Granite Ridge Resources, Inc. Provides Production Guidance for the Third Quarter, Fourth Quarter and Full Year of 2024
May 10, 2024 at 11:00 am EDT
Share
Granite Ridge Resources, Inc. provided production guidance for the third quarter, fourth quarter and full year of 2024. For the third quarter, the company expects production to be flat through the end of the third quarter.
For the fourth quarter, the company expects increase in production.
For the year, the company expects production guidance range of 23,250 to 25,250 BOE per day remains unchanged and represents 7% midpoint growth for the year after adjusting for divestitures. Oil production mix for the quarter was 45%, lower than guidance expectation of 47% for the year, but as Luke mentioned, should drift higher throughout the remainder of the year as some of natural gas-focused operators defer development projects.
Granite Ridge Resources, Inc. is an oil and gas exploration and production company. It owns a portfolio of wells and top-tier acreage across the Permian and four other prolific unconventional basins across the United States. It holds interests in wells in core operating areas of the Permian, Eagle Ford, Bakken, Haynesville and Denver-Julesburg (DJ) plays. It owns an interest in approximately 2,826 gross (176.50 net) producing wells, 309,472. The Permian Basin extends from southeastern New Mexico into west Texas. The Permian Basin consists of mature legacy onshore oil and liquids-rich natural gas reservoirs. The Eagle Ford shale formation stretches across south Texas and includes Austin Chalk and Buda formations. The Williston Basin stretches through North Dakota, the northwest part of South Dakota, and eastern Montana. The Haynesville Basin is a premier natural gas basin located in Northwestern Louisiana and East Texas. The DJ basin is a geologic basin centered in eastern Colorado.
GRANITE RIDGE RESOURCES, INC. 
