Granite Ridge Investor Presentation Deck

Overview $M Strategy & Execution Appendix Non-GAAP Reconciliation of Adjusted EBITDAX Net income Interest expense Income tax expense Depletion and accretion expense Assets Non-cash stock-based compensation Warrant exchange transaction costs (Gain) loss on derivatives - commodity derivatives Net cash receipts (payments) on derivatives Gain on derivatives - common stock warrants Adjusted EBITDAX 2Q '23 $8,737 1,211 4,129 34,969 375 2,456 (1,221) 8,025 11,012 $69,693 2Q '22 $93,284 609 31,404 5,462 (17,132) $113,627 TTM $182,219 2,405 27,765 127,044 1,434 2,456 (23,078) (3,119) 5,372 $322,498 FY '22 $262,344 1,989 12,850 105,752 25,324 (42,437) (362) $365,460 GRANITE RIDGE 24

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