Granite Ridge Investor Presentation Deck
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Non-Op - A Better Way to Invest in Oil & Gas
Decreased risk - participate with a smaller piece
of a larger number of wells
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GRANITE RIDGE
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Key Investment Highlights
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Asset diversity - own an interest in over 2,500 gross
wells across Permian, Eagle Ford, Haynesville, DJ
and Bakken
Accelerated development - high-quality near-
term drilling rather than long-dated inventory 12
Conservative Balance Sheet
Conservative leverage - 0.13x net debt to TTM
Adjusted EBITDAX at 6/30/2023
Control of capital - elect to participate in drilling
on a well-by-well basis
Limited liabilities - not burdened by long-term
contracts and drilling obligations common to
operators
Prepared for volatility - not forced to hedge at low
prices, allows for counter-cyclical investment
opportunities
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Access to Private Operators
Broaden exposure – significant high-quality
inventory is in the hands of private operators,
particularly in the Permian
Blue chip partners - anticipate 2023 new wells
turned to sales from private operators including
Endeavor, Greenlake, Henry Resources,
Mewbourne, Rosewood and Mitsui
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4 Total Shareholder Returns
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Capital returns
Fixed dividend - annualized $0.44/share ¹
Stock buybacks - $50MM repurchase plan
Responsible Growth
Active operators - ~13% production growth
Highly scalable - cost structure largely fixed;
growth has minimal impact on overhead
Not "flooding the market" - increase in GRNT
production does not necessarily grow U.S.
production, just our share of it
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Granite Ridge seeks to tighten the band of outcomes in oil & gas investing through high diversification,
low leverage and disciplined investment underwriting
1. Future dividends are subject to approval by the Granite Ridge board of directors and credit agreement restrictions.
2. At midpoint of guidance.
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GRANITE RIDGE
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