Granite Ridge Resources (GRNT) Noble Capital Markets Virtual Equity Conference summary

Strategic positioning and business model

• Operates as a non-operated (non-op) upstream investor, focusing on oil and gas wells across major U.S. basins, partnering with both public and private operators.

• Asset base is diversified geographically and by commodity, with a roughly 50/50 oil and gas split and exposure to both public and private operators.

• Emphasizes partnerships with private companies to participate in their growth and potential exits, aiming for economic upside.

• Maintains a strong, conservatively managed balance sheet and positions itself as an income and production growth stock.

• Trades at a discount to peers, with a current multiple around three times, compared to four to five times for most peers.

Strategic evolution and capital deployment

• Allocates capital to private partnerships, acting as sole capital provider for multiple private teams, especially in West Texas.

• Seeks to fill the gap left by reduced private equity investment in oil and gas, gaining more control over capital deployment and production timing.

• Recent strategy includes acquiring acreage and picking up rigs to improve predictability of expenditures and production.

• Aims to increase guidance accuracy and investor trust, targeting a trading multiple more in line with operated peers.

• Expects a step change in valuation as the shareholder base broadens and the business model evolves.

Shareholder structure and market presence

• Originated from a SPAC merger in 2022, resulting in initially concentrated ownership by Grey Rock, now reduced to about 52%.

• Additional shares held by Grey Rock LPs, with further distribution expected by November and April 2027.

• Actively expanding shareholder base through conferences, roadshows, and increased research coverage, leading to a 12x increase in daily trading volume.

• Added to the Russell 2000 index, enhancing visibility and investor engagement.