Dallas-based Granite Ridge Resources said recently it grew production in first quarter by 46 percent over 2022Q1, and it increased fullyear production forecast for 2023 to a midpoint of 22,000 boed. Production in Q1 was 23,167 boed (46 percent oil), including 10,722 b/d oil. Capital expenditures in Q1 were $126.2 million with fullyear capex expected to be $275 million-to-$305 million. In Q1 Granite Ridge placed online 78 gross wells (5.91 net), including 46 gross (2.77 net) in Permian Basin.
Luke Brandenberg, president and CEO, said May 11, “Our first quarter results mark a solid start to 2023. Our targeted and diversified asset base located in key oil- and gas-producing regions across the U.S. places us in a strong position for continued success as we capitalize on positive industry fundamentals… Our focus remains on investing in our targeted capital investment program designed to capitalize on the highest risk-adjusted rate-of-return opportunities in our deep inventory of prospects while also working closely with our operators in their efforts to drive further efficiencies.” Granite Ridge, a scaled, non-operated oil and gas E&P company, has assets in Permian Basin and at least four other regions – Bakken, DJ, Eagle Ford and Haynesville.