0001928446-25-000048 | 10-Q | XBRL Viewer | Granite Ridge Resources INC

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Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
Dividends paid	$ 14.4	$ 14.4	$ 43.2	$ 43.1
Common stock, dividends, per share, cash paid (in dollars per share)	$ 0.11	$ 0.11	$ 0.33	$ 0.33

Equity	9 Months Ended
Equity	Sep. 30, 2025
Stockholders' Equity Note [Abstract]
Equity	Equity Common Stock Dividends - The Company paid dividends of $14.4 million, or $0.11 per share, and $43.2 million, or $0.33 per share during the three and nine months ended September 30, 2025, respectively. For the three and nine months ended September 30, 2024, the Company paid dividends of $14.4 million, or $0.11 per share, and $43.1 million, or $0.33 per share, respectively. Any payment of future dividends will be at the discretion of the Company’s Board of Directors.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash	$ 11,832	$ 9,419
Revenue receivable	74,669	69,692
Advances to operators	2,786	19,959
Prepaid and other current assets	1,131	3,831
Derivative assets - commodity derivatives	6,809	537
Equity investments	11,574	31,783
Total current assets	108,801	135,221
Property and equipment:
Oil and gas properties, successful efforts method	1,815,027	1,540,021
Accumulated depletion	(800,177)	(643,051)
Total property and equipment, net	1,014,850	896,970
Long-term assets:
Derivative assets - commodity derivatives	1,373	0
Other long-term assets	3,516	4,288
Total long-term assets	4,889	4,288
Total assets	1,128,540	1,036,479
Current liabilities:
Accounts payable and accrued liabilities	75,413	99,440
Derivative liabilities - commodity derivatives	426	1,822
Other liabilities	1,124	546
Total current liabilities	76,963	101,808
Long-term liabilities:
Long-term debt	300,000	205,000
Derivative liabilities - commodity derivatives	1,055	3,679
Asset retirement obligations	11,511	10,693
Deferred tax liability	95,119	79,946
Total long-term liabilities	407,685	299,318
Total liabilities	484,648	401,126
Stockholders' Equity:
Common stock, $0.0001 par value, 431,000,000 shares authorized, 136,937,989 and 136,417,677 issued at September 30, 2025 and December 31, 2024, respectively	14	14
Additional paid-in capital	657,859	655,472
Retained earnings	22,215	16,047
Treasury stock, at cost, 5,686,711 and 5,683,921 shares at September 30, 2025 and December 31, 2024, respectively	(36,196)	(36,180)
Total stockholders' equity	643,892	635,353
Total liabilities and stockholders' equity	$ 1,128,540	$ 1,036,479

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended						9 Months Ended
	Nov. 05, 2025	Oct. 31, 2025	Nov. 06, 2025	Nov. 04, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Apr. 29, 2025
Subsequent events
Common stock dividend declared (in USD per share)					$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11
Asset acquisition - consideration transferred											$ 60,942	$ 54,339
Appalachian
Subsequent events
Asset acquisition - consideration transferred											16,729	3,111
Permian
Subsequent events
Asset acquisition - consideration transferred											$ 44,213	$ 43,922
Line of Credit
Subsequent events
Capacity for aggregate elected commitments							$ 325,000						$ 375,000
Line of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 1
Subsequent events
Additional to margin added to interest rate											2.00%
Line of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 1
Subsequent events
Additional to margin added to interest rate											3.00%
Subsequent Event
Subsequent events
Common stock dividend declared (in USD per share)			$ 0.11
Subsequent Event \| Permian Basin and Appalachian Basin Acquisitions
Subsequent events
Asset acquisition - consideration transferred				$ 16,500
Subsequent Event \| Appalachian
Subsequent events
Asset acquisition - consideration transferred				13,700
Subsequent Event \| Permian
Subsequent events
Asset acquisition - consideration transferred				$ 2,800
Subsequent Event \| Line of Credit \| Credit Spread Adjustment Scenario 1
Subsequent events
Debt instrument, basis spread	1.00%
Variable interest rate adjustment term		1 month
Subsequent Event \| Line of Credit \| Federal funds rate
Subsequent events
Debt instrument, basis spread	0.50%
Subsequent Event \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 1
Subsequent events
Variable interest rate adjustment term	1 month
Subsequent Event \| Line of Credit \| Minimum
Subsequent events
Debt instrument, basis spread	2.75%
Subsequent Event \| Line of Credit \| Minimum \| Base Rate \| Credit Spread Adjustment Scenario 1
Subsequent events
Additional to margin added to interest rate	1.75%
Subsequent Event \| Line of Credit \| Maximum
Subsequent events
Debt instrument, basis spread	3.75%
Subsequent Event \| Line of Credit \| Maximum \| Base Rate \| Credit Spread Adjustment Scenario 1
Subsequent events
Additional to margin added to interest rate	2.75%
Subsequent Event \| 2029 Senior Notes \| Senior Unsecured Notes
Subsequent events
Debt instrument, stated percentage	8.875%
Subsequent Event \| 2029 Senior Notes \| Line of Credit
Subsequent events
Capacity for aggregate elected commitments	$ 375,000
Subsequent Event \| 2029 Senior Notes \| Unsecured Debt
Subsequent events
Debt instrument, aggregate principle amount	$ 350,000
Debt instrument, unsecured notes percentage	96.00%

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
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)	136,937,989	136,417,677
Treasury stock, common shares (in shares)	5,686,711	5,683,921

Stock Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2024	518,048		97,532		526,483
Awards granted	625,527		720,980		110,257
Awards canceled/forfeited	(114,708)		(99,105)		(68,777)
Awards vested(1)	(253,220)		—		—

Options expired	—		—		(269,505)
Outstanding at September 30, 2025	775,647		719,407		298,458

Weighted average grant date fair value per share / unit	$	5.86	$	5.38	$	1.21
(1) Represents restricted stock and PSUs vested during the period. During the nine months ended September 30, 2025, 212,249 stock options vested. As of September 30, 2025, there were a total of 248,939 stock options exercisable.

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, 2024 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2023	295,990		26,574		392,108
Awards granted	383,430		70,958		134,375
Awards vested(1)	(139,790)		—		—
Outstanding at September 30, 2024	539,630		97,532		526,483
Weighted average grant date fair value per share / unit	$	6.07	$	8.64	$	1.38
(1) Represents restricted stock and PSUs vested during the period. During the nine months ended September 30, 2024, 175,493 stock options vested. As of September 30, 2024, there were a total of 306,195 stock options exercisable.

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, 2025 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2024	518,048		97,532		526,483
Awards granted	625,527		720,980		110,257
Awards canceled/forfeited	(114,708)		(99,105)		(68,777)
Awards vested(1)	(253,220)		—		—

Options expired	—		—		(269,505)
Outstanding at September 30, 2025	775,647		719,407		298,458

Weighted average grant date fair value per share / unit	$	5.86	$	5.38	$	1.21
(1) Represents restricted stock and PSUs vested during the period. During the nine months ended September 30, 2025, 212,249 stock options vested. As of September 30, 2025, there were a total of 248,939 stock options exercisable.

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, 2024 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2023	295,990		26,574		392,108
Awards granted	383,430		70,958		134,375
Awards vested(1)	(139,790)		—		—
Outstanding at September 30, 2024	539,630		97,532		526,483
Weighted average grant date fair value per share / unit	$	6.07	$	8.64	$	1.38
(1) Represents restricted stock and PSUs vested during the period. During the nine months ended September 30, 2024, 175,493 stock options vested. As of September 30, 2024, there were a total of 306,195 stock options exercisable.

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, 2025 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2024	518,048		97,532		526,483
Awards granted	625,527		720,980		110,257
Awards canceled/forfeited	(114,708)		(99,105)		(68,777)
Awards vested(1)	(253,220)		—		—

Options expired	—		—		(269,505)
Outstanding at September 30, 2025	775,647		719,407		298,458

Weighted average grant date fair value per share / unit	$	5.86	$	5.38	$	1.21
(1) Represents restricted stock and PSUs vested during the period. During the nine months ended September 30, 2025, 212,249 stock options vested. As of September 30, 2025, there were a total of 248,939 stock options exercisable.

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, 2024 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2023	295,990		26,574		392,108
Awards granted	383,430		70,958		134,375
Awards vested(1)	(139,790)		—		—
Outstanding at September 30, 2024	539,630		97,532		526,483
Weighted average grant date fair value per share / unit	$	6.07	$	8.64	$	1.38
(1) Represents restricted stock and PSUs vested during the period. During the nine months ended September 30, 2024, 175,493 stock options vested. As of September 30, 2024, there were a total of 306,195 stock options exercisable.

Derivative Financial Instruments - Schedule of Volume of Derivative Settlement Activity (Details)	Sep. 30, 2025 bbl Mcf $ / bbl $ / Mcf
Collar Oil Contract, 2025 \| Q4 2025
Derivative instruments
Derivative, nonmonetary notional amount \| bbl	698,000
Collar Oil Contract, 2025 \| Weighted-average floor price \| Q4 2025
Derivative instruments
Derivative, average floor price \| $ / bbl	60.00
Collar Oil Contract, 2025 \| Weighted-average ceiling price \| Q4 2025
Derivative instruments
Derivative, average cap price \| $ / bbl	77.13
Collar Oil Contract, 2026 \| 2026
Derivative instruments
Derivative, nonmonetary notional amount \| bbl	2,104,980
Collar Oil Contract, 2026 \| Weighted-average floor price \| 2026
Derivative instruments
Derivative, average floor price \| $ / bbl	60.00
Collar Oil Contract, 2026 \| Weighted-average ceiling price \| 2026
Derivative instruments
Derivative, average cap price \| $ / bbl	70.44
Collar Natural Gas Contract, 2025 \| Q4 2025
Derivative instruments
Derivative, nonmonetary notional amount \| Mcf	3,820,615
Collar Natural Gas Contract, 2025 \| Weighted-average floor price \| Q4 2025
Derivative instruments
Derivative, average floor price	3.43
Collar Natural Gas Contract, 2025 \| Weighted-average ceiling price \| Q4 2025
Derivative instruments
Derivative, average cap price	4.23
Collar Natural Gas Contract, 2026 \| 2026
Derivative instruments
Derivative, nonmonetary notional amount \| Mcf	10,506,446
Collar Natural Gas Contract, 2026 \| Weighted-average floor price \| 2026
Derivative instruments
Derivative, average floor price	3.48
Collar Natural Gas Contract, 2026 \| Weighted-average ceiling price \| 2026
Derivative instruments
Derivative, average cap price	4.25
Swaps Natural Gas Contract, 2025 \| Q4 2025
Derivative instruments
Derivative, nonmonetary notional amount \| Mcf	831,350
Swaps Natural Gas Contract, 2025 \| Weighted-average price \| Q4 2025
Derivative instruments
Derivative, swap type, average fixed price	3.67
Swaps Natural Gas Contract, 2026 \| 2026
Derivative instruments
Derivative, nonmonetary notional amount \| Mcf	4,351,400
Swaps Natural Gas Contract, 2026 \| Weighted-average price \| 2026
Derivative instruments
Derivative, swap type, average fixed price	3.68

Stock Incentive Plan - Schedule of Company's Activity Under the Plan (Details) - $ / shares	3 Months Ended		9 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Restricted Stock Awards
Restricted Stock Awards and Performance Stock Units
Beginning balance (in shares)	518,048	295,990	518,048	295,990
Awards granted (in shares)			625,527	383,430
Awards canceled/forfeited (in shares)			(114,708)
Awards vested (in shares)			(253,220)	(139,790)
Ending balance (in shares)			775,647	539,630
Weighted average grant date fair value per share/unit (in dollars per share)			$ 5.86	$ 6.07
Performance Stock Units
Restricted Stock Awards and Performance Stock Units
Beginning balance (in shares)	97,532	26,574	97,532	26,574
Awards granted (in shares)			720,980	70,958
Awards canceled/forfeited (in shares)			(99,105)
Awards vested (in shares)			0	0
Ending balance (in shares)			719,407	97,532
Weighted average grant date fair value per share/unit (in dollars per share)			$ 5.38	$ 8.64
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)	526,483	392,108	526,483	392,108
Awards granted (in Shares)	110,257	134,375	110,257	134,375
Awards canceled/forfeited (in shares)			(68,777)
Options expired (in shares)			(269,505)
Ending balance (in shares)			298,458	526,483
Weighted average grant date fair value per share/unit (in dollars per share)			$ 1.21	$ 1.38
Awards vested (in shares)			212,249	175,493
Options exercisable (in shares)			248,939	306,195

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2025

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 speculative 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 Option Contracts and Swaps

The Company’s derivative financial instruments consist of collar 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.

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.

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 on individual derivative instruments 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, 2025.


	Q4 2025		2026
Collar (oil)
Volume (Bbl)	698,000		2,104,980
Weighted-average floor price ($/Bbl)	$	60.00	$	60.00
Weighted-average ceiling price ($/Bbl)	$	77.13	$	70.44
Collar (natural gas)
Volume (Mcf)	3,820,615		10,506,446
Weighted-average floor price ($/Mcf)	$	3.43	$	3.48
Weighted-average ceiling price ($/Mcf)	$	4.23	$	4.25
Swaps (natural gas)
Volume (Mcf)	831,350		4,351,400
Weighted-average price ($/Mcf)	$	3.67	$	3.68

The following table summarizes the amounts reported as gain (loss) on derivatives - commodity derivatives in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Net cash receipts from commodity derivatives
Oil derivatives	$	31	$	637	$	673	$	358
Natural gas derivatives	1,737		5,092		1,953		12,031
Total net cash receipts from commodity derivatives	$	1,768	$	5,729	$	2,626	$	12,389
Unrealized gain (loss) on commodity derivatives
Oil derivatives	$	(2,876)	$	7,786	$	7,997	$	1,505
Natural gas derivatives	6,332		(1,674)		3,669		(5,999)
Total unrealized gain (loss) on commodity derivatives	$	3,456	$	6,112	$	11,666	$	(4,494)
Total gain on derivatives - commodity derivatives	$	5,224	$	11,841	$	14,292	$	7,895

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
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-Section 55
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+ Details

Summary of Significant Accounting Policies - Oil and Natural Gas Properties (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Oil and natural gas properties
Depletion expense	$ 55,700	$ 43,900		$ 157,100	$ 126,100
Impairment expense			$ 700
Unproved property impairment	0	0		0	732
Proved oil and natural gas properties
Oil and natural gas properties
Proved property impairment	0	$ 0		0	$ 0
Permian \| Unproved oil and natural gas properties
Oil and natural gas properties
Unproved property impairment	$ 0			$ 0

Earnings Per Share

9 Months Ended

Sep. 30, 2025

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 computation of diluted net income per share excludes contingently issuable shares related to certain market-based equity awards as the required market price conditions had not been satisfied as of the end of the reporting period. These awards represent 644,330 shares of common stock that may be issued if specified market price targets are achieved. Because the market conditions were not met as of September 30, 2025, the shares were not included in the diluted weighted-average share count. If the market conditions are satisfied in future periods, these shares could have a dilutive effect on earnings per share.

The following table presents the basic and diluted earnings per share computations for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Net income	$	14,523	$	9,054	$	49,416	$	30,381
Participating basic earnings (a)	(86)		(59)		(244)		(153)
Basic earnings attributable to common stockholders	14,437		8,995		49,172		30,228
Reallocation of participating earnings	—		—		—		—
Diluted earnings attributable to common stockholders	$	14,437	$	8,995	$	49,172	$	30,228

Weighted average common shares outstanding:
Weighted average common shares outstanding – basic	130,472		130,204		130,426		130,182
Dilutive performance stock units	29		29		70		27
Dilutive stock options	5		9		4		10
Weighted average common shares outstanding – diluted	130,506		130,242		130,500		130,219

Net income per common share:
Basic	$	0.11	$	0.07	$	0.38	$	0.23
Diluted	$	0.11	$	0.07	$	0.38	$	0.23
(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.

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,
	2025	2024	2025	2024
Number of antidilutive common shares:
Antidilutive performance stock units	58,533	74,096	63,219	49,588
Antidilutive stock options	498,507	517,818	558,160	485,608
Total antidilutive common shares	557,040	591,914	621,379	535,196

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Upon formation in 2022, Granite Ridge entered into a Management Services Agreement (the "MSA") with Grey Rock Administration, LLC (the “Manager”). Under the MSA, the Manager provides 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 pays the Manager an annual services fee of $10.0 million and reimburses 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, 2025, service fees for the Company under the MSA were approximately $2.5 million and $7.5 million, respectively, and are included in general and administrative expenses within the accompanying condensed consolidated statements of operations. For the three and nine months ended September 30, 2024, service fees for the Company under the MSA of $2.5 million and $7.5 million, respectively, were consistent with the same periods of 2025.

- 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

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+ Details

Supplementary Data - Schedule of Costs Incurred for Oil and Natural Gas Producing Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Extractive Industries [Abstract]
Proved	$ 807	$ 0	$ 14,148	$ 2,824
Unproved	15,704	32,919	46,794	51,515
Development costs	64,006	77,171	212,593	206,761
Total costs incurred for oil and natural gas properties	$ 80,517	$ 110,090	$ 273,535	$ 261,100

Earnings Per Share - Schedule of Diluted Earnings Per Share, Diluted Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	557,040	591,914	621,379	535,196
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)	58,533	74,096	63,219	49,588
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)	498,507	517,818	558,160	485,608

Fair Value Measurements - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Carrying Value
Assets:
Derivative instruments - commodity derivatives	$ 8,182	$ 537
Equity investments	11,574	31,783
Liabilities:
Revolving credit facilities	300,000	205,000
Derivative instruments - commodity derivatives	1,481	5,501
Fair Value
Assets:
Derivative instruments - commodity derivatives	8,182	537
Equity investments	11,574	31,783
Liabilities:
Revolving credit facilities	300,000	205,000
Derivative instruments - commodity derivatives	$ 1,481	$ 5,501

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

+ Details

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,769	$ 4,330	$ 15,426	$ 10,845
Effective tax rate (percent)	24.70%	32.40%	23.80%	26.30%
Enacted statutory rate (percent)			21.00%
Unrecognized tax benefits	$ 0		$ 0		$ 0
Unrecognized tax benefits, interest or penalties			$ 0		$ 0

- Definition

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

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Derivative Financial Instruments - Schedule of Impact of Commodity Derivatives on Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Derivative instruments
Net cash receipts from commodity derivatives	$ 1,768	$ 5,729	$ 2,626	$ 12,389
Unrealized gain (loss) on commodity derivatives	3,456	6,112	11,666	(4,494)
Total gain on derivatives - commodity derivatives	5,224	11,841	14,292	7,895
Oil derivatives
Derivative instruments
Net cash receipts from commodity derivatives	31	637	673	358
Unrealized gain (loss) on commodity derivatives	(2,876)	7,786	7,997	1,505
Natural gas derivatives
Derivative instruments
Net cash receipts from commodity derivatives	1,737	5,092	1,953	12,031
Unrealized gain (loss) on commodity derivatives	$ 6,332	$ (1,674)	$ 3,669	$ (5,999)

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Supplementary Data (Tables)

9 Months Ended

Sep. 30, 2025

Extractive Industries [Abstract]

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

Capitalized Costs


(in thousands)	September 30, 2025		December 31, 2024
Oil and natural gas properties:
Proved	$	1,729,249	$	1,484,968
Unproved	85,778		55,053
Less: accumulated depletion	(800,177)		(643,051)
Net capitalized costs for oil and natural gas properties	$	1,014,850	$	896,970

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)	2025		2024		2025		2024
Property acquisition costs:
Proved	$	807	$	—	$	14,148	$	2,824
Unproved	15,704		32,919		46,794		51,515
Development costs	64,006		77,171		212,593		206,761
Total costs incurred for oil and natural gas properties	$	80,517	$	110,090	$	273,535	$	261,100

Subsequent Events - Schedule of Derivative Activity by Volume (Details)	Oct. 31, 2025 bbl Mcf $ / bbl $ / Mcf	Sep. 30, 2025 bbl Mcf $ / bbl $ / Mcf
Collar Oil Contract, 2025 \| Q4 2025
Derivative instruments
Derivative, nonmonetary notional amount \| bbl		698,000
Collar Oil Contract, 2025 \| Q4 2025 \| Weighted-average floor price
Derivative instruments
Derivative, average floor price \| $ / bbl		60.00
Collar Oil Contract, 2025 \| Q4 2025 \| Weighted-average ceiling price
Derivative instruments
Derivative, average cap price \| $ / bbl		77.13
Collar Oil Contract, 2025 \| Q4 2025 \| Subsequent Event
Derivative instruments
Derivative, nonmonetary notional amount \| bbl	108,958
Derivative, average floor price \| $ / bbl	55.00
Derivative, average cap price \| $ / bbl	64.15
Collar Oil Contract, 2026 \| 2026
Derivative instruments
Derivative, nonmonetary notional amount \| bbl		2,104,980
Collar Oil Contract, 2026 \| 2026 \| Weighted-average floor price
Derivative instruments
Derivative, average floor price \| $ / bbl		60.00
Collar Oil Contract, 2026 \| 2026 \| Weighted-average ceiling price
Derivative instruments
Derivative, average cap price \| $ / bbl		70.44
Collar Oil Contract, 2026 \| 2026 \| Subsequent Event
Derivative instruments
Derivative, nonmonetary notional amount \| bbl	303,148
Derivative, average floor price \| $ / bbl	52.50
Derivative, average cap price \| $ / bbl	66.00
Collar Oil Contract, 2027 \| 2027 \| Subsequent Event
Derivative instruments
Derivative, nonmonetary notional amount \| bbl	902,396
Derivative, average floor price \| $ / bbl	52.50
Derivative, average cap price \| $ / bbl	75.00
Swaps Oil Contract, 2025 \| Q4 2025 \| Subsequent Event
Derivative instruments
Derivative, nonmonetary notional amount \| bbl	210,180
Derivative, average floor price \| $ / bbl	60.92
Swaps Oil Contract, 2026 \| 2026 \| Subsequent Event
Derivative instruments
Derivative, nonmonetary notional amount \| bbl	357,224
Derivative, average floor price \| $ / bbl	60.33
Swaps Oil Contract, 2027 \| 2027 \| Subsequent Event
Derivative instruments
Derivative, nonmonetary notional amount \| bbl	452,936
Derivative, average floor price \| $ / bbl	60.21
Collar Natural Gas Contract, 2025 \| Q4 2025
Derivative instruments
Derivative, nonmonetary notional amount \| Mcf		3,820,615
Collar Natural Gas Contract, 2025 \| Q4 2025 \| Weighted-average floor price
Derivative instruments
Derivative, average floor price \| $ / Mcf		3.43
Collar Natural Gas Contract, 2025 \| Q4 2025 \| Weighted-average ceiling price
Derivative instruments
Derivative, average cap price \| $ / Mcf		4.23
Collar Natural Gas Contract, 2025 \| Q4 2025 \| Subsequent Event
Derivative instruments
Derivative, nonmonetary notional amount \| Mcf	1,137,884
Derivative, average floor price \| $ / Mcf	3.50
Derivative, average cap price \| $ / Mcf	4.62
Collar Natural Gas Contract, 2026 \| 2026
Derivative instruments
Derivative, nonmonetary notional amount \| Mcf		10,506,446
Collar Natural Gas Contract, 2026 \| 2026 \| Weighted-average floor price
Derivative instruments
Derivative, average floor price \| $ / Mcf		3.48
Collar Natural Gas Contract, 2026 \| 2026 \| Weighted-average ceiling price
Derivative instruments
Derivative, average cap price \| $ / Mcf		4.25
Collar Natural Gas Contract, 2026 \| 2026 \| Subsequent Event
Derivative instruments
Derivative, nonmonetary notional amount \| Mcf	1,981,058
Derivative, average floor price \| $ / Mcf	3.57
Derivative, average cap price \| $ / Mcf	4.71
Collar Natural Gas Contract, 2027 \| 2027 \| Subsequent Event
Derivative instruments
Derivative, nonmonetary notional amount \| Mcf	3,332,922
Derivative, average floor price \| $ / Mcf	4.00
Derivative, average cap price \| $ / Mcf	5.15
Swaps Natural Gas Contract, 2026 \| 2026
Derivative instruments
Derivative, nonmonetary notional amount \| Mcf		4,351,400
Swaps Natural Gas Contract, 2026 \| 2026 \| Weighted-average price
Derivative instruments
Derivative, swap type, average fixed price \| $ / Mcf		3.68
Swaps Natural Gas Contract, 2026 \| 2026 \| Subsequent Event
Derivative instruments
Derivative, nonmonetary notional amount \| Mcf	2,900,748
Derivative, swap type, average fixed price \| $ / Mcf	3.81
Swaps Natural Gas Contract, 2027 \| 2027 \| Subsequent Event
Derivative instruments
Derivative, nonmonetary notional amount \| Mcf	6,777,284
Derivative, swap type, average fixed price \| $ / Mcf	3.65

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Common stock dividend declared (in USD per share)	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11	$ 0.11

Nature of Operations	9 Months Ended
Nature of Operations	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Granite Ridge Resources, Inc. (together with its consolidated subsidiaries, “Granite Ridge” or the “Company”), a Delaware corporation, is a scaled energy company which aims to provide shareholders with exposure similar to energy private equity through operated partnerships and traditional non-operated assets in multiple basins throughout North America.

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Net income	$	14,523	$	9,054	$	49,416	$	30,381
Participating basic earnings (a)	(86)		(59)		(244)		(153)
Basic earnings attributable to common stockholders	14,437		8,995		49,172		30,228
Reallocation of participating earnings	—		—		—		—
Diluted earnings attributable to common stockholders	$	14,437	$	8,995	$	49,172	$	30,228

Weighted average common shares outstanding:
Weighted average common shares outstanding – basic	130,472		130,204		130,426		130,182
Dilutive performance stock units	29		29		70		27
Dilutive stock options	5		9		4		10
Weighted average common shares outstanding – diluted	130,506		130,242		130,500		130,219

Net income per common share:
Basic	$	0.11	$	0.07	$	0.38	$	0.23
Diluted	$	0.11	$	0.07	$	0.38	$	0.23
(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,
	2025	2024	2025	2024
Number of antidilutive common shares:
Antidilutive performance stock units	58,533	74,096	63,219	49,588
Antidilutive stock options	498,507	517,818	558,160	485,608
Total antidilutive common shares	557,040	591,914	621,379	535,196

Summary of Significant Accounting Policies - Equity Investments (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended			9 Months Ended
	Jun. 04, 2024	Dec. 31, 2023	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Class of Stock [Line Items]
Unrealized gain recognized			$ 0.5
Unrealized loss recognized					$ 18.4	$ 4.7	$ 19.4
2025 Divestitures \| Vital Energy, Inc
Class of Stock [Line Items]
Realized loss on sale				$ 10.5	$ (0.1)
Common Stock Issued \| 2023 Divestitures \| Vital Energy, Inc
Class of Stock [Line Items]
Investment owned, balance, shares			685,271			685,271		1,027,907
Common Stock Issued \| 2023 Divestitures \| Vital Energy, Inc
Class of Stock [Line Items]
Noncash or part noncash divestiture, consideration received (in shares)		561,752
Common Stock Issued \| 2025 Divestitures \| Vital Energy, Inc
Class of Stock [Line Items]
Noncash or part noncash divestiture, common stock, shares (in shares)				342,636	75,000
Convertible Preferred Stock \| Vital Energy, Inc
Class of Stock [Line Items]
Shares issued upon conversion (in shares)	541,155	541,155
Convertible Preferred Stock \| 2023 Divestitures
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	2.00%
Convertible Preferred Stock \| 2023 Divestitures \| Vital Energy, Inc
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	2.00%	2.00%

Supplementary Data

9 Months Ended

Sep. 30, 2025

Extractive Industries [Abstract]

Supplementary Data

Capitalized Costs


(in thousands)	September 30, 2025		December 31, 2024
Oil and natural gas properties:
Proved	$	1,729,249	$	1,484,968
Unproved	85,778		55,053
Less: accumulated depletion	(800,177)		(643,051)
Net capitalized costs for oil and natural gas properties	$	1,014,850	$	896,970

Costs Incurred for Oil and Natural Gas Producing Activities


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Property acquisition costs:
Proved	$	807	$	—	$	14,148	$	2,824
Unproved	15,704		32,919		46,794		51,515
Development costs	64,006		77,171		212,593		206,761
Total costs incurred for oil and natural gas properties	$	80,517	$	110,090	$	273,535	$	261,100

- Definition

The entire disclosure for oil- and gas-producing activities considered to be supplementary information. Includes, but is not limited to, proved reserve quantity, cost incurred and capitalized, result of operation, standardized measure, and change in standardized measure of discounted future cash flow.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478688/932-270-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477215/932-235-50-5

+ Details

Debt	9 Months Ended
Debt	Sep. 30, 2025
Debt Disclosure [Abstract]
Debt	Debt The carrying value of the Company’s total debt was $300.0 million and $205.0 million at September 30, 2025 and December 31, 2024, respectively. Granite Ridge Credit Agreement On October 24, 2022, Granite Ridge entered into a senior secured revolving credit agreement (as amended, the “Credit Agreement”) with a syndicate of banks, currently led by Bank of America, N.A., as administrative agent. The Credit Agreement has a maturity date of five years from the effective date thereof, or October 24, 2027. The borrowing base is 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 April 29, 2025, the Company and its lenders entered into the Fifth Amendment to Credit Agreement, which amended the Credit Agreement to, among other things, (i) increase the borrowing base from $325.0 million to $375.0 million, and (ii) increase the aggregate elected commitments from $325.0 million to $375.0 million. The Company and the Required Lenders (as defined in the Credit Agreement) may 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 the Company 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, 2025, the Company had outstanding borrowings of $300.0 million and $0.3 million of letters of credit issued and outstanding under the Credit Agreement, resulting in availability of $74.7 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 of the Company’s and its restricted subsidiaries’ assets. Borrowings under the Credit Agreement may be base rate loans or secured overnight financing rate (“SOFR”) loans. Interest is payable quarterly for base rate loans and at the end of the applicable interest period for SOFR loans. SOFR loans bear interest at a rate per annum equal to 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 basis point credit spread adjustment. Base rate loans 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; (iii) the adjusted SOFR rate for a one-month interest period plus 100 basis points; and (iv) 100 basis points plus, in the case of any base rate loan, an applicable margin ranging from 200 to 300 basis points, depending on the percentage of the borrowing base utilized. The Company also pays a commitment fee on unused elected commitment amounts under its facility of 50 basis points. The Company 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 any 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, 2025, the Company was in compliance with all covenants required by the Credit Agreement. On November 5, 2025, the Company and its lenders entered into the Sixth Amendment to Credit Agreement, which amended the Credit Agreement to, among other things, (i) reaffirm the borrowing base and aggregate elected commitment amounts at $375.0 million, (ii) permit the issuance of the 2029 Senior Notes (as defined below), (iii) extend the maturity date to the earliest to occur of (A) November 5, 2029 or (B) the date that is ninety-one days prior to the stated maturity date of the 2029 Senior Notes if any 2029 Senior Notes remain outstanding on such date, and (iv) adjust the interest payable on (A) SOFR loans to interest at a rate per annum equal to SOFR plus an applicable margin ranging from 275 to 375 basis points, depending on the percentage of the borrowing base utilized and (B) base rate loans to interest at a rate per annum equal to the greatest of: (a) the U.S. prime rate as published by the Wall Street Journal; (b) the federal funds effective rate plus 50 basis points; (c) the adjusted SOFR rate for a one-month interest period plus 100 basis points; and (d) 100 basis points, plus, in the case of any base rate loan, an applicable margin ranging from 175 to 275 basis points, depending on the percentage of the borrowing base utilized. 2029 Senior Notes On November 5, 2025, the Company, as issuer, completed an issuance of $350.0 million aggregate principal amount of 8.875% senior unsecured notes at 96.0% of par with stated maturity on November 5, 2029 (the “2029 Senior Notes”) pursuant to a note purchase agreement (the “Note Purchase Agreement”). The Company used the net proceeds from issuance of the 2029 Senior Notes to repay certain amounts under the Credit Agreement and to pay related fees and expenses. The Note Purchase Agreement allows the ability for the Company to incur up to $100.0 million of incremental notes for purposes of acquisition financing, subject to, among other things, the willingness of holders to provide such incremental notes and a pro forma net leverage ratio not greater than 2.00 to 1.00. Interest is due to be paid at the end of each quarter, commencing December 31, 2025. In addition, the Company will repay quarterly 2.5% of the original principal amount of the notes issued on the closing date beginning on September 30, 2026. If quarterly scheduled repayments are missed, the coupon increases to 11.875% and the Company is restricted from making any dividend payments until all delinquent scheduled repayments have been fulfilled. On or after May 5, 2027 and on or prior to May 5, 2028, the Company may, at its option, redeem, at any time some or all of the 2029 Senior Notes at 103.0% of par, as set forth in the Note Purchase Agreement, plus accrued and unpaid interest, if any. Any redemption of the 2029 Senior Notes prior to May 5, 2027 is subject to payment of a make-whole amount. After May 5, 2028, the Company may redeem some or all of the Senior Notes at 100.0% of the principal amount thereof plus accrued and unpaid interest, if any. The principal remaining outstanding at the time of maturity is required to be paid in full by the Issuer. The Company is currently evaluating the 2029 Senior Notes and features discussed above for accounting treatment. The 2029 Senior Notes includes certain covenants, which, among other things, requires the maintenance of (i) a net leverage ratio not greater than 3.25 to 1.00 and an (ii) asset coverage ratio greater than or equal to (A) for each Fiscal Quarter ending prior to December 31, 2026, 1.25 to 1.00 and (B) for each Fiscal Quarter ending on or after December 31, 2026, 1.50 to 1.00. The 2029 Senior Notes also contain a total leverage ratio and asset coverage ratio basket for Restricted Payments (as defined in the 2029 Senior Notes), which permits Restricted Payments in the form of cash distributions so long as, subject to certain other conditions, the leverage ratio, after giving pro forma effect to such Restricted Payments, cannot exceed 1.75 to 1.00, and the asset coverage ratio, after giving effect to such Restricted Payments, must be greater than or equal to 1.50 to 1.00. Upon issuance of the 2029 Senior Notes, the Company must maintain a minimum hedging requirement included within the Senior Notes for oil and natural gas based on our proved developed producing projected volumes for each commodity on a rolling 18-month basis. The Senior Notes are general unsecured obligations ranking equally in right of payment with all other senior unsecured indebtedness of the Company and are senior in right of payment to all existing and future subordinated indebtedness of the Company. The Note Purchase Agreement contains customary terms and covenants and events of default, including limitations on the Company’s ability to incur additional secured and unsecured indebtedness.

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: 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 20: 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 21: 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 22: 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 23: 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

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025.


	Q4 2025		2026
Collar (oil)
Volume (Bbl)	698,000		2,104,980
Weighted-average floor price ($/Bbl)	$	60.00	$	60.00
Weighted-average ceiling price ($/Bbl)	$	77.13	$	70.44
Collar (natural gas)
Volume (Mcf)	3,820,615		10,506,446
Weighted-average floor price ($/Mcf)	$	3.43	$	3.48
Weighted-average ceiling price ($/Mcf)	$	4.23	$	4.25
Swaps (natural gas)
Volume (Mcf)	831,350		4,351,400
Weighted-average price ($/Mcf)	$	3.67	$	3.68

In October 2025, the Company entered into the following oil and natural gas derivative contracts to hedge additional amounts of estimated future production.


	Q4 2025		2026		2027
Collar (oil)
Volume (Bbl)	108,958		303,148		902,396
Weighted-average floor price ($/Bbl)	$	55.00	$	52.50	$	52.50
Weighted-average ceiling price ($/Bbl)	$	64.15	$	66.00	$	75.00
Swaps (oil)
Volume (Bbl)	210,180		357,224		452,936
Weighted-average price ($/Bbl)	$	60.92	$	60.33	$	60.21
Collar (natural gas)
Volume (Mcf)	1,137,884		1,981,058		3,332,922
Weighted-average floor price ($/Mcf)	$	3.50	$	3.57	$	4.00
Weighted-average ceiling price ($/Mcf)	$	4.62	$	4.71	$	5.15
Swaps (natural gas)
Volume (Mcf)	—		2,900,748		6,777,284
Weighted-average price ($/Mcf)	$	—	$	3.81	$	3.65

Schedule of Commodity Derivatives Reported in Earnings


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Net cash receipts from commodity derivatives
Oil derivatives	$	31	$	637	$	673	$	358
Natural gas derivatives	1,737		5,092		1,953		12,031
Total net cash receipts from commodity derivatives	$	1,768	$	5,729	$	2,626	$	12,389
Unrealized gain (loss) on commodity derivatives
Oil derivatives	$	(2,876)	$	7,786	$	7,997	$	1,505
Natural gas derivatives	6,332		(1,674)		3,669		(5,999)
Total unrealized gain (loss) on commodity derivatives	$	3,456	$	6,112	$	11,666	$	(4,494)
Total gain on derivatives - commodity derivatives	$	5,224	$	11,841	$	14,292	$	7,895

Schedule of Net Cash Receipts (Payments on) Commodity Derivatives


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Net cash receipts from commodity derivatives
Oil derivatives	$	31	$	637	$	673	$	358
Natural gas derivatives	1,737		5,092		1,953		12,031
Total net cash receipts from commodity derivatives	$	1,768	$	5,729	$	2,626	$	12,389
Unrealized gain (loss) on commodity derivatives
Oil derivatives	$	(2,876)	$	7,786	$	7,997	$	1,505
Natural gas derivatives	6,332		(1,674)		3,669		(5,999)
Total unrealized gain (loss) on commodity derivatives	$	3,456	$	6,112	$	11,666	$	(4,494)
Total gain on derivatives - commodity derivatives	$	5,224	$	11,841	$	14,292	$	7,895

Stock Incentive Plan - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2025 USD ($) d shares	Jun. 30, 2025 shares	Mar. 31, 2025 $ / shares shares	Sep. 30, 2024 USD ($)	Mar. 31, 2024 $ / shares shares	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Stock-based compensation \| $	$ 1.3			$ 0.6		$ 2.4	$ 1.7
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Awards granted (in shares)						625,527	383,430
Restricted Stock Awards \| Non Employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Award vesting period (in years)						1 year
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Awards granted (in shares)						720,980	70,958
Consecutive trading days \| d	20
Performance Stock Units \| Granted During Three Months Ended June 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Award vesting period (in years)						3 years
Performance Stock Units \| Officers
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Awards granted (in shares)	0	644,330
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)			110,257		134,375	110,257	134,375
Weighted average exercise price - options granted (in dollars per share) \| $ / shares			$ 5.61		$ 6.06
Minimum \| Restricted Stock Awards \| Employee And Consultants
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Award vesting period (in years)						3 years
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 option vesting percentage (in percent)						33.00%
Maximum \| Restricted Stock Awards \| Employee And Consultants
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Award vesting period (in years)						5 years
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 option vesting percentage (in percent)						33.00%

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and December 31, 2024:


	September 30, 2025				December 31, 2024
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Derivative instruments - commodity derivatives	$	8,182	$	8,182	$	537	$	537
Equity investments	$	11,574	$	11,574	$	31,783	$	31,783

Liabilities:
Revolving credit facilities	$	300,000	$	300,000	$	205,000	$	205,000
Derivative instruments - commodity derivatives	$	1,481	$	1,481	$	5,501	$	5,501

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

The Company nets the fair value of commodity derivative instruments by counterparty in the Company’s condensed consolidated balance sheets.


	September 30, 2025
	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
Equity investments	$	11,574	$	—	$	—	$	11,574	$	—	$	11,574

Assets (at fair value):
Commodity derivatives – current portion	$	—	$	8,001	$	—	$	8,001	$	(1,192)	$	6,809
Commodity derivatives – noncurrent portion	—		1,379		—		1,379		(6)		1,373
Liabilities (at fair value):
Commodity derivatives – current portion	—		(1,618)		—		(1,618)		1,192		(426)
Commodity derivatives – noncurrent portion	—		(1,061)		—		(1,061)		6		(1,055)
Net derivative instruments	$	—	$	6,701	$	—	$	6,701	$	—	$	6,701


	December 31, 2024
	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
Equity investments	$	31,783	$	—	$	—	$	31,783	$	—	$	31,783

Assets (at fair value):
Commodity derivatives – current portion	$	—	$	2,053	$	—	$	2,053	$	(1,516)	$	537

Liabilities (at fair value):
Commodity derivatives – current portion	—		(3,338)		—		(3,338)		1,516		(1,822)
Commodity derivatives – noncurrent portion	—		(3,679)		—		(3,679)		—		(3,679)
Net derivative instruments	$	—	$	(4,964)	$	—	$	(4,964)	$	—	$	(4,964)

Related Party Transactions (Details) - Related Party - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Grey Rock Administration, LLC (the Manager)
Related party transactions
Annual service fee			$ 10.0
Oil and gas management agreement, renewal term			1 year
Oil and gas management agreement, transition services term			90 days
Investment Advisor Under Funds Control
Related party transactions
Management fees paid	$ 2.5	$ 2.5	$ 7.5	$ 7.5

- 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

Reference 1: 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

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)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-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)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: 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/1943274/2147479134/946-220-S99-1

+ Details

Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025.


	Q4 2025		2026
Collar (oil)
Volume (Bbl)	698,000		2,104,980
Weighted-average floor price ($/Bbl)	$	60.00	$	60.00
Weighted-average ceiling price ($/Bbl)	$	77.13	$	70.44
Collar (natural gas)
Volume (Mcf)	3,820,615		10,506,446
Weighted-average floor price ($/Mcf)	$	3.43	$	3.48
Weighted-average ceiling price ($/Mcf)	$	4.23	$	4.25
Swaps (natural gas)
Volume (Mcf)	831,350		4,351,400
Weighted-average price ($/Mcf)	$	3.67	$	3.68

In October 2025, the Company entered into the following oil and natural gas derivative contracts to hedge additional amounts of estimated future production.


	Q4 2025		2026		2027
Collar (oil)
Volume (Bbl)	108,958		303,148		902,396
Weighted-average floor price ($/Bbl)	$	55.00	$	52.50	$	52.50
Weighted-average ceiling price ($/Bbl)	$	64.15	$	66.00	$	75.00
Swaps (oil)
Volume (Bbl)	210,180		357,224		452,936
Weighted-average price ($/Bbl)	$	60.92	$	60.33	$	60.21
Collar (natural gas)
Volume (Mcf)	1,137,884		1,981,058		3,332,922
Weighted-average floor price ($/Mcf)	$	3.50	$	3.57	$	4.00
Weighted-average ceiling price ($/Mcf)	$	4.62	$	4.71	$	5.15
Swaps (natural gas)
Volume (Mcf)	—		2,900,748		6,777,284
Weighted-average price ($/Mcf)	$	—	$	3.81	$	3.65

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Supplementary Data - Schedule of Capitalized Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Extractive Industries [Abstract]
Proved	$ 1,729,249	$ 1,484,968
Unproved	85,778	55,053
Less: accumulated depletion	(800,177)	(643,051)
Net capitalized costs for oil and natural gas properties	$ 1,014,850	$ 896,970

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

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, 2025 and December 31, 2024:


	September 30, 2025				December 31, 2024
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Derivative instruments - commodity derivatives	$	8,182	$	8,182	$	537	$	537
Equity investments	$	11,574	$	11,574	$	31,783	$	31,783

Liabilities:
Revolving credit facilities	$	300,000	$	300,000	$	205,000	$	205,000
Derivative instruments - commodity derivatives	$	1,481	$	1,481	$	5,501	$	5,501

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 liabilities, 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.

Equity investments — The fair value of the Company’s investment in Vital Energy's common stock 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. The fair value of the Company's investment in Vital Energy's preferred stock was estimated by management considering various factors, including the publicly listed trading price of Vital Energy's common shares and the present value of expected dividends prior to the conversion of the preferred shares. The fair value of the investment in preferred stock was considered to be a Level 2 measurement. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace.

On June 4, 2024, the 2.0% cumulative mandatorily convertible preferred securities of Vital Energy were converted into 541,155 shares of common stock of Vital Energy. Prior to this conversion, the common shares of Vital Energy owned by the Company were not entitled to vote and bore a restricted legend to that effect. As of September 30, 2025 and December 31, 2024, the Company held 685,271 and 1,027,907 shares, respectively, of Vital Energy’s common stock, for which the fair value is a Level 1 measurement.

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, 2025 and December 31, 2024. The Company nets the fair value of commodity derivative instruments by counterparty in the Company’s condensed consolidated balance sheets.


	September 30, 2025
	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
Equity investments	$	11,574	$	—	$	—	$	11,574	$	—	$	11,574

Assets (at fair value):
Commodity derivatives – current portion	$	—	$	8,001	$	—	$	8,001	$	(1,192)	$	6,809
Commodity derivatives – noncurrent portion	—		1,379		—		1,379		(6)		1,373
Liabilities (at fair value):
Commodity derivatives – current portion	—		(1,618)		—		(1,618)		1,192		(426)
Commodity derivatives – noncurrent portion	—		(1,061)		—		(1,061)		6		(1,055)
Net derivative instruments	$	—	$	6,701	$	—	$	6,701	$	—	$	6,701


	December 31, 2024
	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
Equity investments	$	31,783	$	—	$	—	$	31,783	$	—	$	31,783

Assets (at fair value):
Commodity derivatives – current portion	$	—	$	2,053	$	—	$	2,053	$	(1,516)	$	537

Liabilities (at fair value):
Commodity derivatives – current portion	—		(3,338)		—		(3,338)		1,516		(1,822)
Commodity derivatives – noncurrent portion	—		(3,679)		—		(3,679)		—		(3,679)
Net derivative instruments	$	—	$	(4,964)	$	—	$	(4,964)	$	—	$	(4,964)

Fair Values – Nonrecurring

Asset retirement obligations — The fair value measurements of asset retirement obligations are measured on a nonrecurring basis when a well is drilled or acquired or when production equipment and facilities are installed or acquired using a discounted cash flow model based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs to the fair value measurement of asset retirement obligations include estimates of the costs of plugging and abandoning oil and natural gas wells, removing production equipment and facilities and restoring the surface of the land as well as estimates of the economic lives of the oil and natural gas wells and future inflation rates.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Disaggregated Revenues by Operation and Geographic Location

The following tables present

the disaggregation of the Company’s oil and natural gas revenues by basin for the three and nine months ended September 30, 2025 and 2024.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Oil	$	91,960	$	85,503	$	273,269	$	238,761
Natural gas	20,711		8,572		71,552		34,962
Total	$	112,671	$	94,075	$	344,821	$	273,723

Permian	$	85,554	$	62,004	$	242,547	$	168,178
Eagle Ford	7,368		13,419		26,250		42,946
Bakken	6,366		9,940		23,365		31,288
Haynesville	4,524		3,229		14,315		12,176
DJ	7,513		5,483		25,406		19,135
Appalachian	1,346		—		12,938		—
Total	$	112,671	$	94,075	$	344,821	$	273,723

Acquisitions and Divestitures (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Oil and natural gas properties
Asset acquisition - consideration transferred	$ 60,942	$ 54,339
Closing adjustments to reduce acquisition price of business combinations		(1,500)
Proceeds from the divested unproved properties	175	3,064
Proved and unproved oil and natural gas properties
Oil and natural gas properties
Proceeds from the divested unproved properties	200	3,900
2025 Divestitures
Oil and natural gas properties
Gain on sale of unproved properties	100
Permian
Oil and natural gas properties
Asset acquisition - consideration transferred	44,213	43,922
Bakken
Oil and natural gas properties
Asset acquisition - consideration transferred	0	1,981
DJ
Oil and natural gas properties
Asset acquisition - consideration transferred	0	5,325
Appalachian
Oil and natural gas properties
Asset acquisition - consideration transferred	$ 16,729	$ 3,111

Stock Incentive Plan

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock Incentive Plan

The Granite Ridge Resources, Inc. 2022 Omnibus Incentive Plan (the “Plan”) provides the Company the ability to grant, among other award types, stock options, restricted stock awards, and performance stock units ("PSUs") to directors, officers, employees and consultants or advisors employed by or providing service to the Company.

During the nine months ended September 30, 2025 and 2024, the Company granted restricted stock awards, stock options, and PSUs. Stock-based compensation expense during the three and nine months ended September 30, 2025 was $1.3 million and $2.4 million, respectively. Stock-based compensation expense during the three and nine months ended September 30, 2024 was $0.6 million and $1.7 million, respectively.

Restricted Stock Awards - The Company grants service-based restricted stock awards to certain of its employees and consultants under the Plan, which generally vest ratably over a period of three years or cliff vest at the end of five years, and to non-employee directors, which vest in full after one year. Restricted stock awards are valued at the closing price of the Company's common stock on the date of grant. 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. For restricted stock awards granted prior to March 2025, the holders of such unvested restricted stock awards have voting rights and the right to receive dividends. For restricted stock awards granted in March 2025 and thereafter, the holders of such unvested restricted stock awards do not have voting rights but do have the right to receive dividends. The Company recognizes compensation expense utilizing graded vesting whereby compensation expense is recognized over the service period for each separately vesting tranche.

PSUs - The Company grants PSUs to certain of its officers under the Plan. PSUs represent the contingent right to receive shares of the Company’s common stock once the PSU is vested and earned. PSUs, other than those granted during the three months ended June 30, 2025, cliff vest at the end of three years, generally subject to continued employment through the performance period. The total number of shares eligible to be earned may range from zero to 200% of the target number of PSUs granted, determined based upon achievement of certain "financial performance" and "market performance" criteria for the Company and individual performance criteria for the officers awarded PSUs. Financial performance is based on the Company's financial performance at the end of the applicable performance period, while market performance is based on the relative standing of total shareholder return (“TSR”) achieved by the Company compared to the TSR achieved by a predetermined group of peer companies at the end of the applicable performance period. Individual performance criteria is based on the officers' performance relative to individual performance goals at the end of the performance period. The Company utilizes the Monte Carlo simulation method to determine the fair value of the PSUs based on market performance, while PSUs based on financial performance are valued using the closing price of the Company's common stock on the date of grant.

During the second quarter of 2025, the Company granted 644,330 PSUs to certain of its officers under the Plan. These PSUs are eligible to vest, generally subject to continued employment, upon the satisfaction of certain stock price thresholds during the performance period, which ends on December 31, 2032. Each such PSU is earned based on whether the Company’s stock price achieves a target average stock price for any 20 consecutive trading days during the performance period. If the stock price thresholds are not met by the end of the performance period, the PSUs will be forfeited and no shares of common stock will be issued. Compensation expense for these awards is based on the grant date fair market value of the award, calculated using a Monte Carlo simulation, and such costs are recorded on a straight-line basis over the derived requisite service period for each separately vesting portion of the award, as if the award was, in-substance, multiple awards, as applicable. During the three months ended September 30, 2025, the Company did not grant any additional PSUs under the Plan.

Stock Options - The Company grants stock options to certain of its officers under the Plan. The Company's outstanding stock options expire 10 years following the date of grant. Pursuant to the stock options granted under the Plan, 33% of the options vest immediately with an additional 33% to vest on each of the next two anniversaries of the date of the grant, generally subject to continued employment through each such vesting date. During the first quarter of 2025, the Company granted 110,257 stock options with an exercise price of $5.61 per share. During the first quarter of 2024, the Company granted 134,375 stock options with an exercise price per share of $6.06.

Stock Awards - The Company may issue other awards to its employees and consultants under the Plan.

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, 2025 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2024	518,048		97,532		526,483
Awards granted	625,527		720,980		110,257
Awards canceled/forfeited	(114,708)		(99,105)		(68,777)
Awards vested(1)	(253,220)		—		—

Options expired	—		—		(269,505)
Outstanding at September 30, 2025	775,647		719,407		298,458

Weighted average grant date fair value per share / unit	$	5.86	$	5.38	$	1.21
(1) Represents restricted stock and PSUs vested during the period. During the nine months ended September 30, 2025, 212,249 stock options vested. As of September 30, 2025, there were a total of 248,939 stock options exercisable.

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, 2024 is presented below:


	Restricted Stock Awards		Performance Stock Units		Stock Options
Outstanding at December 31, 2023	295,990		26,574		392,108
Awards granted	383,430		70,958		134,375
Awards vested(1)	(139,790)		—		—
Outstanding at September 30, 2024	539,630		97,532		526,483
Weighted average grant date fair value per share / unit	$	6.07	$	8.64	$	1.38
(1) Represents restricted stock and PSUs vested during the period. During the nine months ended September 30, 2024, 175,493 stock options vested. As of September 30, 2024, there were a total of 306,195 stock options exercisable.

Fair Value Measurements - Schedule of Fair Value of Net Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets (at fair value):
Commodity derivatives – current portion	$ 6,809	$ 537
Commodity derivatives – noncurrent portion	1,373	0
Liabilities (at fair value):
Derivative instruments - commodity derivatives	(426)	(1,822)
Commodity derivatives – noncurrent portion	(1,055)	(3,679)
Fair Value
Assets (at fair value):
Equity investments	11,574	31,783
Fair Value, Recurring
Assets (at fair value):
Equity investments	11,574	31,783
Commodity derivatives - current portion - Net of fair value presented in CBS	6,809	537
Commodity derivatives - noncurrent portion - Net of fair value presented in CBS	1,373
Liabilities (at fair value):
Commodity derivatives - current portion - Net fair value presented in CBS	(426)	(1,822)
US Derivative Liability, Non Current, Subject to Master Netting Arrangement, after Offset	(1,055)	(3,679)
Net derivative instruments	6,701	(4,964)
Fair Value, Recurring \| Fair Value
Assets (at fair value):
Equity investments	11,574	31,783
Commodity derivatives – current portion	8,001	2,053
Commodity derivatives - current portion offset in the Consolidated Balance Sheet	(1,192)	(1,516)
Commodity derivatives – noncurrent portion	1,379
Commodity derivatives - noncurrent portion offset in the Consolidated Balance Sheet	(6)
Liabilities (at fair value):
Derivative instruments - commodity derivatives	(1,618)	(3,338)
Commodity derivatives - current portion - Offset in Consolidated Balance Sheet	1,192	1,516
Commodity derivatives – noncurrent portion	(1,061)	(3,679)
Warrant liability - noncurrent portion- Offset in the Consolidated Balance Sheet	6	0
Net derivative instruments	6,701	(4,964)
Derivative Asset, Subject to Master Netting Arrangement, Offset	0	0
Fair Value, Recurring \| Level 1 \| Fair Value
Assets (at fair value):
Equity investments	11,574	31,783
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	0
Net derivative instruments	0	0
Fair Value, Recurring \| Level 2 \| Fair Value
Assets (at fair value):
Equity investments	0	0
Commodity derivatives – current portion	8,001	2,053
Commodity derivatives – noncurrent portion	1,379
Liabilities (at fair value):
Derivative instruments - commodity derivatives	(1,618)	(3,338)
Commodity derivatives – noncurrent portion	(1,061)	(3,679)
Net derivative instruments	6,701	(4,964)
Fair Value, Recurring \| Level 3 \| Fair Value
Assets (at fair value):
Equity investments	0	0
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	0
Net derivative instruments	$ 0	$ 0

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, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Net income	$ 14,523	$ 25,081	$ 9,812	$ 9,054	$ 5,101	$ 16,227	$ 49,416	$ 30,381
Participating basic earnings	(86)			(59)			(244)	(153)
Basic earnings attributable to common stockholders	14,437			8,995			49,172	30,228
Reallocation of participating earnings	0			0			0	0
Diluted earnings attributable to common stockholders	$ 14,437			$ 8,995			$ 49,172	$ 30,228
Weighted average common shares outstanding:
Weighted average common shares outstanding – basic (in shares)	130,472			130,204			130,426	130,182
Dilutive performance stock units (in shares)	29			29			70	27
Dilutive stock options (in shares)	5			9			4	10
Weighted average common shares outstanding – diluted (in shares)	130,506			130,242			130,500	130,219
Net income per common share:
Basic (in dollars per share)	$ 0.11			$ 0.07			$ 0.38	$ 0.23
Diluted (in dollars per share)	$ 0.11			$ 0.07			$ 0.38	$ 0.23

Fair Value Measurements - Narrative (Details) - shares		1 Months Ended
Fair Value Measurements - Narrative (Details) - shares	Jun. 04, 2024	Dec. 31, 2023	Sep. 30, 2025	Dec. 31, 2024
Convertible Preferred Stock \| Vital Energy, Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares issued upon conversion (in shares)	541,155	541,155
2023 Divestitures \| Convertible Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock, dividend rate (in percent)	2.00%
2023 Divestitures \| Convertible Preferred Stock \| Vital Energy, Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred stock, dividend rate (in percent)	2.00%	2.00%
2023 Divestitures \| Common Stock Issued \| Vital Energy, Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, balance, shares			685,271	1,027,907

Debt (Details) - USD ($) $ in Millions			9 Months Ended
Debt (Details) - USD ($) $ in Millions	Nov. 05, 2025	Oct. 31, 2025	Sep. 30, 2025	Apr. 29, 2025	Mar. 31, 2025	Dec. 31, 2024
Credit facility
Carrying value of debt			$ 300.0			$ 205.0
Subsequent Event \| 2029 Senior Notes \| Unsecured Debt
Credit facility
Debt instrument, aggregate principle amount	$ 350.0
Debt instrument, unsecured notes percentage	96.00%
Debt instrument, increment notes of payment	$ 100.0
Debt instrument, principle amount	2.50%
Subsequent Event \| 2029 Senior Notes \| Unsecured Debt \| On or prior to May 5, 2028
Credit facility
Debt instrument, redemption price, percentage	103.00%
Subsequent Event \| 2029 Senior Notes \| Unsecured Debt \| After May 5, 2028
Credit facility
Debt instrument, redemption price, percentage	100.00%
Subsequent Event \| 2029 Senior Notes \| Unsecured Debt \| Debt Instrument, Covenant, Payment Default
Credit facility
Debt instrument, stated percentage	11.875%
Minimum \| Subsequent Event \| 2029 Senior Notes \| Unsecured Debt \| Asset Coverage Ratio, Scenario Two \| Pro Forma
Credit facility
Debt instrument, coverage ratio	1.50
Maximum \| Subsequent Event \| 2029 Senior Notes \| Unsecured Debt \| Asset Coverage Ratio, Scenario Three \| Pro Forma
Credit facility
Debt instrument, net leverage ratio	1.75
Line of Credit
Credit facility
Carrying value of debt			$ 300.0
Debt instrument term			5 years
Initial borrowing capacity				$ 375.0	$ 325.0
Capacity for aggregate elected commitments				$ 375.0	$ 325.0
Letters of credit outstanding			$ 0.3
Line of credit facility, remaining borrowing capacity			$ 74.7
Unused capacity commitment fee (percent)			0.50%
Leverage ratio			300.00%
Current ratio			100.00%
Line of Credit \| Subsequent Event \| 2029 Senior Notes
Credit facility
Capacity for aggregate elected commitments	$ 375.0
Line of Credit \| Subsequent Event \| 2029 Senior Notes \| Asset Coverage Ratio, Scenario Two
Credit facility
Debt instrument, coverage ratio	1.50
Line of Credit \| Subsequent Event \| 2029 Senior Notes \| Unsecured Debt
Credit facility
Debt instrument, net leverage ratio	3.25
Line of Credit \| Subsequent Event \| 2029 Senior Notes \| Unsecured Debt \| Asset Coverage Ratio, Scenario One
Credit facility
Debt instrument, coverage ratio	1.25
Line of Credit \| Credit Spread Adjustment Scenario 1
Credit facility
Interest rate increase (percent)			1.00%
Line of Credit \| Credit Spread Adjustment Scenario 1 \| Subsequent Event
Credit facility
Interest rate increase (percent)		0.10%
Variable interest rate adjustment term		1 month
Debt instrument, basis spread	1.00%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 1 \| Subsequent Event
Credit facility
Variable interest rate adjustment term	1 month
Line of Credit \| Federal funds rate
Credit facility
Interest rate increase (percent)			0.50%
Line of Credit \| Federal funds rate \| Subsequent Event
Credit facility
Debt instrument, basis spread	0.50%
Line of Credit \| Minimum \| Subsequent Event
Credit facility
Debt instrument, basis spread	2.75%
Line of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR)
Credit facility
Variable interest rate (percent)			3.00%
Line of Credit \| Minimum \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate			2.00%
Line of Credit \| Minimum \| Base Rate \| Credit Spread Adjustment Scenario 1 \| Subsequent Event
Credit facility
Additional to margin added to interest rate	1.75%
Line of Credit \| Maximum \| Subsequent Event
Credit facility
Debt instrument, basis spread	3.75%
Line of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR)
Credit facility
Variable interest rate (percent)			4.00%
Line of Credit \| Maximum \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate			3.00%
Line of Credit \| Maximum \| Base Rate \| Credit Spread Adjustment Scenario 1 \| Subsequent Event
Credit facility
Additional to margin added to interest rate	2.75%
Senior Unsecured Notes \| Subsequent Event \| 2029 Senior Notes
Credit facility
Debt instrument, stated percentage	8.875%
Senior Unsecured Notes \| Subsequent Event \| 2029 Senior Notes \| Unsecured Debt
Credit facility
Debt instrument, net leverage ratio	2.00

Risk Concentrations (Details)	9 Months Ended
Risk Concentrations (Details)	Sep. 30, 2025
Risks and Uncertainties [Abstract]
Percentage of wells operated by third-party operating partners	100.00%

Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Dividend

The Company’s Board of Directors declared a regular quarterly cash dividend of $0.11 for the fourth quarter of 2025. The dividend will be paid on December 15, 2025 to stockholders of record as of November 28, 2025.

2029 Senior Notes

On November 5, 2025, the Company, as issuer, completed an issuance of $350.0 million aggregate principal amount of 8.875% senior unsecured notes at 96.0% of par with stated maturity on November 5, 2029 pursuant to a note purchase agreement. The Company used the net proceeds from the issuance of 2029 Senior Notes to repay certain amounts under the Credit Agreement and to pay related fees and expenses. See Note 8 of the Notes to Condensed Consolidated Financial Statements for further details on the 2029 Senior Notes.

Sixth Amendment to the Credit Agreement

On November 5, 2025, the Company and its lenders entered into the Sixth Amendment to Credit Agreement, which amended the Credit Agreement to, among other things, (i) reaffirm the borrowing base and aggregate elected commitment amounts at $375.0 million, (ii) permit the issuance of the 2029 Senior Notes, (iii) extend the maturity date to the earliest to occur of (A) November 5, 2029 or (B) the date that is ninety-one days prior to the stated maturity date of the 2029 Senior Notes if any 2029 Senior Notes remain outstanding on such date, and (iv) adjust the interest payable on (A) SOFR loans to interest at a rate per annum equal to SOFR plus an applicable margin ranging from 275 to 375 basis points, depending on the percentage of the borrowing base utilized and (B) base rate loans to interest at a rate per annum equal to the greatest of: (a) the U.S. prime rate as published by the Wall Street Journal; (b) the federal funds effective rate plus 50 basis points; (c) the adjusted SOFR rate for a one-month interest period plus 100 basis points; and (d) 100 basis points, plus, in the case of any base rate loan, an applicable margin ranging from 175 to 275 basis points, depending on the percentage of the borrowing base utilized.

Acquisitions

Subsequent to September 30, 2025, the Company closed on various acquisitions of oil and gas properties for a total purchase price of $16.5 million, of which $13.7 million were in the Appalachian Basin and $2.8 million in the Permian Basin.

New Commodity Derivative Contracts

In October 2025, the Company entered into the following oil and natural gas derivative contracts to hedge additional amounts of estimated future production.


	Q4 2025		2026		2027
Collar (oil)
Volume (Bbl)	108,958		303,148		902,396
Weighted-average floor price ($/Bbl)	$	55.00	$	52.50	$	52.50
Weighted-average ceiling price ($/Bbl)	$	64.15	$	66.00	$	75.00
Swaps (oil)
Volume (Bbl)	210,180		357,224		452,936
Weighted-average price ($/Bbl)	$	60.92	$	60.33	$	60.21
Collar (natural gas)
Volume (Mcf)	1,137,884		1,981,058		3,332,922
Weighted-average floor price ($/Mcf)	$	3.50	$	3.57	$	4.00
Weighted-average ceiling price ($/Mcf)	$	4.62	$	4.71	$	5.15
Swaps (natural gas)
Volume (Mcf)	—		2,900,748		6,777,284
Weighted-average price ($/Mcf)	$	—	$	3.81	$	3.65

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock Issued	Additional Paid-in Capital	Retained Earnings	Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2023		136,041,000
Balance at beginning of period at Dec. 31, 2023	$ 671,645	$ 14	$ 653,174	$ 54,782	$ (36,325)
Beginning balance, treasury stock (in shares) at Dec. 31, 2023					(5,678,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grants of restricted stock (in shares)		383,000
Stock-based compensation	512		512
Purchase of treasury stock (in shares)					(2,000)
Purchase of treasury stock	(17)				$ (17)
Common stock dividend declared	(14,349)			(14,349)
Net income	16,227			16,227
Balance at ending of period (in shares) at Mar. 31, 2024		136,424,000
Balance at ending of period at Mar. 31, 2024	674,018	$ 14	653,686	56,660	$ (36,342)
Ending balance, treasury stock (in shares) at Mar. 31, 2024					(5,680,000)
Balance at beginning of period (in shares) at Dec. 31, 2023		136,041,000
Balance at beginning of period at Dec. 31, 2023	671,645	$ 14	653,174	54,782	$ (36,325)
Beginning balance, treasury stock (in shares) at Dec. 31, 2023					(5,678,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	30,381
Balance at ending of period (in shares) at Sep. 30, 2024		136,424,000
Balance at ending of period at Sep. 30, 2024	660,580	$ 14	654,857	42,051	$ (36,342)
Ending balance, treasury stock (in shares) at Sep. 30, 2024					(5,680,000)
Balance at beginning of period (in shares) at Mar. 31, 2024		136,424,000
Balance at beginning of period at Mar. 31, 2024	674,018	$ 14	653,686	56,660	$ (36,342)
Beginning balance, treasury stock (in shares) at Mar. 31, 2024					(5,680,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	583		583
Common stock dividend declared	(14,381)			(14,381)
Net income	5,101			5,101
Balance at ending of period (in shares) at Jun. 30, 2024		136,424,000
Balance at ending of period at Jun. 30, 2024	665,321	$ 14	654,269	47,380	$ (36,342)
Ending balance, treasury stock (in shares) at Jun. 30, 2024					(5,680,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	588		588
Common stock dividend declared	(14,383)			(14,383)
Net income	9,054			9,054
Balance at ending of period (in shares) at Sep. 30, 2024		136,424,000
Balance at ending of period at Sep. 30, 2024	$ 660,580	$ 14	654,857	42,051	$ (36,342)
Ending balance, treasury stock (in shares) at Sep. 30, 2024					(5,680,000)
Balance at beginning of period (in shares) at Dec. 31, 2024	136,417,677	136,418,000
Balance at beginning of period at Dec. 31, 2024	$ 635,353	$ 14	655,472	16,047	$ (36,180)
Beginning balance, treasury stock (in shares) at Dec. 31, 2024	(5,683,921)				(5,684,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grants of restricted stock (in shares)		413,000
Forfeitures of restricted stock (in shares)		(7,000)
Stock-based compensation	$ 653		653
Purchase of treasury stock (in shares)					(3,000)
Purchase of treasury stock	(16)				$ (16)
Common stock dividend declared	(14,389)			(14,389)
Net income	9,812			9,812
Balance at ending of period (in shares) at Mar. 31, 2025		136,824,000
Balance at ending of period at Mar. 31, 2025	$ 631,413	$ 14	656,125	11,470	$ (36,196)
Ending balance, treasury stock (in shares) at Mar. 31, 2025					(5,687,000)
Balance at beginning of period (in shares) at Dec. 31, 2024	136,417,677	136,418,000
Balance at beginning of period at Dec. 31, 2024	$ 635,353	$ 14	655,472	16,047	$ (36,180)
Beginning balance, treasury stock (in shares) at Dec. 31, 2024	(5,683,921)				(5,684,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 49,416
Balance at ending of period (in shares) at Sep. 30, 2025	136,937,989	136,938,000
Balance at ending of period at Sep. 30, 2025	$ 643,892	$ 14	657,859	22,215	$ (36,196)
Ending balance, treasury stock (in shares) at Sep. 30, 2025	(5,686,711)				(5,687,000)
Balance at beginning of period (in shares) at Mar. 31, 2025		136,824,000
Balance at beginning of period at Mar. 31, 2025	$ 631,413	$ 14	656,125	11,470	$ (36,196)
Beginning balance, treasury stock (in shares) at Mar. 31, 2025					(5,687,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grants of restricted stock (in shares)		218,000
Forfeitures of restricted stock (in shares)		(90,000)
Stock-based compensation	395		395
Common stock dividend declared	(14,423)			(14,423)
Net income	25,081			25,081
Balance at ending of period (in shares) at Jun. 30, 2025		136,952,000
Balance at ending of period at Jun. 30, 2025	642,466	$ 14	656,520	22,128	$ (36,196)
Ending balance, treasury stock (in shares) at Jun. 30, 2025					(5,687,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grants of restricted stock (in shares)		3,000
Forfeitures of restricted stock (in shares)		(17,000)
Stock-based compensation	1,339		1,339
Common stock dividend declared	(14,436)			(14,436)
Net income	$ 14,523			14,523
Balance at ending of period (in shares) at Sep. 30, 2025	136,937,989	136,938,000
Balance at ending of period at Sep. 30, 2025	$ 643,892	$ 14	$ 657,859	$ 22,215	$ (36,196)
Ending balance, treasury stock (in shares) at Sep. 30, 2025	(5,686,711)				(5,687,000)

Summary of Significant Accounting Policies - Segment Reporting (Details)	9 Months Ended
	Sep. 30, 2025 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities:
Net income	$ 49,416	$ 30,381
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and accretion expense	157,804	126,682
Impairments of unproved properties	0	732
Unrealized (gain) loss on derivatives - commodity derivatives	(11,666)	4,494
Stock-based compensation	2,387	1,683
Amortization of deferred financing costs	1,222	3,162
Loss on equity investments	15,218	19,415
Deferred income taxes	15,173	10,733
Other	(266)	(145)
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
Revenue receivable	(4,978)	14,429
Other receivable	317	(18)
Accounts payable and accrued liabilities	5,797	(3,240)
Prepaid and other current assets	1,497	(859)
Other liabilities	(7)	87
Net cash provided by operating activities	231,914	207,536
Investing activities:
Capital expenditures for oil and natural gas properties	(233,135)	(193,376)
Acquisition of oil and natural gas properties	(57,048)	(51,994)
Proceeds from sale of equity investments	4,991	3,362
Proceeds from sale of oil and natural gas properties	175	3,064
Refund of advances to operators	4,230	5,314
Net cash used in investing activities	(280,787)	(233,630)
Financing activities:
Proceeds from borrowing on credit facilities	135,000	85,000
Repayments of borrowing on credit facilities	(40,000)	0
Deferred financing costs	(450)	(3,004)
Purchase of treasury shares	(16)	(418)
Payment of dividends	(43,248)	(43,112)
Net cash provided by financing activities	51,286	38,466
Net change in cash and restricted cash	2,413	12,372
Cash and restricted cash at beginning of period	9,419	10,730
Cash and restricted cash at end of period	11,832	23,102
Supplemental disclosure of non-cash investing activities:
Change in accrued capital expenditures included in accounts payable and accrued liabilities	(13,575)	40,003
Advances to operators applied to development of oil and natural gas properties	$ 115,868	$ 80,320

Risk Concentrations	9 Months Ended
Risk Concentrations	Sep. 30, 2025
Risks and Uncertainties [Abstract]
Risk Concentrations	Risk Concentrations As 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 operations 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 International Swap Dealers Association Master Agreements (“ISDAs”) entered into with parties that are also lenders under the Company’s Credit Agreement. The Company’s obligations under the derivative instruments are secured pursuant to the Credit Agreement, and no additional collateral has been posted by the Company.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

A complete discussion of the Company’s significant accounting policies is included in the 2024 Form 10-K.

Interim Financial Statements, Basis of Presentation, Consolidation, and Significant Estimates

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 accompanying condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

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, 2024 is derived from audited 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.

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. Estimating reserves is inherently uncertain, including the projection of future rates of production and the timing of development expenditures. Additional significant estimates include, but are not limited to, fair value of derivative financial instruments, fair value of equity investments, fair value of business combinations, asset retirement obligations, revenue receivable and income taxes. Actual results could 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 2024 Form 10-K.

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

Segment Reporting

The Company operates in one reporting segment, which is oil and natural gas development, exploration and production. All of the Company's operations are conducted in the geographic area of the United States. The reporting segment generates revenue through the sale of oil and natural gas. The Company’s chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, manages operations on a consolidated basis for purposes of evaluating operational performance and allocating resources. Net income, as reported within the Company’s condensed consolidated statement of operations, is used by the CODM to assess performance for the oil and natural gas development, exploration and production segment. Significant segment expenses are the same as those reported in the condensed consolidated statement of operations. Total assets, as reported within the Company’s condensed consolidated balance sheets, is the measure of segment assets.

Oil and Natural Gas Properties

The Company uses the successful efforts method of accounting for oil and natural gas producing activities, as further defined under Accounting Standards Codification ("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 $55.7 million and $43.9 million for the three months ended September 30, 2025 and 2024, respectively, and $157.1 million and $126.1 million for the nine months ended September 30, 2025 and 2024, respectively.

The Company reviews its long-lived assets to be held and used, including proved oil and natural gas properties, whenever events or circumstances indicate that the carrying value of those assets may not be recoverable; for instance, when there are declines in commodity prices or well performance. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows is less than the carrying amount of the assets. For each property determined to be impaired, an impairment loss equal to the difference between the carrying value of the properties and the estimated fair market value is recognized at that time. The fair value of impaired assets is determined using the market or income valuation approach. The income approach is calculated using a discounted cash flow model. Discounted future cash flows use a discount rate similar to that used by market participants, or comparable market value if available. Estimating future cash flows involves the use of judgments, including estimation of the proved and risk-adjusted unproved oil and natural gas reserve quantities, timing of development and production, expected future commodity prices, capital expenditures and production costs. No proved property impairment was recorded for the three or nine months ended September 30, 2025 or 2024.

Unproved oil and natural gas properties are periodically assessed for impairment by considering future drilling and exploration plans, results of exploration activities, commodity price outlooks, planned future sales and expiration of all or a portion of the projects. During the first quarter of 2024, we recognized impairment expense of $0.7 million on unproved properties in the Permian Basin as the operator of those properties no longer intends to drill certain locations. No unproved property impairment was recorded for the three and nine months ended September 30, 2025.

Equity Investments

In December 2023, the Company completed the sale of certain of its Permian Basin assets to Vital Energy, Inc. ("Vital Energy") for consideration of 561,752 shares of Vital Energy's common stock and 541,155 shares of Vital Energy's 2.0% cumulative mandatorily convertible preferred securities. On June 4, 2024, the 2.0% cumulative mandatorily convertible preferred securities were converted into the equivalent number of shares of Vital Energy’s common stock. During the second quarter of 2025, the Company divested 342,636 shares of Vital Energy’s common stock and realized a loss on sale of $10.5 million, which is included in gain (loss) on equity investments within the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2025. During the three months ended September 30, 2024 the Company divested 75,000 shares of Vital Energy’s common stock and realized a gain on sale of $0.1 million included in gain (loss) on equity investments within the Company’s condensed consolidated statements of operations. As of September 30, 2025, the Company held 685,271 shares of Vital Energy’s common stock.

The Company follows the guidance in ASC 321, Investments - Equity Securities ("ASC 321") for its investment in the common and preferred stock of Vital Energy. ASC 321 requires equity investments with readily determinable fair values to be measured at fair value, with unrealized holding gains and losses recorded as a gain or loss in the condensed consolidated statements of operations. For the preferred stock that did not have a readily determinable fair value, the Company did not elect the measurement alternative in ASC 321 and instead accounted for the preferred stock at fair value with unrealized gains and losses recorded through net income for the periods until the preferred stock was converted into common stock. The Company recognized an unrealized gain of $0.5 million and unrealized loss of $4.7 million for the three and nine months ended September 30, 2025, respectively, included in gain (loss) on equity investments within the Company’s condensed consolidated statements of operations that accounts for the change in fair value of the common stock. For the three and nine months ended September 30, 2024, the Company recognized an unrealized loss of $18.4 million and $19.4 million, respectively, that reflects the change in fair value of the common and preferred stock.

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 condensed consolidated 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.

Take in Kind Oil and Natural Gas Revenues

Under certain arrangements, the Company has the right to take a volume of unprocessed gas in kind at the operator's wellhead, representing its proportionate share of its natural gas production, in lieu of receiving a net payment from the operator. The Company currently takes certain natural gas volumes in kind in lieu of monetary settlement. When the Company elects to take volumes in kind, it pays third parties to transport the natural gas 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 volumes to downstream customers are recorded in lease operating expenses in the condensed consolidated statements of operations.

Disaggregated Oil and Natural Gas Revenues

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 six geographic areas in the United States: the Eagle Ford Basin (Texas), the Permian Basin (Texas/New Mexico), the Haynesville Basin (Texas/Louisiana), the Denver-Julesburg “DJ” Basin (Colorado), the Bakken Basin (Montana/North Dakota), and the Appalachian Basin (Ohio). The following tables present

the disaggregation of the Company’s oil and natural gas revenues by basin for the three and nine months ended September 30, 2025 and 2024.


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Oil	$	91,960	$	85,503	$	273,269	$	238,761
Natural gas	20,711		8,572		71,552		34,962
Total	$	112,671	$	94,075	$	344,821	$	273,723

Permian	$	85,554	$	62,004	$	242,547	$	168,178
Eagle Ford	7,368		13,419		26,250		42,946
Bakken	6,366		9,940		23,365		31,288
Haynesville	4,524		3,229		14,315		12,176
DJ	7,513		5,483		25,406		19,135
Appalachian	1,346		—		12,938		—
Total	$	112,671	$	94,075	$	344,821	$	273,723

Recently Issued and Applicable Accounting Pronouncements (Issued and Not Yet Adopted)

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU 2023-09 was effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the effect that ASU 2023-09 will have on its disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires enhanced disclosure about specific types of expenses included in the expense captions presented on the face of the consolidated statement of operations as well as disclosures about selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the effect that ASU 2024-03 will have on its disclosures.

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, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) source region	Sep. 30, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Number of revenue sources \| source			2
Operating regions \| region			6
Revenue	$ 112,671	$ 94,075	$ 344,821	$ 273,723
Permian
Disaggregation of Revenue [Line Items]
Revenue	85,554	62,004	242,547	168,178
Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	7,368	13,419	26,250	42,946
Bakken
Disaggregation of Revenue [Line Items]
Revenue	6,366	9,940	23,365	31,288
Haynesville
Disaggregation of Revenue [Line Items]
Revenue	4,524	3,229	14,315	12,176
DJ
Disaggregation of Revenue [Line Items]
Revenue	7,513	5,483	25,406	19,135
Appalachian
Disaggregation of Revenue [Line Items]
Revenue	1,346	0	12,938	0
Oil
Disaggregation of Revenue [Line Items]
Revenue	91,960	85,503	273,269	238,761
Natural gas
Disaggregation of Revenue [Line Items]
Revenue	$ 20,711	$ 8,572	$ 71,552	$ 34,962

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Oil and natural gas sales	$ 112,671	$ 94,075	$ 344,821	$ 273,723
Operating costs and expenses:
Lease operating expenses	23,596	13,026	59,954	42,174
Production and ad valorem taxes	6,551	6,345	21,356	18,975
Depletion and accretion expense	55,947	44,149	157,804	126,682
Impairments of unproved properties	0	0	0	732
General and administrative	6,988	5,590	22,968	18,705
Other, net	0	283	(120)	283
Total operating costs and expenses	93,082	69,393	261,962	207,551
Net operating income	19,589	24,682	82,859	66,172
Other income (expense):
Gain on derivatives - commodity derivatives	5,224	11,841	14,292	7,895
Interest expense, net	(6,069)	(4,820)	(16,998)	(13,797)
Unrealized gain (loss) recognized	548	(18,320)	(15,218)	(19,315)
Other income (loss)	0	1	(93)	271
Total other income (expense)	(297)	(11,298)	(18,017)	(24,946)
Income before income taxes	19,292	13,384	64,842	41,226
Income tax expense	4,769	4,330	15,426	10,845
Net income	$ 14,523	$ 9,054	$ 49,416	$ 30,381
Net income per share:
Basic (in dollars per share)	$ 0.11	$ 0.07	$ 0.38	$ 0.23
Diluted (in dollars per share)	$ 0.11	$ 0.07	$ 0.38	$ 0.23
Weighted-average number of shares outstanding:
Basic (in shares)	130,472	130,204	130,426	130,182
Diluted (in shares)	130,506	130,242	130,500	130,219

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Interim Financial Statements, Basis of Presentation, Consolidation, and Significant Estimates	Interim Financial Statements, Basis of Presentation, Consolidation, and Significant Estimates 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 accompanying condensed consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. 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, 2024 is derived from audited 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. 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. Estimating reserves is inherently uncertain, including the projection of future rates of production and the timing of development expenditures. Additional significant estimates include, but are not limited to, fair value of derivative financial instruments, fair value of equity investments, fair value of business combinations, asset retirement obligations, revenue receivable and income taxes. Actual results could 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 2024 Form 10-K.
Segment Reporting	Segment Reporting The Company operates in one reporting segment, which is oil and natural gas development, exploration and production. All of the Company's operations are conducted in the geographic area of the United States. The reporting segment generates revenue through the sale of oil and natural gas. The Company’s chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, manages operations on a consolidated basis for purposes of evaluating operational performance and allocating resources. Net income, as reported within the Company’s condensed consolidated statement of operations, is used by the CODM to assess performance for the oil and natural gas development, exploration and production segment. Significant segment expenses are the same as those reported in the condensed consolidated statement of operations. Total assets, as reported within the Company’s condensed consolidated balance sheets, is the measure of segment assets.
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company uses the successful efforts method of accounting for oil and natural gas producing activities, as further defined under Accounting Standards Codification ("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 $55.7 million and $43.9 million for the three months ended September 30, 2025 and 2024, respectively, and $157.1 million and $126.1 million for the nine months ended September 30, 2025 and 2024, respectively. The Company reviews its long-lived assets to be held and used, including proved oil and natural gas properties, whenever events or circumstances indicate that the carrying value of those assets may not be recoverable; for instance, when there are declines in commodity prices or well performance. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows is less than the carrying amount of the assets. For each property determined to be impaired, an impairment loss equal to the difference between the carrying value of the properties and the estimated fair market value is recognized at that time. The fair value of impaired assets is determined using the market or income valuation approach. The income approach is calculated using a discounted cash flow model. Discounted future cash flows use a discount rate similar to that used by market participants, or comparable market value if available. Estimating future cash flows involves the use of judgments, including estimation of the proved and risk-adjusted unproved oil and natural gas reserve quantities, timing of development and production, expected future commodity prices, capital expenditures and production costs. No proved property impairment was recorded for the three or nine months ended September 30, 2025 or 2024. Unproved oil and natural gas properties are periodically assessed for impairment by considering future drilling and exploration plans, results of exploration activities, commodity price outlooks, planned future sales and expiration of all or a portion of the projects. During the first quarter of 2024, we recognized impairment expense of $0.7 million on unproved properties in the Permian Basin as the operator of those properties no longer intends to drill certain locations. No unproved property impairment was recorded for the three and nine months ended September 30, 2025.
Equity Investments	Equity Investments In December 2023, the Company completed the sale of certain of its Permian Basin assets to Vital Energy, Inc. ("Vital Energy") for consideration of 561,752 shares of Vital Energy's common stock and 541,155 shares of Vital Energy's 2.0% cumulative mandatorily convertible preferred securities. On June 4, 2024, the 2.0% cumulative mandatorily convertible preferred securities were converted into the equivalent number of shares of Vital Energy’s common stock. During the second quarter of 2025, the Company divested 342,636 shares of Vital Energy’s common stock and realized a loss on sale of $10.5 million, which is included in gain (loss) on equity investments within the Company’s condensed consolidated statements of operations for the nine months ended September 30, 2025. During the three months ended September 30, 2024 the Company divested 75,000 shares of Vital Energy’s common stock and realized a gain on sale of $0.1 million included in gain (loss) on equity investments within the Company’s condensed consolidated statements of operations. As of September 30, 2025, the Company held 685,271 shares of Vital Energy’s common stock. The Company follows the guidance in ASC 321, Investments - Equity Securities ("ASC 321") for its investment in the common and preferred stock of Vital Energy. ASC 321 requires equity investments with readily determinable fair values to be measured at fair value, with unrealized holding gains and losses recorded as a gain or loss in the condensed consolidated statements of operations. For the preferred stock that did not have a readily determinable fair value, the Company did not elect the measurement alternative in ASC 321 and instead accounted for the preferred stock at fair value with unrealized gains and losses recorded through net income for the periods until the preferred stock was converted into common stock. The Company recognized an unrealized gain of $0.5 million and unrealized loss of $4.7 million for the three and nine months ended September 30, 2025, respectively, included in gain (loss) on equity investments within the Company’s condensed consolidated statements of operations that accounts for the change in fair value of the common stock. For the three and nine months ended September 30, 2024, the Company recognized an unrealized loss of $18.4 million and $19.4 million, respectively, that reflects the change in fair value of the common and preferred stock.
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 condensed consolidated 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.
Take in Kind Oil and Natural Gas Revenues	Take in Kind Oil and Natural Gas Revenues Under certain arrangements, the Company has the right to take a volume of unprocessed gas in kind at the operator's wellhead, representing its proportionate share of its natural gas production, in lieu of receiving a net payment from the operator. The Company currently takes certain natural gas volumes in kind in lieu of monetary settlement. When the Company elects to take volumes in kind, it pays third parties to transport the natural gas 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 volumes to downstream customers are recorded in lease operating expenses in the condensed consolidated statements of operations.
Recently Issued and Applicable Accounting Pronouncements (Issued and Not Yet Adopted)	Recently Issued and Applicable Accounting Pronouncements (Issued and Not Yet Adopted) In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU 2023-09 was effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently assessing the effect that ASU 2023-09 will have on its disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires enhanced disclosure about specific types of expenses included in the expense captions presented on the face of the consolidated statement of operations as well as disclosures about selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently assessing the effect that ASU 2024-03 will have on its disclosures.

- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Nov. 03, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		131,251,278
Entity Central Index Key	0001928446
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2025

Oil and Gas, Joint Interest Billing, Receivable [Abstract]

Acquisitions and Divestitures

Asset Acquisitions

During the nine months ended September 30, 2025 and 2024, the Company acquired various oil and natural gas properties. The following table presents the cumulative adjusted purchase price of transactions accounted for as asset acquisitions in accordance with ASC Topic 805, Business Combinations (“ASC 805”) by basin included in oil and gas properties on the Company’s condensed consolidated balance sheets:


	Nine Months Ended September 30,
(in thousands)	2025		2024
Permian	$	44,213	$	43,922

Bakken	—		1,981

DJ	—		5,325
Appalachian	16,729		3,111
Total	$	60,942	$	54,339

In addition, during the nine months ended September 30, 2024, the Company recorded closing adjustments that reduced the acquisition price of business combinations completed during 2023 by $1.5 million.

During the nine months ended September 30, 2025 and 2024, the Company divested of certain proved and unproved properties for total proceeds of $0.2 million and $3.9 million, respectively. During the nine months ended September 30,

2025, proceeds from the divested unproved properties of $0.1 million resulted in a gain on sale, which is included in other, net in the condensed consolidated statements of operations.

Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2025

Oil and Gas, Joint Interest Billing, Receivable [Abstract]

Schedule of Cumulative Adjusted Purchase Price of Asset Acquisition

The following table presents the cumulative adjusted purchase price of transactions accounted for as asset acquisitions in accordance with ASC Topic 805, Business Combinations (“ASC 805”) by basin included in oil and gas properties on the Company’s condensed consolidated balance sheets:


	Nine Months Ended September 30,
(in thousands)	2025		2024
Permian	$	44,213	$	43,922

Bakken	—		1,981

DJ	—		5,325
Appalachian	16,729		3,111
Total	$	60,942	$	54,339

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (“OBBBA”) into law. The OBBBA includes, among other things, a permanent extension of 100% bonus depreciation for certain capital expenditures and modifications to the interest expense limitation under Section 163(j). In accordance with ASC Topic 740, Income Taxes, the effects of the tax law are recognized in the period of enactment and, as a result, the Company recognized the impacts of the OBBBA legislation in its unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2025. The effective income tax rates and the total income tax provision were not materially impacted by the enactment of the OBBBA for the three and nine months ended September 30, 2025. The Company is a C corporation and subject to U.S. federal, 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, 2025, the Company recorded income tax expense of $4.8 million and $15.4 million, respectively. For the three and nine months ended September 30, 2024, the Company recorded income tax expense of $4.3 million and $10.8 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 24.7% and 23.8% for the three and nine months ended September 30, 2025, respectively. For the three and nine months ended September 30, 2024, the Company’s effective income tax rate was 32.4% and 26.3%, 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, 2025 and December 31, 2024, the Company had no unrecognized tax benefits and did not recognize any interest or penalties during those respective periods related to unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

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