required by the Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Earnings Per Share - Schedule of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 17,957	$ 79,991	$ 63,560	$ 205,719
Participating basic earnings	(41)	0	(109)	0
Basic earnings attributable to common stockholders	17,916	79,991	63,451	205,719
Reallocation of participating earnings	0	0	0	0
Diluted earnings attributable to common stockholders	$ 17,916	$ 79,991	$ 63,451	$ 205,719
Weighted-average number of shares outstanding:
Weighted average common shares outstanding – basic (in shares)	134,396	132,923	133,426	132,923
Dilutive performance stock units (in shares)	11	0	8	0
Dilutive stock options (in shares)	14	0	6	0
Weighted average common shares outstanding – diluted (in shares)	134,421	132,923	133,440	132,923
Net income per common share:
Basic (in dollars per share)	$ 0.13	$ 0.60	$ 0.48	$ 1.55
Diluted (in dollars per share)	$ 0.13	$ 0.60	$ 0.48	$ 1.55

Stock Incentive Plan - Additional information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Stock-based compensation	$ 0.4		$ 1.8
Awards granted (in shares)		94,007
Weighted average grant date fair value per share/unit (in dollars per share)		$ 8.51
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Award vesting period (in years)			3 years
Awards granted (in shares)			308,938
Weighted average grant date fair value per share/unit (in dollars per share)			$ 5.72
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Award vesting period (in years)			3 years
Awards granted (in shares)			26,574
Weighted average grant date fair value per share/unit (in dollars per share)			$ 6.01
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Plan term (in years)			10 years
Number of anniversaries			2 years
Stock options granted (in shares)			392,108
Stock Options \| Vesting immediately
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Options that vested (in percent)			33.00%
Stock Options \| Vesting on second anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Options that vested (in percent)			33.00%
Stock Options \| Vesting on third anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Options that vested (in percent)			33.00%
Minimum \| Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Percentage of share ultimately issued (as a percent)			0.00%
Minimum \| Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Stock options granted (in shares)			72,108
Stock option, exercise price, (in dollar per shares)			$ 5.02
Maximum \| Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Percentage of share ultimately issued (as a percent)			200.00%
Maximum \| Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Stock options granted (in shares)			320,000
Stock option, exercise price, (in dollar per shares)			$ 9.22

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The following table presents the basic and diluted earnings per share computations for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2023		2022		2023		2022
Net income	$	17,957	$	79,991	$	63,560	$	205,719
Participating basic earnings (a)	(41)		—		(109)		—
Basic earnings attributable to common stockholders	17,916		79,991		63,451		205,719
Reallocation of participating earnings	—		—		—		—
Diluted earnings attributable to common stockholders	$	17,916	$	79,991	$	63,451	$	205,719

Weighted average common shares outstanding:
Weighted average common shares outstanding – basic	134,396		132,923		133,426		132,923
Dilutive performance stock units	11		—		8		—
Dilutive stock options	14		—		6		—
Weighted average common shares outstanding – diluted	134,421		132,923		133,440		132,923

Net income per common share:
Basic	$	0.13	$	0.60	$	0.48	$	1.55
Diluted	$	0.13	$	0.60	$	0.48	$	1.55
(a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so.

Schedule of Diluted Earnings Per Share, Diluted Securities

The following table is a summary of the PSUs and stock options, which were not included in the computation of diluted earnings per share, as inclusion of these items would be antidilutive.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Number of antidilutive common shares:

Antidilutive performance stock units	21,007	—	17,689	—
Antidilutive stock options	378,067	—	271,788	—
Total antidilutive common shares	399,074	—	289,477	—

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Noncash stock-based compensation	$ 379	$ 1,813	$ 0

Debt (Details) - USD ($) $ in Thousands		9 Months Ended
Debt (Details) - USD ($) $ in Thousands	Nov. 07, 2023	Sep. 30, 2023	Dec. 31, 2022
Credit facility
Carrying value of debt		$ 85,000
Total debt			$ 0
Letters of credit outstanding		$ 300
Line of Credit
Credit facility
Debt instrument term		5 years
Capacity for aggregate elected commitments		$ 150,000
Initial borrowing capacity		325,000
Line of credit facility, remaining borrowing capacity		$ 64,700
Commitment fee percentage		0.50%
Leverage ratio		300.00%
Current ratio		100.00%
Line of Credit \| Subsequent Event
Credit facility
Capacity for aggregate elected commitments	$ 240,000
Initial borrowing capacity	$ 275,000
Line of Credit \| Credit Spread Adjustment Scenario 1
Credit facility
Interest rate increase		0.10%
Line of Credit \| Credit Spread Adjustment Scenario 1 \| Subsequent Event
Credit facility
Interest rate increase	0.10%
Line of Credit \| Credit Spread Adjustment Scenario 2
Credit facility
Interest rate increase		0.15%
Line of Credit \| Credit Spread Adjustment Scenario 2 \| Subsequent Event
Credit facility
Interest rate increase	0.15%
Line of Credit \| Credit Spread Adjustment Scenario 3
Credit facility
Interest rate increase		0.20%
Line of Credit \| Credit Spread Adjustment Scenario 3 \| Subsequent Event
Credit facility
Interest rate increase	0.20%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 1
Credit facility
Interest rate increase		1.00%
Variable interest rate adjustment term		1 month
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 1 \| Subsequent Event
Credit facility
Interest rate increase	1.00%
Variable interest rate adjustment term	1 month
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 2
Credit facility
Variable interest rate adjustment term		3 months
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 2 \| Subsequent Event
Credit facility
Variable interest rate adjustment term	3 months
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 3
Credit facility
Variable interest rate adjustment term		6 months
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 3 \| Subsequent Event
Credit facility
Variable interest rate adjustment term	6 months
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Credit facility
Variable interest rate		2.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum \| Subsequent Event
Credit facility
Variable interest rate	3.00%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum \| Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate		1.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum \| Credit Spread Adjustment Scenario 1 \| Subsequent Event
Credit facility
Additional to margin added to interest rate	2.00%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Credit facility
Variable interest rate		3.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Subsequent Event
Credit facility
Variable interest rate	4.00%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate		2.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Credit Spread Adjustment Scenario 1 \| Subsequent Event
Credit facility
Additional to margin added to interest rate	3.00%
Line of Credit \| Federal funds rate
Credit facility
Interest rate increase		0.50%
Line of Credit \| Federal funds rate \| Subsequent Event
Credit facility
Interest rate increase	0.50%
Revolving Credit Facility
Credit facility
Maximum borrowing capacity		$ 1,000,000

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 6,117	$ 50,833
Revenue receivable	82,680	72,287
Advances to operators	11,104	8,908
Prepaid costs and other	450	4,203
Derivative assets - commodity derivatives	2,112	10,089
Total current assets	102,463	146,320
Property and equipment:
Oil and gas properties, successful efforts method	1,311,625	1,028,662
Accumulated depletion	(496,452)	(383,673)
Total property and equipment, net	815,173	644,989
Long-term assets:
Other long-term assets	2,978	3,468
Total long-term assets	2,978	3,468
Total assets	920,614	794,777
Current liabilities:
Accrued expenses	61,985	62,180
Other liabilities	3,454	1,523
Derivative liabilities - commodity derivatives	4,391	431
Total current liabilities	69,830	64,134
Long-term liabilities:
Long-term debt	85,000	0
Derivative liabilities - commodity derivatives	479	0
Derivative liabilities - common stock warrants	0	11,902
Asset retirement obligations	6,498	4,745
Deferred tax liability	108,627	91,592
Total long-term liabilities	200,604	108,239
Total liabilities	270,434	172,373
Stockholders' Equity:
Common stock, $0.0001 par value, 431,000,000 shares authorized, 136,053,725 and 133,294,897 issued at September 30, 2023 and December 31, 2022, respectively	14	13
Additional paid-in capital	610,982	590,232
Retained earnings	51,758	32,388
Treasury stock, at cost, 1,840,427 and 25,920 shares at September 30, 2023 and December 31, 2022, respectively	(12,574)	(229)
Total stockholders' equity	650,180	622,404
Total liabilities and stockholders' equity	$ 920,614	$ 794,777

Summary of Significant Accounting Policies - Advance to operators (Details)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Advance payments to operators, term	90 days

Earnings Per Share - Schedule of diluted earnings per share, diluted securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	399,074	0	289,477	0
Antidilutive performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	21,007	0	17,689	0
Antidilutive stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	378,067	0	271,788	0

Supplementary Data - Costs incurred for oil and natural gas producing activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Extractive Industries [Abstract]
Proved	$ 8,161	$ 4,251	$ 27,459	$ 12,206
Unproved	11,262	7,864	24,053	20,653
Development costs	75,726	59,898	233,071	164,923
Total costs incurred for oil and natural gas properties	$ 95,149	$ 72,013	$ 284,583	$ 197,782

Income Taxes - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Income Taxes - (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 5,153	$ 0	$ 20,068	$ 0
Effective tax rate	22.30%		24.00%
Enacted statutory rate			21.00%
Unrecognized tax benefits, interest or penalties			$ 0		$ 0
Inflation Reduction Act, corporate alternative minimum tax percentage			15.00%
Inflation Reduction Act, excise tax percentage			1.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Organization and nature of operations	9 Months Ended
Organization and nature of operations	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and nature of operations	Organization and nature of operations Granite Ridge Resources, Inc. (together with its consolidated subsidiaries, “Granite Ridge,” the “Company,” or the “Successor”) is a Delaware corporation, initially formed in May 2022, whose common stock is listed and traded on the New York Stock Exchange (“NYSE”). The Company was created for the purpose of the Business Combination (as defined below), and following the Business Combination, for the purpose of purchasing non-operated oil and natural gas assets in multiple basins in North America and realizing profits through participation in oil and natural gas wells. On October 24, 2022, the Business Combination closed and was accounted for as a reverse recapitalization and Grey Rock Energy Fund III (as defined below) was determined to be the accounting acquirer and Predecessor (as defined below). Unless otherwise indicated, for the periods prior to October 24, 2022, (i) the historical financial data in this Quarterly Report on Form 10-Q and (ii) the operating and other non-financial data disclosed in “Item II – Management’s Discussion and Analysis of Financial Condition and Results of Operations” (collectively the “Financial Statement Sections”) reflect the combined business and operations of the Funds (as defined below). Business Combination On October 24, 2022 (the “Closing Date”), Granite Ridge and Executive Network Partnering Corporation, a Delaware corporation (“ENPC”), consummated the Business Combination pursuant to the terms of the Business Combination Agreement, dated as of May 16, 2022 (the “Business Combination Agreement”), by and among ENPC, Granite Ridge, ENPC Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Granite Ridge (“ENPC Merger Sub”), GREP Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Granite Ridge (“GREP Merger Sub”), and Granite Ridge Holdings, LLC, a Delaware limited liability company formerly known as GREP Holdings, LLC (“GREP”). Pursuant to the Business Combination Agreement, on the Closing Date, (i) ENPC Merger Sub merged with and into ENPC (the “ENPC Merger”), with ENPC surviving the ENPC Merger as a wholly-owned subsidiary of Granite Ridge and (ii) GREP Merger Sub merged with and into GREP (the “GREP Merger,” and together with the ENPC Merger, the “Mergers”), with GREP surviving the GREP Merger as a wholly-owned subsidiary of Granite Ridge (the transactions contemplated by the foregoing clauses (i) and (ii) the “Business Combination,” and together with the other transactions contemplated by the Business Combination Agreement, the “Transactions”). Immediately prior to the closing of the Transactions, the net assets of Grey Rock Energy Fund, L.P., a Delaware limited partnership (“Fund I”), Grey Rock Energy Fund II, L.P., a Delaware limited partnership (“Fund II-A”), Grey Rock Energy Fund II-B, L.P., a Delaware limited partnership (“Fund II-B”), and Grey Rock Energy Fund II-B Holdings, L.P., a Delaware limited partnership (“Fund II-B Holdings”, and together with Fund II-A and Fund II-B, collectively, “Fund II”), and Grey Rock Energy Fund III-A, L.P., a Delaware limited partnership (“Fund III-A”), Grey Rock Energy Partners Fund III-B, L.P., a Delaware limited partnership (“Fund III-B”), and Grey Rock Energy Fund III-B Holdings, L.P., a Delaware limited partnership (“Fund III-B Holdings” and together with Fund III-A and Fund III-B, collectively, “Fund III” or “Predecessor”) were transferred (through various intermediary entities) to GREP (the “GREP Formation Transaction”). Fund I, Fund II and Fund III are collectively referred to herein as the “Funds”. At the special meeting of ENPC stockholders held in connection with the Business Combination, of the 41,400,000 shares of ENPC Class A common stock, public stockholders of 39,343,496 shares of ENPC Class A common stock exercised their rights to have those shares redeemed for cash at a redemption price of approximately $10.07 per share, or an aggregate of approximately $396.1 million. The holders of membership interests in GREP (the “Existing GREP Members”) and their direct and indirect members were issued 130.0 million shares of Granite Ridge common stock at the closing. Upon consummation of the Business Combination, each public stockholder’s ENPC common stock and ENPC warrants were automatically converted into an equivalent number of shares of Granite Ridge common stock and Granite Ridge warrants as a result of the Transactions. At the effective time of the Mergers, (i) 495,357 shares of ENPC Class F common stock were converted to 1,238,393 shares of ENPC Class A common stock (of which an aggregate of 220,348 shares were subsequently forfeited pursuant to the terms of the Sponsor Agreement, dated as of May 16, 2022, by and among ENPC, Granite Ridge, and certain other parties thereto (the “Sponsor Agreement”)) and the remaining shares of ENPC Class F common stock outstanding were automatically cancelled for no consideration (the “ENPC Class F Conversion”) (ii) all other remaining shares of ENPC Class A common stock automatically cancelled without any conversion, payment or distribution (the “Sponsor Share Cancellation”) and (iii) all shares of ENPC Class B common stock outstanding were deemed transferred to ENPC and surrendered and forfeited for no consideration (the “ENPC Class B Contribution”). In January 2023, 220,348 of the 371,518 shares subject to vesting and forfeiture provisions under the terms of the Sponsor Agreement were forfeited. Following the ENPC Class F Conversion, the Sponsor Share Cancellation, the ENPC Class B Contribution and the separation of the securities offered in ENPC’s initial public offering, which consisted of one share of Class A common stock and one-quarter of one ENPC warrant (“CAPSTM Separation”), each share of ENPC Class A common stock outstanding was automatically converted into one share of Granite Ridge common stock. Total aggregate investment by ENPC was $6.8 million, which amount represents total risk capital contributed by ENPC, including working capital loans that were forgiven. Fund III, Fund I and Fund II were identified as entities under common control, in which all entities are ultimately controlled by the same party before and after the GREP Formation Transaction and therefore resulted in a change in reporting entity. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805-50-45-5, for transactions between entities under common control, the consolidated financial statements for periods prior to the GREP Formation Transaction have been adjusted to retrospectively combine the previously separate entities for presentation purposes. Warrant Exchange On October 24, 2022, in connection with the Business Combination, the Company issued 10,349,975 common stock warrants. On June 22, 2023, the Company completed an offer to holders of its outstanding warrants which provided such holders the opportunity to receive 0.25 shares of the Company’s common stock in exchange for each warrant tendered by such holders (the “Offer”). This Offer coincided with a solicitation of consents from holders of the warrants to amend the warrant agreement to permit the Company to require that each warrant that remained outstanding upon the closing of the Offer be exchanged for 0.225 shares of the Company’s common stock (together with the Offer, the “Warrant Exchange”). On June 22, 2023, the Company issued 2,471,738 shares of common stock in exchange for 9,887,035 warrants tendered in the Offer, with a minimal cash settlement in lieu of partial shares. In July 2023, each remaining outstanding warrant was converted into 0.225 shares of the Company’s common stock, and subsequently, no warrants remained outstanding. See Note 9 for further discussion of the Warrant Exchange.

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended	10 Months Ended
	Jun. 22, 2023	Jan. 31, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2023	Jul. 31, 2023	Dec. 31, 2022	Oct. 24, 2022
Class of Stock [Line Items]
Common stock issued in warrant exchange			$ 689	$ 17,646
Dividends paid			$ 14,800	$ 44,100
Common stock, dividends, per share, cash paid (in dollars per share)			$ 0.11	$ 0.33
Treasury stock, value, acquired, cost method			$ 6,366	$ 12,345
Warrant Exchange Offer
Class of Stock [Line Items]
Shares of common stock underlying each warrant (in shares)	0.25		0.25	0.25	0.25
Warrants tendered (in shares)	2,471,738
Number of warrants tendered (shares)	9,887,035
Amended Warrant Agreement Offer
Class of Stock [Line Items]
Shares of common stock underlying each warrant (in shares)	0.225		0.225	0.225	0.225	0.225
Warrant Exchange Offer
Class of Stock [Line Items]
Costs incurred related to the Warrant Exchange transaction				$ 2,500
Common Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount							$ 50,000
Purchase of treasury stock (in shares)			868,726	1,802,311	1,828,231
Treasury stock, value, acquired, cost method			$ 6,300	$ 12,100	$ 12,300
ENPC Common Class F \| ENPC Conversion Activity, Effective Time of Merger
Class of Stock [Line Items]
Shares to-be converted during merger (in shares)								495,357
ENPC Common Class A \| ENPC Conversion Activity, Effective Time of Merger
Class of Stock [Line Items]
Shares converted during merger (in shares)								1,238,393
Converted shares subject to certain vesting provisions (in shares)								371,518
Vesting shares liability (in shares)							$ 1,300
Awards vested (in shares)		151,170

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company has adopted and follows ASC 820, Fair Value Measurements and Disclosures, for measurement and disclosures about fair value of its financial instruments. ASC 820 establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by ASC 820 are:

Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 — Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.

As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants at the measurement date.

As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.

The following table presents the carrying amounts and fair values of the Company’s financial instruments as of September 30, 2023 and December 31, 2022:


	September 30, 2023				December 31, 2022
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Derivative instruments - commodity derivatives	$	2,112	$	2,112	$	10,089	$	10,089

Liabilities:
Derivative instruments - common stock warrants	$	—	$	—	$	11,902	$	11,902
Revolving credit facilities	$	85,000	$	85,000	$	—	$	—
Derivative instruments - commodity derivatives	$	4,870	$	4,870	$	431	$	431

Revolving credit facilities — The carrying amounts of the revolving credit facilities approximate their fair values, as the applicable interest rates are variable and reflective of market rates.

Other financial assets and liabilities — The carrying amounts of the Company’s other financial assets and liabilities, such as revenue receivable and accrued expenses due to sellers, approximate their fair values because of the short maturity of these instruments.

Derivative instruments - commodity derivatives — The fair value of the Company’s derivative instruments is estimated by management considering various factors, including closing exchange and over-the-counter quotations and the time value of the underlying commitments. The fair value of the Company’s commodity derivative instruments is considered to be a Level 2 measurement. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data, or supported by observable levels at which transactions are executed in the marketplace. The Company’s valuation models are primarily industry-standard models that consider various inputs including: (i) quoted forward prices for commodities, (ii) current market and contractual prices for the underlying instruments, (iii) applicable credit-adjusted risk-free rate curves, as well as other relevant economic measures.

Derivative instruments - common stock warrants — The fair value of the Company’s common stock warrant liability was valued using the instrument’s publicly listed trading price, which is considered to be a Level 1 measurement due to the use of an observable market quote in an active market.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following tables summarize (i) the valuation of each of the Company’s financial instruments by required fair value hierarchy levels and (ii) the gross fair value by the appropriate balance sheet classification even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022. The Company nets the fair value of commodity derivative instruments by counterparty in the Company’s condensed consolidated balance sheets.


	September 30, 2023
	Fair Value Measurement Using
(in thousands)	Level 1		Level 2		Level 3		Total Fair Value		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Fair Value Presented in the Condensed Consolidated Balance Sheet
Assets (at fair value):
Commodity derivatives – current portion	$	—	$	6,288	$	—	$	6,288	$	(4,176)	$	2,112
Commodity derivatives – noncurrent portion	—		2,212		—		2,212		(2,212)		—
Liabilities (at fair value):
Commodity derivatives – current portion	—		(8,567)		—		(8,567)		4,176		(4,391)
Commodity derivatives – noncurrent portion	—		(2,691)		—		(2,691)		2,212		(479)

Net derivative instruments	$	—	$	(2,758)	$	—	$	(2,758)	$	—	$	(2,758)


	December 31, 2022
	Fair Value Measurement Using
(in thousands)	Level 1		Level 2		Level 3		Total Fair Value		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Fair Value Presented in the Condensed Consolidated Balance Sheet
Assets (at fair value):
Commodity derivatives – current portion	$	—	$	20,197	$	—	$	20,197	$	(10,108)	$	10,089

Liabilities (at fair value):
Commodity derivatives – current portion	—		(10,539)		—		(10,539)		10,108		(431)

Warrant liability - noncurrent portion	(11,902)		—		—		(11,902)		—		—
Net derivative instruments	$	(11,902)	$	9,658	$	—	$	(2,244)	$	—	$	9,658

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Supplementary Data (Tables)

9 Months Ended

Sep. 30, 2023

Extractive Industries [Abstract]

Schedule of Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure

Capitalized Costs


(in thousands)	September 30, 2023		December 31, 2022
Oil and natural gas properties:
Proved	$	1,260,110	$	996,573
Unproved	51,515		32,089
Less: accumulated depletion	(496,452)		(383,673)
Net capitalized costs for oil and natural gas properties (1)	$	815,173	$	644,989

Schedule of Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure

Costs Incurred for Oil and Natural Gas Producing Activities


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Property acquisition costs:
Proved	$	8,161	$	4,251	$	27,459	$	12,206
Unproved	11,262		7,864		24,053		20,653
Development costs	75,726		59,898		233,071		164,923
Total costs incurred for oil and natural gas properties	$	95,149	$	72,013	$	284,583	$	197,782

Fair Value Measurements - Carrying amounts and fair values of financial instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Commodity derivatives – current portion	$ 2,112	$ 10,089
Liabilities:
Derivative instruments - commodity derivatives	4,391	431
Carrying Value
Assets:
Commodity derivatives – current portion	2,112	10,089
Liabilities:
Derivative instruments - common stock warrants	0	11,902
Revolving credit facilities	85,000	0
Derivative instruments - commodity derivatives	4,870	431
Fair Value
Assets:
Commodity derivatives – current portion	2,112	10,089
Liabilities:
Derivative instruments - common stock warrants	0	11,902
Revolving credit facilities	85,000	0
Derivative instruments - commodity derivatives	$ 4,870	$ 431

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On the Closing Date of the Business Combination, Grey Rock Administration, LLC (the “Manager”) entered into a Management Services Agreement with Granite Ridge (the “MSA”). Under the MSA, the Manager will provide general management, administrative, and operating services covering the oil and gas assets and other properties of the Company and other day-to-day business and affairs of the Company. In accordance with the MSA, the Company shall pay the Manager an annual services fee of $10.0 million and shall reimburse the Manager for certain Granite Ridge group costs related to the operation of the Company’s assets (including for third party costs allocated or attributable to the assets of the Company). The initial term of the MSA expires on April 30, 2028; however, the MSA will automatically renew for additional consecutive one-year renewal terms until terminated in accordance with its terms. Upon any termination of the MSA, the Manager shall provide transition services for a period of up to 90 days. For the three and nine months ended September 30, 2023, service fees for the Company under the MSA were $2.5 million and $7.5 million, respectively. Prior to the Transactions, the Funds paid management fees to an investment advisor under common control with the Funds as compensation for providing managerial services to the Company. For the three and nine months ended September 30, 2022, total management fees for the Company were $1.5 million and $4.5 million, respectively. Service and management fee are included in general and administrative expenses within the accompanying condensed consolidated statements of operations.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Organization and nature of operations (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended
	Jun. 22, 2023	Oct. 24, 2022	Jan. 31, 2023	Sep. 30, 2023	Jul. 31, 2023	Dec. 31, 2022
Basin acquisition that met the definition of a business combination
Common stock, shares authorized (in shares)				431,000,000		431,000,000
Stock warrants issued (in shares)		10,349,975
Warrant Exchange Offer
Basin acquisition that met the definition of a business combination
Shares of common stock underlying each warrant (in shares)	0.25			0.25
Warrants tendered (in shares)	2,471,738
Number of warrants tendered (shares)	9,887,035
Amended Warrant Agreement Offer
Basin acquisition that met the definition of a business combination
Shares of common stock underlying each warrant (in shares)	0.225			0.225	0.225
ENPC Common Class A
Basin acquisition that met the definition of a business combination
Common stock shares converted (in shares)		1
ENPC Common Class F
Basin acquisition that met the definition of a business combination
Common stock to be converted (in shares)		1
Executive Network Partnering Corporation
Basin acquisition that met the definition of a business combination
Business acquisition, cash consideration transferred		$ 396.1
Warrants to be converted (in shares)		1
Total aggregate investment by ENPC		$ 6.8
Executive Network Partnering Corporation \| ENPC Common Class A
Basin acquisition that met the definition of a business combination
Common stock, shares authorized (in shares)		41,400,000
Common stock, shares outstanding (in shares)		39,343,496
Business acquisition, redemption price per share (in dollars per share)		$ 10.07
Executive Network Partnering Corporation \| ENPC Common Class A \| ENPC Conversion Activity, Effective Time of Merger
Basin acquisition that met the definition of a business combination
Shares converted during merger (in shares)		1,238,393
Shares forfeited (in shares)			220,348
Converted shares subject to certain vesting provisions (in shares)						371,518
Executive Network Partnering Corporation \| Common Class A
Basin acquisition that met the definition of a business combination
Shares issues to existing GREP members upon business combination closing (in shares)		130,000,000
Executive Network Partnering Corporation \| ENPC Common Class F \| ENPC Conversion Activity, Effective Time of Merger
Basin acquisition that met the definition of a business combination
Shares to-be converted during merger (in shares)		495,357
Shares forfeited (in shares)		220,348

Stock Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Restricted Stock Shares Activity

A summary of the Company’s activity under the Plan for the restricted stock awards, PSUs and stock options for the nine months ended September 30, 2023 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2022	—		—		—
Awards granted (1)	308,938		26,574		392,108

Awards vested	—		—		(130,702)

Outstanding at September 30, 2023	308,938		26,574		261,406

(1) Weighted average grant date fair value per share/unit	$	5.72	$	6.01	$	0.82

Schedule of Nonvested Performance-Based Units Activity

A summary of the Company’s activity under the Plan for the restricted stock awards, PSUs and stock options for the nine months ended September 30, 2023 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2022	—		—		—
Awards granted (1)	308,938		26,574		392,108

Awards vested	—		—		(130,702)

Outstanding at September 30, 2023	308,938		26,574		261,406

(1) Weighted average grant date fair value per share/unit	$	5.72	$	6.01	$	0.82

Schedule of Share-Based Payment Arrangement, Option, Activity

A summary of the Company’s activity under the Plan for the restricted stock awards, PSUs and stock options for the nine months ended September 30, 2023 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2022	—		—		—
Awards granted (1)	308,938		26,574		392,108

Awards vested	—		—		(130,702)

Outstanding at September 30, 2023	308,938		26,574		261,406

(1) Weighted average grant date fair value per share/unit	$	5.72	$	6.01	$	0.82

Label	Element	Value
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 72: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

+ Details

Summary of Significant Accounting Policies - Revenue recognition (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Accounting policies [Line items]
Allowance for credit loss	$ 200,000
Allowance for doubtful accounts		$ 0
Minimum
Accounting policies [Line items]
Accounts receivable, timing of receipts	1 month
Maximum
Accounting policies [Line items]
Accounts receivable, timing of receipts	3 months

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	431,000,000	431,000,000
Common stock, shares issued (in shares)	136,053,725	133,294,897
Treasury stock, common shares (in shares)	1,840,427	25,920

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Activity by Volume

The following table sets forth the Company’s outstanding commodity derivative contracts as of September 30, 2023.


	2023		2024		2025
	Total		Total		Total
Producer 3-way (oil)
Volume (Bbl)	208,488		—		—
Weighted-average sub-floor price ($/Bbl)	$	60.43	$	—	$	—
Weighted-average floor price ($/Bbl)	$	80.00	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	101.92	$	—	$	—
Collar (oil)
Volume (Bbl)	371,304		1,188,846		—
Weighted-average floor price ($/Bbl)	$	67.49	$	62.85	$	—
Weighted-average ceiling price ($/Bbl)	$	88.14	$	82.95	$	—
Swaps (oil)
Volume (Bbl)	—		181,000		—
Weighted-average price ($/Bbl)	$	—	$	80.00	$	—





Collar (natural gas)
Volume (Mcf)	2,086,650		3,301,000		1,406,000
Weighted-average floor price ($/Mcf)	$	4.49	$	3.26	$	3.63
Weighted-average ceiling price ($/Mcf)	$	6.34	$	4.86	$	5.42
Swaps (natural gas)
Volume (Mcf)	—		4,303,000		—
Weighted-average price ($/Mcf)	$	—	$	3.24	$	—

After September 30, 2023, the Company entered into the following derivative contracts to hedge additional amounts of estimated future production:


	2023		2024		2025
	Total		Total		Total





Collar (oil)
Volume (Bbl)	—		347,600		273,000
Weighted-average floor price ($/Bbl)	$	—	$	69.00	$	63.00
Weighted-average ceiling price ($/Bbl)	$	—	$	92.35	$	82.70





Collar (natural gas)
Volume (Mcf)	1,660,000		2,170,000		750,000
Weighted-average floor price ($/Mcf)	$	2.75	$	2.95	$	3.50
Weighted-average ceiling price ($/Mcf)	$	4.15	$	4.47	$	5.35
Swaps (natural gas)
Volume (Mcf)	—		2,600,000		450,000
Weighted-average price ($/Mcf)	$	—	$	3.19	$	3.68

Schedule of Commodity Derivatives Reported in Earnings


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Gain (loss) on commodity derivatives
Oil derivatives	$	(9,808)	$	15,842	$	(4,906)	$	(12,297)
Natural gas derivatives	1,679		(12,771)		11,321		(18,490)
Total	$	(8,129)	$	3,071	$	6,415	$	(30,787)

Schedule of Net Cash Receipts (Payments on) Commodity Derivatives

The following table represents the Company’s net cash receipts (payments on) commodity derivatives for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Net cash receipts from (payments on) commodity derivatives
Oil derivatives	$	119	$	(6,946)	$	3,912	$	(23,165)
Natural gas derivatives	4,300		(8,153)		14,918		(16,841)
Total	$	4,419	$	(15,099)	$	18,830	$	(40,006)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Summary of Significant Accounting Policies - Oil and natural gas properties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Depletion expense	$ 44.1	$ 36.5	$ 112.7	$ 83.7

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Credit Agreement Amendment

On November 7, 2023, Granite Ridge amended the Credit Agreement which, among other things, decreased the borrowing base from $325.0 million to $275.0 million and provided for aggregate elected commitments of $240.0 million, and amended the applicable margin charged on the loans and other obligations under the Credit Agreement. See Note 8 for additional information.

New commodity derivative contracts

After September 30, 2023, the Company entered into the following derivative contracts to hedge additional amounts of estimated future production:


	2023		2024		2025
	Total		Total		Total





Collar (oil)
Volume (Bbl)	—		347,600		273,000
Weighted-average floor price ($/Bbl)	$	—	$	69.00	$	63.00
Weighted-average ceiling price ($/Bbl)	$	—	$	92.35	$	82.70





Collar (natural gas)
Volume (Mcf)	1,660,000		2,170,000		750,000
Weighted-average floor price ($/Mcf)	$	2.75	$	2.95	$	3.50
Weighted-average ceiling price ($/Mcf)	$	4.15	$	4.47	$	5.35
Swaps (natural gas)
Volume (Mcf)	—		2,600,000		450,000
Weighted-average price ($/Mcf)	$	—	$	3.19	$	3.68

Fair Value Measurements - Fair value of net derivative instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets (at fair value):
Commodity derivatives – current portion	$ 2,112	$ 10,089
Liabilities (at fair value):
Derivative instruments - commodity derivatives	(4,391)	(431)
Commodity derivatives – noncurrent portion	(479)	0
Fair Value
Assets (at fair value):
Commodity derivatives – current portion	2,112	10,089
Liabilities (at fair value):
Derivative instruments - commodity derivatives	(4,870)	(431)
Derivative instruments - common stock warrants	0	(11,902)
Fair Value, Recurring
Assets (at fair value):
Commodity derivatives - current portion - Net of fair value presented in CBS	2,112	10,089
Commodity derivatives - noncurrent portion - Net of fair value presented in CBS	0
Liabilities (at fair value):
Commodity derivatives - current portion - Net fair value presented in CBS	(4,391)	(431)
US Derivative Liability, Non Current, Subject to Master Netting Arrangement, after Offset	(479)
Net derivative instruments	(2,758)	9,658
Fair Value, Recurring \| Fair Value
Assets (at fair value):
Commodity derivatives – current portion	6,288	20,197
Commodity derivatives - current portion offset in the Consolidated Balance Sheet	(4,176)	(10,108)
Commodity derivatives – noncurrent portion	2,212
Derivative Asset, Subject to Master Netting Arrangement, Non Current Liability Offset	(2,212)
Liabilities (at fair value):
Derivative instruments - commodity derivatives	(8,567)	(10,539)
Commodity derivatives - current portion - Offset in Consolidated Balance Sheet	4,176	10,108
Commodity derivatives – noncurrent portion	(2,691)
Warrant liability - noncurrent portion- Offset in the Consolidated Balance Sheet	2,212
Derivative instruments - common stock warrants		(11,902)
Net derivative instruments	(2,758)	(2,244)
Fair Value, Recurring \| Level 1 \| Fair Value
Assets (at fair value):
Commodity derivatives – current portion	0	0
Commodity derivatives – noncurrent portion	0
Liabilities (at fair value):
Derivative instruments - commodity derivatives	0	0
Commodity derivatives – noncurrent portion	0
Derivative instruments - common stock warrants		(11,902)
Net derivative instruments	0	(11,902)
Fair Value, Recurring \| Level 2 \| Fair Value
Assets (at fair value):
Commodity derivatives – current portion	6,288	20,197
Commodity derivatives – noncurrent portion	2,212
Liabilities (at fair value):
Derivative instruments - commodity derivatives	(8,567)	(10,539)
Commodity derivatives – noncurrent portion	(2,691)
Derivative instruments - common stock warrants		0
Net derivative instruments	(2,758)	9,658
Fair Value, Recurring \| Level 3 \| Fair Value
Assets (at fair value):
Commodity derivatives – current portion	0	0
Commodity derivatives – noncurrent portion	0
Liabilities (at fair value):
Derivative instruments - commodity derivatives	0	0
Commodity derivatives – noncurrent portion	0
Derivative instruments - common stock warrants		0
Net derivative instruments	$ 0	$ 0

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

The following table presents the carrying amounts and fair values of the Company’s financial instruments as of September 30, 2023 and December 31, 2022:


	September 30, 2023				December 31, 2022
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Derivative instruments - commodity derivatives	$	2,112	$	2,112	$	10,089	$	10,089

Liabilities:
Derivative instruments - common stock warrants	$	—	$	—	$	11,902	$	11,902
Revolving credit facilities	$	85,000	$	85,000	$	—	$	—
Derivative instruments - commodity derivatives	$	4,870	$	4,870	$	431	$	431

Schedule of Net Derivative Asset (Liability) Measured at Fair Value


	September 30, 2023
	Fair Value Measurement Using
(in thousands)	Level 1		Level 2		Level 3		Total Fair Value		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Fair Value Presented in the Condensed Consolidated Balance Sheet
Assets (at fair value):
Commodity derivatives – current portion	$	—	$	6,288	$	—	$	6,288	$	(4,176)	$	2,112
Commodity derivatives – noncurrent portion	—		2,212		—		2,212		(2,212)		—
Liabilities (at fair value):
Commodity derivatives – current portion	—		(8,567)		—		(8,567)		4,176		(4,391)
Commodity derivatives – noncurrent portion	—		(2,691)		—		(2,691)		2,212		(479)

Net derivative instruments	$	—	$	(2,758)	$	—	$	(2,758)	$	—	$	(2,758)


	December 31, 2022
	Fair Value Measurement Using
(in thousands)	Level 1		Level 2		Level 3		Total Fair Value		Gross Amounts Offset in the Condensed Consolidated Balance Sheet		Net Fair Value Presented in the Condensed Consolidated Balance Sheet
Assets (at fair value):
Commodity derivatives – current portion	$	—	$	20,197	$	—	$	20,197	$	(10,108)	$	10,089

Liabilities (at fair value):
Commodity derivatives – current portion	—		(10,539)		—		(10,539)		10,108		(431)

Warrant liability - noncurrent portion	(11,902)		—		—		(11,902)		—		—
Net derivative instruments	$	(11,902)	$	9,658	$	—	$	(2,244)	$	—	$	9,658

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In 2022, the Company became the sole owner of GREP. GREP is a disregarded entity for U.S. federal income tax purposes. Prior to the Business Combination, GREP and the associated activities held by the Funds were treated as partnerships for U.S. federal income tax purposes and were not subject to U.S. federal income tax. Any taxable income or loss generated prior to the Business Combination was passed through to and included in the taxable income or loss of its members. As a result of the Business Combination, the Funds’ net assets were transferred to the Company resulting in carryover tax basis of those assets. The Company is a C corporation and subject to U.S. federal income tax and state and local income taxes. The Company records income taxes through the use of an estimated annual effective tax rate and specific events that are discretely recognized as they occur. For the three and nine months ended September 30, 2023, the Company recorded an income tax expense of $5.2 million and $20.1 million, respectively. At the end of each interim period, the Company applies an estimated annualized effective tax rate to the current period income or loss before income taxes, which can produce interim effective tax rate fluctuations. The Company’s effective income tax rate was 22.3% and 24.0% for the three and nine months ended September 30, 2023, respectively. The effective tax rate differs from the enacted statutory rate of 21% primarily due to the impact of certain discrete items and state income taxes. The Company has evaluated all tax positions for which the statute of limitations remains open and believes that the material positions taken would more likely than not be sustained upon examination. Therefore, as of September 30, 2023 and December 31, 2022, the Company had no unrecognized tax benefits and did not recognize any interest or penalties during those respective periods related to unrecognized tax benefits. On August 16, 2022, the Inflation Reduction Act (the “IRA”) was enacted into law and includes significant changes related to tax, climate change, energy and health care. The provisions within IRA, among other things, include (i) a new 15% corporate alternative minimum tax on certain large corporations, (ii) a new nondeductible 1% excise tax on the value of certain stock that a company repurchases, and (iii) various tax incentives for energy and climate initiatives. Each of these provisions are effective for tax years beginning after December 31, 2022. The Department of Treasury is expected to publish regulations relevant to many aspects of the IRA. The Company is currently awaiting such guidance and continues to evaluate the effect of the new law to its future cash flows and financial results. The Company currently expects no impact of the corporate alternative minimum tax on income tax expense for the 2023 tax year.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The Company uses the two-class method of calculating earnings per share because certain of the Company’s unvested stock-based awards qualify as participating securities.

The Company’s basic earnings (loss) per share attributable to common stockholders is computed as (i) net income (loss) as reported, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The Company’s diluted earnings (loss) per share attributable to common stockholders is computed as (i) basic earnings (loss) attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted common shares outstanding.

The following table presents the basic and diluted earnings per share computations for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share data)	2023		2022		2023		2022
Net income	$	17,957	$	79,991	$	63,560	$	205,719
Participating basic earnings (a)	(41)		—		(109)		—
Basic earnings attributable to common stockholders	17,916		79,991		63,451		205,719
Reallocation of participating earnings	—		—		—		—
Diluted earnings attributable to common stockholders	$	17,916	$	79,991	$	63,451	$	205,719

Weighted average common shares outstanding:
Weighted average common shares outstanding – basic	134,396		132,923		133,426		132,923
Dilutive performance stock units	11		—		8		—
Dilutive stock options	14		—		6		—
Weighted average common shares outstanding – diluted	134,421		132,923		133,440		132,923

Net income per common share:
Basic	$	0.13	$	0.60	$	0.48	$	1.55
Diluted	$	0.13	$	0.60	$	0.48	$	1.55
(a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so.

Prior to the Warrant Exchange, the warrants were out-of-the-money and were not included in the computation of the diluted earnings per share. As a result of the Warrant Exchange, no warrants remained outstanding at September 30, 2023. The following table is a summary of the PSUs and stock options, which were not included in the computation of diluted earnings per share, as inclusion of these items would be antidilutive.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Number of antidilutive common shares:

Antidilutive performance stock units	21,007	—	17,689	—
Antidilutive stock options	378,067	—	271,788	—
Total antidilutive common shares	399,074	—	289,477	—

Acquisitions and Divestitures (Details) $ in Thousands	1 Months Ended	9 Months Ended		12 Months Ended	21 Months Ended
Acquisitions and Divestitures (Details) $ in Thousands	Sep. 30, 2023 USD ($) a	Sep. 30, 2023 USD ($) a	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) a
Oil and natural gas properties
Payments to acquire oil and gas property and equipment		$ 49,427	$ 32,858
Oil and natural gas properties sold		$ 60	747
Permian, Eagle Ford and DJ Basins \| 2023 Acquisitions
Oil and natural gas properties
Net acres \| a	281	281			281
Payments to acquire oil and gas property and equipment	$ 8,500
Asset retirement obligations incurred and acquired	$ 200
Eagle Ford \| Mineral interest assets, partial unit \| 2022 Divestitures
Oil and natural gas properties
Oil and natural gas properties sold			700
2023 Acquisitions \| Permian \| Unproved oil and natural gas properties
Oil and natural gas properties
Asset acquisition, consideration transferred		$ 22,800
2023 Acquisitions \| DJ \| Proved oil and natural gas properties
Oil and natural gas properties
Payments to acquire oil and gas property and equipment				$ 1,900	$ 17,400
Asset retirement obligations incurred and acquired		900
2023 Acquisitions \| Eagle Ford \| Proved oil and natural gas properties
Oil and natural gas properties
Asset acquisition, consideration transferred		500
2023 Acquisitions \| Haynesville \| Proved and unproved oil and natural gas properties
Oil and natural gas properties
Asset acquisition, consideration transferred		$ 2,100
2022 Acquisitions \| Permian \| Unproved oil and natural gas properties
Oil and natural gas properties
Asset acquisition, consideration transferred			17,700
2022 Acquisitions \| Permian \| Proved oil and natural gas properties
Oil and natural gas properties
Asset acquisition, consideration transferred			7,600
2022 Acquisitions \| DJ \| Unproved oil and natural gas properties
Oil and natural gas properties
Asset acquisition, consideration transferred			2,900
2022 Acquisitions \| Haynesville \| Proved oil and natural gas properties
Oil and natural gas properties
Asset acquisition, consideration transferred			3,000
2022 Acquisitions \| Bakken Basin \| Proved oil and natural gas properties
Oil and natural gas properties
Asset acquisition, consideration transferred			$ 1,600

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

A complete discussion of the Company’s significant accounting policies is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Principles of Consolidation

As it pertains to the periods prior to completion of the Business Combination, the financial statements have been presented on a combined historical basis due to the Funds’ prior common ownership and control. Prior to the Business Combination, the financial statements include the accounts of the Funds, all of which were commonly owned and controlled. All inter-entity balances and transactions have been eliminated in combination.

As it pertains to the period subsequent to completion of the Business Combination, the accompanying condensed consolidated financial statements also include the accounts of the Company, and all other wholly owned subsidiaries created in connection with the Business Combination. References to the “Company” prior to October 24, 2022 refer to the combined business of the Funds and references after October 24, 2022 refer to the consolidated business of Granite Ridge Resources, Inc.

Basis of Presentation

As a result of the Business Combination, periods prior to October 24, 2022 reflect the Funds as limited partnerships, not as corporations. The primary financial impacts of the Transactions to the condensed consolidated financial statements were (i) reclassification of partnership capital accounts to equity accounts reflective of a corporation and (ii) income tax effects. Since the Funds were identified as entities under common control, the condensed consolidated financial statements for

periods prior to the GREP Formation Transaction have been adjusted to retrospectively combine the previously separate entities for presentation purposes. All intercompany transactions within the consolidated businesses of the Company have been eliminated.

The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company operates in one operating segment, which is oil and natural gas development, exploration and production. All of our operations are conducted in the geographic area of the United States.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates of reserves are used to determine depletion and to conduct impairment analysis. The Company’s estimates of oil and natural gas reserves are, by necessity, projections based on geologic and engineering data, and there are uncertainties inherent in the interpretation of such data as well as the projection of future rates of production and the timing of development expenditures. Any significant variance in the assumptions could materially affect the estimated quantity of the reserves, which could affect the carrying value of the Company’s oil and natural gas properties and/or the rate of depletion related to the oil and natural gas properties.

Additional significant estimates include, but are not limited to, fair value of derivative financial instrument, fair value of business combinations, asset retirement obligations, revenue receivable and income taxes. Actual results could differ from those estimates.

Reclassifications

Certain reclassifications have been made to prior period amounts to conform to the current period presentation.

Interim financial statements

The accompanying condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the condensed consolidated balance sheet at December 31, 2022 is derived from audited combined consolidated financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments necessary to present fairly the Company’s condensed consolidated financial statements. All such adjustments are of a normal, recurring nature. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.

Certain disclosures have been condensed in or omitted from these condensed consolidated financial statements. Accordingly, these notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Revenue Receivable

Revenue receivable is comprised of accrued oil and natural gas sales. The operators remit payment for production directly to the Company. In the event of complete non-performance by the Company’s customers, the maximum exposure to the Company is the outstanding revenue receivable balance at the date of non-performance. The Company monitors this exposure primarily by reviewing credit ratings, financial statements and payment history. Revenue receivables are generally unsecured and typically received from the operator one to three months after production. The Company had an allowance for expected credit losses of $0.2 million at September 30, 2023, which was based on a historical loss rate. The Company’s allowance for doubtful accounts at December 31, 2022 was immaterial.

The Company considers forecasts of future economic conditions in the estimate of its expected credit losses, in particular whether there is an increase in the probability that the Company’s counterparties are unable to pay their obligations when due, and adjusts its allowance for expected credit losses, when necessary.

Advance to Operators

The Company participates in the drilling of oil and natural gas wells with other working interest partners. Due to the capital-intensive nature of oil and natural gas drilling activities, our partner operators may request advance payments from working interest partners for their share of the costs. The Company expects such advances to be applied by these operators against joint interest billings for its share of drilling operations within 90 days from when the advance is paid. Changes in advances to operators are presented as an investing outflow within capital expenditures for oil and natural gas properties on the statement of cash flows.

Oil and Natural Gas Properties

The Company uses the successful efforts method of accounting for oil and gas producing activities, as further defined under ASC 932, Extractive Activities - Oil and Gas (“ASC 932”). Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory leases that find proved reserves, and to drill and equip development leases and related asset retirement costs are capitalized. Costs to drill exploratory wells are capitalized pending determinations of whether the wells have proved reserves. If the Company determines that the wells do not have proved reserves, the costs are charged to expense.

Capitalized leasehold costs relating to proved properties are depleted using the unit-of-production method based on proved reserves. The depletion of capitalized drilling and development costs and integrated assets is based on the unit-of-production method using proved developed reserves. The Company recognized depletion expense of $44.1 million and $36.5 million for the three months ended September 30, 2023 and 2022, respectively, and $112.7 million and $83.7 million for the nine months ended September 30, 2023 and 2022, respectively.

Derivative Instruments- Commodity Derivatives

The Company recognizes its derivative instruments as either assets or liabilities measured at fair value. The Company nets the fair value of the derivative instruments by counterparty in the accompanying condensed consolidated balance sheets when the right of offset exists. The Company does not have any derivatives designated as fair value or cash flow hedges.

Derivative Instruments- Common Stock Warrants

Prior to the Warrant Exchange, the Company accounted for warrants as liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The warrants were required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants were recognized as a non-operating gain or loss on the condensed consolidated statements of operations. For the period during which the Company’s common stock was publicly traded, the fair value of the warrants was based on quoted prices in an active market. Refer to Note 4 for further discussion on fair value considerations.

On June 22, 2023, the Company issued 2,471,738 shares of common stock in exchange for 9,887,035 warrants tendered in the Offer. In July 2023, each remaining outstanding warrant was converted into 0.225 shares of the Company’s common stock, and subsequently, no warrants remained outstanding. See Note 9 for further discussion of the Warrant Exchange.

Revenue Recognition

The Company’s revenues are primarily derived from its interests in the sale of oil and natural gas production. The Company recognizes revenue from its interests in the sales of oil and natural gas in the period that its performance obligations are satisfied.

Performance obligations are satisfied when the customer obtains control of the product, when the Company has no further obligations to perform related to the sale, when the transaction price has been determined, and when collectability is probable.

The Company receives payment from the sale of oil and natural gas production from one to three months after delivery. The transaction price is variable as it is based on market prices for oil and natural gas, less revenue deductions such as gathering, transportation, and compression costs. Management has determined that the variable revenue constraint is overcome at the date control passes to the customer since the variable consideration to be received can be reasonably estimated based on daily market prices and historical transportation charges. Revenue is presented net of these costs within the condensed consolidated statements of operations. At the end of each month when the performance obligation is satisfied, the variable consideration can be reasonably estimated, and amounts due from customers are accrued in revenue receivable in the balance sheets. Variances between the Company’s estimated revenue and actual payments are recorded in the month the payment is received; however, differences have been and are insignificant.

The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical expedient in accordance with ASC 606. The expedient, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required.

Non-operated Crude Oil and Natural Gas Revenues

The Company’s proportionate share of production from non-operated properties is generally marketed at the discretion of the operators. For non-operated properties, the Company receives a net payment from the operator representing its proportionate share of sales proceeds which is net of transportation and production tax costs incurred by the operator, if any. Such non-operated revenues are recognized at the net amount of proceeds to be received by the Company during the month in which production occurs and it is probable the Company will collect the consideration it is entitled to receive. Proceeds are generally received by the Company within one to three months after the month in which production occurs.

Take-in Kind Oil and Natural Gas Revenues

Under certain arrangements, the Company has the right to take a volume of processed residue gas and/or natural gas liquids (“NGLs”) in-kind at the tailgate of the midstream customer’s processing plant in lieu of receiving a net payment from the operator representing its proportionate share of its natural gas production. The Company currently takes certain processed gas volumes in kind in lieu of monetary settlement but does not currently take NGL volumes in kind. When the Company elects to take volumes in kind, it pays third parties to transport the processed products it took in-kind to downstream delivery points, where it then sells to customers at prices applicable to those downstream markets. In such situations, revenues are recognized during the month in which control transfers to the customer at the delivery point and it is probable the Company will collect the consideration it is entitled to receive. Sales proceeds are generally received by the Company within one month after the month in which a sale has occurred. In these scenarios, gathering and processing costs and transportation expenses the Company incurs to transport the processed products to downstream customers are recorded in Lease Operating Expenses on the condensed consolidated statements of operations.

The Company’s disaggregated revenue has two primary sources: oil sales and natural gas sales. Substantially all of the Company’s oil and natural gas sales come from five geographic areas in the United States: the Eagle Ford Basin (Texas), the Permian Basin (Texas), the Haynesville Basin (Texas/Louisiana), the Denver-Julesburg “DJ” Basin (Colorado), and the

Bakken Basin (Montana/North Dakota). The following tables present the disaggregation of the Company’s oil revenues and natural gas revenues by basin for the three and nine months ended September 30, 2023 and 2022.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Oil	$	88,210	$	79,051	$	230,755	$	251,088
Natural gas	20,194		57,915		56,516		129,994
Total	$	108,404	$	136,966	$	287,271	$	381,082

Permian	$	66,586	$	69,386	$	168,920	$	196,552
Eagle Ford	12,279		15,732		34,000		49,120
Bakken	14,005		18,007		39,124		52,817
Haynesville	5,968		25,570		20,001		52,223
DJ	9,566		8,271		25,226		30,370

Total	$	108,404	$	136,966	$	287,271	$	381,082

Stock-Based Compensation

Stock-based compensation expense is recognized in the Company’s financial statements on an accelerated basis over the awards’ vesting periods based on their grant date fair values. Restricted stock awards are valued at the closing price of our common stock on the date of grant. The Company utilizes the Monte Carlo simulation method to determine the fair value of certain performance stock units (“PSUs”) and a Binomial Lattice model for stock options. The Company recognizes forfeitures on stock-based compensation awards as they occur.

Recently Issued and Applicable Accounting Pronouncements

The FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which replaces the current “incurred loss” methodology for recognizing credit losses with an “expected loss” methodology. This new methodology requires that a financial asset measured at amortized cost be presented at the net amount expected to be collected. This standard is intended to provide more timely decision-useful information about the expected credit losses on financial instruments. The adoption of this guidance on January 1, 2023 did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. Revenue receivables is the primary financial asset that is within the scope of the new guidance. A loss-rate method is applied to the receivables to estimate credit losses. The Company recognized a tax effected $0.1 million non-cash cumulative effect adjustment to retained earnings on its opening consolidated balance sheet at January 1, 2023 to record an allowance for expected credit losses associated with the Company’s revenue receivables.

Summary of Significant Accounting Policies - Recently issued and applicable accounting pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Jan. 01, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings	$ 650,180	$ 652,325		$ 622,404	$ 680,649	$ 600,658	$ 474,930
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings	$ 51,758	$ 48,610		32,388
Adoption of ASU No. 2016-13 (Note 2)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings				(118)
Adoption of ASU No. 2016-13 (Note 2) \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings			$ 100	$ (118)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Subsequent Events - Derivative activity by volume (Details) - Subsequent Event	Nov. 09, 2023 $ / bbl $ / Mcf bbl Mcf
Collar (oil) \| 2023
Derivative instruments
Derivative volume activity \| bbl	0
Collar (oil) \| 2024
Derivative instruments
Derivative volume activity \| bbl	347,600
Collar (oil) \| 2025
Derivative instruments
Derivative volume activity \| bbl	273,000
Collar (oil) \| Weighted-average floor price \| 2023
Derivative instruments
Derivative contract prices \| $ / bbl	0
Collar (oil) \| Weighted-average floor price \| 2024
Derivative instruments
Derivative contract prices \| $ / bbl	69.00
Collar (oil) \| Weighted-average floor price \| 2025
Derivative instruments
Derivative contract prices \| $ / bbl	63.00
Collar (oil) \| Weighted-average ceiling price \| 2023
Derivative instruments
Derivative contract prices \| $ / bbl	0
Collar (oil) \| Weighted-average ceiling price \| 2024
Derivative instruments
Derivative contract prices \| $ / bbl	92.35
Collar (oil) \| Weighted-average ceiling price \| 2025
Derivative instruments
Derivative contract prices \| $ / bbl	82.70
Collar (natural gas) \| 2023
Derivative instruments
Derivative volume activity \| Mcf	1,660,000
Collar (natural gas) \| 2024
Derivative instruments
Derivative volume activity \| Mcf	2,170,000
Collar (natural gas) \| 2025
Derivative instruments
Derivative volume activity \| Mcf	750,000
Collar (natural gas) \| Weighted-average floor price \| 2023
Derivative instruments
Derivative contract prices	2.75
Collar (natural gas) \| Weighted-average floor price \| 2024
Derivative instruments
Derivative contract prices	2.95
Collar (natural gas) \| Weighted-average floor price \| 2025
Derivative instruments
Derivative contract prices	3.50
Collar (natural gas) \| Weighted-average ceiling price \| 2023
Derivative instruments
Derivative contract prices	4.15
Collar (natural gas) \| Weighted-average ceiling price \| 2024
Derivative instruments
Derivative contract prices	4.47
Collar (natural gas) \| Weighted-average ceiling price \| 2025
Derivative instruments
Derivative contract prices	5.35
Swaps (natural gas) \| 2023
Derivative instruments
Derivative volume activity \| Mcf	0
Swaps (natural gas) \| 2024
Derivative instruments
Derivative volume activity \| Mcf	2,600,000
Swaps (natural gas) \| 2025
Derivative instruments
Derivative volume activity \| Mcf	450,000
Swaps (natural gas) \| Weighted-average price \| 2023
Derivative instruments
Derivative contract prices	0
Swaps (natural gas) \| Weighted-average price \| 2024
Derivative instruments
Derivative contract prices	3.19
Swaps (natural gas) \| Weighted-average price \| 2025
Derivative instruments
Derivative contract prices	3.68

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2023	Nov. 06, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-41537
Entity Registrant Name	GRANITE RIDGE RESOURCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-2227812
Entity Address, Address Line One	5217 McKinney Ave
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75205
City Area Code	214
Local Phone Number	396-2850
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	GRNT
Security Exchange Name	NYSE
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		133,002,984
Entity Central Index Key	0001928446
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Schedule of Derivative Activity by Volume

The following table sets forth the Company’s outstanding commodity derivative contracts as of September 30, 2023.


	2023		2024		2025
	Total		Total		Total
Producer 3-way (oil)
Volume (Bbl)	208,488		—		—
Weighted-average sub-floor price ($/Bbl)	$	60.43	$	—	$	—
Weighted-average floor price ($/Bbl)	$	80.00	$	—	$	—
Weighted-average ceiling price ($/Bbl)	$	101.92	$	—	$	—
Collar (oil)
Volume (Bbl)	371,304		1,188,846		—
Weighted-average floor price ($/Bbl)	$	67.49	$	62.85	$	—
Weighted-average ceiling price ($/Bbl)	$	88.14	$	82.95	$	—
Swaps (oil)
Volume (Bbl)	—		181,000		—
Weighted-average price ($/Bbl)	$	—	$	80.00	$	—





Collar (natural gas)
Volume (Mcf)	2,086,650		3,301,000		1,406,000
Weighted-average floor price ($/Mcf)	$	4.49	$	3.26	$	3.63
Weighted-average ceiling price ($/Mcf)	$	6.34	$	4.86	$	5.42
Swaps (natural gas)
Volume (Mcf)	—		4,303,000		—
Weighted-average price ($/Mcf)	$	—	$	3.24	$	—

After September 30, 2023, the Company entered into the following derivative contracts to hedge additional amounts of estimated future production:


	2023		2024		2025
	Total		Total		Total





Collar (oil)
Volume (Bbl)	—		347,600		273,000
Weighted-average floor price ($/Bbl)	$	—	$	69.00	$	63.00
Weighted-average ceiling price ($/Bbl)	$	—	$	92.35	$	82.70





Collar (natural gas)
Volume (Mcf)	1,660,000		2,170,000		750,000
Weighted-average floor price ($/Mcf)	$	2.75	$	2.95	$	3.50
Weighted-average ceiling price ($/Mcf)	$	4.15	$	4.47	$	5.35
Swaps (natural gas)
Volume (Mcf)	—		2,600,000		450,000
Weighted-average price ($/Mcf)	$	—	$	3.19	$	3.68

- Definition

+ References + Details

Risk Concentrations	9 Months Ended
Risk Concentrations	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Risk Concentrations	Risk ConcentrationsAs a non-operator, 100% of the Company’s wells are operated by third-party operating partners. As a result, the Company is highly dependent on the success of these third-party operators. If they are not successful in the development, exploitation, production and exploration activities relating to the Company’s leasehold interests, or are unable or unwilling to perform, the Company’s financial condition and results of operation could be adversely affected. These risks are heightened in a low commodity price environment, which may present significant challenges to these third-party operators. The Company’s third-party operators will make decisions in connection with their operations that may not be in the Company’s best interests, and the Company may have little or no ability to exercise influence over the operational decisions of its third-party operators. In the normal course of business, the Company maintains its cash balances in financial institutions, which at times may exceed federally insured limits. The Company is subject to credit risk to the extent any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. Management monitors the financial condition of such financial institutions and does not anticipate any losses from these counterparties. Derivative Counterparties - The Company uses credit and other financial criteria to evaluate the creditworthiness of counterparties to its derivative instruments. The Company believes that all of its derivative counterparties are currently acceptable credit risks. All of the Company’s outstanding derivative instruments are covered by either International Swap Dealers Association Master Agreements (“ISDAs”) entered into with parties that are also lenders under the Company’s Credit Agreement or parties under the intercreditor agreement related to the Credit Agreement. The Company’s obligation under the derivative instruments are secured pursuant to the Credit Agreement, and no additional collateral had been posted by the Company.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation As it pertains to the periods prior to completion of the Business Combination, the financial statements have been presented on a combined historical basis due to the Funds’ prior common ownership and control. Prior to the Business Combination, the financial statements include the accounts of the Funds, all of which were commonly owned and controlled. All inter-entity balances and transactions have been eliminated in combination. As it pertains to the period subsequent to completion of the Business Combination, the accompanying condensed consolidated financial statements also include the accounts of the Company, and all other wholly owned subsidiaries created in connection with the Business Combination. References to the “Company” prior to October 24, 2022 refer to the combined business of the Funds and references after October 24, 2022 refer to the consolidated business of Granite Ridge Resources, Inc.
Basis of Presentation	Basis of Presentation As a result of the Business Combination, periods prior to October 24, 2022 reflect the Funds as limited partnerships, not as corporations. The primary financial impacts of the Transactions to the condensed consolidated financial statements were (i) reclassification of partnership capital accounts to equity accounts reflective of a corporation and (ii) income tax effects. Since the Funds were identified as entities under common control, the condensed consolidated financial statements for periods prior to the GREP Formation Transaction have been adjusted to retrospectively combine the previously separate entities for presentation purposes. All intercompany transactions within the consolidated businesses of the Company have been eliminated. The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company operates in one operating segment, which is oil and natural gas development, exploration and production. All of our operations are conducted in the geographic area of the United States.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates of reserves are used to determine depletion and to conduct impairment analysis. The Company’s estimates of oil and natural gas reserves are, by necessity, projections based on geologic and engineering data, and there are uncertainties inherent in the interpretation of such data as well as the projection of future rates of production and the timing of development expenditures. Any significant variance in the assumptions could materially affect the estimated quantity of the reserves, which could affect the carrying value of the Company’s oil and natural gas properties and/or the rate of depletion related to the oil and natural gas properties. Additional significant estimates include, but are not limited to, fair value of derivative financial instrument, fair value of business combinations, asset retirement obligations, revenue receivable and income taxes. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period presentation.
Interim financial statements	Interim financial statements The accompanying condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the condensed consolidated balance sheet at December 31, 2022 is derived from audited combined consolidated financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments necessary to present fairly the Company’s condensed consolidated financial statements. All such adjustments are of a normal, recurring nature. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Certain disclosures have been condensed in or omitted from these condensed consolidated financial statements. Accordingly, these notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Revenue Receivable	Revenue ReceivableRevenue receivable is comprised of accrued oil and natural gas sales. The operators remit payment for production directly to the Company. In the event of complete non-performance by the Company’s customers, the maximum exposure to the Company is the outstanding revenue receivable balance at the date of non-performance. The Company monitors this exposure primarily by reviewing credit ratings, financial statements and payment history.The Company considers forecasts of future economic conditions in the estimate of its expected credit losses, in particular whether there is an increase in the probability that the Company’s counterparties are unable to pay their obligations when due, and adjusts its allowance for expected credit losses, when necessary.
Advance to Operators	Advance to Operators The Company participates in the drilling of oil and natural gas wells with other working interest partners. Due to the capital-intensive nature of oil and natural gas drilling activities, our partner operators may request advance payments from working interest partners for their share of the costs. The Company expects such advances to be applied by these operators against joint interest billings for its share of drilling operations within 90 days from when the advance is paid. Changes in advances to operators are presented as an investing outflow within capital expenditures for oil and natural gas properties on the statement of cash flows.
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company uses the successful efforts method of accounting for oil and gas producing activities, as further defined under ASC 932, Extractive Activities - Oil and Gas (“ASC 932”). Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory leases that find proved reserves, and to drill and equip development leases and related asset retirement costs are capitalized. Costs to drill exploratory wells are capitalized pending determinations of whether the wells have proved reserves. If the Company determines that the wells do not have proved reserves, the costs are charged to expense. Capitalized leasehold costs relating to proved properties are depleted using the unit-of-production method based on proved reserves. The depletion of capitalized drilling and development costs and integrated assets is based on the unit-of-production method using proved developed reserves.
Derivative Instruments - Commodity Derivatives	Derivative Instruments- Commodity Derivatives The Company recognizes its derivative instruments as either assets or liabilities measured at fair value. The Company nets the fair value of the derivative instruments by counterparty in the accompanying condensed consolidated balance sheets when the right of offset exists. The Company does not have any derivatives designated as fair value or cash flow hedges.
Derivative Instruments - Common Stock Warrants	Derivative Instruments- Common Stock Warrants Prior to the Warrant Exchange, the Company accounted for warrants as liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The warrants were required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants were recognized as a non-operating gain or loss on the condensed consolidated statements of operations. For the period during which the Company’s common stock was publicly traded, the fair value of the warrants was based on quoted prices in an active market. Refer to Note 4 for further discussion on fair value considerations. On June 22, 2023, the Company issued 2,471,738 shares of common stock in exchange for 9,887,035 warrants tendered in the Offer. In July 2023, each remaining outstanding warrant was converted into 0.225 shares of the Company’s common stock, and subsequently, no warrants remained outstanding. See Note 9 for further discussion of the Warrant Exchange.
Revenue Recognition	Revenue Recognition The Company’s revenues are primarily derived from its interests in the sale of oil and natural gas production. The Company recognizes revenue from its interests in the sales of oil and natural gas in the period that its performance obligations are satisfied. Performance obligations are satisfied when the customer obtains control of the product, when the Company has no further obligations to perform related to the sale, when the transaction price has been determined, and when collectability is probable. The Company receives payment from the sale of oil and natural gas production from one to three months after delivery. The transaction price is variable as it is based on market prices for oil and natural gas, less revenue deductions such as gathering, transportation, and compression costs. Management has determined that the variable revenue constraint is overcome at the date control passes to the customer since the variable consideration to be received can be reasonably estimated based on daily market prices and historical transportation charges. Revenue is presented net of these costs within the condensed consolidated statements of operations. At the end of each month when the performance obligation is satisfied, the variable consideration can be reasonably estimated, and amounts due from customers are accrued in revenue receivable in the balance sheets. Variances between the Company’s estimated revenue and actual payments are recorded in the month the payment is received; however, differences have been and are insignificant. The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical expedient in accordance with ASC 606. The expedient, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required.
Non-operated Crude Oil and Natural Gas Reserves	Non-operated Crude Oil and Natural Gas Revenues The Company’s proportionate share of production from non-operated properties is generally marketed at the discretion of the operators. For non-operated properties, the Company receives a net payment from the operator representing its proportionate share of sales proceeds which is net of transportation and production tax costs incurred by the operator, if any. Such non-operated revenues are recognized at the net amount of proceeds to be received by the Company during the month in which production occurs and it is probable the Company will collect the consideration it is entitled to receive. Proceeds are generally received by the Company within one to three months after the month in which production occurs.
Take-in Kind Oil and Natural Gas Reserves	Take-in Kind Oil and Natural Gas Revenues Under certain arrangements, the Company has the right to take a volume of processed residue gas and/or natural gas liquids (“NGLs”) in-kind at the tailgate of the midstream customer’s processing plant in lieu of receiving a net payment from the operator representing its proportionate share of its natural gas production. The Company currently takes certain processed gas volumes in kind in lieu of monetary settlement but does not currently take NGL volumes in kind. When the Company elects to take volumes in kind, it pays third parties to transport the processed products it took in-kind to downstream delivery points, where it then sells to customers at prices applicable to those downstream markets. In such situations, revenues are recognized during the month in which control transfers to the customer at the delivery point and it is probable the Company will collect the consideration it is entitled to receive. Sales proceeds are generally received by the Company within one month after the month in which a sale has occurred. In these scenarios, gathering and processing costs and transportation expenses the Company incurs to transport the processed products to downstream customers are recorded in Lease Operating Expenses on the condensed consolidated statements of operations.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense is recognized in the Company’s financial statements on an accelerated basis over the awards’ vesting periods based on their grant date fair values. Restricted stock awards are valued at the closing price of our common stock on the date of grant. The Company utilizes the Monte Carlo simulation method to determine the fair value of certain performance stock units (“PSUs”) and a Binomial Lattice model for stock options. The Company recognizes forfeitures on stock-based compensation awards as they occur.
Recently Issued and Applicable Accounting Pronouncements	Recently Issued and Applicable Accounting Pronouncements The FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which replaces the current “incurred loss” methodology for recognizing credit losses with an “expected loss” methodology. This new methodology requires that a financial asset measured at amortized cost be presented at the net amount expected to be collected. This standard is intended to provide more timely decision-useful information about the expected credit losses on financial instruments. The adoption of this guidance on January 1, 2023 did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. Revenue receivables is the primary financial asset that is within the scope of the new guidance. A loss-rate method is applied to the receivables to estimate credit losses. The Company recognized a tax effected $0.1 million non-cash cumulative effect adjustment to retained earnings on its opening consolidated balance sheet at January 1, 2023 to record an allowance for expected credit losses associated with the Company’s revenue receivables.

Derivative Financial Instruments - Common stock warrants (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 22, 2023	Oct. 24, 2022	Jul. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Derivative instruments
Stock warrants issued (in shares)		10,349,975
Loss on derivatives - common stock warrants					$ (8)	$ 0	$ (5,742)	$ 0
Warrant Exchange Offer
Derivative instruments
Shares of common stock underlying each warrant (in shares)	0.25				0.25		0.25
Common stock issued in warrant exchange (in shares)	2,471,738
Number of warrants tendered (shares)	9,887,035
Amended Warrant Agreement Offer
Derivative instruments
Shares of common stock underlying each warrant (in shares)	0.225		0.225		0.225		0.225
Fair value settlements			$ 700	$ 17,000
Warrant Exchange Offer
Derivative instruments
Derivative liabilities - common stock warrants									$ 11,900
Loss on derivatives - common stock warrants					$ (8)		$ (5,700)
Warrant
Derivative instruments
Shares of common stock underlying each warrant (in shares)		1
Exercise price of warrants (in dollars per share)		$ 11.50
Period after business combination close in which warrants become exercisable		30 days
Common stock issued for exercise of warrants (in shares)							461

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related party transactions
Other liabilities	$ 3,454		$ 3,454		$ 1,523
Related Party \| Grey Rock Administration, LLC (the Manager)
Related party transactions
Other liabilities	10,000		$ 10,000
Oil and gas management agreement, renewal term			1 year
Oil and gas management agreement, transition services term			90 days
Management fees paid	$ 2,500		$ 7,500
Related Party \| Investment Advisor Under Funds Control
Related party transactions
Management fees paid		$ 1,500		$ 4,500

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Oil and natural gas sales	$ 108,404	$ 136,966	$ 287,271	$ 381,082
Operating costs and expenses:
Lease operating expenses	16,935	12,330	45,113	30,258
Production and ad valorem taxes	7,790	7,871	19,810	20,771
Depletion and accretion expense	44,267	36,567	113,088	84,096
Abandonments expense	1,560	0	1,560	0
General and administrative expense	5,249	2,708	21,839	7,747
Total operating costs and expenses	75,801	59,476	201,410	142,872
Net operating income	32,603	77,490	85,861	238,210
Other income (expense):
Gain (loss) on derivatives - commodity derivatives	(8,129)	3,071	6,415	(30,787)
Interest expense	(1,356)	(570)	(2,906)	(1,704)
Loss on derivatives - common stock warrants	(8)	0	(5,742)	0
Total other income (expense)	(9,493)	2,501	(2,233)	(32,491)
Income before income taxes	23,110	79,991	83,628	205,719
Income tax expense	5,153	0	20,068	0
Net income	$ 17,957	$ 79,991	$ 63,560	$ 205,719
Net income per share:
Basic (in dollars per share)	$ 0.13	$ 0.60	$ 0.48	$ 1.55
Diluted (in dollars per share)	$ 0.13	$ 0.60	$ 0.48	$ 1.55
Weighted-average number of shares outstanding:
Weighted average common shares outstanding – basic (in shares)	134,396	132,923	133,426	132,923
Weighted average common shares outstanding – diluted (in shares)	134,421	132,923	133,440	132,923

Derivative Financial Instruments - Volume of derivative settlement activity (Details)	9 Months Ended
	Sep. 30, 2023 $ / bbl $ / Mcf bbl Mcf
Producer 3-Way Oil Contract, 2023 Total Settlement
Derivative instruments
Volume (Bbl) \| bbl	208,488
Producer 3-Way Oil Contract, 2023 Total Settlement \| Weighted-average sub-floor price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	60.43
Producer 3-Way Oil Contract, 2023 Total Settlement \| Weighted-average floor price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	80.00
Producer 3-Way Oil Contract, 2023 Total Settlement \| Weighted-average ceiling price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	101.92
Producer 3-Way Oil Contract, 2024 Total Settlement
Derivative instruments
Volume (Bbl) \| bbl	0
Producer 3-Way Oil Contract, 2024 Total Settlement \| Weighted-average sub-floor price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	0
Producer 3-Way Oil Contract, 2024 Total Settlement \| Weighted-average floor price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	0
Producer 3-Way Oil Contract, 2024 Total Settlement \| Weighted-average ceiling price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	0
Producer 3-Way Oil Contract, 2025 Total Settlement
Derivative instruments
Volume (Bbl) \| bbl	0
Producer 3-Way Oil Contract, 2025 Total Settlement \| Weighted-average sub-floor price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	0
Producer 3-Way Oil Contract, 2025 Total Settlement \| Weighted-average floor price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	0
Producer 3-Way Oil Contract, 2025 Total Settlement \| Weighted-average ceiling price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	0
Collar Oil Contract, 2023 Total Settlement
Derivative instruments
Volume (Bbl) \| bbl	371,304
Collar Oil Contract, 2023 Total Settlement \| Weighted-average floor price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	67.49
Collar Oil Contract, 2023 Total Settlement \| Weighted-average ceiling price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	88.14
Collar Oil Contract, 2024 Total Settlement
Derivative instruments
Volume (Bbl) \| bbl	1,188,846
Collar Oil Contract, 2024 Total Settlement \| Weighted-average floor price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	62.85
Collar Oil Contract, 2024 Total Settlement \| Weighted-average ceiling price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	82.95
Collar Oil Contract, 2025 Total Settlement
Derivative instruments
Volume (Bbl) \| bbl	0
Collar Oil Contract, 2025 Total Settlement \| Weighted-average floor price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	0
Collar Oil Contract, 2025 Total Settlement \| Weighted-average ceiling price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	0
Swaps Oil Contract, 2023 Total
Derivative instruments
Volume (Bbl) \| bbl	0
Swaps Oil Contract, 2023 Total \| Weighted-average price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	0
Swaps Oil Contract, 2024 Total
Derivative instruments
Volume (Bbl) \| bbl	181,000
Swaps Oil Contract, 2024 Total \| Weighted-average price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	80.00
Swaps Oil Contract, 2025 Total
Derivative instruments
Volume (Bbl) \| bbl	0
Swaps Oil Contract, 2025 Total \| Weighted-average price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf)	0
Collar Natural Gas Contract, 2023 Total Settlement
Derivative instruments
Volume (Bbl) \| Mcf	2,086,650
Collar Natural Gas Contract, 2023 Total Settlement \| Weighted-average floor price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf	4.49
Collar Natural Gas Contract, 2023 Total Settlement \| Weighted-average ceiling price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf	6.34
Collar Natural Gas Contract, 2024 Total Settlement
Derivative instruments
Volume (Bbl) \| Mcf	3,301,000
Collar Natural Gas Contract, 2024 Total Settlement \| Weighted-average floor price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf	3.26
Collar Natural Gas Contract, 2024 Total Settlement \| Weighted-average ceiling price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf	4.86
Collar Natural Gas Contract, 2025 Total Settlement
Derivative instruments
Volume (Bbl) \| Mcf	1,406,000
Collar Natural Gas Contract, 2025 Total Settlement \| Weighted-average floor price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf	3.63
Collar Natural Gas Contract, 2025 Total Settlement \| Weighted-average ceiling price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf	5.42
Swaps Natural Gas Contract, 2023 Total Settlement
Derivative instruments
Volume (Bbl) \| Mcf	0
Swaps Natural Gas Contract, 2023 Total Settlement \| Weighted-average price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf	0
Swaps Natural Gas Contract, 2024 Total Settlement
Derivative instruments
Volume (Bbl) \| Mcf	4,303,000
Swaps Natural Gas Contract, 2024 Total Settlement \| Weighted-average price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf	3.24
Swaps Natural Gas Contract, 2025 Total Settlement
Derivative instruments
Volume (Bbl) \| Mcf	0
Swaps Natural Gas Contract, 2025 Total Settlement \| Weighted-average price
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf	0