Granite Ridge Resources Reports Second Quarter 2024 Financial Results
Intellectia.AI1970-01-01
Granite Ridge Resources Reports Second Quarter 2024 Financial Results
Granite Ridge Resources, Inc. has announced its financial results for the second quarter ending June 30, 2024. Below is a detailed summary of the company’s performance.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | % Change YoY | Q1 2024 | % Change QoQ | Consensus Estimate | Actual vs. Estimate |
|---|---|---|---|---|---|---|---|
| Total Revenue | $95.6M | $91.9M | +4% | $93.2M | +2.6% | $94.67M | +1% |
| Earnings Per Share | $0.13 | $0.12 | +8.3% | $0.14 | -7.1% | $0.14 | -7% |
Interpretation: Granite Ridge managed to slightly exceed revenue consensus estimates by 1%, reporting $95.6 million against the expected $94.67 million. Despite a slight year-over-year increase in earnings per share (EPS) by 8.3%, the company’s EPS fell short of the $0.14 consensus estimate for Q2 2024. Quarter-over-quarter, the revenue and EPS showed a modest performance relative to Q1 2024, reflecting a stable business trajectory.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | % Change YoY |
|---|---|---|---|
| Oil Sales | $64.4M | $59.0M | +9.2% |
| Natural Gas Sales | $26.2M | $32.9M | -20.4% |
| Other | $5.0M | N/A | N/A |
Interpretation: Oil sales increased by 9.2% year-over-year, driven by increased production and higher realized prices. Natural gas sales decreased by 20.4%, reflecting a significant drop in natural gas prices. The 'Other' revenue category appeared in the current year, potentially indicating new revenue streams or reclassification of revenue items.
Operational Data
| Operational Metric | Q2 2024 |
|---|---|
| Wells Participated | 191.94 |
Interpretation: The company increased its participation in wells to 191.94 net wells, indicating an expansion in its operational footprint.
Dividends and Share Repurchase Program
- Dividends : Granite Ridge paid dividends amounting to $14.4 million, or $0.11 per share, during Q2 2024.
- Share Repurchase Program : The company's stock repurchase program terminated on December 31, 2023.
Stock Price Movement
Following the earnings release, the company's stock price saw an increase of approximately 2.64%.
Granite Ridge Resources continues to show stability in its financial metrics with sustained revenue growth and participation in drilling activities, positioning itself steadily within the oil and gas sector.
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