0001928446-24-000009 | 10-K | XBRL Viewer | Granite Ridge Resources INC

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Summary of significant accounting policies - Basis of presentation (Details)	12 Months Ended
	Dec. 31, 2023 segment
Accounting Policies [Abstract]
Number of operating segments	1

Stock incentive plan - Stock-based Compensation Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,162
Tax benefit recognized on compensation expense	311
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,081
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	47
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	234
Other Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 800

- Definition

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

+ References

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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Oil and natural gas sales [Member]	Oil and natural gas sales [Member]	Oil and natural gas sales [Member]
Oil and natural gas sales	$ 394,069	$ 497,417	$ 290,193
Operating costs and expenses:
Lease operating expenses	60,521	44,678	26,333
Production and ad valorem taxes	27,707	30,619	18,066
Depletion and accretion expense	160,662	105,752	94,661
Other	176	0	0
Impairments of long-lived assets	26,496	0	0
General and administrative (including non-cash stock-based compensation of $2,162 for the year ended December 31, 2023)	27,920	14,223	10,179
Gain on disposal of oil and natural gas properties	0	0	(2,279)
Total operating costs and expenses	303,482	195,272	146,960
Net operating income	90,587	302,145	143,233
Other income (expense):
Gain (loss) on derivatives - commodity derivatives	25,544	(25,324)	(32,389)
Interest expense	(5,315)	(1,989)	(2,385)
Gain (loss) on derivatives - common stock warrants	(5,742)	362	0
Gain on equity investments	508	0	0
Total other income (expense)	14,995	(26,951)	(34,774)
Income before income taxes	105,582	275,194	108,459
Income tax expense	24,483	12,850	0
Net income	$ 81,099	$ 262,344	$ 108,459
Net income per share:
Basic (in dollars per share)	$ 0.61	$ 1.97	$ 0.82
Diluted (in dollars per share)	$ 0.61	$ 1.97	$ 0.82
Weighted-average number of shares outstanding:
Weighted average common shares outstanding – basic (in shares)	133,093	132,923	132,923
Weighted average common shares outstanding – diluted (in shares)	133,109	133,074	132,923

Acquisitions and divestitures

12 Months Ended

Dec. 31, 2023

Oil and Gas Property [Abstract]

Acquisitions and divestitures

The Company follows ASU 2017-1 in evaluating whether acquisitions of oil and natural gas properties are accounted for as asset acquisitions or as business combinations. The majority of the Company’s acquisitions during 2023, 2022 and 2021 qualified as asset acquisitions. Acquisitions that qualified as business combinations, as discussed below, were accounted for in accordance with ASC Topic 805, Business Combinations.

2023 Acquisitions

During 2023, the Company closed on three separate acquisitions that were treated as business combinations. These included the following transactions:

Multi-Basin Acquisition - In September 2023, the Company closed on an acquisition comprised of proved developed producing oil and natural gas properties with approximately 281 net acres. The properties are located in the Permian, Eagle Ford and DJ basins. As consideration for the acquisition, the Company paid $8.2 million in cash. Asset retirement obligations acquired were $0.2 million.

Haynesville Basin - In December 2023, the Company closed on an acquisition of proved and unproved oil and natural gas properties in the Haynesville Basin for $22.2 million in cash. Asset retirement obligations acquired were $0.2 million.

Haynesville Basin - In December 2023, the Company closed on an acquisition of royalty interests in proved and unproved oil and natural gas properties in the Haynesville Basin for $1.4 million in cash.

The following table presents a summary of the fair values of the assets acquired and the liabilities assumed in acquisitions that met the definition of a business combination:


(in thousands)	December 31, 2023
Fair value of assets acquired and liabilities assumed
Proved oil and natural gas properties (1)	$	15,488
Unproved properties	16,545
Total oil and natural gas properties	32,033
Less: Asset retirement obligations	(341)
Net assets acquired	$	31,692
Consideration transferred (including liabilities assumed)	$	31,692

__________________________________________

(1)Amounts includes asset retirement costs of $0.3 million.

All other acquisitions during the year ended December 31, 2023 qualified as asset acquisitions. These included the following transactions:

Permian Basin - During the year ended December 31, 2023, the Company closed on various acquisitions of unproved oil and natural gas properties for a total purchase price of $24.3 million in the Permian Basin. The Company also closed on various acquisitions of proved oil and natural gas properties for a total purchase price of $0.3 million in the Permian Basin.

DJ Basin - During the year ended December 31, 2023, the Company closed on an acquisition of proved developed producing oil and natural gas properties in the DJ Basin. As consideration for the entire acquisition, the Company paid $16.6 million in cash, after closing adjustments, of which $1.9 million was held in escrow and paid during 2022. Asset retirement obligations acquired were $0.9 million.

Eagle Ford Basin - During the year ended December 31, 2023, the Company acquired proved oil and natural gas properties in the Eagle Ford Basin for $2.8 million.

Haynesville Basin - During the year ended December 31, 2023, the Company acquired various proved and unproved oil and natural gas properties in the Haynesville Basin for $2.9 million.

2023 Divestiture

In December 2023, the Company completed the sale of certain of its Permian Basin assets to Vital Energy in exchange 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 (the "Preferred Stock"). As the sale of oil and natural gas properties did not significantly affect the unit-of-production amortization rate of the Permian Basin depletion aggregation, the Company accounted for the divestiture as a normal retirement with no gain or loss recorded on the sale.

2022 Acquisitions

Bakken Basin – During the year ended December 31, 2022, the Company acquired proved oil and natural gas properties in the Bakken Basin for $1.6 million.

Permian Basin — During the year ended December 31, 2022, the Company closed on various asset acquisitions of unproved oil and natural gas properties for $18.0 million and proved oil and natural gas properties for $8.2 million in the Permian Basin.

During the year ended December 31, 2022, the Company completed an acquisition of proved and unproved oil and natural gas properties in the Permian Basin for $13.2 million. This acquisition met the definition of a business combination. The fair value allocated to proved and unproved oil and natural gas properties was $11.2 million and $2.0 million, respectively. Asset retirement obligations were immaterial.

DJ Basin — During the year ended December 31, 2022, the Company acquired unproved oil and natural gas properties in the DJ Basin for $2.9 million. In addition, the Company acquired proved oil and natural gas properties in the DJ Basin for $2.3 million.

Haynesville — During the year ended December 31, 2022, the Company acquired proved oil and natural gas properties in the Haynesville Basin for $3.0 million.

2022 Divestitures

Permian Basin - During the year ended December 31, 2022, the Company sold a partial unit of oil and natural gas properties in the Permian Basin for approximately $3.0 million, eliminating equivalent amounts from the oil and natural gas property accounts. No gain or loss was recorded.

Eagle Ford Basin — During the year ended December 31, 2022, the Company sold a partial unit of oil and natural gas properties in the Eagle Ford Basin for approximately $1.3 million, eliminating equivalent amounts from the oil and natural gas property accounts. No gain or loss was recorded.

2021 Acquisitions

Bakken Basin - During the year ended December 31, 2021, the Company acquired proved undeveloped oil and natural gas properties in the Bakken Basin of approximately $0.2 million.

Permian Basin – During the year ended December 31, 2021, the Company acquired various proved and unproved oil and natural gas properties in the Permian Basin of approximately $43.8 million.

DJ Basin - During the year ended December 31, 2021, the Company acquired various proved oil and natural gas properties of approximately $40.4 million. Customary post close adjustments were made during the year end December 31, 2022 which resulted in cash inflow of approximately $1.1 million.

2021 Divestitures

Bakken Basin - During the year ended December 31, 2021, the Company sold a partial unit of oil and natural gas properties in the Bakken Basin for $0.9 million recognizing the full amount as a gain.

Permian Basin - During the year ended December 31, 2021, the Company sold a complete unit of mineral interest assets in Texas for $22.5 million. The Company recorded a gain of $1.2 million associated with the sale. The Company also sold a partial unit of oil and natural gas properties in the Permian Basin for approximately $1.0 million, eliminating equivalent amounts from the property accounts.

SCOOP/STACK Basin - During the year ended December 31, 2021, the Company sold a complete unit of mineral interest assets in Oklahoma for approximately $1.9 million. The Company recorded a gain of $0.1 million associated with the sale.

Eagle Ford Basin- During the year ended December 31, 2021, the Company sold a partial unit of oil and natural gas properties in the Eagle Ford Basin for $3.0 million, eliminating equivalent amounts from the property accounts.

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense

The Components of income tax expense were as follows for the periods indicated:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Current
Federal	$	—	$	—	$	—
State	209		—		—
	209		—		—
Deferred
Federal	$	22,314	$	11,444	$	—
State	1,960		1,406		—
	24,274		12,850		—
Income tax expense	$	24,483	$	12,850	$	—

Schedule of effective tax rate

The following reconciles the income tax expense included in the consolidated statements of operations with the income tax expense that would result from the application of the statutory federal tax rate:


	Year Ended December 31,
(in thousands)	2023			2022			2021
Income (loss) before income taxes	$	105,582		$	275,194		$	108,459

Income tax expense (benefit) at federal statutory rate	22,172			57,791			22,776
Net (income) loss prior to Business Combination - non taxable	—			(46,051)			(22,776)
Impact of prior tax returns	142			—			—
State income taxes, net of federal benefit	2,169			1,110			—
Income tax expense	$	24,483		$	12,850		$	—
Effective tax rate	23.2		%	4.7		%	0.0		%

Schedule of significant components of deferred tax assets and liabilities

Significant components of deferred tax assets and liabilities are included in the table below:


	Year Ended December 31,
(in thousands)	2023		2022
Deferred tax assets
Net operating loss carryforwards	$	13,677	$	11,500
Disallowed interest expense carryforward	1,335		56
Asset retirement obligation	2,169		1,128
Other deductible temporary differences	495		32
Total deferred tax assets	17,676		12,716
Less: valuation allowance	—		—
Net deferred tax assets	$	17,676	$	12,716

Deferred tax liabilities
Property, plant and equipment	$	(88,870)	$	(60,269)
Unrealized derivatives	(2,795)		(2,196)
Total deferred tax liabilities	(91,665)		(62,465)
Net deferred tax liability	$	(73,989)	$	(49,749)

Asset retirement obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset retirement obligations
Asset retirement obligations, beginning of year	$ 4,963	$ 2,962	$ 3,114
Liabilities incurred during the period	2,370	1,012	465
Revision of estimates	2,596	490	(868)
Accretion of discount during the period	441	499	447
Disposals or settlements	(496)	0	(196)
Asset retirement obligations, end of year	9,874	4,963	2,962
Less current portion of asset retirement obligations	483	218	0
Asset retirement obligations, long-term	$ 9,391	$ 4,745	$ 2,962

Summary of significant accounting policies - Derivative instruments- common stock warrants (Details) - shares	Jun. 22, 2023	Dec. 31, 2023	Jul. 31, 2023	Jun. 22, 2022
Warrant Exchange Offer
Basin acquisition that met the definition of a business combination
Warrants tendered (in shares)	2,471,738
Number of warrants tendered (in shares)	9,887,035
Shares of common stock underlying each warrant (in shares)	0.25			0.25
Amended Warrant Agreement Offer
Basin acquisition that met the definition of a business combination
Shares of common stock underlying each warrant (in shares)	0.225	0.225	0.225	0.225
Warrants outstanding (in shares)		0	0

Derivative financial instruments - Impact of commodity derivatives on earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative instruments
Gain (loss) on commodity derivatives	$ 25,544	$ (25,324)	$ (32,389)
Net cash receipts from (payments on) commodity derivatives	22,895	(42,437)	(25,219)
Oil derivatives
Derivative instruments
Gain (loss) on commodity derivatives	6,459	(14,985)	(24,885)
Net cash receipts from (payments on) commodity derivatives	4,576	(23,695)	(19,034)
Natural gas derivatives
Derivative instruments
Gain (loss) on commodity derivatives	19,085	(10,339)	(7,504)
Net cash receipts from (payments on) commodity derivatives	$ 18,319	$ (18,742)	$ (6,185)

Fair value measurements - Fair value of assets measured at fair value on a nonrecurring basis (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment	$ 26,500,000	$ 0		$ 0
Fair Value, Nonrecurring \| Oil and natural gas properties
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	31,781,000	0	$ 0
Impairment	$ 26,496,000	$ 0	$ 0

Stock incentive plan - Restricted Stock Awards and PSU (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Awards
Awards granted (in shares)	94,007
Weighted Average Grant Date Fair Value Per Share
Awards granted (in dollars per share)	$ 8.51
Restricted Stock Awards
Restricted Stock Awards
Beginning balance (in shares)	0	0
Awards granted (in shares)		308,938
Awards canceled/forfeited (in shares)		(12,948)
Ending balance (in shares)		295,990
Weighted Average Grant Date Fair Value Per Share
Outstanding, beginning balance (in dollars per share)		$ 5.75	$ 0
Awards granted (in dollars per share)		5.72
Awards canceled/forfeited (in dollars per share)		5.01
Outstanding, ending balance (in dollars per share)		$ 5.75
Performance Stock Units
Restricted Stock Awards
Beginning balance (in shares)	0	0
Awards granted (in shares)		26,574
Ending balance (in shares)		26,574
Weighted Average Grant Date Fair Value Per Share
Outstanding, beginning balance (in dollars per share)		$ 6.01	$ 0
Awards granted (in dollars per share)		6.01
Outstanding, ending balance (in dollars per share)		$ 6.01

Subsequent events (Tables)

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Schedule of Subsequent Events

The following table sets forth the Company’s outstanding commodity derivative contracts as of March 7, 2024.


	2024										2025
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total		Total
Collar (oil)
Volume (Bbl)	461,524		401,874		361,552		311,496		1,536,446		439,852
Weighted-average floor price ($/Bbl)	$	64.22	$	64.27	$	64.32	$	64.13	$	64.24	$	61.48
Weighted-average ceiling price ($/Bbl)	$	84.99	$	85.11	$	85.24	$	84.97	$	85.07	$	80.65
Swaps (oil)
Volume (Bbl)	62,000		48,000		39,000		32,000		181,000		—
Weighted-average price ($/Bbl)	$	80.00	$	80.00	$	80.00	$	80.00	$	80.00	$	—
Collar (natural gas)
Volume (Mcf)	3,856,000		—		—		1,615,000		5,471,000		2,156,000
Weighted-average floor price ($/Mcf)	$	2.93	$	—	$	—	$	3.57	$	3.12	$	3.57
Weighted-average ceiling price ($/Mcf)	$	4.39	$	—	$	—	$	5.37	$	4.68	$	5.37
Swaps (natural gas)
Volume (Mcf)	—		3,236,000		2,823,000		844,000		6,903,000		1,612,050
Weighted-average price ($/Mcf)	$	—	$	3.22	$	3.22	$	3.22	$	3.22	$	3.20

Income taxes - Schedule of Reconciles the income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of income tax expense (benefit)
Income (loss) before income taxes	$ 105,582	$ 275,194	$ 108,459
Income tax expense (benefit) at federal statutory rate	22,172	57,791	22,776
Net (income) loss prior to Business Combination - non taxable	0	(46,051)	(22,776)
Impact of prior tax returns	142	0	0
State income taxes, net of federal benefit	2,169	1,110	0
Income tax expense	$ 24,483	$ 12,850	$ 0
Effective tax rate	23.20%	4.70%	0.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

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

+ References + Details

Acquisitions and divestitures - Fair value of assets acquired and liabilities assumed (Details) - 2023 Acquisitions $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair value of assets acquired and liabilities assumed
Total oil and natural gas properties	$ 32,033
Less: Asset retirement obligations	(341)
Net assets acquired	31,692
Consideration transferred (including liabilities assumed)	31,692
Less: Asset retirement obligations	(341)
Proved Oil and Natural Gas Properties
Fair value of assets acquired and liabilities assumed
Total oil and natural gas properties	15,488
Unproved Oil and Natural Gas Properties
Fair value of assets acquired and liabilities assumed
Total oil and natural gas properties	$ 16,545

Fair value measurements - Fair values - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) $ / bbl $ / Mcf	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of oil and gas properties \| $	$ 26,500,000	$ 0		$ 0
Level 3 \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of oil and gas properties \| $	$ 26,500,000	$ 26,500,000	$ 26,500,000
Level 3 \| Fair Value, Nonrecurring \| Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate (percentage)	10.00%
Oil commodity prices per barrel 2024 \| Level 3 \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract prices \| $ / bbl	71.68
Oil commodity prices per barrel 2028 \| Level 3 \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract prices \| $ / bbl	62.02
Natural gas commodity prices per Mcf 2024 \| Level 3 \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract prices \| $ / Mcf	2.67
Natural gas commodity prices per Mcf 2028 \| Level 3 \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract prices \| $ / Mcf	3.80
Vital Energy, Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of common shares to be converted into, per share of preferred stock	1

Asset retirement obligations

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Asset retirement obligations

The Company recognizes the fair value of its asset retirement obligations related to the future costs of plugging, abandonment, and remediation of oil and natural gas producing properties at the times the obligations are incurred. Upon initial recognition of a liability, that cost is capitalized as part of the related oil and natural gas properties and allocated to expense over the useful life of the asset. Our asset retirement obligations primarily represent the present value of the estimated amount we will incur to plug, abandon and remediate our proved producing properties at the end of their productive lives, in accordance with applicable state laws.

The following table presents the changes in the asset retirement obligations during the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Asset retirement obligations, beginning of year	$	4,963	$	2,962	$	3,114
Liabilities incurred during the period	2,370		1,012		465
Revision of estimates (1)	2,596		490		(868)
Accretion of discount during the period	441		499		447
Disposals or settlements	(496)		—		(196)
Asset retirement obligations, end of year	$	9,874	$	4,963	$	2,962
Less current portion of asset retirement obligations	483		218		—
Asset retirement obligations, long-term	$	9,391	$	4,745	$	2,962

__________________________________________

(1)Revisions in estimated liabilities during 2023 relate primarily to changes in estimated well lives, while revisions in prior year relate primarily to changes in estimates of asset retirement costs.

Summary of significant accounting policies - Oil and natural gas properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Exploratory wells capitalized whose proved reserves are yet to be determined	$ 0	$ 0
Depletion	160,200,000	105,300,000	$ 94,200,000
Interest costs capitalized	1,000,000	0	$ 0
Impairment of oil and gas properties	$ 26,500,000	$ 0		$ 0

Stock incentive plan

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock incentive plan

Stock Incentive Plan

In connection with the closing of the Transactions, the Company’s Board of Directors adopted the Granite Ridge Resources, Inc. 2022 Omnibus Incentive Plan (the “Plan”), which provides the Company the ability to grant, among other award types, stock options, restricted stock awards, and PSUs to directors, officers, employees and consultants or advisors employed by or providing service to the Company. The maximum number of shares of common stock that may be issued under the Plan is 6.5 million shares. The Company recognizes forfeitures on stock-based compensation awards as they occur.

During the first quarter of 2023, the Company granted restricted stock awards, fully vested stock awards, stock options, and PSUs. As of December 31, 2023, the Company had 5.7 million shares of common stock remaining available for future awards under the Plan. Shares issued as a result of awards granted under the Plan are generally new common shares.

The stock-based compensation expense and associated tax benefit were as follows:


	Year Ended
(in thousands)	December 31, 2023
Stock-based compensation expense
Restricted Stock Awards	$	1,081
Performance Stock Units	47
Stock Options	234
Other Awards	800
Total stock-based compensation expense	$	2,162
Tax benefit recognized on compensation expense	$	311

Restricted Stock Awards - The Company has granted restricted stock awards to certain of its employees and consultants under the Plan. 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. The holders of unvested restricted stock awards have voting rights and the right to receive dividends. The restricted stock awards generally vest ratably over a period of three years. The Company recognizes compensation expense utilizing graded vesting whereby compensation expense is recognized over the service period for each separately vesting tranche. A summary of the Company's restricted stock award activity for the year ended December 31, 2023 is presented below.


	Restricted Stock Awards	Weighted Average Grant Date Fair Value Per Share
Outstanding at December 31, 2022	—	$	—
Awards granted	308,938	$	5.72
Awards canceled/forfeited	(12,948)	$	5.01


Outstanding at December 31, 2023	295,990	$	5.75

PSUs - The Company has granted PSUs to certain of its officers under the Plan. The PSUs cliff vest at the end of a three-year performance period, 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 achieved by the Company compared to 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. A summary of the Company's PSU activity for the year ended December 31, 2023 is presented below.


	Performance Stock Units	Weighted Average Grant Date Fair Value Per Share
Outstanding at December 31, 2022	—	$	—
Awards granted	26,574	$	6.01



Outstanding at December 31, 2023	26,574	$	6.01

Stock Options - The Company has granted stock options to certain of its officers under the Plan. The Company’s outstanding stock options expire in 10 years following the date of grant. Pursuant to the stock options granted under the Plan, 33% of the options vested immediately with an additional 33% to vest on each of the next two anniversaries of the date of the grant, generally subject to continued employment through each such vesting date. Of the stock options granted during 2023, 72,108 of such stock options have an exercise price per share of $5.02, and 320,000 of the stock options have an exercise price per share of $9.22. A summary of the Company's stock option activity for the year ended December 31, 2023 is presented below.


	Stock Options	Weighted Average Exercise Price Per Share		Aggregate intrinsic value
				(in thousands)
Outstanding at December 31, 2022	—	$	—
Options granted	392,108	$	8.45
Options canceled/forfeited	—	$	—
Options exercised	—	$	—
Outstanding at December 31, 2023	392,108	$	8.45	$	72
Options exercisable at December 31, 2023	130,702	$	8.45	$	24

The fair value of each stock option award was estimated on the date of grant. For stock options granted at-the-money (those with an exercise price of $5.02), grant date fair value was estimated using the Black-Scholes pricing model. As these options represent plain vanilla options and the Company did not have historical exercise detail, the expected term for these options was estimated using the simplified method allowed under Staff Accounting Bulletin Topic 14.D.2, which is the average of the weighted average vesting term and time to expiration as of the grant date. For stock options granted with an exercise price of $9.22, grant date fair value was estimated using a lattice-based option valuation model that incorporated a range of assumptions. Expected volatilities were based on historical volatilities of the Company's stock and other factors. The expected term was derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding. The weighted average fair value of stock options on the date of the grant during the year ended December 31, 2023 was $0.82 per share. The weighted average remaining terms on the outstanding options and the exercisable options was 9.3 years. The Company used the following assumptions to estimate the fair value of stock options granted during the year ended December 31, 2023:

Year Ended

December 31, 2023

Risk-free interest rate

3.5% - 3.7%

Volatility

56.0% - 59.0%

Expected term

5.5 years - 7.8 years

Dividend yield

8.8%

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

Future stock-based compensation expense - The following table reflects the future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outstanding at December 31, 2023:


(in thousands)	Restricted Stock Awards		Performance Stock Units		Stock Options
2024	$	419	$	62	$	78
2025	174		62		12
2026	29		—		—
Total	$	622	$	124	$	90

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividend declared (in USD per share)	$ 0.44	$ 0.08

Derivative financial instruments - Common stock warrants (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
	Jun. 22, 2023	Oct. 24, 2022	Jul. 31, 2023	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 22, 2022
Derivative instruments
Stock warrants issued (in shares)		10,349,975
Gain (loss) on derivatives - common stock warrants					$ (5,742)	$ 362	$ 0
Warrant Exchange Offer
Derivative instruments
Shares of common stock underlying each warrant (in shares)	0.25							0.25
Common stock issued in warrant exchange (in shares)	2,471,738
Number of warrants tendered (in shares)	9,887,035
Amended Warrant Agreement Offer
Derivative instruments
Shares of common stock underlying each warrant (in shares)	0.225		0.225		0.225			0.225
Fair value settlements			$ 700	$ 17,000
Warrant Exchange Offer
Derivative instruments
Derivative liabilities - common stock warrants						11,900
Gain (loss) on derivatives - common stock warrants					$ (5,700)	$ 400
Warrant
Derivative instruments
Stock warrants issued (in shares)		10,349,975
Shares of common stock underlying each warrant (in shares)		1
Exercise price of warrants (in usd per share)		$ 11.50
Period after business combination close in which warrants become exercisable		30 days
Common stock issued for exercise of warrants (in shares)					461

Stock incentive plan (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The stock-based compensation expense and associated tax benefit were as follows:


	Year Ended
(in thousands)	December 31, 2023
Stock-based compensation expense
Restricted Stock Awards	$	1,081
Performance Stock Units	47
Stock Options	234
Other Awards	800
Total stock-based compensation expense	$	2,162
Tax benefit recognized on compensation expense	$	311

The following table reflects the future stock-based compensation expense to be recorded for all the stock-based compensation awards that were outstanding at December 31, 2023:


(in thousands)	Restricted Stock Awards		Performance Stock Units		Stock Options
2024	$	419	$	62	$	78
2025	174		62		12
2026	29		—		—
Total	$	622	$	124	$	90

Schedule of Nonvested Restricted Stock Shares Activity

A summary of the Company's restricted stock award activity for the year ended December 31, 2023 is presented below.


	Restricted Stock Awards	Weighted Average Grant Date Fair Value Per Share
Outstanding at December 31, 2022	—	$	—
Awards granted	308,938	$	5.72
Awards canceled/forfeited	(12,948)	$	5.01


Outstanding at December 31, 2023	295,990	$	5.75

Schedule of Nonvested Performance-Based Units Activity

A summary of the Company's PSU activity for the year ended December 31, 2023 is presented below.


	Performance Stock Units	Weighted Average Grant Date Fair Value Per Share
Outstanding at December 31, 2022	—	$	—
Awards granted	26,574	$	6.01



Outstanding at December 31, 2023	26,574	$	6.01

Schedule of Share-Based Payment Arrangement, Option, Activity

A summary of the Company's stock option activity for the year ended December 31, 2023 is presented below.


	Stock Options	Weighted Average Exercise Price Per Share		Aggregate intrinsic value
				(in thousands)
Outstanding at December 31, 2022	—	$	—
Options granted	392,108	$	8.45
Options canceled/forfeited	—	$	—
Options exercised	—	$	—
Outstanding at December 31, 2023	392,108	$	8.45	$	72
Options exercisable at December 31, 2023	130,702	$	8.45	$	24

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The Company used the following assumptions to estimate the fair value of stock options granted during the year ended December 31, 2023:

Year Ended

December 31, 2023

Risk-free interest rate

3.5% - 3.7%

Volatility

56.0% - 59.0%

Expected term

5.5 years - 7.8 years

Dividend yield

8.8%

Stock incentive plan - Stock Option Activity (Details) - Stock Options $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Stock Options
Beginning balance (in shares) \| shares	0
Options granted (in shares) \| shares	392,108
Options canceled/forfeited (in shares) \| shares	0
Options exercised (in shares) \| shares	0
Ending balance (in shares) \| shares	392,108
Options exercisable (in shares) \| shares	130,702
Weighted Average Exercise Price Per Share
Outstanding, beginning balance (in dollars per share) \| $ / shares	$ 0
Options granted (in dollars per share) \| $ / shares	8.45
Options canceled/forfeited (in dollars per share) \| $ / shares	0
Options exercised (in dollars per share) \| $ / shares	0
Outstanding, ending balance (in dollars per share) \| $ / shares	8.45
Options exercisable, (in dollars per share) \| $ / shares	$ 8.45
Aggregate intrinsic value
Outstanding, aggregate intrinsic value \| $	$ 72
Options exercisable \| $	$ 24

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net income	$ 81,099	$ 262,344	$ 108,459
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and accretion expense	160,662	105,752	94,661
Impairments of long-lived assets	26,496	0	0
(Gain) loss on derivatives - commodity derivatives	(25,544)	25,324	32,389
Net cash receipts from (payments on) commodity derivatives	22,895	(42,437)	(25,219)
Stock-based compensation	2,162	0	0
Gain on disposal of oil and natural gas properties	0	0	(2,279)
Amortization of loan origination costs	1,260	159	48
(Gain) loss on derivatives - common stock warrants	5,742	(362)	0
Gain on equity investments	(508)	0	0
Deferred income taxes	24,274	12,850	0
Other	(313)	0	0
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
Revenue receivable	(846)	(24,989)	(28,603)
Other receivable	103	0	0
Accrued expenses	4,550	9,838	1,840
Prepaid and other expenses	485	(2,095)	(125)
Other payable	350	5	10
Net cash provided by operating activities	302,867	346,389	181,181
Investing activities:
Capital expenditures for oil and natural gas properties	(282,390)	(185,497)	(136,077)
Acquisition of oil and natural gas properties	(76,810)	(49,191)	(83,209)
Deposit on acquisition	0	(1,899)	0
Refund of advances to operators	2,464	1,180	3,819
Proceeds from the disposal of oil and natural gas properties	60	4,845	29,443
Net cash used in investing activities	(356,676)	(230,562)	(186,024)
Financing activities:
Proceeds from borrowing on credit facilities	162,500	21,000	62,000
Repayments of borrowing on credit facilities	(52,500)	(72,100)	(49,400)
Cash distributions	0	0	(51,091)
Cash contributions	0	0	46,980
Deferred financing costs	(2,616)	(3,237)	0
Payment of expenses related to formation of Granite Ridge Resources, Inc.	(43)	(18,456)	0
Purchase of treasury shares	(35,353)	(216)	0
Payment of dividends	(58,587)	(10,664)	0
Proceeds from issuance of common stock	5	6,825	0
Net cash provided by (used in) financing activities	13,406	(76,848)	8,489
Net change in cash and restricted cash	(40,403)	38,979	3,646
Cash and restricted cash at beginning of year	51,133	12,154	8,508
Cash and restricted cash at end of year	10,730	51,133	12,154
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	(4,825)	(2,286)	(1,636)
Cash paid during the year for income taxes	(742)	(98)	(79)
Supplemental disclosure of non-cash investing activities:
Oil and natural gas properties divested in exchange for equity securities	49,920	0	0
Oil and natural gas property development costs in accrued expenses	(12,325)	48,187	6,251
Advances to operators applied to development of oil and natural gas properties	98,224	103,535	48,387
Cash and restricted cash:
Cash	10,430	50,833	11,854
Restricted cash included in other long-term assets	300	300	300
Cash and restricted cash	$ 10,730	$ 51,133	$ 12,154

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of significant accounting policies

Principles of Consolidation

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

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

Basis of Presentation

As a result of the Business Combination, periods prior to October 24, 2022 reflect Funds as limited partnerships, not as corporations. The primary financial impacts of the Transactions to the consolidated financial statements were (i) reclassification of partnership capital accounts to equity accounts reflective of a corporation and (ii) income tax effects. Since the Funds were identified as entities under common control, the consolidated financial statements for periods prior to the GREP Formation Transaction have been adjusted to retrospectively combine the previously separate entities for presentation purposes. All intercompany transactions within the consolidated businesses of the Company have been eliminated.

The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company operates in one operating segment, which is oil and natural gas development, exploration and production. All of our operations are conducted in the geographic area of the United States. The Company’s chief operating decision maker manages operations on a consolidated basis for purposes of evaluating operations and allocating resources.

Use of Estimates

The preparation of the 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 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.

The Company’s estimates of oil and natural gas reserves are, by necessity, projections based on geologic and engineering data, and there are uncertainties inherent in the interpretation of such data as well as the projection of future rates of production and the timing of development expenditures. Reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that are difficult to measure. The accuracy of any reserve estimate is a function of the quality of available data, engineering and geological interpretation and judgment. Estimates of economically recoverable oil and natural gas reserves and future net cash flows necessarily depend upon a number of variable factors and assumptions, such as historical production from the area compared with production from other producing areas, the assumed effect of regulations by governmental agencies, and assumptions governing future oil and natural gas prices, future operating costs, severance taxes, development costs and work over costs, all of which may in fact vary considerably from actual results. The future drilling costs associated with reserves assigned to proved undeveloped locations may ultimately increase to the extent that these reserves are later determined to be uneconomic. For these reasons, estimates of the economically recoverable quantities of expected oil and natural gas attributable to any particular group of properties, classifications of such reserves based on risk of recovery, and estimates of the future net cash flows may vary substantially. Any significant variance in the assumptions could materially affect the estimated quantity of the reserves, which could affect the carrying value of the Company’s oil and natural gas properties and/or the rate of depletion related to the oil and natural gas properties.

Additional significant estimates include, but are not limited to, fair value of derivative financial 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.

Reclassifications

Certain reclassifications have been made to prior years' reported amounts to conform to the current year presentation.

Prior Period Correction of an Immaterial Error

During the fourth quarter of 2023, the Company determined that the prior year consolidated financial statements had a misstatement caused by an error in determining the tax basis of oil and natural gas properties. Management concluded that the impact of this error on the prior year consolidated financial statements period is immaterial. However, given that the adjustment to correct the error in the current year consolidated financial statements would have a material impact on 2023, the Company has corrected the prior period consolidated financial statements in this Annual Report on Form 10-K in accordance with SEC guidance. The adjustment had no effect on the Company's net income, cash flows, total assets or total liabilities and stockholders' equity, and the information included in this Annual Report on Form 10-K sets forth the effects of this correction on the previously reported consolidated balance sheet as of December 31, 2022.

Due to transactions that were completed immediately prior to the Business Combination, the tax basis of oil and natural gas properties transferred to the Company was higher than initially recognized in 2022. As a result, the Company has corrected the deferred tax liability and additional paid-in capital in the accompanying consolidated balance sheet to properly reflect the increased tax basis upon the completion of the Business Combination. As shown below, the previously reported deferred tax liability as of December 31, 2022 has decreased and additional paid-in capital as of December 31, 2022 has

increased. The following sets forth the effects of the correction on the previously reported consolidated balance sheet as of December 31, 2022:


(in thousands)	December 31, 2022
Deferred tax liability, previously reported	$	91,592
Correction to deferred tax liability	(41,843)
Deferred tax liability, reported	$	49,749


(in thousands)	December 31, 2022
Additional paid-in capital, previously reported	$	590,232
Correction to additional paid-in capital	41,843
Additional paid-in capital, reported	$	632,075

As a result of the change in the tax basis, the prior year standardized measure of discounted future net cash flows was corrected and increased by $30 million.

Cash and Restricted Cash

Cash represents liquid cash and investments with an original maturity of 90 days or less. The Company places its cash with reputable financial institutions. At times, the balances deposited may exceed amounts covered by insurance provided by the U.S. Federal Deposit Insurance Corporation (“FDIC”). However, management believes that the Company’s counterparty risks are minimal based on the reputation and history of the institutions selected. The Company has not incurred any losses related to amounts in excess of FDIC limits.

As of December 31, 2023 and 2022, the Company had $0.3 million of cash classified as restricted. This balance relates to a cash deposit for two standby letters of credit associated with oil and natural gas mining lease agreements. Restricted cash consists of cash that is stated at cost, which approximates fair market value. Classification of restricted cash is based on the nature of the restrictions associated with the underlying assets.

Revenue Receivable

Revenue receivable is comprised of accrued oil and natural gas sales. The operators remit payment for production directly to the Company. In the event of complete non-performance by the Company’s customers, the maximum exposure to the Company is the outstanding revenue receivable balance at the date of non-performance. The Company monitors this exposure primarily by reviewing credit ratings, financial statements and payment history. Revenue receivables are generally unsecured and typically received from the operator one to three months after production. The Company had an allowance for expected credit losses of $0.2 million at December 31, 2023 and $0.2 million at January 1, 2023, which was based on a historical loss rate. For the years ended December 31, 2022 and 2021, the Company’s bad debt expense and allowance for doubtful accounts was immaterial.

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

Advance to Operators

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

Oil and Natural Gas Properties

The Company uses the successful efforts method of accounting for oil and gas producing activities, as further defined under ASC 932, Extractive Activities - Oil and Gas (“ASC 932”). Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory leases that find proved reserves, and to drill and equip development leases and related asset retirement costs are capitalized. Costs to drill exploratory wells are capitalized pending determinations of whether the wells have proved reserves. If the Company determines that the wells do not have proved reserves, the costs are charged to expense. There were no exploratory wells capitalized pending determinations of whether the wells have proved reserves as of December 31, 2023 or 2022.

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 $160.2 million, $105.3 million and $94.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. As a result of the Business Combination, the Company aggregated certain proved properties for amortization and impairment purposes.

Costs of significant nonproducing properties, wells in the process of being drilled and completed and development projects are excluded from depletion until the related project is completed. The Company capitalizes interest on expenditures for significant exploration and development projects that last more than six months while activities are in progress to bring the assets to their intended use. For the year ended December 31, 2023, the Company capitalized $1.0 million of interest costs. For the years ended December 31, 2022 and 2021, no interest costs were capitalized. Costs incurred to maintain wells and related equipment are charged to expense as incurred.

Effective January 1, 2019, the Company adopted ASU 2017-1, Business Combinations: Clarifying the Definition of Business (“ASU 2017-1”), with the objective of adding guidance to assist in evaluating whether transactions should be accounted for as asset acquisitions or as business combinations. The guidance provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the acquired assets is concentrated in a single asset or a group of similar assets, the set is not a business. If the screen is not met, to be considered a business, the set must include an input and a substantive process that together significantly contribute to the ability to create output. See discussions of the Company’s oil and natural gas asset acquisitions and business combinations in Note 5. Proceeds from the sales of individual properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depletion. Generally, no gain or loss is recognized until the entire depletion base is sold. However, gain or loss is recognized from the sale of less than an entire depletion base if the disposition is significant enough to materially impact the depletion rate of the remaining properties in the depletion base. See Note 5 for additional information on our divestitures. Ordinary maintenance and repair costs are expensed as incurred.

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 as determined by discounted future cash flows using a discount rate similar to that used by market participants, or comparable market value if available, is recognized at that time. 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 and cash flows from integrated assets. The Company recorded proved property impairment of $26.5 million for the year ended December 31, 2023 related to its Haynesville properties. There were no proved property impairment indicators for the years ended December 31, 2022 or 2021.

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. The Company did not recognize an impairment expense for the years ended December 31, 2023, 2022 and 2021 related to its unproved oil and natural gas properties.

Derivative Instruments- Commodity Derivatives

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

Derivative Instruments- Common Stock Warrants

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

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

Equity 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. See Note 5 for further discussion of the divestiture of assets.

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 on the consolidated statements of operations. For the preferred stock that does not have a readily determinable fair value, the Company has not elected the measurement alternative in ASC 321 and instead will account for the preferred stock at fair value with unrealized gains and losses recorded through net income. For the year ended December 31, 2023, an unrealized gain of $0.5 million on the change in fair value of the common and preferred stock is included in the consolidated statements of operations.

Asset Retirement Obligation

The Company follows the provisions of ASC 410-20, "Asset Retirement Obligations" ("ASC 410-20"). ASC 410-20 requires entities to record the fair value of obligations associated with the retirement of tangible long-lived assets in the period in which it is incurred. The Company’s asset retirement obligation relates to the plugging, dismantlement, removal, site reclamation and similar activities of its oil and natural gas properties. When the liability is initially recorded, the entity capitalizes a cost by increasing the carrying amount of the related oil and natural gas property asset. Over time, the liability is accreted to its present value each period, and the capitalized cost is depleted over the useful life of the related asset. Based on certain factors, including commodity prices and costs, the Company may revise its previous estimates of the liability, which would also increase or decrease the related oil and natural gas property asset. Upon settlement of the liability, an entity either settles the obligation for its recorded amount or incurs a gain or loss for the difference of the settled amount and recorded liability.

Asset retirement obligations are estimated at the present value of expected future net cash flows and are discounted using the Company’s credit adjusted risk free rate. The Company uses unobservable inputs in the estimation of asset retirement obligations that include, but are not limited to, costs of labor, costs of materials, profits on costs of labor and materials, the effect of inflation on estimated costs, and the discount rate. Due to the subjectivity of assumptions and the relatively long lives of the Company’s leases, the costs to ultimately retire the Company’s leases may vary significantly from prior estimates.

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 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 consolidated statements of operations. At the end of each month when the performance obligation is satisfied, the variable consideration can be reasonably estimated and amounts due from customers are accrued in revenue receivable in the balance sheets. Variances between the Company’s estimated revenue and actual payments are recorded in the month the payment is received; however, differences have been and are insignificant.

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

Non-operated Crude Oil and Natural Gas Revenues

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

Take-in Kind Oil and Natural Gas Revenues

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

The Company’s disaggregated revenue has two primary sources: oil sales and natural gas sales. Substantially all of the Company’s oil and natural gas sales come from five geographic areas in the United States: the Eagle Ford Basin (Texas), the Permian Basin (Texas), the Haynesville Basin (Texas/Louisiana), the Denver-Julesburg “DJ” Basin (Colorado), and the Bakken Basin (Montana/North Dakota). The Company previously owned oil and natural gas assets in the SCOOP/STACK Basin in Oklahoma, which were sold during the year ended December 31, 2022. The following tables present the

disaggregation of the Company’s oil revenues and natural gas revenues by basin for the years ended December 31, 2023, 2022 and 2021.


	Year Ended December 31,
(in thousands)	2023		2022		2021
Oil	$	317,099	$	338,163	$	215,250
Natural gas	76,970		159,254		74,943
Total	$	394,069	$	497,417	$	290,193


Permian	$	237,730	$	266,856	$	151,179
Eagle Ford	46,410		64,879		40,898
Bakken	51,128		64,999		56,055
Haynesville	24,833		62,743		12,039
DJ	33,968		37,880		29,191
SCOOP/STACK	—		60		831
Total	$	394,069	$	497,417	$	290,193

Lease Operating Expenses

Lease operating expenses represents field employees’ salaries, saltwater disposal, repairs and maintenance, expensed workovers and other operating expenses. Lease operating expenses are expensed as incurred.

Production and Ad Valorem Taxes

The Company incurs production taxes on the sale of its production. These taxes are reported on a gross basis. Production taxes for the years ended December 31, 2023, 2022 and 2021 were approximately $24.9 million, $26.9 million and $17.1 million, respectively.

The Company incurs ad valorem tax on the value of its properties in certain states. Ad valorem taxes for the years ended December 31, 2023, 2022 and 2021 were approximately $2.8 million, $3.7 million and $1.0 million, respectively.

Income Taxes

Prior to the Business Combination, GREP and the associated activities held by the Funds were treated as partnerships for U.S. federal income tax purposes and were not subject to U.S. federal income tax. As a result of the Business Combination, the Company became a C corporation and is subject to U.S. federal income tax and state and local income taxes, and accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are calculated by applying existing tax laws and the rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rate on deferred income tax assets and liabilities is recognized in income in the period that includes the enactment date.

A valuation allowance is provided for deferred income taxes if it is more likely than not these items will either expire before the Company is able to realize their benefits or if future deductibility is uncertain. Additionally, the Company evaluates tax positions under a more likely than not recognition threshold and measurement analysis before the positions are recognized for financial statement reporting. For further discussion, see Note 7.

Stock-Based Compensation

Stock-based compensation expense is recognized in the Company's consolidated financial statements on an accelerated basis over the awards' vesting periods based on their grant date fair values. Restricted stock awards are valued at the closing price of the Company's common stock on the date of grant. The Company utilizes the Monte Carlo simulation method to determine the fair value of certain performance stock units ("PSUs"), the Black-Scholes model for options issued at-the-money and a binomial lattice model for other stock options. The Company recognizes forfeitures on stock-based compensation awards as they occur.

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

In June 2022, the FASB issued ASU No. 2022-03, "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions," ("ASU 2022-03") which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. ASU 2022-03 also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and requires specific disclosures for equity securities subject to contractual sale restrictions such as the fair value of equity securities subject to contractual sale restrictions, the nature and remaining duration of the restrictions and the circumstances that could cause a lapse in the restriction. ASU 2022-03 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, with early application permitted. The Company does not expect the adoption of ASU 2022-03 to have a significant impact on its consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," ("ASU 2023-07") which requires public entities, including public entities with a single reportable segment, to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 is effective beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the effect that ASU 2023-07 will have on its disclosures.

In December 2023, the FASB issued ASU No. 2023-09, "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 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company has not early adopted the standard and is currently assessing the effect that ASU 2023-09 will have on its disclosures.

Recently Issued and Applicable Accounting Pronouncements (Issued and Adopted)

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

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Principles of Consolidation

Basis of Presentation

Use of Estimates

Reclassifications

Certain reclassifications have been made to prior years' reported amounts to conform to the current year presentation.

Prior Period Correction of an Immaterial Error

increased.

Cash and Restricted Cash

Revenue Receivable

Advance to Operators

Oil and Natural Gas Properties

Derivative Instruments - Commodity Derivatives

Derivative Instruments- Commodity Derivatives

Derivative Instruments - Common Stock Warrants

Derivative Instruments- Common Stock Warrants

Equity Investments

Asset Retirement Obligation

Revenue Recognition

Non-operated Crude Oil and Natural Gas Reserves

Non-operated Crude Oil and Natural Gas Revenues

Take-in Kind Oil and Natural Gas Reserves

Take-in Kind Oil and Natural Gas Revenues

disaggregation of the Company’s oil revenues and natural gas revenues by basin for the years ended December 31, 2023, 2022 and 2021.


	Year Ended December 31,
(in thousands)	2023		2022		2021
Oil	$	317,099	$	338,163	$	215,250
Natural gas	76,970		159,254		74,943
Total	$	394,069	$	497,417	$	290,193


Permian	$	237,730	$	266,856	$	151,179
Eagle Ford	46,410		64,879		40,898
Bakken	51,128		64,999		56,055
Haynesville	24,833		62,743		12,039
DJ	33,968		37,880		29,191
SCOOP/STACK	—		60		831
Total	$	394,069	$	497,417	$	290,193

Lease Operating Expenses

Production and Ad Valorem Taxes

Income Taxes

Stock-Based Compensation

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

Recently Issued and Applicable Accounting Pronouncements (Issued and Adopted)

Risk concentrations (Tables)

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Schedule of third-party operating partners who have accounted for 10% or more of revenues

The following table sets forth the percentage of revenues attributable to third-party operating partners who have accounted for 10% or more of revenues attributable to the Company’s assets during the years ended December 31, 2023, 2022 and 2021.


Major Operators	2023		2022		2021
Operator A	11	%	12	%	12	%
Operator B	*		*		15	%
Operator C	12	%	10	%	*
Operator D	*		10	%	*

__________________________________________

*Less than 10%

Earnings per share - Schedule of diluted earnings per share, diluted securities (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	327,233	0	0
Amended Warrant Agreement Offer
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants outstanding (in shares)	0			0
Antidilutive securities excluded from computation of earnings per share, amount (in shares)		10,349,975	0
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)	23,428	0	0
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)	303,805	0	0

Summary of significant accounting policies - Advance to operators (Details)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Advance payments to operators, term	90 days

Debt	12 Months Ended
Debt	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The carrying value of the Company’s total debt was $110.0 million at December 31, 2023. The Company had no debt outstanding at December 31, 2022. Granite Ridge Credit Agreement On October 24, 2022, Granite Ridge entered into a senior secured revolving credit agreement (as amended, the “Credit Agreement”) among Granite Ridge, as borrower, Texas Capital Bank, as administrative agent, and the lenders from time to time party thereto. The Credit Agreement has a maturity date of five years from the effective date thereof. The Credit Agreement initially provided for aggregate elected commitments of $150.0 million, an initial borrowing base of $325.0 million and an aggregate maximum revolving credit amount of $1.0 billion. The borrowing base is scheduled to be redetermined semiannually on or about April 1 and October 1 of each calendar year, and is subject to additional adjustments from time to time, including for asset sales, elimination or reduction of hedge positions and incurrence of other debt. On November 7, 2023, Granite Ridge entered into a First Amendment to the Credit Agreement (the "First Amendment") which, among other things, decreased the borrowing base from $325.0 million to $275.0 million and increased the aggregate elected commitments from $150.0 million to $240.0 million. This borrowing base decrease was a result of the disposition of certain assets in the Permian Basin to Vital Energy. 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 Granite Ridge is able to borrow under the Credit Agreement is subject to compliance with the financial covenants, satisfaction of various conditions precedent to borrowing and other provisions of the Credit Agreement. At December 31, 2023, the Company had outstanding borrowings of $110.0 million and $0.3 million of letters of credit issued and outstanding under the Credit Agreement, resulting in availability of $129.7 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. Prior to the First Amendment, SOFR loans accrued interest at SOFR plus an applicable margin ranging from 250 to 350 basis points, depending on the percentage of the borrowing base utilized, plus an additional 10, 15 or 20 basis point credit spread adjustment for a one, three or six month interest period, respectively. Base rate loans accrued interest at a rate per annum equal to the greatest of: (i) the U.S. prime rate as published by the Wall Street Journal; (ii) the federal funds effective rate plus 50 basis points; and (iii) the adjusted SOFR rate for a one-month interest period plus 100 basis points, plus, in the case of this clause (iii) an additional 10 basis point credit spread adjustment, plus, in the case of any base rate loan, an applicable margin ranging from 150 to 250 basis points, depending on the percentage of the borrowing base utilized. As a result of the First Amendment, SOFR loans now bear interest at SOFR plus an applicable margin ranging from 300 to 400 basis points, depending on the percentage of the borrowing base utilized, plus an additional 10, 15 or 20 basis point credit spread adjustment for a one, three or six month interest period, respectively. Base rate loans now bear interest at a rate per annum equal to the greatest of: (i) the U.S. prime rate as published by the Wall Street Journal; (ii) the federal funds effective rate plus 50 basis points; and (iii) the adjusted SOFR rate for a one-month interest period plus 100 basis points, plus, in the case of this clause (iii) an additional 10 basis point credit spread adjustment, 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 weighted average interest rate as of December 31, 2023 was 8.71%. 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 December 31, 2023, the Company was in compliance with all financial covenants required by the Credit Agreement.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Summary of significant accounting policies - Revenue recognition (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting policies [Line items]
Allowance for credit loss	$ 200,000	$ 200,000
Allowance for doubtful accounts		$ 0	$ 0
Minimum
Accounting policies [Line items]
Accounts receivable, timing of receipts	1 month
Maximum
Accounting policies [Line items]
Accounts receivable, timing of receipts	3 months

Income taxes - Components of income tax expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 0	$ 0	$ 0
State	209	0	0
Current income taxes	209	0	0
Deferred
Federal	22,314	11,444	0
State	1,960	1,406	0
Deferred income taxes	24,274	12,850	0
Income tax expense	24,483	12,850	0
State income taxes, net of federal benefit	2,169	1,110	$ 0
Net operating loss carryforwards	$ 13,677	$ 11,500

Stock incentive plan - Assumptions to Estimate the Fair Value (Details) - Stock Options	12 Months Ended
	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate, minimum (percent)	3.50%
Risk free interest rate, maximum (percent)	3.70%
Volatility, minimum (percent)	56.00%
Volatility, maximum (percent)	59.00%
Dividend yield (percent)	8.80%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years 6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	7 years 9 months 18 days

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	FORVIS, LLP
Auditor Location	Dallas, Texas
Auditor Firm ID	686

Equity	12 Months Ended
Equity	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Equity	Equity As a result of the Business Combination, periods prior to October 24, 2022 reflect Granite Ridge as a limited partnership, not a corporation. On the date of the Transactions, the capital of the Funds consisted of general partner interests and limited partner interests. The general partner interest was a non-economic, management interest. The general partner was granted full and complete power and authority to manage and conduct the business and affairs of the Funds and to take all such actions as it deemed necessary or appropriate to accomplish the purpose of the Funds. In connection with the Business Combination, the net assets of the Funds were transferred to GREP, which became a wholly-owned subsidiary of Granite Ridge. For additional information regarding the Business Combination, see Note 1. Warrant Exchange - On June 22, 2023, the Company completed an Offer to holders of its outstanding warrants which provided such holders the opportunity to receive 0.25 shares of the Company’s common stock in exchange for each warrant tendered by such holders. This Offer coincided with a solicitation of consents from holders of the warrants to amend the warrant agreement to permit the Company to require that each warrant that remained outstanding upon the closing of the Offer be exchanged for 0.225 shares of the Company’s common stock. On June 22, 2023, the Company issued 2,471,738 shares of common stock in exchange for 9,887,035 warrants tendered in the Offer, with a minimal cash settlement in lieu of partial shares. In July 2023, each remaining outstanding warrant was converted into 0.225 shares of the Company’s common stock, and subsequently, no warrants remained outstanding. The warrants exchanged in the Offer were marked to fair value on the date of settlement, which was recorded in Gain (loss) on derivatives - common stock warrants on the consolidated statements of operations. Upon exchange, the liability of $17.0 million and $0.7 million related to the exchanged common stock warrants in June 2023 and July 2023, respectively, was removed from the consolidated balance sheet and the issuance of shares of the Company’s common stock was reflected in stockholders’ equity. The Company incurred $2.5 million of costs directly related to the Warrant Exchange, consisting primarily of professional, legal, printing, filing, regulatory, and other costs. The costs were recorded in General and administrative expenses on the consolidated statements of operations for year ended December 31, 2023. Common stock dividends - The Company paid dividends of $58.6 million, or $0.44 per share, and $10.7 million, or $0.08 per share during the years ended December 31, 2023 and 2022, respectively. Any payment of future dividends will be at the discretion of the Company’s Board of Directors. Share repurchase program - In December 2022, the Company announced that its Board of Directors approved a share repurchase program for up to $50.0 million. The stock repurchase program terminated on December 31, 2023. During the years ended December 31, 2023 and 2022, the Company repurchased 5,651,707 and 25,920 shares under the program at an aggregate cost of $36.1 million and $0.2 million, respectively. As of December 31, 2023, the Company had repurchased a total of 5,677,627 shares since the inception of the program at an aggregate cost of $36.3 million. Previous Capitalization Prior to the Business Combination, the partners’ capital attributable to the Funds was divided into two classifications: (1) General Partner and (2) Limited Partners. On the date of the Business Combination, the General Partner and Limited Partner’s capital was exchanged for 130 million shares of common stock. See Note 1 for additional information on these and other transactions related to the Business Combination. Vesting Shares As discussed in Note 1, 495,357 shares of Class F common stock of ENPC were converted into 1,238,393 shares of Class A common stock of ENPC, 371,518 of which became subject to certain vesting and forfeiture provisions upon their conversion to the Company’s common stock in accordance with the Business Combination Agreement (the “Vesting Shares”). Based on an assessment of the Vesting Shares, the Company considered ASC 480 and accounted for the Vesting Shares as a liability. The Company recorded a liability related to the Vesting Shares of $1.3 million as of December 31, 2022. In January 2023, the Company reversed this liability and the related additional paid-in capital when 151,170 of these shares vested. The remaining shares were forfeited.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Subsequent events - Narrative (Details) - $ / shares		12 Months Ended
Subsequent events - Narrative (Details) - $ / shares	Feb. 15, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent events
Common stock dividend declared (in USD per share)		$ 0.44	$ 0.08
Subsequent Event
Subsequent events
Common stock dividend declared (in USD per share)	$ 0.11

Related party transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 24, 2022
Related party transactions
Other liabilities	$ 1,204	$ 1,523
Related Party \| Grey Rock Administration, LLC (the Manager)
Related party transactions
Other liabilities				$ 10,000
Oil and gas management agreement, renewal term	1 year
Oil and gas management agreement, transition services term	90 days
Management fees paid	$ 10,000	1,900
Related Party \| Investment Advisor Under Funds Control
Related party transactions
Management fees paid		$ 7,900	$ 6,200

Subsequent events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent events

Subsequent Events

On February 15, 2024, the Company's Board of Directors declared a cash dividend of $0.11 per share for the first quarter of 2024. The dividend will be paid on March 15, 2024 to stockholders of record as of March 1, 2024.

In February 2024, the Company entered into oil collars for the first half of 2025 for 166,852 Bbls with a floor price of $59.00 per Bbl and a ceiling price of $77.30 per Bbl. In addition, the Company entered into natural gas swaps for 1,162,050 Mcf for the second quarter of 2025 at a swap price of $3.02 per Mcf. The following table sets forth the Company’s outstanding commodity derivative contracts as of March 7, 2024.


	2024										2025
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total		Total
Collar (oil)
Volume (Bbl)	461,524		401,874		361,552		311,496		1,536,446		439,852
Weighted-average floor price ($/Bbl)	$	64.22	$	64.27	$	64.32	$	64.13	$	64.24	$	61.48
Weighted-average ceiling price ($/Bbl)	$	84.99	$	85.11	$	85.24	$	84.97	$	85.07	$	80.65
Swaps (oil)
Volume (Bbl)	62,000		48,000		39,000		32,000		181,000		—
Weighted-average price ($/Bbl)	$	80.00	$	80.00	$	80.00	$	80.00	$	80.00	$	—
Collar (natural gas)
Volume (Mcf)	3,856,000		—		—		1,615,000		5,471,000		2,156,000
Weighted-average floor price ($/Mcf)	$	2.93	$	—	$	—	$	3.57	$	3.12	$	3.57
Weighted-average ceiling price ($/Mcf)	$	4.39	$	—	$	—	$	5.37	$	4.68	$	5.37
Swaps (natural gas)
Volume (Mcf)	—		3,236,000		2,823,000		844,000		6,903,000		1,612,050
Weighted-average price ($/Mcf)	$	—	$	3.22	$	3.22	$	3.22	$	3.22	$	3.20

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Noncash stock-based compensation	$ 2,162	$ 0	$ 0

Commitments and contingencies (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 24, 2022	Dec. 31, 2023	Dec. 31, 2022
Related party transactions
Other liabilities		$ 1,204	$ 1,523
Management
Related party transactions
Oil and gas management agreement, renewal term	1 year
Related Party \| Grey Rock Administration, LLC (the Manager)
Related party transactions
Other liabilities	$ 10,000
Oil and gas management agreement, renewal term		1 year

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	431,000,000	431,000,000
Common stock, shares issued (in shares)	136,040,777	133,294,897
Treasury stock, common shares (in shares)	5,677,627	25,920

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The following table presents the basic and diluted earnings per share computations for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Net income	$	81,099	$	262,344	$	108,459
Participating basic earnings (a)	(152)		—		—
Basic earnings attributable to common stockholders	80,947		262,344		108,459
Reallocation of participating earnings	—		—		—
Diluted earnings attributable to common stockholders	$	80,947	$	262,344	$	108,459

Weighted average common shares outstanding:
Weighted average common shares outstanding – basic	133,093		132,923		132,923
Dilutive performance stock units	10		—		—
Dilutive stock options	6		—		—
Vesting Shares	0		151		0
Weighted average common shares outstanding – diluted	133,109		133,074		132,923

Net income (loss) per common share:
Basic	$	0.61	$	1.97	$	0.82
Diluted	$	0.61	$	1.97	$	0.82
(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.


	Year Ended December 31,
	2023	2022	2021
Number of antidilutive common shares:
Antidilutive performance stock units	23,428	—	—
Antidilutive stock options	303,805	—	—
Total antidilutive common shares	327,233	—	—

Risk concentrations

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

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 operation could be adversely affected. These risks are heightened in a low commodity price environment, which may present significant challenges to these third-party operators. The Company’s third-party operators will make decisions in connection with their operations that may not be in the

Company’s best interests, and the Company may have little or no ability to exercise influence over the operational decisions of its third-party operators.


Major Operators	2023		2022		2021
Operator A	11	%	12	%	12	%
Operator B	*		*		15	%
Operator C	12	%	10	%	*
Operator D	*		10	%	*

__________________________________________

*Less than 10%

No other operator accounted for 10% or more of revenue attributable to the Company’s assets on a combined basis in the years ended December 31, 2023, 2022, or 2021. The loss of any such operator could adversely affect revenues attributable to the Company’s assets in the short term.

In the normal course of business, the Company maintains its cash balances in financial institutions, which at times may exceed federally insured limits. The Company is subject to credit risk to the extent any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. Management monitors the financial condition of such financial institutions and does not anticipate any losses from these counterparties.

Derivative counterparties - The Company uses credit and other financial criteria to evaluate the creditworthiness of counterparties to its derivative instruments. The Company believes that all of its derivative counterparties are currently acceptable credit risks. All of the Company’s outstanding derivative instruments are covered by either International Swap Dealers Association Master Agreements (“ISDAs”) entered into with parties that are also lenders under the Company’s Credit Agreement or parties under the intercreditor agreement related to the Credit Agreement. The Company’s obligation under the derivative instruments are secured pursuant to the Credit Agreement, and no additional collateral had been posted by the Company.

Risk concentrations (Details)	12 Months Ended
Risk concentrations (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Risk concentrations
Percentage of wells operated by third-party operating partners (percent)	100.00%
Sales revenue \| Oil and natural gas
Risk concentrations
Benchmark percentage of revenues contributed by major operators (percent)	10.00%	10.00%	10.00%
Benchmark used to determine the disclosure of revenues contributed by major operators (percent)	10.00%	10.00%	10.00%
Sales revenue \| Oil and natural gas \| Operator A
Risk concentrations
Concentration risk (as a percent)	11.00%	12.00%	12.00%
Sales revenue \| Oil and natural gas \| Operator B
Risk concentrations
Concentration risk (as a percent)			15.00%
Sales revenue \| Oil and natural gas \| Operator C
Risk concentrations
Concentration risk (as a percent)	12.00%	10.00%
Sales revenue \| Oil and natural gas \| Operator D
Risk concentrations
Concentration risk (as a percent)		10.00%

Organization and nature of operations	12 Months Ended
Organization and nature of operations	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and nature of operations	Organization and nature of operations Granite Ridge Resources, Inc. (together with its consolidated subsidiaries, “Granite Ridge” the “Company” or the “Successor”) is a Delaware corporation, initially formed in May 2022, whose common stock is listed and traded on the New York Stock Exchange (“NYSE”). The Company was created for the purpose of the Business Combination (as defined below), and following the Business Combination, for the purpose of purchasing non-operated oil and natural gas assets in multiple basins in North America and realizing profits through participation in oil and natural gas wells. On October 24, 2022, the Business Combination closed and was accounted for as a reverse recapitalization and Grey Rock Energy Fund III (as defined below) was determined to be the accounting acquirer and Predecessor (as defined below). Unless otherwise indicated, for the periods prior to October 24, 2022, (i) the historical financial data in this Annual Report on Form 10-K and (ii) the operating and other non-financial data, disclosed in “Part II – Management’s Discussion and Analysis of Financial Condition and Results of Operations” (collectively the “Financial Statement Sections”) reflect the combined business and operations of the Funds (as defined below). Business Combination On October 24, 2022 (the “Closing Date”), Granite Ridge and Executive Network Partnering Corporation, a Delaware corporation (“ENPC”) consummated the Business Combination pursuant to the terms of the Business Combination Agreement, dated as of May 16, 2022 (the “Business Combination Agreement”), by and among ENPC, Granite Ridge, ENPC Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Granite Ridge (“ENPC Merger Sub”), GREP Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Granite Ridge (“GREP Merger Sub”), and Granite Ridge Holdings, LLC, a Delaware limited liability company formerly known as GREP Holdings, LLC (“GREP”). Pursuant to the Business Combination Agreement, on the Closing Date, (i) ENPC Merger Sub merged with and into ENPC (the “ENPC Merger”), with ENPC surviving the ENPC Merger as a wholly-owned subsidiary of Granite Ridge and (ii) GREP Merger Sub merged with and into GREP (the “GREP Merger,” and together with the ENPC Merger, the “Mergers”), with GREP surviving the GREP Merger as a wholly-owned subsidiary of Granite Ridge (the transactions contemplated by the foregoing clauses (i) and (ii) the “Business Combination,” and together with the other transactions contemplated by the Business Combination Agreement, the “Transactions”). Immediately prior to the closing of the Transactions, the net assets of Grey Rock Energy Fund, L.P., a Delaware limited partnership (“Fund I”), Grey Rock Energy Fund II, L.P., a Delaware limited partnership (“Fund II-A”), Grey Rock Energy Fund II-B, L.P., a Delaware limited partnership (“Fund II-B”) and Grey Rock Energy Fund II-B Holdings, L.P., a Delaware limited partnership (“Fund II-B Holdings”, and together with Fund II-A and Fund II-B, collectively, “Fund II”), and Grey Rock Energy Fund III-A, L.P., a Delaware limited partnership (“Fund III-A”), Grey Rock Energy Partners Fund III-B, L.P., a Delaware limited partnership (“Fund III-B”), and Grey Rock Energy Fund III-B Holdings, L.P., a Delaware limited partnership (“Fund III-B Holdings” and together with Fund III-A and Fund III-B, collectively, “Fund III” or “Predecessor”) were transferred (through various intermediary entities) to GREP (the “GREP Formation Transaction”). Fund I, Fund II and Fund III are collectively referred to herein as, the “Funds”. At the special meeting of ENPC stockholders held in connection with the Business Combination, of the 41,400,000 shares of ENPC Class A common stock, public stockholders of 39,343,496 shares of ENPC Class A common stock exercised their rights to have those shares redeemed for cash at a redemption price of approximately $10.07 per share, or an aggregate of approximately $396.1 million. The holders of membership interests in GREP (the “Existing GREP Members”) and their direct and indirect members were issued 130.0 million shares of Granite Ridge common stock at the closing. Upon consummation of the Business Combination, each public stockholder’s ENPC common stock and ENPC warrants were automatically converted into an equivalent number of shares of Granite Ridge common stock and Granite Ridge warrants as a result of the Transactions. At the effective time of the Mergers, (i) 495,357 shares of ENPC Class F common stock were converted to 1,238,393 shares of ENPC Class A common stock (of which an aggregate of 220,348 shares were subsequently forfeited pursuant to the terms of the Sponsor Agreement) and the remaining shares of ENPC Class F common stock outstanding were automatically cancelled for no consideration (the “ENPC Class F Conversion”) (ii) all other remaining shares of ENPC Class A common stock automatically cancelled without any conversion, payment or distribution (the “Sponsor Share Cancellation”) and (iii) all shares of ENPC Class B common stock outstanding were deemed transferred to ENPC and surrendered and forfeited for no consideration (the “ENPC Class B Contribution”). In January 2023, 220,348 of the 371,518 shares subject to vesting and forfeiture provisions were forfeited. Following the ENPC Class F Conversion, the Sponsor Share Cancellation, the ENPC Class B Contribution and the separation of the securities offered in ENPC’s initial public offering, which consisted of one share of Class A common stock and one-quarter of one ENPC warrant (“CAPSTM Separation”), each share of ENPC Class A common stock outstanding was automatically converted into one share of Granite Ridge common stock. Total aggregate investment by ENPC was $6.8 million, which amount represents total risk capital contributed by ENPC, including working capital loans that were forgiven. Fund III, Fund I and Fund II were identified as entities under common control, in which all entities are ultimately controlled by the same party before and after the GREP Formation Transaction and therefore resulted in a change in reporting entity. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC") 805-50-45-5, for transactions between entities under common control, the consolidated financial statements for periods prior to the GREP Formation Transaction have been adjusted to retrospectively combine the previously separate entities for presentation purposes. Warrant Exchange On October 24, 2022, in connection with the Business Combination, the Company issued 10,349,975 common stock warrants. On June 22, 2023, the Company completed an offer to holders of its outstanding warrants which provided such holders the opportunity to receive 0.25 shares of the Company’s common stock in exchange for each warrant tendered by such holders (the “Offer”). This Offer coincided with a solicitation of consents from holders of the warrants to amend the warrant agreement governing such warrants to permit the Company to require that each warrant that remained outstanding upon the closing of the Offer be exchanged for 0.225 shares of the Company’s common stock (together with the Offer, the “Warrant Exchange”). On June 22, 2023, the Company issued 2,471,738 shares of common stock in exchange for 9,887,035 warrants tendered in the Offer, with a minimal cash settlement in lieu of partial shares. In July 2023, each remaining outstanding warrant was converted into 0.225 shares of the Company’s common stock, and subsequently, no warrants remained outstanding. See Note 9 for further discussion of the Warrant Exchange.

Debt (Details) - USD ($) $ in Millions			12 Months Ended
Debt (Details) - USD ($) $ in Millions	Nov. 07, 2023	Oct. 24, 2022	Dec. 31, 2023	Dec. 31, 2022
Credit facility
Long-term debt			$ 110.0	$ 0.0
Letters of credit outstanding			0.3
Line of Credit
Credit facility
Debt instrument term		5 years
Capacity for aggregate elected commitments	$ 240.0	$ 150.0
Initial borrowing capacity	$ 275.0	$ 325.0
Line of credit facility, remaining borrowing capacity			$ 129.7
Commitment fee percentage		0.50%
Leverage ratio			300.00%
Current ratio			100.00%
Line of Credit \| Credit Spread Adjustment Scenario 1
Credit facility
Interest rate increase (percent)	0.10%		0.10%
Line of Credit \| Credit Spread Adjustment Scenario 2
Credit facility
Interest rate increase (percent)	0.15%		0.15%
Line of Credit \| Credit Spread Adjustment Scenario 3
Credit facility
Interest rate increase (percent)	0.20%		0.20%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 1
Credit facility
Interest rate increase (percent)	1.00%		1.00%
Variable interest rate adjustment term	1 month		1 month
Additional to margin added to interest rate			0.10%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 2
Credit facility
Variable interest rate adjustment term	3 months		3 months
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Credit Spread Adjustment Scenario 3
Credit facility
Variable interest rate adjustment term	6 months		6 months
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Credit facility
Variable interest rate (percent)	3.00%		2.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum \| Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate	2.00%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Credit facility
Variable interest rate (percent)	4.00%		3.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate	3.00%
Line of Credit \| Federal funds rate
Credit facility
Interest rate increase (percent)	0.50%		0.50%
Line of Credit \| Base Rate \| Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate	0.10%
Line of Credit \| Base Rate \| Minimum \| Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate			1.50%
Line of Credit \| Base Rate \| Maximum \| Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate			2.50%
Revolving Credit Facility
Credit facility
Maximum borrowing capacity		$ 1,000.0

Related party transactions	12 Months Ended
Related party transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related party transactions	Related party transactions On the Closing Date of the Business Combination, Grey Rock Administration, LLC (the “Manager”) entered into a Management Services Agreement with Granite Ridge (the “MSA”). Under the MSA, the Manager will provide general management, administrative and operating services covering the oil and gas assets and other properties of the Company and other day-to-day business and affairs of the Company. In accordance with the MSA, the Company shall pay the Manager an annual services fee of $10.0 million and shall reimburse the Manager for certain Granite Ridge group costs related to the operation of the Company’s assets (including for third party costs allocated or attributable to the Assets). 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 years ended December 31, 2023 and 2022, service fees for the Company under the MSA were approximately $10.0 million and $1.9 million, respectively. Prior to the Transaction, the Funds paid management fees to an investment advisor under common control with the Funds as compensation for providing managerial services to the Company. For the periods ended December 31, 2022 and December 31, 2021, total management fees for the Company were $7.9 million and $6.2 million, respectively, and are included in general and administrative expenses within the accompanying consolidated statements of operations.

- Definition

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

+ References

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

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 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Accrued expenses

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued expenses

The following table provides the components of the Company’s accrued expenses at December 31, 2023 and December 31, 2022:


	December 31,
(in thousands)	2023		2022
Accrued expenses:
Accrued drilling costs	$	32,739	$	21,728
Accounts and JIB payable	20,037		32,216
Accrued production costs	5,729		6,710
Other	2,370		1,526
Total accrued expenses	60,875		62,180

Summary of significant accounting policies - Equity Investments (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Unrealized gain on equity investments		$ 508	$ 0	$ 0
Common Stock \| 2023 Divestitures \| Vital Energy, Inc
Class of Stock [Line Items]
Noncash or part noncash divestiture, consideration received (in shares)	561,752
Convertible Preferred Stock
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]
Noncash or part noncash divestiture, consideration received (in shares)	541,155

- 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/exampleRef
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+ Details

Income taxes - Schedule of income tax expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carryforwards	$ 13,677	$ 11,500
Disallowed interest expense carryforward	1,335	56
Asset retirement obligation	2,169	1,128
Other deductible temporary differences	495	32
Total deferred tax assets	17,676	12,716
Less: valuation allowance	0	0
Net deferred tax assets	17,676	12,716
Deferred tax liabilities
Property, plant and equipment	(88,870)	(60,269)
Unrealized derivatives	(2,795)	(2,196)
Total deferred tax liabilities	(91,665)	(62,465)
Net deferred tax liability	$ (73,989)	$ (49,749)

Income taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income taxes

In 2022, the Company became the sole owner of GREP. GREP is a disregarded entity for U.S. federal income tax purposes. Prior to the Business Combination, GREP and the associated activities held by the Funds were treated as partnerships for U.S. federal income tax purposes and were not subject to U.S. federal income tax. Any taxable income or loss generated prior to the Business Combination was passed through to and included in the taxable income or loss of its members. As a result of the Business Combination, the Funds' net assets were transferred to the Company resulting in carryover tax basis of those assets. The Company is a C corporation and subject to U.S. federal income tax and state and local income taxes. As described in Note 2, the Company corrected the previously reported deferred tax liability as of December 31, 2022.

The Components of income tax expense were as follows for the periods indicated:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Current
Federal	$	—	$	—	$	—
State	209		—		—
	209		—		—
Deferred
Federal	$	22,314	$	11,444	$	—
State	1,960		1,406		—
	24,274		12,850		—
Income tax expense	$	24,483	$	12,850	$	—

The Company's effective tax rate was 23.2%, 4.7% and 0.0% for years ended December 31, 2023, 2022 and 2021, respectively. For 2023, 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. For 2022, the effective tax rate differs from the enacted statutory rate of 21% primarily due to the allocations of profits and losses to ultimate members prior to the Business Combination and the impact of state income taxes.


	Year Ended December 31,
(in thousands)	2023			2022			2021
Income (loss) before income taxes	$	105,582		$	275,194		$	108,459

Income tax expense (benefit) at federal statutory rate	22,172			57,791			22,776
Net (income) loss prior to Business Combination - non taxable	—			(46,051)			(22,776)
Impact of prior tax returns	142			—			—
State income taxes, net of federal benefit	2,169			1,110			—
Income tax expense	$	24,483		$	12,850		$	—
Effective tax rate	23.2		%	4.7		%	0.0		%

Significant components of deferred tax assets and liabilities are included in the table below:


	Year Ended December 31,
(in thousands)	2023		2022
Deferred tax assets
Net operating loss carryforwards	$	13,677	$	11,500
Disallowed interest expense carryforward	1,335		56
Asset retirement obligation	2,169		1,128
Other deductible temporary differences	495		32
Total deferred tax assets	17,676		12,716
Less: valuation allowance	—		—
Net deferred tax assets	$	17,676	$	12,716

Deferred tax liabilities
Property, plant and equipment	$	(88,870)	$	(60,269)
Unrealized derivatives	(2,795)		(2,196)
Total deferred tax liabilities	(91,665)		(62,465)
Net deferred tax liability	$	(73,989)	$	(49,749)

As of December 31, 2023, the Company had accumulated federal net operating loss carryforward of $61.1 million, none of which are expected to expire, and state net operating loss carryforwards of approximately $61.1 million in states that allow net operating loss carryforward, some of which begin to expire in 2042. Utilization of these net operating losses may be limited if there were to be an ownership change as defined by Section 382 of the U.S. Internal Revenue Code. As of December 31, 2023, the Company does not believe any of its net operating losses were limited under these rules.

The Company is subject to the various taxing jurisdictions in the United States, including federal and certain state jurisdictions. As of December 31, 2023, the Company has no current tax years under audit. The Company remains subject to examination for federal income taxes for tax years 2020 through 2023 and state income taxes for tax years 2019 through 2023.

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 December 31, 2023 and 2022, the Company had no unrecognized tax benefits and did not recognize any interest or penalties during those respective periods related to unrecognized tax benefits.

On August 16, 2022, the Inflation Reduction Act (the "IRA") was enacted into law and includes significant changes related to tax, climate change, energy and health care. The provisions within the IRA, among other things, include (i) a new 15% corporate alternative minimum tax on certain large corporations, (ii) a new nondeductible 1% excise tax on the value of certain stock that a company repurchases, and (iii) various tax incentives for energy and climate initiatives. Each of these provisions are effective for tax years beginning after December 31, 2022. The Department of the Treasury is expected to continue to publish regulations relevant to many aspects of the IRA. In addition to no 2023 impact on income tax expense, the Company currently does not believe that there will be a material impact on its cash taxes or income tax expense for the 2024 tax year or future periods but will continue to monitor.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

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

+ Details

Earnings per share - Schedule of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 81,099	$ 262,344	$ 108,459
Participating basic earnings	(152)	0	0
Basic earnings attributable to common stockholders	80,947	262,344	108,459
Reallocation of participating earnings	0	0	0
Diluted earnings attributable to common stockholders	$ 80,947	$ 262,344	$ 108,459
Weighted-average number of shares outstanding:
Weighted average common shares outstanding – basic (in shares)	133,093	132,923	132,923
Weighted average common shares outstanding – diluted (in shares)	133,109	133,074	132,923
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.61	$ 1.97	$ 0.82
Diluted (in dollars per share)	$ 0.61	$ 1.97	$ 0.82
Performance Stock Units
Weighted-average number of shares outstanding:
Dilutive performance stock units, stock options and vesting shares (in shares)	10	0	0
Stock Options
Weighted-average number of shares outstanding:
Dilutive performance stock units, stock options and vesting shares (in shares)	6	0	0
Vesting Shares
Weighted-average number of shares outstanding:
Dilutive performance stock units, stock options and vesting shares (in shares)	0	151	0

Acquisitions and divestitures - Narrative (Details)	1 Months Ended		12 Months Ended
Acquisitions and divestitures - Narrative (Details)	Dec. 31, 2023 USD ($) shares	Sep. 30, 2023 USD ($) a	Dec. 31, 2023 USD ($) acquisition	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Oil and natural gas properties
Number of businesses acquired \| acquisition			3
Payments to acquire oil and gas property and equipment			$ 76,810,000	$ 49,191,000	$ 83,209,000
Proceeds from the disposal of oil and natural gas properties			60,000	4,845,000	29,443,000
Convertible Preferred Stock
Oil and natural gas properties
Preferred stock, dividend rate (in percent)	2.00%
2023 Divestitures \| Common Stock \| Vital Energy, Inc
Oil and natural gas properties
Noncash or part noncash divestiture, consideration received (in shares) \| shares	561,752
2023 Divestitures \| Convertible Preferred Stock \| Vital Energy, Inc
Oil and natural gas properties
Noncash or part noncash divestiture, consideration received (in shares) \| shares	541,155
2023 Acquisitions
Oil and natural gas properties
Business acquisition, cash consideration transferred			31,692,000
Fair value of properties acquired	$ 32,033,000		32,033,000
Unproved Oil and Natural Gas Properties \| 2023 Acquisitions
Oil and natural gas properties
Fair value of properties acquired	16,545,000		16,545,000
Proved Oil and Natural Gas Properties \| 2023 Acquisitions
Oil and natural gas properties
Fair value of properties acquired	15,488,000		15,488,000
Bakken \| 2021 Divestitures
Oil and natural gas properties
Proceeds from the disposal of oil and natural gas properties					900,000
Bakken \| Proved Oil and Natural Gas Properties \| 2022 Acquisitions
Oil and natural gas properties
Acquisitions of oil and natural gas properties				1,600,000
Bakken \| Proved Undeveloped Oil and Natural Gas Properties \| 2021 Acquisitions
Oil and natural gas properties
Acquisitions of oil and natural gas properties					200,000
Permian, Eagle Ford and Denver Julesburg Basins \| 2023 Acquisitions
Oil and natural gas properties
Net acres \| a		281
Business acquisition, cash consideration transferred		$ 8,200,000
Asset retirement obligations incurred and acquired		$ 200,000
Haynesville Basin \| 2023 Acquisitions
Oil and natural gas properties
Business acquisition, cash consideration transferred	22,200,000
Asset retirement obligations incurred and acquired	200,000
Haynesville Basin \| Proved and Unproved Oil And Natural Gas Properties \| 2023 Acquisitions
Oil and natural gas properties
Business acquisition, cash consideration transferred	$ 1,400,000
Permian \| 2023 Divestitures
Oil and natural gas properties
Gain (loss) on oil and gas property divestitures			0
Permian \| Unproved Oil and Natural Gas Properties \| 2023 Acquisitions
Oil and natural gas properties
Asset acquisition, consideration transferred			24,300,000
Permian \| Unproved Oil and Natural Gas Properties \| 2022 Acquisitions
Oil and natural gas properties
Acquisitions of oil and natural gas properties				18,000,000
Permian \| Unproved Oil and Natural Gas Properties \| 2022 Acquisitions
Oil and natural gas properties
Fair value of properties acquired				2,000,000
Permian \| Proved Oil and Natural Gas Properties \| 2023 Acquisitions
Oil and natural gas properties
Asset acquisition, consideration transferred			300,000
Permian \| Proved Oil and Natural Gas Properties \| 2022 Acquisitions
Oil and natural gas properties
Acquisitions of oil and natural gas properties				8,200,000
Permian \| Proved Oil and Natural Gas Properties \| 2022 Acquisitions
Oil and natural gas properties
Fair value of properties acquired				11,200,000
Permian \| Proved and Unproved Oil And Natural Gas Properties \| 2021 Acquisitions
Oil and natural gas properties
Acquisitions of oil and natural gas properties					43,800,000
Permian \| Proved and Unproved Oil And Natural Gas Properties \| 2022 Acquisitions
Oil and natural gas properties
Consideration paid to acquire proved and unproved properties				13,200,000
Permian \| Mineral Interest Assets, Partial Unit \| 2022 Divestitures
Oil and natural gas properties
Proceeds from the disposal of oil and natural gas properties				3,000,000
Gain (loss) on oil and gas property divestitures				0
Permian \| Mineral Interest Assets, Partial Unit \| 2021 Divestitures
Oil and natural gas properties
Gain (loss) on oil and gas property divestitures					1,000,000
Permian \| Mineral Interest Assets \| 2021 Divestitures
Oil and natural gas properties
Proceeds from the disposal of oil and natural gas properties					22,500,000
Gain (loss) on oil and gas property divestitures					1,200,000
DJ \| Unproved Oil and Natural Gas Properties \| 2022 Acquisitions
Oil and natural gas properties
Acquisitions of oil and natural gas properties				2,900,000
DJ \| Proved Oil and Natural Gas Properties \| 2023 Acquisitions
Oil and natural gas properties
Asset retirement obligations incurred and acquired			900,000
Payments to acquire oil and gas property and equipment			16,600,000	1,900,000
DJ \| Proved Oil and Natural Gas Properties \| 2022 Acquisitions
Oil and natural gas properties
Acquisitions of oil and natural gas properties				2,300,000
DJ \| Proved Oil and Natural Gas Properties \| 2021 Acquisitions
Oil and natural gas properties
Acquisitions of oil and natural gas properties					40,400,000
Cash inflow (outflow) for customary post close adjustments				1,100,000
Eagle Ford \| Proved Oil and Natural Gas Properties \| 2023 Acquisitions
Oil and natural gas properties
Asset acquisition, consideration transferred			2,800,000
Eagle Ford \| Mineral Interest Assets, Partial Unit \| 2022 Divestitures
Oil and natural gas properties
Proceeds from the disposal of oil and natural gas properties				1,300,000
Gain (loss) on oil and gas property divestitures				0
Eagle Ford \| Mineral Interest Assets, Partial Unit \| 2021 Divestitures
Oil and natural gas properties
Proceeds from the disposal of oil and natural gas properties					3,000,000
Haynesville \| Proved Oil and Natural Gas Properties \| 2022 Acquisitions
Oil and natural gas properties
Acquisitions of oil and natural gas properties				$ 3,000,000
Haynesville \| Proved and Unproved Oil And Natural Gas Properties \| 2023 Acquisitions
Oil and natural gas properties
Asset acquisition, consideration transferred			$ 2,900,000
SCOOP/STACK \| Mineral Interest Assets \| 2021 Divestitures
Oil and natural gas properties
Proceeds from the disposal of oil and natural gas properties					1,900,000
Gain (loss) on oil and gas property divestitures					$ 100,000

Stock incentive plan - Additional information (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	94,007
Awards granted (in dollars per share)	$ 8.51
Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards authorized (in shares)		6,500,000
Number of common stock available for future awards (in shares)		5,700,000
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Awards granted (in shares)		308,938
Awards granted (in dollars per share)		$ 5.72
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)		3 years
Awards granted (in shares)		26,574
Awards granted (in dollars per share)		$ 6.01
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan term (in years)		10 years
Number of anniversaries		2 years
Options granted (in shares)		392,108
Weighted-average grant date fair value of options (in dollars per share)		$ 0.82
Weighted average remaining contractual terms		9 years 3 months 18 days
Stock Options \| $5.02
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		72,108
Exercise price of options granted (in dollars per share)		$ 5.02
Stock Options \| $9.22
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		320,000
Exercise price of options granted (in dollars per share)		$ 9.22
Stock Options \| Vesting immediately
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options that vested (in percent)		33.00%
Stock Options \| Vesting on second anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options that vested (in percent)		33.00%
Stock Options \| Vesting on third anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options that vested (in percent)		33.00%
Minimum \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of share ultimately issued (as a percent)		0.00%
Maximum \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of share ultimately issued (as a percent)		200.00%

Accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued drilling costs	$ 32,739	$ 21,728
Accounts and JIB payable	20,037	32,216
Accrued production costs	5,729	6,710
Other	2,370	1,526
Total accrued expenses	$ 60,875	$ 62,180

Accrued expenses (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued expenses

The following table provides the components of the Company’s accrued expenses at December 31, 2023 and December 31, 2022:


	December 31,
(in thousands)	2023		2022
Accrued expenses:
Accrued drilling costs	$	32,739	$	21,728
Accounts and JIB payable	20,037		32,216
Accrued production costs	5,729		6,710
Other	2,370		1,526
Total accrued expenses	60,875		62,180

Fair value measurements - Fair value of net derivative instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets (at fair value):
Derivative instruments - commodity derivatives	$ 11,117	$ 10,089
Commodity derivatives – noncurrent portion	1,189	0
Liabilities (at fair value):
Commodity derivatives – current portion	0	(431)
Fair Value
Assets (at fair value):
Equity investments	50,427	0
Liabilities (at fair value):
Warrant liability – noncurrent portion	0	(11,902)
Fair Value, Recurring
Assets (at fair value):
Equity investments	50,427
Commodity derivatives - current portion - Net of fair value presented in CBS	11,117	10,089
Commodity derivatives - noncurrent portion - Net of fair value presented in CBS	1,189
Liabilities (at fair value):
Commodity derivatives - current portion - Net fair value presented in CBS	0	(431)
US Derivative Liability, Non Current, Subject to Master Netting Arrangement, after Offset	0
Net derivative instruments	12,306	9,658
Fair Value, Recurring \| Common Stock
Assets (at fair value):
Equity investments	25,554
Fair Value, Recurring \| Preferred Stock
Assets (at fair value):
Equity investments	24,873
Fair Value, Recurring \| Fair Value
Assets (at fair value):
Equity investments	50,427
Derivative instruments - commodity derivatives	14,202	20,197
Commodity derivatives - current portion offset in the Consolidated Balance Sheet	(3,085)	(10,108)
Commodity derivatives – noncurrent portion	2,534
Commodity derivatives - Non-current portion offset in the Consolidated Balance Sheet	(1,345)
Liabilities (at fair value):
Commodity derivatives – current portion	(3,085)	(10,539)
Commodity derivatives - current portion - Offset in Consolidated Balance Sheet	3,085	10,108
Commodity derivatives – noncurrent portion	(1,345)
Warrant liability - noncurrent portion- Offset in the Consolidated Balance Sheet	1,345
Warrant liability – noncurrent portion		(11,902)
Net derivative instruments	12,306	(2,244)
Fair Value, Recurring \| Fair Value \| Common Stock
Assets (at fair value):
Equity investments	25,554
Fair Value, Recurring \| Fair Value \| Preferred Stock
Assets (at fair value):
Equity investments	24,873
Fair Value, Recurring \| Level 1 \| Fair Value
Assets (at fair value):
Equity investments	25,554
Derivative instruments - commodity derivatives	0	0
Commodity derivatives – noncurrent portion	0
Liabilities (at fair value):
Commodity derivatives – current portion	0	0
Commodity derivatives – noncurrent portion	0
Warrant liability – noncurrent portion		(11,902)
Net derivative instruments	0	(11,902)
Fair Value, Recurring \| Level 1 \| Fair Value \| Common Stock
Assets (at fair value):
Equity investments	25,554
Fair Value, Recurring \| Level 1 \| Fair Value \| Preferred Stock
Assets (at fair value):
Equity investments	0
Fair Value, Recurring \| Level 2 \| Fair Value
Assets (at fair value):
Equity investments	24,873
Derivative instruments - commodity derivatives	14,202	20,197
Commodity derivatives – noncurrent portion	2,534
Liabilities (at fair value):
Commodity derivatives – current portion	(3,085)	(10,539)
Commodity derivatives – noncurrent portion	(1,345)
Warrant liability – noncurrent portion		0
Net derivative instruments	12,306	9,658
Fair Value, Recurring \| Level 2 \| Fair Value \| Common Stock
Assets (at fair value):
Equity investments	0
Fair Value, Recurring \| Level 3 \| Fair Value
Assets (at fair value):
Equity investments	0
Derivative instruments - commodity derivatives	0	0
Commodity derivatives – noncurrent portion	0
Liabilities (at fair value):
Commodity derivatives – current portion	0	0
Commodity derivatives – noncurrent portion	0
Warrant liability – noncurrent portion		0
Net derivative instruments	0	$ 0
Fair Value, Recurring \| Level 3 \| Fair Value \| Common Stock
Assets (at fair value):
Equity investments	0
Fair Value, Recurring \| Level 3 \| Fair Value \| Preferred Stock
Assets (at fair value):
Equity investments	$ 0

Earnings per share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings per share

Earnings Per Share

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

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

The following table presents the basic and diluted earnings per share computations for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Net income	$	81,099	$	262,344	$	108,459
Participating basic earnings (a)	(152)		—		—
Basic earnings attributable to common stockholders	80,947		262,344		108,459
Reallocation of participating earnings	—		—		—
Diluted earnings attributable to common stockholders	$	80,947	$	262,344	$	108,459

Weighted average common shares outstanding:
Weighted average common shares outstanding – basic	133,093		132,923		132,923
Dilutive performance stock units	10		—		—
Dilutive stock options	6		—		—
Vesting Shares	0		151		0
Weighted average common shares outstanding – diluted	133,109		133,074		132,923

Net income (loss) per common share:
Basic	$	0.61	$	1.97	$	0.82
Diluted	$	0.61	$	1.97	$	0.82
(a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so.

Prior to the Warrant Exchange, the warrants were out-of-the-money and were not included in the computation of the diluted earnings per share. As a result of the Warrant Exchange, no warrants remained outstanding at December 31, 2023. Diluted weighted average common shares outstanding for the year ended December 31, 2022 included certain Vesting Shares, as defined in Note 9. Diluted net earnings per share for the year ended December 31, 2022 excluded 10,349,975 common stock warrants outstanding. There were no dilutive securities outstanding for the year ended December 31, 2021.

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.


	Year Ended December 31,
	2023	2022	2021
Number of antidilutive common shares:
Antidilutive performance stock units	23,428	—	—
Antidilutive stock options	303,805	—	—
Total antidilutive common shares	327,233	—	—

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 10,430	$ 50,833
Revenue receivable	72,934	72,287
Advances to operators	4,928	8,908
Prepaid and other expenses	1,716	4,203
Derivative assets - commodity derivatives	11,117	10,089
Equity investments	50,427	0
Total current assets	151,552	146,320
Property and equipment:
Oil and gas properties, successful efforts method	1,236,683	1,028,662
Accumulated depletion	(467,141)	(383,673)
Total property and equipment, net	769,542	644,989
Long-term assets:
Derivative assets - commodity derivatives	1,189	0
Other long-term assets	4,821	3,468
Total long-term assets	6,010	3,468
Total assets	927,104	794,777
Current liabilities:
Accrued expenses	60,875	62,180
Other liabilities	1,204	1,523
Derivative liabilities - commodity derivatives	0	431
Total current liabilities	62,079	64,134
Long-term liabilities:
Long-term debt	110,000	0
Derivative liabilities - common stock warrants	0	11,902
Asset retirement obligations	9,391	4,745
Deferred tax liability	73,989	49,749
Total long-term liabilities	193,380	66,396
Total liabilities	255,459	130,530
Commitments and contingencies (Note 11)
Stockholders' Equity:
Common stock, $0.0001 par value, 431,000,000 shares authorized, 136,040,777 and 133,294,897 issued at December 31, 2023 and 2022, respectively	14	13
Additional paid-in capital	653,174	632,075
Retained earnings	54,782	32,388
Treasury stock, at cost, 5,677,627 and 25,920 shares at December 31, 2023 and 2022, respectively	(36,325)	(229)
Total stockholders' equity	671,645	664,247
Total liabilities and stockholders' equity	$ 927,104	$ 794,777

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Mar. 05, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 180,711,437
Entity Common Stock, Shares Outstanding		130,449,075
Entity Central Index Key	0001928446
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Organization and nature of operations (Details) - USD ($)	Jun. 22, 2023	Oct. 24, 2022	Dec. 31, 2023	Jul. 31, 2023	Dec. 31, 2022	Jun. 22, 2022
Basin acquisition that met the definition of a business combination
Common stock, shares authorized (in shares)			431,000,000		431,000,000
Stock warrants issued (in shares)		10,349,975
Warrant Exchange Offer
Basin acquisition that met the definition of a business combination
Shares of common stock underlying each warrant (in shares)	0.25					0.25
Warrants tendered (in shares)	2,471,738
Number of warrants tendered (in shares)	9,887,035
Amended Warrant Agreement Offer
Basin acquisition that met the definition of a business combination
Shares of common stock underlying each warrant (in shares)	0.225		0.225	0.225		0.225
Warrants outstanding (in shares)			0	0
Common Class A
Basin acquisition that met the definition of a business combination
Shares issues to existing GREP members upon business combination closing		130,000,000
Executive Network Partnering Corporation
Basin acquisition that met the definition of a business combination
Business acquisition, cash consideration transferred		$ 396,100,000
Warrants to be converted (in shares)		0.25
Common stock shares converted		1
Executive Network Partnering Corporation \| Executive Network Partnering Corporation
Basin acquisition that met the definition of a business combination
Total aggregate investment by ENPC		$ 6,800,000
Executive Network Partnering Corporation \| Common Class A
Basin acquisition that met the definition of a business combination
Shares issues to existing GREP members upon business combination closing		130,000,000
Common stock to be converted (in shares)		1
Executive Network Partnering Corporation \| ENPC Common Class A
Basin acquisition that met the definition of a business combination
Common stock, shares authorized (in shares)		41,400,000
Common stock, shares outstanding		39,343,496
Business acquisition, redemption price per share		$ 10.07
Executive Network Partnering Corporation \| ENPC Common Class A \| ENPC Conversion Activity, Effective Time of Merger
Basin acquisition that met the definition of a business combination
Shares converted during merger		1,238,393
Converted shares subject to certain vesting provisions, forfeitures (in shares)		$ 220,348
Converted shares subject to certain vesting provisions (shares)		371,518
Executive Network Partnering Corporation \| ENPC Common Class F \| ENPC Conversion Activity, Effective Time of Merger
Basin acquisition that met the definition of a business combination
Shares to-be converted during merger		495,357
Shares forfeited		220,348

Fair value measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair value measurements

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

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

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

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

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

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

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


	December 31, 2023				December 31, 2022
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Derivative instruments - commodity derivatives	$	12,306	$	12,306	$	10,089	$	10,089
Equity investments	$	50,427	$	50,427	$	—	$	—

Liabilities:
Derivative instruments - common stock warrants	$	—	$	—	$	11,902	$	11,902
Revolving credit facilities	$	110,000	$	110,000	$	—	$	—
Derivative instruments - commodity derivatives	$	—	$	—	$	431	$	431

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

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

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

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

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 is 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 is 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 supported by observable levels at which transactions are executed in the marketplace.

The Vital Energy common and preferred shares are subject to certain restrictions. Upon approval by holders of a majority of the issued and outstanding shares of Vital Energy common stock eligible to vote, the Preferred Stock is to be converted into common shares. Prior to this stockholder approval, the common shares owned by the Company are not entitled to vote and bear a restricted legend to that effect. For each share of Preferred Stock being converted, the Company shall receive a number of common shares in aggregate equal to the conversion rate. The initial conversion rate is one share of common stock per share of Preferred Stock. The conversion rate is adjusted upon the occurrence of events such as Vital Energy's issuance of common stock as a dividend, the issuance of common stock warrants or similar rights to all the common stockholders, the distribution of shares of its capital stock to acquire its capital stock or other securities, or if Vital Energy makes a cash distribution, except if it elects to give a dividend to the Preferred Stock in lieu of an adjustment to the conversion price.

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 consolidated balance sheets as of December 31, 2023 and 2022. The Company nets the fair value of commodity derivative instruments by counterparty in the Company’s consolidated balance sheets.


	Year Ended December 31, 2023
	Fair Value Measurement Using
(in thousands)	Level 1		Level 2		Level 3		Total Fair Value		Gross Amounts Offset in the Consolidated Balance Sheet		Net Fair Value Presented in the Consolidated Balance Sheet
Equity investments - common stock	$	25,554	$	—	$	—	$	25,554	$	—	$	25,554
Equity investments - preferred stock	—		24,873		—		24,873		—		24,873
Total equity investments	$	25,554	$	24,873	$	—	$	50,427	$	—	$	50,427

Assets (at fair value):
Commodity derivatives – current portion	$	—	$	14,202	$	—	$	14,202	$	(3,085)	$	11,117
Commodity derivatives – noncurrent portion	—		2,534		—		2,534		(1,345)		1,189
Liabilities (at fair value):
Commodity derivatives – current portion	—		(3,085)		—		(3,085)		3,085		—
Commodity derivatives – noncurrent portion	—		(1,345)		—		(1,345)		1,345		—
Net derivative instruments	$	—	$	12,306	$	—	$	12,306	$	—	$	12,306


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

Liabilities (at fair value):
Commodity derivatives – current portion	—		(10,539)		—		(10,539)		10,108		(431)
Warrant liability – noncurrent portion	(11,902)		—		—		(11,902)		—		—
Net derivative instruments	$	(11,902)	$	9,658	$	—	$	(2,244)	$	—	$	9,658

Fair Values – Non Recurring

Impairments of long-lived assets — The Company periodically reviews its long-lived assets to be held and used, including proved oil and natural gas properties and their integrated assets, 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. The Company reviews its oil and natural gas properties by depletion base. 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. If the estimated undiscounted future net cash flows are less than the carrying amount of the Company’s assets, it recognizes an impairment loss for the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset.

The Company calculates the expected undiscounted future net cash flows of its long-lived assets and their integrated assets using management’s assumptions and expectations of (i) commodity prices, which are based on the NYMEX strip, (ii) pricing adjustments for differentials, (iii) production costs, (iv) capital expenditures, (v) production volumes, (vi) estimated proved reserves, and (vii) prevailing market rates of income and expenses from integrated assets.

As of December 31, 2023, the Company’s estimates of commodity prices for purposes of determining undiscounted future cash flows, which are based on the NYMEX strip, ranged from a 2024 price of $71.68 per barrel of oil decreasing to a 2028 price of $62.02 per barrel of oil. Natural gas prices ranged from a 2024 price of $2.67 per Mcf of natural gas increasing to a 2028 price of $3.80 per Mcf. Both oil and natural gas commodity prices for this purpose were held flat after 2028.

The Company calculates the estimated fair values of its long-lived assets and their integrated assets using a discounted future cash flow model. Fair value assumptions associated with the calculation of discounted future net cash flows include (i) market estimates of commodity prices, which are based on the NYMEX strip, (ii) pricing adjustments for differentials, (iii) production costs, (iv) capital expenditures, (v) production volumes, (vi) estimated proved reserves, (vii) prevailing market rates of income and expenses from integrated assets and (viii) discount rate. The expected future net cash flows are generally discounted using an annual rate of 10 percent to determine fair value for proved developed producing reserves and an appropriate market discount rate based on risk for other reserve categories. These are classified as Level 3 fair value assumptions.

In the fourth quarter of 2023, there were indicators that the carrying value of the Company's Haynesville properties may be impaired due to a decline in natural gas prices and negative reserve revisions for certain wells that had recently begun production as well as certain proved undeveloped wells. As a result of the impairment evaluation, where the income approach was utilized (discounted cash flow model) to assess fair value, the Company recorded impairment of $26.5 million. The Company did not have any impairment indicators during the years ended December 31, 2022 or 2021. The following table presents the value of these assets measured at fair value on a nonrecurring basis at the time impairment was recorded:


	Year Ended December 31,
	2023				2022				2021
(in thousands)	Fair Value		Impairment		Fair Value		Impairment		Fair Value		Impairment
Oil and natural gas properties	$	31,781	$	26,496	$	—	$	—	$	—	$	—

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 + Details

Fair value measurements - Carrying amounts and fair values of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Carrying Value
Assets:
Derivative instruments - commodity derivatives	$ 12,306	$ 10,089
Equity investments	50,427	0
Liabilities:
Derivative instruments - common stock warrants	0	11,902
Revolving credit facilities	110,000	0
Derivative instruments - commodity derivatives	0	431
Fair Value
Assets:
Derivative instruments - commodity derivatives	12,306	10,089
Equity investments	50,427	0
Liabilities:
Derivative instruments - common stock warrants	0	11,902
Revolving credit facilities	110,000	0
Derivative instruments - commodity derivatives	$ 0	$ 431

- 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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+ Details

- Definition

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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+ Details

Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative activity by volume

The following table sets forth the Company’s outstanding commodity derivative contracts as of December 31, 2023.


	2024										2025
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total		Total
Collar (oil)
Volume (Bbl)	461,524		401,874		361,552		311,496		1,536,446		273,000
Weighted-average floor price ($/Bbl)	$	64.22	$	64.27	$	64.32	$	64.13	$	64.24	$	63.00
Weighted-average ceiling price ($/Bbl)	$	84.99	$	85.11	$	85.24	$	84.97	$	85.07	$	82.70
Swaps (oil)
Volume (Bbl)	62,000		48,000		39,000		32,000		181,000		—
Weighted-average price ($/Bbl)	$	80.00	$	80.00	$	80.00	$	80.00	$	80.00	$	—
Collar (natural gas)
Volume (Mcf)	3,856,000		—		—		1,615,000		5,471,000		2,156,000
Weighted-average floor price ($/Mcf)	$	2.93	$	—	$	—	$	3.57	$	3.12	$	3.57
Weighted-average ceiling price ($/Mcf)	$	4.39	$	—	$	—	$	5.37	$	4.68	$	5.37
Swaps (natural gas)
Volume (Mcf)	—		3,236,000		2,823,000		844,000		6,903,000		450,000
Weighted-average price ($/Mcf)	$	—	$	3.22	$	3.22	$	3.22	$	3.22	$	3.68

Schedule of commodity derivatives reported in earnings

The following table summarizes the amounts reported in the consolidated statements of operations related to the commodity derivative instruments for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Gain (loss) on commodity derivatives
Oil derivatives	$	6,459	$	(14,985)	$	(24,885)
Natural gas derivatives	19,085		(10,339)		(7,504)
Total	$	25,544	$	(25,324)	$	(32,389)

Schedule of net cash receipts (payments on) commodity derivatives

The following table represents the Company’s net cash receipts (payments on) commodity derivatives for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Net cash receipts from (payments on) commodity derivatives
Oil derivatives	$	4,576	$	(23,695)	$	(19,034)
Natural gas derivatives	18,319		(18,742)		(6,185)
Total	$	22,895	$	(42,437)	$	(25,219)

- Definition

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

+ References + Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Adoption of ASU No. 2016-13 (Note 2)	As of January 1, 2023	Previous Partnerships' Capital Existing Until the Recapitalization of Granite Ridge Resources, Inc.	Previous Partnerships' Capital Existing Until the Recapitalization of Granite Ridge Resources, Inc. As of January 1, 2023	Common Stock Issued	Common Stock Issued As of January 1, 2023	Additional Paid-in Capital	Additional Paid-in Capital As of January 1, 2023	Retained Earnings	Retained Earnings Adoption of ASU No. 2016-13 (Note 2)	Retained Earnings As of January 1, 2023	Treasury Stock	Treasury Stock As of January 1, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributed capital	$ 47,000			$ 47,000
Balance at beginning of period at Dec. 31, 2020	370,556			370,556		$ 0		$ 0		$ 0			$ 0
Balance at beginning of period (in shares) at Dec. 31, 2020						0
Begging balance, treasury stock (in shares) at Dec. 31, 2020													0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash distributions	(51,085)			(51,085)
Net income	108,459			108,459
Balance at ending of period at Dec. 31, 2021	474,930			474,930		$ 0		0		0			$ 0
Balance at ending of period (in shares) at Dec. 31, 2021						0
Ending balance, treasury stock (in shares) at Dec. 31, 2021													0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income prior to Business Combination	219,292			219,292
Contribution of Funds' assets in exchange for common stock (in shares)						130,000,000
Contribution of Funds' assets in exchange for common stock				(694,222)		$ 13		694,209
Recapitalization (in shares)						2,923,000
Recapitalization	6,825							6,825
Issuance costs	(18,508)							(18,508)
Issuance of common stock warrants	(12,265)							(12,265)
Issuance of vesting shares (in shares)						372,000
Issuance of vesting shares	(1,287)							(1,287)
Deferred income tax liability at Business Combination	(36,899)							(36,899)
Purchase of treasury stock (in shares)													(26,000)
Purchase of treasury stock	(229)												$ (229)
Common stock dividend declared	(10,664)									(10,664)
Net income subsequent to the Business Combination	43,052									43,052
Net income	262,344
Balance at ending of period at Dec. 31, 2022	$ 664,247	$ (118)	$ 664,129	0	$ 0	$ 13	$ 13	632,075	$ 632,075	32,388	$ (118)	$ 32,270	$ (229)	$ (229)
Balance at ending of period (in shares) at Dec. 31, 2022	133,294,897					133,295,000	133,295,000
Ending balance, treasury stock (in shares) at Dec. 31, 2022	(25,920)												(26,000)	(26,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]		Accounting Standards Update 2016-13 [Member]
Purchase of treasury stock (in shares)													(5,652,000)
Purchase of treasury stock	$ (36,096)												$ (36,096)
Common stock dividend declared	(58,587)									(58,587)
Grants of restricted stock (in shares)						403,000
Forfeitures of restricted stock (in shares)						(13,000)
Cancellation of vesting shares (in shares)						(221,000)
Vesting shares	1,287							1,287
Stock-based compensation	2,162							2,162
Common stock issued in warrant exchange (in shares)						2,576,000
Common stock issued in warrant exchange	17,646					$ 1		17,645
Common stock issued for exercise of warrants (in shares)						1,000
Common stock issued for exercise of warrants	5							5
Net income	81,099									81,099
Balance at ending of period at Dec. 31, 2023	$ 671,645			$ 0		$ 14		$ 653,174		$ 54,782			$ (36,325)
Balance at ending of period (in shares) at Dec. 31, 2023	136,040,777					136,041,000
Ending balance, treasury stock (in shares) at Dec. 31, 2023	(5,677,627)												(5,678,000)

Derivative financial instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative financial instruments

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

The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its 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 certain counterparties and therefore certain amounts may be presented on a net basis in the consolidated balance sheets.

Volume of Derivative Activities

The following table sets forth the Company’s outstanding commodity derivative contracts as of December 31, 2023.


	2024										2025
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total		Total
Collar (oil)
Volume (Bbl)	461,524		401,874		361,552		311,496		1,536,446		273,000
Weighted-average floor price ($/Bbl)	$	64.22	$	64.27	$	64.32	$	64.13	$	64.24	$	63.00
Weighted-average ceiling price ($/Bbl)	$	84.99	$	85.11	$	85.24	$	84.97	$	85.07	$	82.70
Swaps (oil)
Volume (Bbl)	62,000		48,000		39,000		32,000		181,000		—
Weighted-average price ($/Bbl)	$	80.00	$	80.00	$	80.00	$	80.00	$	80.00	$	—
Collar (natural gas)
Volume (Mcf)	3,856,000		—		—		1,615,000		5,471,000		2,156,000
Weighted-average floor price ($/Mcf)	$	2.93	$	—	$	—	$	3.57	$	3.12	$	3.57
Weighted-average ceiling price ($/Mcf)	$	4.39	$	—	$	—	$	5.37	$	4.68	$	5.37
Swaps (natural gas)
Volume (Mcf)	—		3,236,000		2,823,000		844,000		6,903,000		450,000
Weighted-average price ($/Mcf)	$	—	$	3.22	$	3.22	$	3.22	$	3.22	$	3.68

The following table summarizes the amounts reported in the consolidated statements of operations related to the commodity derivative instruments for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Gain (loss) on commodity derivatives
Oil derivatives	$	6,459	$	(14,985)	$	(24,885)
Natural gas derivatives	19,085		(10,339)		(7,504)
Total	$	25,544	$	(25,324)	$	(32,389)

The following table represents the Company’s net cash receipts (payments on) commodity derivatives for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Net cash receipts from (payments on) commodity derivatives
Oil derivatives	$	4,576	$	(23,695)	$	(19,034)
Natural gas derivatives	18,319		(18,742)		(6,185)
Total	$	22,895	$	(42,437)	$	(25,219)

Common stock warrants

On October 24, 2022, in connection with the Business Combination, the Company issued 10,349,975 common stock warrants. Each warrant entitled the holder to purchase one share of Granite Ridge’s common stock at an exercise price of $11.50 per share. The common stock warrants became exercisable 30 days after the completion of the Business Combination and 461 common stock warrants were exercised as of December 31, 2023.

The fair value of the common stock warrants as of December 31, 2022 was a liability of $11.9 million. The Company recognized a loss of $5.7 million and a gain of $0.4 million during 2023 and 2022, respectively, from the change in fair value of the warrant liability in the consolidated statements of operations. The warrants exchanged in the Offer were marked to fair value on the date of settlement, and the liability of $17.0 million and $0.7 million related to the exchanged common stock warrants was removed from the consolidated balance sheet in June 2023 and July 2023, respectively, and the issuance of shares of the Company’s common stock was reflected in stockholders’ equity. See Note 9 for further discussion of the Warrant Exchange.

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of revision for adjustment to tax basis of oil and natural gas properties

The following sets forth the effects of the correction on the previously reported consolidated balance sheet as of December 31, 2022:


(in thousands)	December 31, 2022
Deferred tax liability, previously reported	$	91,592
Correction to deferred tax liability	(41,843)
Deferred tax liability, reported	$	49,749


(in thousands)	December 31, 2022
Additional paid-in capital, previously reported	$	590,232
Correction to additional paid-in capital	41,843
Additional paid-in capital, reported	$	632,075

Schedule of disaggregated revenues by operation and geographic location

The following tables present the

disaggregation of the Company’s oil revenues and natural gas revenues by basin for the years ended December 31, 2023, 2022 and 2021.


	Year Ended December 31,
(in thousands)	2023		2022		2021
Oil	$	317,099	$	338,163	$	215,250
Natural gas	76,970		159,254		74,943
Total	$	394,069	$	497,417	$	290,193


Permian	$	237,730	$	266,856	$	151,179
Eagle Ford	46,410		64,879		40,898
Bakken	51,128		64,999		56,055
Haynesville	24,833		62,743		12,039
DJ	33,968		37,880		29,191
SCOOP/STACK	—		60		831
Total	$	394,069	$	497,417	$	290,193

Stock incentive plan - Summary of company's activity under the Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Awards
Awards granted (in shares)	94,007
Awards granted (in dollars per share)	$ 8.51
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Income tax expense		$ 24,483	$ 12,850	$ 0
Restricted Stock Awards
Restricted Stock Awards
Beginning balance (in shares)	0	0
Awards granted (in shares)		308,938
Awards canceled/forfeited (in shares)		(12,948)
Ending balance (in shares)		295,990	0
Awards granted (in dollars per share)		$ 5.72
Performance Stock Units
Restricted Stock Awards
Beginning balance (in shares)	0	0
Awards granted (in shares)		26,574
Ending balance (in shares)		26,574	0
Awards granted (in dollars per share)		$ 6.01
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	0	0
Options granted (in shares)		392,108
Options canceled/forfeited (in shares)		0
Options exercised (in dollars per share)		$ 0
Ending balance (in shares)		392,108	0
Weighted average grant date fair value per share/unit (in dollars per share)		$ 8.45
Outstanding, aggregate intrinsic value		$ 72
Options exercisable		$ 24

Income taxes - Narratives (Details) - USD ($)	12 Months Ended			24 Months Ended
Income taxes - Narratives (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	23.20%	4.70%	0.00%
Enacted statutory rate	21.00%
Deferred tax assets, operating loss carryforwards, not subject to expiration	$ 61,100,000
Deferred tax assets, operating loss carryforwards, subject to expiration	$ 61,100,000
Unrecognized tax benefits, interest or penalties				$ 0
Inflation Reduction Act, corporate alternative minimum tax percentage	15.00%
Inflation Reduction Act, excise tax percentage	1.00%

Summary of significant accounting policies - Revenue recognition (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) source area	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Number of revenue sources \| source	2
Operating regions \| area	5
Revenue	$ 394,069	$ 497,417	$ 290,193
Permian
Disaggregation of Revenue [Line Items]
Revenue	237,730	266,856	151,179
Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	46,410	64,879	40,898
Bakken
Disaggregation of Revenue [Line Items]
Revenue	51,128	64,999	56,055
Haynesville
Disaggregation of Revenue [Line Items]
Revenue	24,833	62,743	12,039
DJ
Disaggregation of Revenue [Line Items]
Revenue	33,968	37,880	29,191
SCOOP/STACK
Disaggregation of Revenue [Line Items]
Revenue	0	60	831
Oil
Disaggregation of Revenue [Line Items]
Revenue	317,099	338,163	215,250
Natural gas
Disaggregation of Revenue [Line Items]
Revenue	$ 76,970	$ 159,254	$ 74,943

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary 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 December 31, 2023 and 2022:


	December 31, 2023				December 31, 2022
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Derivative instruments - commodity derivatives	$	12,306	$	12,306	$	10,089	$	10,089
Equity investments	$	50,427	$	50,427	$	—	$	—

Liabilities:
Derivative instruments - common stock warrants	$	—	$	—	$	11,902	$	11,902
Revolving credit facilities	$	110,000	$	110,000	$	—	$	—
Derivative instruments - commodity derivatives	$	—	$	—	$	431	$	431

Summary 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 consolidated balance sheets.


	Year Ended December 31, 2023
	Fair Value Measurement Using
(in thousands)	Level 1		Level 2		Level 3		Total Fair Value		Gross Amounts Offset in the Consolidated Balance Sheet		Net Fair Value Presented in the Consolidated Balance Sheet
Equity investments - common stock	$	25,554	$	—	$	—	$	25,554	$	—	$	25,554
Equity investments - preferred stock	—		24,873		—		24,873		—		24,873
Total equity investments	$	25,554	$	24,873	$	—	$	50,427	$	—	$	50,427

Assets (at fair value):
Commodity derivatives – current portion	$	—	$	14,202	$	—	$	14,202	$	(3,085)	$	11,117
Commodity derivatives – noncurrent portion	—		2,534		—		2,534		(1,345)		1,189
Liabilities (at fair value):
Commodity derivatives – current portion	—		(3,085)		—		(3,085)		3,085		—
Commodity derivatives – noncurrent portion	—		(1,345)		—		(1,345)		1,345		—
Net derivative instruments	$	—	$	12,306	$	—	$	12,306	$	—	$	12,306


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

Liabilities (at fair value):
Commodity derivatives – current portion	—		(10,539)		—		(10,539)		10,108		(431)
Warrant liability – noncurrent portion	(11,902)		—		—		(11,902)		—		—
Net derivative instruments	$	(11,902)	$	9,658	$	—	$	(2,244)	$	—	$	9,658

Summary of assets measured at fair value on a nonrecurring basis

The following table presents the value of these assets measured at fair value on a nonrecurring basis at the time impairment was recorded:


	Year Ended December 31,
	2023				2022				2021
(in thousands)	Fair Value		Impairment		Fair Value		Impairment		Fair Value		Impairment
Oil and natural gas properties	$	31,781	$	26,496	$	—	$	—	$	—	$	—

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies The Company is subject to various possible contingencies that arise primarily from interpretation of federal and state laws and regulations affecting the oil and gas industry. Such contingencies include differing interpretations as to the prices at which oil and natural gas sales may be made, the prices at which royalty owners may be paid for production from their leases, environmental issues and other matters. Although management believes that it has complied with the various laws and regulations, administrative rulings and interpretations thereof, adjustments could be required as new interpretations and regulations are issued. In addition, environmental matters are subject to regulation by various federal and state agencies. On the Closing Date of the Business Combination, the Company entered into the MSA agreement between Granite Ridge and the Manager whereby the Company shall pay the Manager an annual services fee of $10.0 million and shall reimburse the Manager for certain Granite Ridge group costs. 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.

Summary of significant accounting policies - Production and Ad Valorem taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Production Tax Expense	$ 24.9	$ 26.9	$ 17.1
Ad valorem taxes	$ 2.8	$ 3.7	$ 1.0

Acquisitions and divestitures (Tables)

12 Months Ended

Dec. 31, 2023

Oil and Gas Property [Abstract]

Summary of the fair value of the assets acquired and the liabilities assumed

The following table presents a summary of the fair values of the assets acquired and the liabilities assumed in acquisitions that met the definition of a business combination:


(in thousands)	December 31, 2023
Fair value of assets acquired and liabilities assumed
Proved oil and natural gas properties (1)	$	15,488
Unproved properties	16,545
Total oil and natural gas properties	32,033
Less: Asset retirement obligations	(341)
Net assets acquired	$	31,692
Consideration transferred (including liabilities assumed)	$	31,692

__________________________________________

(1)Amounts includes asset retirement costs of $0.3 million.

Summary of significant accounting policies - Cash and restricted cash (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
Cash investment term	90 days
Cash classified as restricted \| $	$ 300	$ 300	$ 300
Number of standby letters of credit \| item	2	2

Asset retirement obligations (Tables)

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

Schedule of changes in the asset retirement obligations

The following table presents the changes in the asset retirement obligations during the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Asset retirement obligations, beginning of year	$	4,963	$	2,962	$	3,114
Liabilities incurred during the period	2,370		1,012		465
Revision of estimates (1)	2,596		490		(868)
Accretion of discount during the period	441		499		447
Disposals or settlements	(496)		—		(196)
Asset retirement obligations, end of year	$	9,874	$	4,963	$	2,962
Less current portion of asset retirement obligations	483		218		—
Asset retirement obligations, long-term	$	9,391	$	4,745	$	2,962

__________________________________________

Summary of significant accounting policies - Recently issued and applicable accounting pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings	$ 671,645		$ 664,247	$ 474,930	$ 370,556
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings	$ 54,782		32,388	$ 0	$ 0
Adoption of ASU No. 2016-13 (Note 2)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings			(118)
Adoption of ASU No. 2016-13 (Note 2) \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings		$ 100	$ (118)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)(1)
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-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
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Reference 89: http://www.xbrl.org/2003/role/disclosureRef
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Reference 90: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480424/946-10-50-3

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Section S99
-Paragraph 1
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-Section S99
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+ Details

Summary of significant accounting policies - Revision for Adjustment to Tax Basis of Oil and Natural Gas Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred tax liability	$ 49,749	$ 73,989
Additional paid-in capital	632,075	$ 653,174
Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred tax liability	91,592
Additional paid-in capital	590,232
Correction to Prior Period, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred tax liability	(41,843)
Additional paid-in capital	41,843
Prior year standardized measure of discounted future net cash flows	$ 30,000

- 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 + Details

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended			12 Months Ended		13 Months Ended
	Jun. 22, 2023	Oct. 24, 2022	Jul. 31, 2023	Jun. 30, 2023	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Jun. 22, 2022
Class of Stock [Line Items]
Dividends paid						$ 58,600	$ 10,700
Common stock, dividends, per share, cash paid (in dollars per share)						$ 0.44	$ 0.08
Treasury stock, value, acquired, cost method						$ 36,096	$ 229
Common Class A
Class of Stock [Line Items]
Contribution of Funds' assets in exchange for common stock (in shares)		130,000,000
Warrant Exchange Offer
Class of Stock [Line Items]
Shares of common stock underlying each warrant (in shares)	0.25								0.25
Warrants tendered (in shares)	2,471,738
Number of warrants tendered (in shares)	9,887,035
Amended Warrant Agreement Offer
Class of Stock [Line Items]
Shares of common stock underlying each warrant (in shares)	0.225		0.225			0.225		0.225	0.225
Fair value settlements			$ 700	$ 17,000
Warrant Exchange Offer
Class of Stock [Line Items]
Costs incurred related to the Warrant Exchange transaction						$ 2,500
Common Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount							$ 50,000
Purchase of treasury stock (in shares)						5,651,707	25,920	5,677,627
Treasury stock, value, acquired, cost method						$ 36,100	$ 200	$ 36,300
ENPC Common Class F \| ENPC Conversion Activity, Effective Time of Merger
Class of Stock [Line Items]
Shares to-be converted during merger (in shares)		495,357
ENPC Common Class A \| ENPC Conversion Activity, Effective Time of Merger
Class of Stock [Line Items]
Shares converted during merger (in shares)		1,238,393
Converted shares subject to certain vesting provisions (in shares)		371,518
Vesting shares liability (in shares)							$ 1,300
Awards vested (in shares)					151,170

Stock incentive plan - Future Stock-based Compensation Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2024	$ 419
2025	174
2026	29
Total	622
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2024	62
2025	62
2026	0
Total	124
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2024	78
2025	12
2026	0
Total	$ 90

- 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

+ Details

Subsequent events - Schedule of outstanding derivative contracts (Details)	1 Months Ended	2 Months Ended	12 Months Ended
	Feb. 29, 2024 $ / bbl $ / Mcf bbl MMcf	Mar. 08, 2024 $ / bbl $ / Mcf bbl Mcf	Dec. 31, 2023 $ / bbl $ / Mcf bbl Mcf
Collar Oil Contract, 2024 Settlement \| First Quarter
Subsequent events
Volume (Bbl) \| bbl			461,524
Collar Oil Contract, 2024 Settlement \| First Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)			64.22
Collar Oil Contract, 2024 Settlement \| First Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)			84.99
Collar Oil Contract, 2024 Settlement \| Second Quarter
Subsequent events
Volume (Bbl) \| bbl			401,874
Collar Oil Contract, 2024 Settlement \| Second Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)			64.27
Collar Oil Contract, 2024 Settlement \| Second Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)			85.11
Collar Oil Contract, 2024 Settlement \| Third Quarter
Subsequent events
Volume (Bbl) \| bbl			361,552
Collar Oil Contract, 2024 Settlement \| Third Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)			64.32
Collar Oil Contract, 2024 Settlement \| Third Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)			85.24
Collar Oil Contract, 2024 Settlement \| Fourth Quarter
Subsequent events
Volume (Bbl) \| bbl			311,496
Collar Oil Contract, 2024 Settlement \| Fourth Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)			64.13
Collar Oil Contract, 2024 Settlement \| Fourth Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)			84.97
Swaps Oil Contract, 2024 Settlement \| First Quarter
Subsequent events
Volume (Bbl) \| bbl			62,000
Swaps Oil Contract, 2024 Settlement \| First Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)			80.00
Swaps Oil Contract, 2024 Settlement \| Second Quarter
Subsequent events
Volume (Bbl) \| bbl			48,000
Swaps Oil Contract, 2024 Settlement \| Second Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)			80.00
Swaps Oil Contract, 2024 Settlement \| Third Quarter
Subsequent events
Volume (Bbl) \| bbl			39,000
Swaps Oil Contract, 2024 Settlement \| Third Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)			80.00
Swaps Oil Contract, 2024 Settlement \| Fourth Quarter
Subsequent events
Volume (Bbl) \| bbl			32,000
Swaps Oil Contract, 2024 Settlement \| Fourth Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)			80.00
Collar Natural Gas Contract, 2024 Settlement \| First Quarter
Subsequent events
Volume (Bbl) \| Mcf			3,856,000
Collar Natural Gas Contract, 2024 Settlement \| First Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf			2.93
Collar Natural Gas Contract, 2024 Settlement \| First Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf			4.39
Collar Natural Gas Contract, 2024 Settlement \| Second Quarter
Subsequent events
Volume (Bbl) \| Mcf			0
Collar Natural Gas Contract, 2024 Settlement \| Second Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf			0
Collar Natural Gas Contract, 2024 Settlement \| Second Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf			0
Collar Natural Gas Contract, 2024 Settlement \| Third Quarter
Subsequent events
Volume (Bbl) \| Mcf			0
Collar Natural Gas Contract, 2024 Settlement \| Third Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf			0
Collar Natural Gas Contract, 2024 Settlement \| Third Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf			0
Collar Natural Gas Contract, 2024 Settlement \| Fourth Quarter
Subsequent events
Volume (Bbl) \| Mcf			1,615,000
Collar Natural Gas Contract, 2024 Settlement \| Fourth Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf			3.57
Collar Natural Gas Contract, 2024 Settlement \| Fourth Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf			5.37
Swaps Natural Gas Contract, 2024 Settlement \| First Quarter
Subsequent events
Volume (Bbl) \| Mcf			0
Swaps Natural Gas Contract, 2024 Settlement \| First Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf			0
Swaps Natural Gas Contract, 2024 Settlement \| Second Quarter
Subsequent events
Volume (Bbl) \| Mcf			3,236,000
Swaps Natural Gas Contract, 2024 Settlement \| Second Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf			3.22
Swaps Natural Gas Contract, 2024 Settlement \| Third Quarter
Subsequent events
Volume (Bbl) \| Mcf			2,823,000
Swaps Natural Gas Contract, 2024 Settlement \| Third Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf			3.22
Swaps Natural Gas Contract, 2024 Settlement \| Fourth Quarter
Subsequent events
Volume (Bbl) \| Mcf			844,000
Swaps Natural Gas Contract, 2024 Settlement \| Fourth Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf			3.22
Subsequent Event \| Collar Oil Contract, 2024 Settlement
Subsequent events
Volume (Bbl) \| bbl		1,536,446
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		64.24
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		85.07
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| First Quarter
Subsequent events
Volume (Bbl) \| bbl		461,524
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| First Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		64.22
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| First Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		84.99
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| Second Quarter
Subsequent events
Volume (Bbl) \| bbl		401,874
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| Second Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		64.27
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| Second Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		85.11
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| Third Quarter
Subsequent events
Volume (Bbl) \| bbl		361,552
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| Third Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		64.32
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| Third Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		85.24
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| Fourth Quarter
Subsequent events
Volume (Bbl) \| bbl		311,496
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| Fourth Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		64.13
Subsequent Event \| Collar Oil Contract, 2024 Settlement \| Fourth Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		84.97
Subsequent Event \| Collar Oil Contract, 2025 Total Settlement
Subsequent events
Volume (Bbl) \| bbl		439,852
Subsequent Event \| Collar Oil Contract, 2025 Total Settlement \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		61.48
Subsequent Event \| Collar Oil Contract, 2025 Total Settlement \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		80.65
Subsequent Event \| Collar Oil Contract, 2025 Total Settlement \| First half of year
Subsequent events
Volume (Bbl) \| bbl	166,852
Subsequent Event \| Collar Oil Contract, 2025 Total Settlement \| First half of year \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)	59.00
Subsequent Event \| Collar Oil Contract, 2025 Total Settlement \| First half of year \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)	77.30
Subsequent Event \| Swaps Oil Contract, 2024 Settlement
Subsequent events
Volume (Bbl) \| bbl		181,000
Subsequent Event \| Swaps Oil Contract, 2024 Settlement \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		80.00
Subsequent Event \| Swaps Oil Contract, 2024 Settlement \| First Quarter
Subsequent events
Volume (Bbl) \| bbl		62,000
Subsequent Event \| Swaps Oil Contract, 2024 Settlement \| First Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		80.00
Subsequent Event \| Swaps Oil Contract, 2024 Settlement \| Second Quarter
Subsequent events
Volume (Bbl) \| bbl		48,000
Subsequent Event \| Swaps Oil Contract, 2024 Settlement \| Second Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		80.00
Subsequent Event \| Swaps Oil Contract, 2024 Settlement \| Third Quarter
Subsequent events
Volume (Bbl) \| bbl		39,000
Subsequent Event \| Swaps Oil Contract, 2024 Settlement \| Third Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		80.00
Subsequent Event \| Swaps Oil Contract, 2024 Settlement \| Fourth Quarter
Subsequent events
Volume (Bbl) \| bbl		32,000
Subsequent Event \| Swaps Oil Contract, 2024 Settlement \| Fourth Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		80.00
Subsequent Event \| Swaps Oil Contract, 2025 Total Settlement
Subsequent events
Volume (Bbl) \| bbl		0
Subsequent Event \| Swaps Oil Contract, 2025 Total Settlement \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf)		0
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement
Subsequent events
Volume (Bbl) \| Mcf		5,471,000
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		3.12
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		4.68
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| First Quarter
Subsequent events
Volume (Bbl) \| Mcf		3,856,000
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| First Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		2.93
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| First Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		4.39
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| Second Quarter
Subsequent events
Volume (Bbl) \| Mcf		0
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| Second Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		0
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| Second Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		0
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| Third Quarter
Subsequent events
Volume (Bbl) \| Mcf		0
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| Third Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		0
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| Third Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		0
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| Fourth Quarter
Subsequent events
Volume (Bbl) \| Mcf		1,615,000
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| Fourth Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		3.57
Subsequent Event \| Collar Natural Gas Contract, 2024 Settlement \| Fourth Quarter \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		5.37
Subsequent Event \| Collar Natural Gas Contract, 2025 Total Settlement
Subsequent events
Volume (Bbl) \| Mcf		2,156,000
Subsequent Event \| Collar Natural Gas Contract, 2025 Total Settlement \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		3.57
Subsequent Event \| Collar Natural Gas Contract, 2025 Total Settlement \| Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		5.37
Subsequent Event \| Swaps Natural Gas Contract, 2024 Settlement
Subsequent events
Volume (Bbl) \| Mcf		6,903,000
Subsequent Event \| Swaps Natural Gas Contract, 2024 Settlement \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		3.22
Subsequent Event \| Swaps Natural Gas Contract, 2024 Settlement \| First Quarter
Subsequent events
Volume (Bbl) \| Mcf		0
Subsequent Event \| Swaps Natural Gas Contract, 2024 Settlement \| First Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		0
Subsequent Event \| Swaps Natural Gas Contract, 2024 Settlement \| Second Quarter
Subsequent events
Volume (Bbl) \| Mcf		3,236,000
Subsequent Event \| Swaps Natural Gas Contract, 2024 Settlement \| Second Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		3.22
Subsequent Event \| Swaps Natural Gas Contract, 2024 Settlement \| Third Quarter
Subsequent events
Volume (Bbl) \| Mcf		2,823,000
Subsequent Event \| Swaps Natural Gas Contract, 2024 Settlement \| Third Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		3.22
Subsequent Event \| Swaps Natural Gas Contract, 2024 Settlement \| Fourth Quarter
Subsequent events
Volume (Bbl) \| Mcf		844,000
Subsequent Event \| Swaps Natural Gas Contract, 2024 Settlement \| Fourth Quarter \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		3.22
Subsequent Event \| Swaps Natural Gas Contract, 2025 Total Settlement
Subsequent events
Volume (Bbl) \| Mcf		1,612,050
Subsequent Event \| Swaps Natural Gas Contract, 2025 Total Settlement \| Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf		3.20
Subsequent Event \| Swaps Natural Gas Contract, 2025 Total Settlement \| Second Quarter
Subsequent events
Volume (Bbl) \| MMcf	1,162,050
Subsequent Event \| Swaps Natural Gas Contract, 2025 Total Settlement \| Second Quarter \| Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) \| $ / Mcf	3.02