Granite Ridge Q1 2023 net income $36.9M, raises 2023 production guidance

Granite Ridge Resources, Inc.

2023-Q1 EPS reported $0.28 revenue$91,310,000

Q1 production 23,167 Boe/d (+46% YoY); revenue $91.3M ex-hedges; Adj. EBITDAX $70.7M.
Net income $36.9M vs $32.4M in Q1 2022, driven by production growth.
Updated 2023 guidance: net production midpoint raised to 22,000 Boe/d (from 21,500); D&C capex raised to $230-260M.
Paid $15M dividend in Q1; repurchased 273,017 shares ($1.7M) under $50M buyback plan.
Balance sheet: net debt $14.1M (0.04x leverage); liquidity $136M.

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