8-K
filed November 9, 2023, 6:59 PM ET
ticker GRNT
CIK 0001928446
earnings
confidence high
sentiment neutral
materiality 0.75
Granite Ridge Resources, Inc. (GRNT): debt financing — Granite Ridge Q3 net income $18M ($0.13/sh), production up 20% YoY, updates 2023 guidance
Granite Ridge Resources, Inc.
2023-Q3 EPS reported
$0.48
revenue$287,271,000
- Q3 net income $18.0M ($0.13/sh) vs $80.0M ($0.60/sh) prior year; adjusted net income $27.7M ($0.21/sh).
- Production grew 20% to 26,433 Boe/d (46% oil). Full-year 2023 midpoint guidance raised to 23,250 Boe/d (18% YoY growth).
- Capital expenditure midpoint raised by $55M to $350M reflecting acquisitions; declared dividend $0.11/share.
- Amended credit agreement: borrowing base cut $50M to $275M, commitments raised to $240M, margin +50 bps.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 1.0
Granite Ridge Resources, Inc. amended credit facility of $275.0 million with Texas Capital Bank at increased by 50 basis points across all utilization tiers maturing unknown.
- Instrument
- credit facility
- Principal
- $275.0 million
- Counterparty
- Texas Capital Bank
- Rate
- increased by 50 basis points across all utilization tiers
- Event
- amendment
Exact text from the filing
On November 7, 2023, Granite Ridge Resources, Inc., a Delaware corporation (the “Company”), entered into a First Amendment (the “Amendment”) to the Company’s existing Credit Agreement, dated October 24, 2022, by and among the Company, as borrower, Texas Capital Bank, as administrative agent, and the lenders from time to time party thereto (as amended or modified prior to such date, the “Existing Credit Agreement”). The Amendment, among other things, (a) decreased the borrowing base from $325.0 million to $275.0 million, (b) increased the aggregate elected commitments from $150 million to $240.0 million and (c) increased the applicable margin charged on the loans and other obligations outstanding under the Credit Agreement by 50 basis points across all utilization tiers of the pricing grid.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Granite Ridge Resources, Inc. reported the quarter ended September 30, 2023 results: net income $18.0 million, or $0.13 per share, EPS $0.13 per share. Guidance raised.
- Period
- the quarter ended September 30, 2023
- Net income
- $18.0 million, or $0.13 per share
- EPS
- $0.13 per share
- Guidance
- raised
- Result
- reported results
Exact text from the filing
Reported net income of $18.0 million, or $0.13 per share
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Granite Ridge Resources, Inc. amended First Amendment with Texas Capital Bank (effective 2023-11-07).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Texas Capital Bank
- Effective
- 2023-11-07
Exact text from the filing
On November 7, 2023, Granite Ridge Resources, Inc., a Delaware corporation (the “Company”), entered into a First Amendment (the “Amendment”) to the Company’s existing Credit Agreement, dated October 24, 2022, by and among the Company, as borrower, Texas Capital Bank, as administrative agent, and the lenders from time to time party thereto (as amended or modified prior to such date, the “Existing Credit Agreement”).
View on SEC.gov
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