Granite Ridge Investor Presentation Deck

Overview Yield % Strategy & Execution Compelling Value Opportunity Net Debt / EBITDA 0.8x GRNT Yield: Robust & Durable ¹ 2.2% S&P E&P Index GRNT Conservative Balance Sheet 1,2,3,4 S&P E&P Index S&P E&P Index 1.6x Assets Peer 1 0.4x Peer 2 7.2% 0.3x ■ Oil & Gas Exploration & Production GRNT EV / TTM EBITDA 74% Valuation: Cheap Relative to Peer Group 1,2,3 5.5x S&P E&P Index Focused Upstream Exposure 100% 100% S&P E&P Index 4.4x Oil & Gas Refining & Marketing Peer 1 Public Access to Private Operators 4.7x Peer 2 Public Private 1. S&P Oil & Gas Exploration & Production Select Industry Index (NYSE: XOP) data as of as of 11/8/2023. 2. XOP Net Debt and multiples are weighted average of holdings as of 11/8/2023 and financial data from most recent SEC filings per S&P Capital IQ pulled 11/8/2023. Appendix 19% Integrated Oil & Gas 36% 64% GRNT 5 2.9x GRNT 7% @ 3. Peers include NOG and VTS, data as of 11/8/2023. 4. Net Debt to Adjusted EBITDAX for the XOP uses S&P Capital IQ Net Debt and EBITDA. Adjusted to remove impact of renewable fuels companies (CLNE, GPRE GRANITE RIDGE and GEVO). Non-GAAP financial measure, which is defined and reconciled in the Appendix. 5. XOP per State Street Global Advisors. 19

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