Granite Ridge Resources (GRNT) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-41537
Entity Registrant Name	GRANITE RIDGE RESOURCES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-2227812
Entity Address, Address Line One	5217 McKinney Ave
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75205
City Area Code	214
Local Phone Number	396-2850
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		133,037,900
Entity Central Index Key	0001928446
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	GRNT
Security Exchange Name	NYSE
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Common Stock, each whole warrantexercisable for one share of common stock at an exerciseprice of $11.50 per share
Trading Symbol	GRNT WS
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 10,930	$ 50,833
Revenue receivable	65,702	72,287
Advances to operators	19,855	8,908
Prepaid costs and other	2,239	4,203
Derivative assets - commodity derivatives	16,608	10,089
Total current assets	115,334	146,320
Property and equipment:
Oil and gas properties, successful efforts method	1,154,886	1,028,662
Accumulated depletion	(417,442)	(383,673)
Total property and equipment, net	737,444	644,989
Long-term assets:
Other long-term assets	3,305	3,468
Total long-term assets	3,305	3,468
Total assets	856,083	794,777
Current liabilities:
Accrued expenses	69,601	62,180
Other liabilities	2,350	1,523
Derivative liabilities - commodity derivatives	13	431
Total current liabilities	71,964	64,134
Long-term liabilities:
Long-term debt	25,000	0
Derivative liabilities - common stock warrants	6,624	11,902
Asset retirement obligations	5,916	4,745
Deferred tax liability	101,522	91,592
Total long-term liabilities	139,062	108,239
Total liabilities	211,026	172,373
Stockholders' Equity:
Common stock, $0.0001 par value, 431,000,000 shares authorized, 133,477,494 and 133,294,897 issued at March 31, 2023 and December 31, 2022, respectively	13	13
Additional paid-in capital	592,578	590,232
Retained earnings	54,496	32,388
Treasury stock, at cost, 311,133 and 25,920 shares at March 31, 2023 and December 31, 2022, respectively	(2,030)	(229)
Total stockholders' equity	645,057	622,404
Total liabilities and stockholders' equity	$ 856,083	$ 794,777

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	431,000,000	431,000,000
Common stock, shares issued (in shares)	133,477,494	133,294,897
Treasury stock, common shares (in shares)	311,133	25,920

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Oil and natural gas sales	$ 91,310	$ 93,850
Operating costs and expenses:
Lease operating expenses	13,772	8,412
Production and ad valorem taxes	5,717	5,175
Depletion and accretion expense	33,852	16,125
General and administrative expense	8,579	2,774
Total operating costs and expenses	61,920	32,486
Net operating income	29,390	61,364
Other income (expense):
Gain (loss) on derivatives - commodity derivatives	13,323	(28,395)
Interest expense	(339)	(525)
Gain on derivatives - common stock warrants	5,278	0
Total other income (expense)	18,262	(28,920)
Income before income taxes	47,652	32,444
Income tax expense	10,786	0
Net income	$ 36,866	$ 32,444
Net income per share:
Basic (in dollars per share)	$ 0.28	$ 0.24
Diluted (in dollars per share)	$ 0.28	$ 0.24
Weighted-average number of shares outstanding:
Weighted average common shares outstanding – basic (in shares)	133,002	132,923
Weighted average common shares outstanding – diluted (in shares)	133,002	132,923

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Noncash stock-based compensation	$ 1,059	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Common Stock Issued	Common Stock Issued Cumulative Effect, Period of Adoption, Adjusted Balance	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjusted Balance	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Treasury Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Previous Partnerships' Capital Existing Until the Recapitalization of Granite Ridge Resources, Inc.
Balance at beginning of period at Dec. 31, 2021	$ 474,930												$ 474,930
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	32,444												32,444
Balance at ending of period at Mar. 31, 2022	507,374												507,374
Balance at beginning of period at Dec. 31, 2021	$ 474,930												$ 474,930
Balance at ending of period (in shares) at Dec. 31, 2022	133,294,897			133,295,000	133,295,000
Balance at ending of period at Dec. 31, 2022	$ 622,404	$ (118)	$ 622,286	$ 13	$ 13	$ 590,232	$ 590,232	$ 32,388	$ (118)	$ 32,270	$ (229)	$ (229)
Ending balance, treasury stock (in shares) at Dec. 31, 2022	(25,920)										(26,000)	(26,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]		Accounting Standards Update 2016-13 [Member]
Grants of restricted stock (in shares)				403,000
Cancellation of vesting shares (in shares)				(221,000)
Vesting shares	$ 1,287					1,287
Stock-based compensation	1,059					1,059
Purchase of treasury stock (in shares)											(285,000)
Purchase of treasury stock	(1,801)										$ (1,801)
Common stock dividend declared	(14,640)							(14,640)
Net income	$ 36,866							36,866
Balance at ending of period (in shares) at Mar. 31, 2023	133,477,494			133,477,000
Balance at ending of period at Mar. 31, 2023	$ 645,057			$ 13		$ 592,578		$ 54,496			$ (2,030)
Ending balance, treasury stock (in shares) at Mar. 31, 2023	(311,133)										(311,000)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical)	3 Months Ended
	Mar. 31, 2023 $ / shares
Statement of Stockholders' Equity [Abstract]
Common stock dividend declared (in USD per share)	$ 0.11

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net income	$ 36,866	$ 32,444
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and accretion expense	33,852	16,125
(Gain) loss on derivatives - commodity derivatives	(13,323)	28,395
Net cash receipts from (payments on) commodity derivatives	6,386	(7,775)
Stock-based compensation	1,059	0
Amortization of deferred financing costs	163	10
Gain on derivatives - common stock warrants	(5,278)	0
Deferred income taxes	9,964	0
Other	(137)	0
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
Revenue receivable	6,433	(14,019)
Accrued expenses	4,609	670
Prepaid and other expenses	65	53
Other payable	815	161
Net cash provided by operating activities	81,474	56,064
Investing activities:
Capital expenditures for oil and natural gas properties	(105,556)	(39,836)
Acquisition of oil and natural gas properties	(24,370)	(5,517)
Refund of advances to operators	0	750
Proceeds from the disposal of oil and natural gas properties	0	748
Net cash used in investing activities	(129,926)	(43,855)
Financing activities:
Proceeds from borrowing on credit facilities	25,000	5,000
Repayments of borrowing on credit facilities	0	(9,400)
Cash contributions	0	84
Payment of expenses related to formation of Granite Ridge Resources, Inc.	(43)	0
Purchase of treasury shares	(1,768)	0
Payment of dividends	(14,640)	0
Net cash provided by (used in) financing activities	8,549	(4,316)
Net change in cash and restricted cash	(39,903)	7,893
Cash and restricted cash at beginning of period	51,133	12,154
Cash and restricted cash at end of period	11,230	20,047
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	148	17
Cash paid during the period for income taxes	33	0
Supplemental disclosure of non-cash investing activities:
Oil and natural gas property development costs in accrued expenses	3,412	10,413
Advances to operators applied to development of oil and natural gas properties	26,299	21,910
Cash and restricted cash:
Cash	10,930	19,747
Restricted cash included in other long-term assets	300	300
Cash and restricted cash	$ 11,230	$ 20,047

Organization and nature of oper

Organization and nature of operations	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and nature of operations	Organization and nature of operations Granite Ridge Resources, Inc. (together with its consolidated subsidiaries, “Granite Ridge” the “Company” or the “Successor”) is a Delaware corporation, initially formed in May 2022, whose common stock and warrants are listed and traded on the New York Stock Exchange (“NYSE”). The Company was created for the purpose of the Business Combination (as defined below), and following the Business Combination, for the purpose of purchasing non-operated oil and natural gas assets in multiple basins in North America and realizing profits through participation in oil and natural gas wells. On October 24, 2022, the Business Combination closed and was accounted for as a reverse recapitalization and Grey Rock Energy Fund III (as defined below) was determined to be the accounting acquirer and Predecessor (as defined below). Unless otherwise indicated, for the periods prior to October 24, 2022, (i) the historical financial data in this Quarterly Report on Form 10-Q and (ii) the operating and other non-financial data disclosed in “Item II – Management’s Discussion and Analysis of Financial Condition and Results of Operations” (collectively the “Financial Statement Sections”) reflect the combined business and operations of the Funds (as defined below). Business Combination On October 24, 2022 (the “Closing Date”), Granite Ridge and Executive Network Partnering Corporation, a Delaware corporation (“ENPC”), consummated the Business Combination pursuant to the terms of the Business Combination Agreement, dated as of May 16, 2022 (the “Business Combination Agreement”), by and among ENPC, Granite Ridge, ENPC Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Granite Ridge (“ENPC Merger Sub”), GREP Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Granite Ridge (“GREP Merger Sub”), and Granite Ridge Holdings, LLC, a Delaware limited liability company formerly known as GREP Holdings, LLC (“GREP”). Pursuant to the Business Combination Agreement, on the Closing Date, (i) ENPC Merger Sub merged with and into ENPC (the “ENPC Merger”), with ENPC surviving the ENPC Merger as a wholly-owned subsidiary of Granite Ridge and (ii) GREP Merger Sub merged with and into GREP (the “GREP Merger,” and together with the ENPC Merger, the “Mergers”), with GREP surviving the GREP Merger as a wholly-owned subsidiary of Granite Ridge (the transactions contemplated by the foregoing clauses (i) and (ii) the “Business Combination,” and together with the other transactions contemplated by the Business Combination Agreement, the “Transactions”). Immediately prior to the closing of the Transactions, the net assets of Grey Rock Energy Fund, L.P., a Delaware limited partnership (“Fund I”), Grey Rock Energy Fund II, L.P., a Delaware limited partnership (“Fund II-A”), Grey Rock Energy Fund II-B, L.P., a Delaware limited partnership (“Fund II-B”), and Grey Rock Energy Fund II-B Holdings, L.P., a Delaware limited partnership (“Fund II-B Holdings”, and together with Fund II-A and Fund II-B, collectively, “Fund II”), and Grey Rock Energy Fund III-A, L.P., a Delaware limited partnership (“Fund III-A”), Grey Rock Energy Partners Fund III-B, L.P., a Delaware limited partnership (“Fund III-B”), and Grey Rock Energy Fund III-B Holdings, L.P., a Delaware limited partnership (“Fund III-B Holdings” and together with Fund III-A and Fund III-B, collectively, “Fund III” or “Predecessor”) were transferred (through various intermediary entities) to GREP (the “GREP Formation Transaction”). Fund I, Fund II and Fund III are collectively referred to herein as the “Funds”. At the special meeting of ENPC stockholders held in connection with the Business Combination, of the 41,400,000 shares of ENPC Class A common stock, public stockholders of 39,343,496 shares of ENPC Class A common stock exercised their rights to have those shares redeemed for cash at a redemption price of approximately $10.07 per share, or an aggregate of approximately $396.1 million. The holders of membership interests in GREP (the “Existing GREP Members”) and their direct and indirect members were issued 130.0 million shares of Granite Ridge common stock at the closing. Upon consummation of the Business Combination, each public stockholder’s ENPC common stock and ENPC warrants were automatically converted into an equivalent number of shares of Granite Ridge common stock and Granite Ridge warrants as a result of the Transactions. At the effective time of the Mergers, (i) 495,357 shares of ENPC Class F common stock were converted to 1,238,393 shares of ENPC Class A common stock (of which an aggregate of 220,348 shares were subsequently forfeited pursuant to the terms of the Sponsor Agreement, dated as of May 16, 2022, by and among ENPC, Granite Ridge, and certain other parties thereto (the “Sponsor Agreement”)) and the remaining shares of ENPC Class F common stock outstanding were automatically cancelled for no consideration (the “ENPC Class F Conversion”) (ii) all other remaining shares of ENPC Class A common stock automatically cancelled without any conversion, payment or distribution (the “Sponsor Share Cancellation”) and (iii) all shares of ENPC Class B common stock outstanding were deemed transferred to ENPC and surrendered and forfeited for no consideration (the “ENPC Class B Contribution”). In January 2023, 220,348 of the 371,518 shares subject to vesting and forfeiture provisions under the terms of the Sponsor Agreement were forfeited. Following the ENPC Class F Conversion, the Sponsor Share Cancellation, the ENPC Class B Contribution and the separation of the securities offered in ENPC’s initial public offering, which consisted of one share of Class A common stock and one-quarter of one ENPC warrant (“CAPS TM Separation”), each share of ENPC Class A common stock outstanding was automatically converted into one share of Granite Ridge common stock. Total aggregate investment by ENPC was $6.8 million, which amount represents total risk capital contributed by ENPC, including working capital loans that were forgiven. Fund III, Fund I and Fund II were identified as entities under common control, in which all entities are ultimately controlled by the same party before and after the GREP Formation Transaction and therefore resulted in a change in reporting entity. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805-50-45-5, for transactions between entities under common control, the consolidated financial statements for periods prior to the GREP Formation Transaction have been adjusted to retrospectively combine the previously separate entities for presentation purposes.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies A complete discussion of the Company’s significant accounting policies is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Principles of Consolidation As it pertains to the periods prior to completion of the Business Combination, the financial statements have been presented on a combined historical basis due to the Funds' prior common ownership and control. Prior to the Business Combination, the financial statements include the accounts of the Funds, all of which were commonly owned and controlled. All inter-entity balances and transactions have been eliminated in combination. As it pertains to the period subsequent to completion of the Business Combination, the accompanying condensed consolidated financial statements also include the accounts of the Company, and all other wholly owned subsidiaries created in connection with the Business Combination. References to the “Company” prior to October 24, 2022 refer to the combined business of the Funds and references after October 24, 2022 refer to the consolidated business of Granite Ridge Resources, Inc. Basis of Presentation As a result of the Business Combination, periods prior to October 24, 2022 reflect the Funds as limited partnerships, not as corporations. The primary financial impacts of the Transactions to the condensed consolidated financial statements were (i) reclassification of partnership capital accounts to equity accounts reflective of a corporation and (ii) income tax effects. Since the Funds were identified as entities under common control, the condensed consolidated financial statements for periods prior to the GREP Formation Transaction have been adjusted to retrospectively combine the previously separate entities for presentation purposes. All intercompany transactions within the consolidated businesses of the Company have been eliminated. The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company operates in one operating segment, which is oil and natural gas development, exploration and production. All of our operations are conducted in the geographic area of the United States. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates of reserves are used to determine depletion and to conduct impairment analysis. The Company’s estimates of oil and natural gas reserves are, by necessity, projections based on geologic and engineering data, and there are uncertainties inherent in the interpretation of such data as well as the projection of future rates of production and the timing of development expenditures. Any significant variance in the assumptions could materially affect the estimated quantity of the reserves, which could affect the carrying value of the Company’s oil and natural gas properties and/or the rate of depletion related to the oil and natural gas properties. Additional significant estimates include, but are not limited to, fair value of derivative financial instrument, fair value of business combinations, asset retirement obligations, revenue receivable and income taxes. Actual results could differ from those estimates. Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Interim financial statements The accompanying condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the condensed consolidated balance sheet at December 31, 2022 is derived from audited combined consolidated financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments necessary to present fairly the Company’s condensed consolidated financial statements. All such adjustments are of a normal, recurring nature. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Certain disclosures have been condensed in or omitted from these condensed consolidated financial statements. Accordingly, these notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 . Revenue Receivable Revenue receivable is comprised of accrued oil and natural gas sales. The operators remit payment for production directly to the Company. In the event of complete non-performance by the Company’s customers, the maximum exposure to the Company is the outstanding revenue receivable balance at the date of non-performance. The Company monitors this exposure primarily by reviewing credit ratings, financial statements and payment history. Revenue receivables are generally unsecured and typically received from the operator one The Company considers forecasts of future economic conditions in the estimate of its expected credit losses, in particular whether there is an increase in the probability that the Company’s counterparties are unable to pay their obligations when due, and adjusts its allowance for expected credit losses, when necessary. Advance to Operators The Company participates in the drilling of oil and natural gas wells with other working interest partners. Due to the capital-intensive nature of oil and natural gas drilling activities, our partner operators may request advance payments from working interest partners for their share of the costs. The Company expects such advances to be applied by these operators against joint interest billings for its share of drilling operations within 90 days from when the advance is paid. Changes in advances to operators are presented as an investing outflow within capital expenditures for oil and natural gas properties on the statement of cash flows. Oil and Natural Gas Properties The Company uses the successful efforts method of accounting for oil and gas producing activities, as further defined under ASC 932, Extractive Activities - Oil and Gas (“ASC 932”). Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory leases that find proved reserves, and to drill and equip development leases and related asset retirement costs are capitalized. Costs to drill exploratory wells are capitalized pending determinations of whether the wells have proved reserves. If the Company determines that the wells do not have proved reserves, the costs are charged to expense. Capitalized leasehold costs relating to proved properties are depleted using the unit-of-production method based on proved reserves. The depletion of capitalized drilling and development costs and integrated assets is based on the unit-of-production method using proved developed reserves. The Company recognized depletion expense of $33.8 million and $16.1 million for the three months ended March 31, 2023 and 2022, respectively. Derivative Instruments- Commodity Derivatives The Company recognizes its derivative instruments as either assets or liabilities measured at fair value. The Company nets the fair value of the derivative instruments by counterparty in the accompanying condensed consolidated balance sheets when the right of offset exists. The Company does not have any derivatives designated as fair value or cash flow hedges. Derivative Instruments- Common Stock Warrants The Company accounts for warrants as liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-operating gain or loss on the condensed consolidated statements of operations. For the period during which the Company’s common stock was publicly traded, the fair value of the warrants was based on quoted prices in an active market. Refer to Note 4 for further discussion on fair value considerations. Revenue Recognition The Company’s revenues are primarily derived from its interests in the sale of oil and natural gas production. The Company recognizes revenue from its interests in the sales of oil and natural gas in the period that its performance obligations are satisfied. Performance obligations are satisfied when the customer obtains control of the product, when the Company has no further obligations to perform related to the sale, when the transaction price has been determined, and when collectability is probable. The Company receives payment from the sale of oil and natural gas production from one to three months after delivery. The transaction price is variable as it is based on market prices for oil and natural gas, less revenue deductions such as gathering, transportation, and compression costs. Management has determined that the variable revenue constraint is overcome at the date control passes to the customer since the variable consideration to be received can be reasonably estimated based on daily market prices and historical transportation charges. Revenue is presented net of these costs within the condensed consolidated statements of operations. At the end of each month when the performance obligation is satisfied, the variable consideration can be reasonably estimated, and amounts due from customers are accrued in revenue receivable in the balance sheets. Variances between the Company’s estimated revenue and actual payments are recorded in the month the payment is received; however, differences have been and are insignificant. The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical expedient in accordance with ASC 606. The expedient, as described in ASC 606-10-50-14(a), applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required. Non-operated Crude Oil and Natural Gas Revenues The Company’s proportionate share of production from non-operated properties is generally marketed at the discretion of the operators. For non-operated properties, the Company receives a net payment from the operator representing its proportionate share of sales proceeds which is net of transportation and production tax costs incurred by the operator, if any. Such non-operated revenues are recognized at the net amount of proceeds to be received by the Company during the month in which production occurs and it is probable the Company will collect the consideration it is entitled to receive. Proceeds are generally received by the Company within one to three months after the month in which production occurs. Take-in Kind Oil and Natural Gas Revenues Under certain arrangements, the Company has the right to take a volume of processed residue gas and/or natural gas liquids (“NGLs”) in-kind at the tailgate of the midstream customer’s processing plant in lieu of receiving a net payment from the operator representing its proportionate share of its natural gas production. The Company currently takes certain processed gas volumes in kind in lieu of monetary settlement but does not currently take NGL volumes in kind. When the Company elects to take volumes in kind, it pays third parties to transport the processed products it took in-kind to downstream delivery points, where it then sells to customers at prices applicable to those downstream markets. In such situations, revenues are recognized during the month in which control transfers to the customer at the delivery point and it is probable the Company will collect the consideration it is entitled to receive. Sales proceeds are generally received by the Company within one month after the month in which a sale has occurred. In these scenarios, gathering and processing costs and transportation expenses the Company incurs to transport the processed products to downstream customers are recorded in Lease Operating Expenses on the condensed consolidated statements of operations. The Company’s disaggregated revenue has two primary sources: oil sales and natural gas sales. Substantially all of the Company’s oil and natural gas sales come from five geographic areas in the United States: the Eagle Ford Basin (Texas), the Permian Basin (Texas), the Haynesville Basin (Texas/Louisiana), the Denver-Julesburg “DJ” Basin (Colorado), and the Bakken Basin (Montana/North Dakota). The following tables present the disaggregation of the Company’s oil revenues and natural gas revenues by basin for the three months ended March 31, 2023 and 2022. Three Months Ended March 31, (in thousands) 2023 2022 Oil $ 73,475 $ 72,586 Natural gas 17,835 21,264 Total $ 91,310 $ 93,850 Permian $ 51,810 $ 49,382 Eagle Ford 10,962 12,887 Bakken 13,075 16,352 Haynesville 8,947 5,438 DJ 6,516 9,791 Total $ 91,310 $ 93,850 Stock-Based Compensation Stock-based compensation expense is recognized in the Company’s financial statements on an accelerated basis over the awards’ vesting periods based on their grant date fair values. Restricted stock awards are valued at the closing price of our common stock on the date of grant. The Company utilizes the Monte Carlo simulation method to determine the fair value of certain performance stock units (“PSUs”) and a Binomial Lattice model for stock options. The Company recognizes forfeitures on stock-based compensation awards as they occur. Recently Issued and Applicable Accounting Pronouncements The FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which replaces the current “incurred loss” methodology for recognizing credit losses with an “expected loss” methodology. This new methodology requires that a financial asset measured at amortized cost be presented at the net amount expected to be collected. This standard is intended to provide more timely decision-useful information about the expected credit losses on financial instruments. The adoption of this guidance on January 1, 2023 did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. Revenue receivables is the primary financial asset that is within the scope of the new guidance. A loss-rate method is applied to the receivables to estimate credit losses. The Company recognized a tax effected $0.1 million non-cash cumulative effect adjustment to retained earnings on its opening consolidated balance sheet at January 1, 2023 to record an allowance for expected credit losses associated with the Company’s revenue receivables.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments in connection with its oil and natural gas operations to provide an economic hedge of the Company’s exposure to commodity price risk associated with anticipated future oil and natural gas production. The Company does not hold or issue derivative financial instruments for trading purposes. The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, the Company reflects changes in the fair value of its derivative instruments in its condensed consolidated statements of operations as they occur. Collar and Producer 3-way Option Contracts The Company’s derivative financial instruments consist of collar and producer 3-way option contracts. A collar option is established with the sale of a short call option and the purchase of a long put option set to expire at a predetermined date in the future. The options give the owner the right but not the obligation to exercise the option at the expiration date. A producer 3-way option contract is established with the sale of a short call option and the purchase of a long put option set to expire at a predetermined date in the future. However, the producer 3-way option contract also includes the sale of a short put option set to expire at a predetermined date in the future. The options give the owner the right but not the obligation to exercise the option at the expiration date. The Company has master netting agreements with its counterparties, and therefore certain amounts may be presented on a net basis in the condensed consolidated balance sheets. Volume of Derivative Activities The following table sets forth the Company’s outstanding commodity derivative contracts as of March 31, 2023. All of the Company’s commodity derivative contracts at March 31, 2023 are expected to settle by December 31, 2023. 2023 Second Quarter Third Quarter Fourth Quarter Total Producer 3-way (oil) Volume (Bbl) 340,263 228,659 208,488 777,410 Weighted-average sub-floor price ($/Bbl) $ 62.22 $ 60.42 $ 60.43 $ 61.21 Weighted-average floor price ($/Bbl) $ 77.89 $ 79.25 $ 80.00 $ 78.86 Weighted-average ceiling price ($/Bbl) $ 99.23 $ 100.61 $ 101.92 $ 100.36 Collar (natural gas) Volume (Mcf) 3,051,421 2,530,000 2,070,000 7,651,421 Weighted-average floor price ($/Mcf) $ 4.12 $ 4.25 $ 4.50 $ 4.27 Weighted-average ceiling price ($/Mcf) $ 5.63 $ 5.90 $ 6.35 $ 5.91 The following table summarizes the amounts reported in the condensed consolidated statements of operations related to the commodity derivative instruments for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, (in thousands) 2023 2022 Gain (loss) on commodity derivatives Oil derivatives $ 15,097 $ (19,579) Natural gas derivatives (1,774) (8,816) Total $ 13,323 $ (28,395) The following table represents the Company’s net cash receipts (payments on) commodity derivatives for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, (in thousands) 2023 2022 Net cash receipts from (payments on) commodity derivatives Oil derivatives $ 1,953 $ (6,464) Natural gas derivatives 4,433 (1,311) Total $ 6,386 $ (7,775) Common Stock Warrants On October 24, 2022, in connection with the Business Combination, the Company issued 10,349,975 common stock warrants. Each warrant entitles the holder to purchase one share of Granite Ridge’s common stock at an exercise price of $11.50 per share. The common stock warrants became exercisable 30 days after the completion of the Business Combination and will expire five-years after the completion of the Business Combination. The Company has the right to redeem the common stock warrants at a price of $0.01 per warrant when the price of Granite Ridge’s common stock equals or exceeds $18.00 for 20 days within a 30-day trading period. The fair value of the common stock warrants was $6.6 million and $11.9 million as of March 31, 2023 and December 31, 2022, respectively. We recognized a gain of $5.3 million during the three months ended March 31, 2023 from the change in fair value of the warrant liability in the condensed consolidated statements of operations. No common stock warrants have been exercised as of March 31, 2023.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company has adopted and follows ASC 820, Fair Value Measurements and Disclosures , for measurement and disclosures about fair value of its financial instruments. ASC 820 establishes a framework for measuring fair value in U.S. GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by ASC 820 are: Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants at the measurement date. As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following table presents the carrying amounts and fair values of the Company’s financial instruments as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 ( in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Derivative instruments - commodity derivatives $ 16,608 $ 16,608 $ 10,089 $ 10,089 Liabilities: Derivative instruments - common stock warrants $ 6,624 $ 6,624 $ 11,902 $ 11,902 Revolving credit facilities $ 25,000 $ 25,000 $ — $ — Derivative instruments - commodity derivatives $ 13 $ 13 $ 431 $ 431 Revolving credit facilities — The carrying amounts of the revolving credit facilities approximate their fair values, as the applicable interest rates are variable and reflective of market rates. Other financial assets and liabilities — The carrying amounts of the Company’s other financial assets and liabilities, such as revenue receivable and accrued expenses due to sellers, approximate their fair values because of the short maturity of these instruments. Derivative instruments - commodity derivatives — The fair value of the Company’s derivative instruments is estimated by management considering various factors, including closing exchange and over-the-counter quotations and the time value of the underlying commitments. The fair value of the Company’s commodity derivative instruments is considered to be a Level 2 measurement. S ubstantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data, or supported by observable levels at which transactions are executed in the marketplace. The Company’s valuation models are primarily industry-standard models that consider various inputs including: (i) quoted forward prices for commodities, (ii) current market and contractual prices for the underlying instruments, (iii) applicable credit-adjusted risk-free rate curves, as well as other relevant economic measures. Derivative instruments - common stock warrants — The fair value of the Company’s common stock warrant liability is valued using the instrument’s publicly listed trading price as of the balance sheet date, which is considered to be a Level 1 measurement due to the use of an observable market quote in an active market. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. The following tables summarize (i) the valuation of each of the Company’s financial instruments by required fair value hierarchy levels and (ii) the gross fair value by the appropriate balance sheet classification even when the derivative instruments are subject to netting arrangements and qualify for net presentation in the Company’s condensed consolidated balance sheets as of March 31, 2023 and December 31, 2022. The Company nets the fair value of commodity derivative instruments by counterparty in the Company’s condensed consolidated balance sheets. March 31, 2023 Fair Value Measurement Using (in thousands) Level 1 Level 2 Level 3 Total Fair Gross Amounts Net Fair Value Assets (at fair value): Commodity derivatives – current portion $ — $ 18,941 $ — $ 18,941 $ (2,333) $ 16,608 Liabilities (at fair value): Commodity derivatives – current portion — (2,346) — (2,346) 2,333 (13) Warrant liability – noncurrent portion (6,624) — — (6,624) — — Net derivative instruments $ (6,624) $ 16,595 $ — $ 9,971 $ — $ 16,595 December 31, 2022 Fair Value Measurement Using (in thousands) Level 1 Level 2 Level 3 Total Fair Gross Amounts Net Fair Value Assets (at fair value): Commodity derivatives – current portion $ — $ 20,197 $ — $ 20,197 $ (10,108) $ 10,089 Liabilities (at fair value): Commodity derivatives – current portion — (10,539) — (10,539) 10,108 (431) Warrant liability - noncurrent portion (11,902) — — (11,902) — — Net derivative instruments $ (11,902) $ 9,658 $ — $ (2,244) $ — $ 9,658

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2023
Oil and Gas Property [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures 2023 Acquisitions During the three months ended March 31, 2023, the Company acquired various oil and natural gas properties. Acquisitions during the three months ended March 31, 2023 qualified as asset acquisitions. These included the following transactions: Permian Basin - During the three months ended March 31, 2023, the Company closed on various acquisitions of unproved oil and natural gas properties for a total purchase price of $9.6 million in the Permian Basin. DJ Basin - During the three months ended March 31, 2023, the Company closed on an acquisition of proved developed producing oil and natural gas properties in the DJ Basin. As consideration for the entire acquisition, the Company paid $18.0 million in cash, of which $1.9 million was held in escrow and paid during 2022. Asset retirement obligations incurred and acquired were $0.9 million. 2022 Acquisitions Permian Basin - During the three months ended March 31, 2022, the Company acquired various proved and unproved oil and natural gas properties in the Permian Basin for $5.5 million. 2022 Divestitures Eagle Ford Basin - During the three months ended March 31, 2022, the Company sold a partial unit of oil and natural gas properties in the Eagle Ford Basin for $0.7 million.

Stock Incentive Plan

Stock Incentive Plan	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plan	Stock Incentive Plan In connection with the closing of the Transactions, the Company’s Board of Directors adopted the Granite Ridge Resources, Inc. 2022 Omnibus Incentive Plan (the “Plan”), which provides for granting, among others, stock options, restricted stock awards, PSUs and other awards to directors, officers, employees and consultants or advisors employed by or providing service to the Company. During the first quarter of 2023, the Company issued restricted stock awards, stock awards, stock options, and PSUs. Stock-based compensation expense during the three months ended March 31, 2023 was $1.1 million. Restricted Stock Awards - The Company may award restricted stock to its employees and consultants under the Plan. All restricted shares are legally issued and outstanding. If an employee terminates employment prior to the restriction lapse date, the awarded shares are forfeited and canceled and are no longer considered issued and outstanding. The holders of unvested restricted stock awards have voting rights and the right to receive dividends. The restricted stock awards generally vest over a period of three years. PSUs - The Company may award PSUs to its employees and consultants under the Plan. The PSUs vest over a period of approximately three years with the total number of shares determined based upon certain performance criteria. Under the terms of our PSU grants, awards are granted to certain officers and are subject to “financial performance” and “market performance” criteria for the Company and to individual performance criteria for the officers awarded PSUs. Financial performance is based on the Company's financial performance at the end of the performance period, while market performance is based on the relative standing of total shareholder return achieved by the Company compared to a predetermined group of peer companies at the end of the performance period. Individual performance criteria is based on the officers' performance relative to individual performance goals at the end of the performance period. The number of shares ultimately issued under these awards can range from zero to 200% of target award amounts. Stock Options - The Company may award stock options to its employees and consultants under the Plan. The Company's outstanding stock options have been granted to certain officers and expire in 10 years following the date of grant. Pursuant to the stock options granted under the Plan, 33% of the options vested immediately with an additional 33% to vest on each of the next two stock options have an exercise price per share of $5.02, and 320,000 of the stock options have an exercise price per share of $9.22. Other Awards - The Company may issue other awards to its employees and consultants under the Plan. During the first quarter of 2023, the Company issued 94,007 fully vested stock awards as other awards under the Plan. Weighted average grant date fair value of other awards was $8.51. A summary of the Company's activity under the Plan for the restricted stock awards, PSUs and stock options for the three months ended March 31, 2023 is presented below: Restricted Stock Awards Performance Stock Units Stock Options Outstanding at December 31, 2022 — — — Awards granted (1) 308,938 26,574 392,108 Awards vested — — (130,702) Outstanding at March 31, 2023 308,938 26,574 261,406 (1) Weighted average grant date fair value per share/unit $ 5.72 $ 6.01 $ 0.82

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In 2022, the Company became the sole owner of GREP. GREP is a disregarded entity for U.S. federal income tax purposes. Prior to the Business Combination, GREP and the associated activities held by the Funds were treated as partnerships for U.S. federal income tax purposes and were not subject to U.S. federal income tax. Any taxable income or loss generated prior to the Business Combination was passed through to and included in the taxable income or loss of its members. As a result of the Business Combination, the Funds' net assets were transferred to the Company resulting in carryover tax basis of those assets. The Company is a C corporation and subject to U.S. federal income tax and state and local income taxes. The Company records income taxes through the use of an estimated annual effective tax rate and specific events that are discretely recognized as they occur. For the three months ended March 31, 2023, the Company recorded an income tax expense of $10.8 million. At the end of each interim period, the Company applies an estimated annualized effective tax rate to the current period income or loss before income taxes, which can produce interim effective tax rate fluctuations. The Company's effective income tax rate was 22.6% for the three months ended March 31, 2023 . The effective tax rate differs from the enacted statutory rate of 21% primarily due to the impact of state income taxes. The Company has evaluated all tax positions for which the statute of limitations remains open and believes that the material positions taken would more likely than not be sustained upon examination. Therefore, as of March 31, 2023 and December 31, 2022, the Company had no unrecognized tax benefits and did not recognize any interest or penalties during those respective periods related to unrecognized tax benefits. On August 16, 2022, the Inflation Reduction Act (the "IRA") was enacted into law and includes significant changes related to tax, climate change, energy and health care. The provisions within IRA, among other things, include (i) a new 15% corporate alternative minimum tax on certain large corporations, (ii) a new nondeductible 1% excise tax on the value of certain stock that a company repurchases, and (iii) various tax incentives for energy and climate initiatives. Each of these provisions are effective for tax years beginning after December 31, 2022. The Department of Treasury is expected to publish regulations relevant to many aspects of the IRA. The Company is currently awaiting such guidance and continues to evaluate the effect of the new law to its future cash flows and financial results. The Company currently expects no impact of the corporate alternative minimum tax on income tax expense for the 2023 tax year.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The carrying value of the Company's total debt was $25.0 million at March 31, 2023. We had no debt outstanding at December 31, 2022. Granite Ridge Credit Agreement On October 24, 2022, Granite Ridge entered into a senior secured revolving credit agreement (the “Credit Agreement”) among Granite Ridge, as borrower, Texas Capital Bank, as administrative agent, and the lenders from time to time party thereto. The Credit Agreement has a maturity date of five years from the effective date thereof. The Credit Agreement provides for aggregate elected commitments of $150.0 million, an initial borrowing base of $325.0 million and an aggregate maximum revolving credit amount of $1.0 billion. The borrowing base is scheduled to be redetermined semiannually on or about April 1 and October 1 of each calendar year, commencing April 1, 2023, and is subject to additional adjustments from time to time, including for asset sales, elimination or reduction of hedge positions and incurrence of other debt. Our spring redetermination is currently in process. Additionally, the borrower and each of the Required Lenders (as defined in the Credit Agreement) may request one unscheduled redetermination of the borrowing base between each scheduled redetermination. The amount of the borrowing base is determined by the lenders in their sole discretion and consistent with the oil and gas lending criteria of the lenders at the time of the relevant redetermination. The amount Granite Ridge is able to borrow under the Credit Agreement is subject to compliance with the financial covenants, satisfaction of various conditions precedent to borrowing, and other provisions of the Credit Agreement. At March 31, 2023, we had outstanding borrowings of $25.0 million and no outstanding letters of credit under the Credit Agreement, resulting in availability of $125.0 million. The Credit Agreement is guaranteed by the restricted subsidiaries of Granite Ridge and is secured by a first priority mortgage and security interest in substantially all assets of the Company and its restricted subsidiaries. Borrowings under the Credit Agreement may be base rate loans or secured overnight financing rate (“SOFR”) loans. Interest for base rate loans and SOFR loans is payable at the end of the applicable interest period. SOFR loans bear interest at SOFR plus an applicable margin ranging from 250 to 350 basis points, depending on the percentage of the borrowing base utilized, plus an additional 10, 15 or 20 basis point credit spread adjustment for a one three The Credit Agreement contains certain financial covenants, including the maintenance of the following financial ratios: (i) a leverage ratio, which is the ratio of Consolidated Total Debt to EBITDAX (each as defined in the Credit Agreement), subject to certain adjustments, of not greater than 3.00 to 1.00 as of the last day of any fiscal quarter (commencing with the fiscal quarter ending December 31, 2022), and (ii) a current ratio (as defined in the Credit Agreement), subject to certain adjustments, of not less than 1.00 to 1.00 as of the last day of any fiscal quarter (commencing with the fiscal quarter ending December 31, 2022). At March 31, 2023, the Company, was in compliance with all covenants required by the Credit Agreement.

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Equity	Equity As a result of the Business Combination, periods prior to October 24, 2022 reflect Granite Ridge as a limited partnership, not a corporation. On the date of the Transactions, the capital of the Funds consisted of general partner interests and limited partner interests. The general partner interest was a management interest. The general partners of each of the Funds were granted full and complete power and authority to manage and conduct the business and affairs of the Funds and to take all such actions as they deemed necessary or appropriate to accomplish the purpose of the Funds. In connection with the Business Combination, the net assets of the Funds were transferred to GREP, which became a wholly-owned subsidiary of Granite Ridge. For additional information regarding the Business Combination, see Note 1. Common Stock Dividends - The Company paid dividends of $14.6 million, or $0.11 per share during the three months ended March 31, 2023. Any payment of future dividends will be at the discretion of the Company’s Board of Directors. Stock Repurchase Program - In December 2022, the Company announced that its Board of Directors approved a stock repurchase program for up to $50.0 million of the Company’s common stock through December 31, 2023. Under the stock repurchase program, the Company can repurchase shares of its common stock from time to time in open market transactions or in privately negotiated transactions as permitted under applicable rules and regulations. The Board of Directors of the Company may limit or terminate the stock repurchase program at any time without prior notice, but, with no further action of the Board of Directors of the Company, the stock repurchase program will terminate on December 31, 2023. During the three months ended March 31, 2023, the Company repurchased 273,017 shares under the program at an aggregate cost of $1.7 million. As of March 31, 2023, the Company had repurchased a total of 298,937 shares since the inception of the program at an aggregate cost of $1.9 million. The extent to which the Company repurchases its shares of common stock, and the timing of such repurchases, will depend upon market conditions and other considerations as may be considered in the Company’s sole discretion. Vesting Shares As discussed in Note 1, 495,357 shares of Class F common stock of ENPC were converted into 1,238,393 shares of Class A common stock of ENPC, 371,518 of which became subject to certain vesting and forfeiture provisions upon their conversion to the Company’s common stock in accordance with the Business Combination Agreement (the “Vesting Shares”). Based on an assessment of the Vesting Shares, the Company considered ASC 480 and accounted for the Vesting Shares as a liability. The Company recorded a liability related to the Vesting Shares of $1.3 million as of December 31, 2022. In January 2023, the Company reversed this liability and the related additional paid-in capital when 151,170 of these shares vested. The remaining shares were forfeited.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On the Closing Date of the Business Combination, Grey Rock Administration, LLC (the “Manager”) entered into a Management Services Agreement with Granite Ridge (the “MSA”). Under the MSA, the Manager will provide general management, administrative, and operating services covering the oil and gas assets and other properties of the Company and other day-to-day business and affairs of the Company. In accordance with the MSA, the Company shall pay the Manager an annual services fee of $10.0 million and shall reimburse the Manager for certain Granite Ridge group costs related to the operation of the Company’s assets (including for third party costs allocated or attributable to the assets of the Company). The initial term of the MSA expires on April 30, 2028; however, the MSA will automatically renew for additional consecutive one-year renewal terms until terminated in accordance with its terms. Upon any termination of the MSA, the Manager shall provide transition services for a period of up to 90 days. For the three months ended March 31, 2023, service fees for the Company under the MSA were approximately $2.5 million. Prior to the Transactions, the Funds paid management fees to an investment advisor under common control with the Funds as compensation for providing managerial services to the Company. For the three months ended March 31, 2022, total management fees for the Company were approximately $1.5 million and are included in general and administrative expenses within the accompanying condensed consolidated statements of operations.

Risk Concentrations

Risk Concentrations	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Risk Concentrations	Risk ConcentrationsAs a non-operator, 100% of the Company’s wells are operated by third-party operating partners. As a result, the Company is highly dependent on the success of these third-party operators. If they are not successful in the development, exploitation, production and exploration activities relating to the Company’s leasehold interests, or are unable or unwilling to perform, the Company’s financial condition and results of operation could be adversely affected. These risks are heightened in a low commodity price environment, which may present significant challenges to these third-party operators. The Company’s third-party operators will make decisions in connection with their operations that may not be in the Company’s best interests, and the Company may have little or no ability to exercise influence over the operational decisions of its third-party operators. In the normal course of business, the Company maintains its cash balances in financial institutions, which at times may exceed federally insured limits. The Company is subject to credit risk to the extent any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. Management monitors the financial condition of such financial institutions and does not anticipate any losses from these counterparties. Derivative Counterparties - The Company uses credit and other financial criteria to evaluate the creditworthiness of counterparties to its derivative instruments. The Company believes that all of its derivative counterparties are currently acceptable credit risks. All of the Company’s outstanding derivative instruments are covered by either International Swap Dealers Association Master Agreements (“ISDAs”) entered into with parties that are also lenders under the Company’s Credit Agreement or parties under the intercreditor agreement related to the Credit Agreement. The Company’s obligation under the derivative instruments are secured pursuant to the Credit Agreement, and no additional collateral had been posted by the Company .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company uses the two-class method of calculating earnings per share because certain of the Company’s unvested stock-based awards qualify as participating securities. The Company’s basic earnings (loss) per share attributable to common stockholders is computed as (i) net income (loss) as reported, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The Company’s diluted earnings (loss) per share attributable to common stockholders is computed as (i) basic earnings (loss) attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted common shares outstanding. The following table presents the basic and diluted earnings per share computations for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, (in thousands) 2023 2022 Net income $ 36,866 $ 32,444 Participating basic earnings (a) (22) — Basic earnings (loss) attributable to common stockholders 36,844 32,444 Reallocation of participating earnings — — Diluted earnings (loss) attributable to common stockholders $ 36,844 $ 32,444 Weighted average common shares outstanding: Weighted average common shares outstanding – basic 133,002 132,923 Dilutive performance stock units — — Dilutive stock options — — Weighted average common shares outstanding – diluted 133,002 132,923 Net income (loss) per common share: Basic $ 0.28 $ 0.24 Diluted $ 0.28 $ 0.24 (a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so. The following table is a summary of the PSUs, stock options, and warrants, which were not included in the computation of diluted earnings per share, as inclusion of these items would be antidilutive. Three Months Ended March 31, 2023 2022 Number of antidilutive common shares: Antidilutive warrants 10,349,975 — Antidilutive performance stock units 4,796 — Antidilutive stock options 47,924 — Total antidilutive common shares 10,402,695 —

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events New commodity derivative contracts After March 31, 2023, the Company entered into the following derivative contracts to hedge additional amounts of estimated future production: 2023 2024 2025 Second Quarter Third Quarter Fourth Quarter Total Total Total Collar (oil) Volume (Bbl) 18,648 48,618 29,304 96,570 486,846 — Weighted-average floor price ($/Bbl) $ 61.50 $ 61.50 $ 61.50 $ 61.50 $ 58.63 $ — Weighted-average ceiling price ($/Bbl) $ 81.60 $ 81.60 $ 81.60 $ 81.60 $ 78.13 $ — Collar (natural gas) Volume (Mcf) — — 16,650 16,650 1,768,896 766,566 Weighted-average floor price ($/Mcf) $ — $ — $ 3.04 $ 3.04 $ 3.24 $ 3.68 Weighted-average ceiling price ($/Mcf) $ — $ — $ 4.63 $ 4.63 $ 4.89 $ 5.45 Swaps (natural gas) Volume (Mcf) 1,058,940 950,382 297,036 2,306,358 — — Weighted-average price ($/Mcf) $ 3.25 $ 3.25 $ 3.25 $ 3.25 $ — $ —

Supplementary Data

Supplementary Data	3 Months Ended
	Mar. 31, 2023
Extractive Industries [Abstract]
Supplementary Data	Supplementary Data Capitalized Costs (in thousands) March 31, 2023 December 31, 2022 Oil and natural gas properties: Proved $ 1,114,785 $ 996,573 Unproved 40,101 32,089 Less: accumulated depletion (417,442) (383,673) Net capitalized costs for oil and natural gas properties $ 737,444 $ 644,989 Costs Incurred for Oil and Natural Gas Producing Activities Three Months Ended March 31, (in thousands) 2023 2022 Property acquisition costs: Proved $ 17,989 $ 5,060 Unproved 9,630 457 Development costs 98,606 60,901 Total costs incurred for oil and natural gas properties $ 126,225 $ 66,418

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation As it pertains to the periods prior to completion of the Business Combination, the financial statements have been presented on a combined historical basis due to the Funds' prior common ownership and control. Prior to the Business Combination, the financial statements include the accounts of the Funds, all of which were commonly owned and controlled. All inter-entity balances and transactions have been eliminated in combination. As it pertains to the period subsequent to completion of the Business Combination, the accompanying condensed consolidated financial statements also include the accounts of the Company, and all other wholly owned subsidiaries created in connection with the Business Combination. References to the “Company” prior to October 24, 2022 refer to the combined business of the Funds and references after October 24, 2022 refer to the consolidated business of Granite Ridge Resources, Inc.
Basis of Presentation	Basis of Presentation As a result of the Business Combination, periods prior to October 24, 2022 reflect the Funds as limited partnerships, not as corporations. The primary financial impacts of the Transactions to the condensed consolidated financial statements were (i) reclassification of partnership capital accounts to equity accounts reflective of a corporation and (ii) income tax effects. Since the Funds were identified as entities under common control, the condensed consolidated financial statements for periods prior to the GREP Formation Transaction have been adjusted to retrospectively combine the previously separate entities for presentation purposes. All intercompany transactions within the consolidated businesses of the Company have been eliminated. The condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company operates in one operating segment, which is oil and natural gas development, exploration and production. All of our operations are conducted in the geographic area of the United States.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates of reserves are used to determine depletion and to conduct impairment analysis. The Company’s estimates of oil and natural gas reserves are, by necessity, projections based on geologic and engineering data, and there are uncertainties inherent in the interpretation of such data as well as the projection of future rates of production and the timing of development expenditures. Any significant variance in the assumptions could materially affect the estimated quantity of the reserves, which could affect the carrying value of the Company’s oil and natural gas properties and/or the rate of depletion related to the oil and natural gas properties. Additional significant estimates include, but are not limited to, fair value of derivative financial instrument, fair value of business combinations, asset retirement obligations, revenue receivable and income taxes. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current period presentation.
Interim financial statements	Interim financial statements The accompanying condensed consolidated financial statements of the Company have not been audited by the Company’s independent registered public accounting firm, except that the condensed consolidated balance sheet at December 31, 2022 is derived from audited combined consolidated financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments necessary to present fairly the Company’s condensed consolidated financial statements. All such adjustments are of a normal, recurring nature. In preparing the accompanying condensed consolidated financial statements, management has made certain estimates and assumptions that affect reported amounts in the condensed consolidated financial statements. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results. Certain disclosures have been condensed in or omitted from these condensed consolidated financial statements. Accordingly, these notes to the condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 .
Revenue Receivable	Revenue ReceivableRevenue receivable is comprised of accrued oil and natural gas sales. The operators remit payment for production directly to the Company. In the event of complete non-performance by the Company’s customers, the maximum exposure to the Company is the outstanding revenue receivable balance at the date of non-performance. The Company monitors this exposure primarily by reviewing credit ratings, financial statements and payment history.The Company considers forecasts of future economic conditions in the estimate of its expected credit losses, in particular whether there is an increase in the probability that the Company’s counterparties are unable to pay their obligations when due, and adjusts its allowance for expected credit losses, when necessary.
Advance to Operators	Advance to Operators The Company participates in the drilling of oil and natural gas wells with other working interest partners. Due to the capital-intensive nature of oil and natural gas drilling activities, our partner operators may request advance payments from working interest partners for their share of the costs. The Company expects such advances to be applied by these operators against joint interest billings for its share of drilling operations within 90 days from when the advance is paid. Changes in
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company uses the successful efforts method of accounting for oil and gas producing activities, as further defined under ASC 932, Extractive Activities - Oil and Gas (“ASC 932”). Costs to acquire mineral interests in oil and gas properties, to drill and equip exploratory leases that find proved reserves, and to drill and equip development leases and related asset retirement costs are capitalized. Costs to drill exploratory wells are capitalized pending determinations of whether the wells have proved reserves. If the Company determines that the wells do not have proved reserves, the costs are charged to expense.
Derivative Instruments - Commodity Derivatives	Derivative Instruments- Commodity Derivatives The Company recognizes its derivative instruments as either assets or liabilities measured at fair value. The Company nets the fair value of the derivative instruments by counterparty in the accompanying condensed consolidated balance sheets when the right of offset exists. The Company does not have any derivatives designated as fair value or cash flow hedges.
Derivative Instruments - Common Stock Warrants	Derivative Instruments- Common Stock Warrants The Company accounts for warrants as liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-operating gain or loss on the condensed consolidated statements of operations. For the period during which the Company’s common stock was publicly traded, the fair value of the warrants was based on quoted prices in an active market. Refer to Note 4 for further discussion on fair value considerations.
Revenue Recognition	Revenue Recognition The Company’s revenues are primarily derived from its interests in the sale of oil and natural gas production. The Company recognizes revenue from its interests in the sales of oil and natural gas in the period that its performance obligations are satisfied. Performance obligations are satisfied when the customer obtains control of the product, when the Company has no further obligations to perform related to the sale, when the transaction price has been determined, and when collectability is probable. The Company receives payment from the sale of oil and natural gas production from one to three months after delivery. The transaction price is variable as it is based on market prices for oil and natural gas, less revenue deductions such as gathering, transportation, and compression costs. Management has determined that the variable revenue constraint is overcome at the date control passes to the customer since the variable consideration to be received can be reasonably estimated based on daily market prices and historical transportation charges. Revenue is presented net of these costs within the condensed consolidated statements of operations. At the end of each month when the performance obligation is satisfied, the variable consideration can be reasonably estimated, and amounts due from customers are accrued in revenue receivable in the balance sheets. Variances between the Company’s estimated revenue and actual payments are recorded in the month the payment is received; however, differences have been and are insignificant. The Company does not disclose the value of unsatisfied performance obligations under its contracts with customers as it applies the practical expedient in accordance with ASC 606. The expedient, as described in ASC 606-10-50-14(a), applies
Non-operated Crude Oil and Natural Gas Reserves	Non-operated Crude Oil and Natural Gas Revenues The Company’s proportionate share of production from non-operated properties is generally marketed at the discretion of the operators. For non-operated properties, the Company receives a net payment from the operator representing its proportionate share of sales proceeds which is net of transportation and production tax costs incurred by the operator, if any. Such non-operated revenues are recognized at the net amount of proceeds to be received by the Company during the month in which production occurs and it is probable the Company will collect the consideration it is entitled to receive. Proceeds are generally received by the Company within one to three months after the month in which production occurs.
Take-in Kind Oil and Natural Gas Reserves	Take-in Kind Oil and Natural Gas Revenues Under certain arrangements, the Company has the right to take a volume of processed residue gas and/or natural gas liquids (“NGLs”) in-kind at the tailgate of the midstream customer’s processing plant in lieu of receiving a net payment from the operator representing its proportionate share of its natural gas production. The Company currently takes certain processed gas volumes in kind in lieu of monetary settlement but does not currently take NGL volumes in kind. When the Company elects to take volumes in kind, it pays third parties to transport the processed products it took in-kind to downstream delivery points, where it then sells to customers at prices applicable to those downstream markets. In such situations, revenues are recognized during the month in which control transfers to the customer at the delivery point and it is probable the Company will collect the consideration it is entitled to receive. Sales proceeds are generally received by the Company within one month after the month in which a sale has occurred. In these scenarios, gathering and processing costs and transportation expenses the Company incurs to transport the processed products to downstream customers are recorded in Lease Operating Expenses on the condensed consolidated statements of operations.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense is recognized in the Company’s financial statements on an accelerated basis over the awards’ vesting periods based on their grant date fair values. Restricted stock awards are valued at the closing price of our common stock on the date of grant. The Company utilizes the Monte Carlo simulation method to determine the fair value
Recently Issued and Applicable Accounting Pronouncements	Recently Issued and Applicable Accounting Pronouncements The FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which replaces the current “incurred loss” methodology for recognizing credit losses with an “expected loss” methodology. This new methodology requires that a financial asset measured at amortized cost be presented at the net amount expected to be collected. This standard is intended to provide more timely decision-useful information about the expected credit losses on financial instruments. The adoption of this guidance on January 1, 2023 did not have a material impact on the Company’s condensed consolidated financial statements or related disclosures. Revenue receivables is the primary financial asset that is within the scope of the new guidance. A loss-rate method is applied to the receivables to estimate credit losses. The Company recognized a tax effected $0.1 million non-cash cumulative effect adjustment to retained earnings on its opening consolidated balance sheet at January 1, 2023 to record an allowance for expected credit losses associated with the Company’s revenue receivables.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Disaggregated Revenues by Operation and Geographic Location	The following tables present the disaggregation of the Company’s oil revenues and natural gas revenues by basin for the three months ended March 31, 2023 and 2022. Three Months Ended March 31, (in thousands) 2023 2022 Oil $ 73,475 $ 72,586 Natural gas 17,835 21,264 Total $ 91,310 $ 93,850 Permian $ 51,810 $ 49,382 Eagle Ford 10,962 12,887 Bakken 13,075 16,352 Haynesville 8,947 5,438 DJ 6,516 9,791 Total $ 91,310 $ 93,850

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Activity by Volume	The following table sets forth the Company’s outstanding commodity derivative contracts as of March 31, 2023. All of the Company’s commodity derivative contracts at March 31, 2023 are expected to settle by December 31, 2023. 2023 Second Quarter Third Quarter Fourth Quarter Total Producer 3-way (oil) Volume (Bbl) 340,263 228,659 208,488 777,410 Weighted-average sub-floor price ($/Bbl) $ 62.22 $ 60.42 $ 60.43 $ 61.21 Weighted-average floor price ($/Bbl) $ 77.89 $ 79.25 $ 80.00 $ 78.86 Weighted-average ceiling price ($/Bbl) $ 99.23 $ 100.61 $ 101.92 $ 100.36 Collar (natural gas) Volume (Mcf) 3,051,421 2,530,000 2,070,000 7,651,421 Weighted-average floor price ($/Mcf) $ 4.12 $ 4.25 $ 4.50 $ 4.27 Weighted-average ceiling price ($/Mcf) $ 5.63 $ 5.90 $ 6.35 $ 5.91 2023 2024 2025 Second Quarter Third Quarter Fourth Quarter Total Total Total Collar (oil) Volume (Bbl) 18,648 48,618 29,304 96,570 486,846 — Weighted-average floor price ($/Bbl) $ 61.50 $ 61.50 $ 61.50 $ 61.50 $ 58.63 $ — Weighted-average ceiling price ($/Bbl) $ 81.60 $ 81.60 $ 81.60 $ 81.60 $ 78.13 $ — Collar (natural gas) Volume (Mcf) — — 16,650 16,650 1,768,896 766,566 Weighted-average floor price ($/Mcf) $ — $ — $ 3.04 $ 3.04 $ 3.24 $ 3.68 Weighted-average ceiling price ($/Mcf) $ — $ — $ 4.63 $ 4.63 $ 4.89 $ 5.45 Swaps (natural gas) Volume (Mcf) 1,058,940 950,382 297,036 2,306,358 — — Weighted-average price ($/Mcf) $ 3.25 $ 3.25 $ 3.25 $ 3.25 $ — $ —
Schedule of Commodity Derivatives Reported in Earnings	The following table summarizes the amounts reported in the condensed consolidated statements of operations related to the commodity derivative instruments for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, (in thousands) 2023 2022 Gain (loss) on commodity derivatives Oil derivatives $ 15,097 $ (19,579) Natural gas derivatives (1,774) (8,816) Total $ 13,323 $ (28,395)
Schedule of Net Cash Receipts (Payments on) Commodity Derivatives	The following table represents the Company’s net cash receipts (payments on) commodity derivatives for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, (in thousands) 2023 2022 Net cash receipts from (payments on) commodity derivatives Oil derivatives $ 1,953 $ (6,464) Natural gas derivatives 4,433 (1,311) Total $ 6,386 $ (7,775)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Carrying Amounts and Fair Values of Financial Instruments	The following table presents the carrying amounts and fair values of the Company’s financial instruments as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 ( in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Derivative instruments - commodity derivatives $ 16,608 $ 16,608 $ 10,089 $ 10,089 Liabilities: Derivative instruments - common stock warrants $ 6,624 $ 6,624 $ 11,902 $ 11,902 Revolving credit facilities $ 25,000 $ 25,000 $ — $ — Derivative instruments - commodity derivatives $ 13 $ 13 $ 431 $ 431
Summary of Net Derivative Asset (Liability) Measured at Fair Value	March 31, 2023 Fair Value Measurement Using (in thousands) Level 1 Level 2 Level 3 Total Fair Gross Amounts Net Fair Value Assets (at fair value): Commodity derivatives – current portion $ — $ 18,941 $ — $ 18,941 $ (2,333) $ 16,608 Liabilities (at fair value): Commodity derivatives – current portion — (2,346) — (2,346) 2,333 (13) Warrant liability – noncurrent portion (6,624) — — (6,624) — — Net derivative instruments $ (6,624) $ 16,595 $ — $ 9,971 $ — $ 16,595 December 31, 2022 Fair Value Measurement Using (in thousands) Level 1 Level 2 Level 3 Total Fair Gross Amounts Net Fair Value Assets (at fair value): Commodity derivatives – current portion $ — $ 20,197 $ — $ 20,197 $ (10,108) $ 10,089 Liabilities (at fair value): Commodity derivatives – current portion — (10,539) — (10,539) 10,108 (431) Warrant liability - noncurrent portion (11,902) — — (11,902) — — Net derivative instruments $ (11,902) $ 9,658 $ — $ (2,244) $ — $ 9,658

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Nonvested Restricted Stock Shares Activity	A summary of the Company's activity under the Plan for the restricted stock awards, PSUs and stock options for the three months ended March 31, 2023 is presented below: Restricted Stock Awards Performance Stock Units Stock Options Outstanding at December 31, 2022 — — — Awards granted (1) 308,938 26,574 392,108 Awards vested — — (130,702) Outstanding at March 31, 2023 308,938 26,574 261,406 (1) Weighted average grant date fair value per share/unit $ 5.72 $ 6.01 $ 0.82
Schedule of Nonvested Performance-Based Units Activity	A summary of the Company's activity under the Plan for the restricted stock awards, PSUs and stock options for the three months ended March 31, 2023 is presented below: Restricted Stock Awards Performance Stock Units Stock Options Outstanding at December 31, 2022 — — — Awards granted (1) 308,938 26,574 392,108 Awards vested — — (130,702) Outstanding at March 31, 2023 308,938 26,574 261,406 (1) Weighted average grant date fair value per share/unit $ 5.72 $ 6.01 $ 0.82
Schedule of Share-Based Payment Arrangement, Option, Activity	A summary of the Company's activity under the Plan for the restricted stock awards, PSUs and stock options for the three months ended March 31, 2023 is presented below: Restricted Stock Awards Performance Stock Units Stock Options Outstanding at December 31, 2022 — — — Awards granted (1) 308,938 26,574 392,108 Awards vested — — (130,702) Outstanding at March 31, 2023 308,938 26,574 261,406 (1) Weighted average grant date fair value per share/unit $ 5.72 $ 6.01 $ 0.82

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table presents the basic and diluted earnings per share computations for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, (in thousands) 2023 2022 Net income $ 36,866 $ 32,444 Participating basic earnings (a) (22) — Basic earnings (loss) attributable to common stockholders 36,844 32,444 Reallocation of participating earnings — — Diluted earnings (loss) attributable to common stockholders $ 36,844 $ 32,444 Weighted average common shares outstanding: Weighted average common shares outstanding – basic 133,002 132,923 Dilutive performance stock units — — Dilutive stock options — — Weighted average common shares outstanding – diluted 133,002 132,923 Net income (loss) per common share: Basic $ 0.28 $ 0.24 Diluted $ 0.28 $ 0.24 (a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends or distributions with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so.
Schedule of Diluted Earnings Per Share, Diluted Securities	The following table is a summary of the PSUs, stock options, and warrants, which were not included in the computation of diluted earnings per share, as inclusion of these items would be antidilutive. Three Months Ended March 31, 2023 2022 Number of antidilutive common shares: Antidilutive warrants 10,349,975 — Antidilutive performance stock units 4,796 — Antidilutive stock options 47,924 — Total antidilutive common shares 10,402,695 —

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Schedule of Derivative Activity by Volume	The following table sets forth the Company’s outstanding commodity derivative contracts as of March 31, 2023. All of the Company’s commodity derivative contracts at March 31, 2023 are expected to settle by December 31, 2023. 2023 Second Quarter Third Quarter Fourth Quarter Total Producer 3-way (oil) Volume (Bbl) 340,263 228,659 208,488 777,410 Weighted-average sub-floor price ($/Bbl) $ 62.22 $ 60.42 $ 60.43 $ 61.21 Weighted-average floor price ($/Bbl) $ 77.89 $ 79.25 $ 80.00 $ 78.86 Weighted-average ceiling price ($/Bbl) $ 99.23 $ 100.61 $ 101.92 $ 100.36 Collar (natural gas) Volume (Mcf) 3,051,421 2,530,000 2,070,000 7,651,421 Weighted-average floor price ($/Mcf) $ 4.12 $ 4.25 $ 4.50 $ 4.27 Weighted-average ceiling price ($/Mcf) $ 5.63 $ 5.90 $ 6.35 $ 5.91 2023 2024 2025 Second Quarter Third Quarter Fourth Quarter Total Total Total Collar (oil) Volume (Bbl) 18,648 48,618 29,304 96,570 486,846 — Weighted-average floor price ($/Bbl) $ 61.50 $ 61.50 $ 61.50 $ 61.50 $ 58.63 $ — Weighted-average ceiling price ($/Bbl) $ 81.60 $ 81.60 $ 81.60 $ 81.60 $ 78.13 $ — Collar (natural gas) Volume (Mcf) — — 16,650 16,650 1,768,896 766,566 Weighted-average floor price ($/Mcf) $ — $ — $ 3.04 $ 3.04 $ 3.24 $ 3.68 Weighted-average ceiling price ($/Mcf) $ — $ — $ 4.63 $ 4.63 $ 4.89 $ 5.45 Swaps (natural gas) Volume (Mcf) 1,058,940 950,382 297,036 2,306,358 — — Weighted-average price ($/Mcf) $ 3.25 $ 3.25 $ 3.25 $ 3.25 $ — $ —

Supplementary Data (Tables)

Supplementary Data (Tables)	3 Months Ended
	Mar. 31, 2023
Extractive Industries [Abstract]
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure	Capitalized Costs (in thousands) March 31, 2023 December 31, 2022 Oil and natural gas properties: Proved $ 1,114,785 $ 996,573 Unproved 40,101 32,089 Less: accumulated depletion (417,442) (383,673) Net capitalized costs for oil and natural gas properties $ 737,444 $ 644,989
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure	Costs Incurred for Oil and Natural Gas Producing Activities Three Months Ended March 31, (in thousands) 2023 2022 Property acquisition costs: Proved $ 17,989 $ 5,060 Unproved 9,630 457 Development costs 98,606 60,901 Total costs incurred for oil and natural gas properties $ 126,225 $ 66,418

Organization and nature of op_2

Organization and nature of operations (Details) - USD ($)		1 Months Ended
	Oct. 24, 2022	Jan. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Basin acquisition that met the definition of a business combination
Common stock, shares authorized (in shares)			431,000,000	431,000,000
ENPC Common Class A
Basin acquisition that met the definition of a business combination
Common stock shares converted (in shares)	1
ENPC Common Class F
Basin acquisition that met the definition of a business combination
Common stock to be converted (in shares)	1
Executive Network Partnering Corporation
Basin acquisition that met the definition of a business combination
Business acquisition, cash consideration transferred	$ 396,100,000
Warrants to be converted (in shares)	1
Total aggregate investment by ENPC	$ 6,800,000
Executive Network Partnering Corporation | ENPC Common Class A
Basin acquisition that met the definition of a business combination
Common stock, shares authorized (in shares)	41,400,000
Common stock, shares outstanding (in shares)	39,343,496
Business acquisition, redemption price per share (in dollars per share)	$ 10.07
Executive Network Partnering Corporation | ENPC Common Class A | ENPC Conversion Activity, Effective Time of Merger
Basin acquisition that met the definition of a business combination
Shares converted during merger (in shares)	1,238,393
Converted shares subject to certain vesting provisions, forfeitures		$ 220,348
Converted shares subject to certain vesting provisions (in shares)				371,518
Executive Network Partnering Corporation | Common Class A
Basin acquisition that met the definition of a business combination
Shares issues to existing GREP members upon business combination closing (in shares)	130,000,000
Executive Network Partnering Corporation | ENPC Common Class F | ENPC Conversion Activity, Effective Time of Merger
Basin acquisition that met the definition of a business combination
Shares to-be converted during merger (in shares)	495,357
Shares forfeited (in shares)	220,348

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Basis of presentation (Details)	3 Months Ended
	Mar. 31, 2023 segment
Accounting Policies [Abstract]
Operating segments	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Revenue recognition (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Accounting policies [Line items]
Allowance for credit loss	$ 200,000
Allowance for doubtful accounts		$ 0
Minimum
Accounting policies [Line items]
Accounts receivable, timing of receipts	1 month
Maximum
Accounting policies [Line items]
Accounts receivable, timing of receipts	3 months

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Advance to operators (Details)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Advance payments to operators, term	90 days

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Oil and natural gas properties (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Depletion and accretion recognized	$ 33.8	$ 16.1

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Schedule of disaggregated revenues by operation and geographic location (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) source region	Mar. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Number of revenue sources | source	2
Operating regions | region	5
Revenue	$ 91,310	$ 93,850
Permian
Disaggregation of Revenue [Line Items]
Revenue	51,810	49,382
Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	10,962	12,887
Bakken
Disaggregation of Revenue [Line Items]
Revenue	13,075	16,352
Haynesville
Disaggregation of Revenue [Line Items]
Revenue	8,947	5,438
DJ
Disaggregation of Revenue [Line Items]
Revenue	6,516	9,791
Oil
Disaggregation of Revenue [Line Items]
Revenue	73,475	72,586
Natural gas
Disaggregation of Revenue [Line Items]
Revenue	$ 17,835	$ 21,264

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Recently issued and applicable accounting pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings	$ 645,057		$ 622,404	$ 507,374	$ 474,930
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings	$ 54,496		32,388
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings			(118)
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings		$ 100	$ (118)

Derivative Financial Instrume_3

Derivative Financial Instruments - Volume of derivative activities (Details)	Mar. 31, 2023 $ / Mcf $ / bbl Mcf bbl
Producer 3-way (oil)
Derivative instruments
Derivative volume activity | bbl	777,410
Producer 3-way (oil) | Second Quarter
Derivative instruments
Derivative volume activity | bbl	340,263
Producer 3-way (oil) | Third Quarter
Derivative instruments
Derivative volume activity | bbl	228,659
Producer 3-way (oil) | Fourth Quarter
Derivative instruments
Derivative volume activity | bbl	208,488
Producer 3-way (oil) | Weighted-average sub-floor price
Derivative instruments
Derivative contract prices	61.21
Producer 3-way (oil) | Weighted-average sub-floor price | Second Quarter
Derivative instruments
Derivative contract prices	62.22
Producer 3-way (oil) | Weighted-average sub-floor price | Third Quarter
Derivative instruments
Derivative contract prices	60.42
Producer 3-way (oil) | Weighted-average sub-floor price | Fourth Quarter
Derivative instruments
Derivative contract prices	60.43
Producer 3-way (oil) | Weighted-average floor price
Derivative instruments
Derivative contract prices	78.86
Producer 3-way (oil) | Weighted-average floor price | Second Quarter
Derivative instruments
Derivative contract prices	77.89
Producer 3-way (oil) | Weighted-average floor price | Third Quarter
Derivative instruments
Derivative contract prices	79.25
Producer 3-way (oil) | Weighted-average floor price | Fourth Quarter
Derivative instruments
Derivative contract prices	80
Producer 3-way (oil) | Weighted-average ceiling price
Derivative instruments
Derivative contract prices	100.36
Producer 3-way (oil) | Weighted-average ceiling price | Second Quarter
Derivative instruments
Derivative contract prices	99.23
Producer 3-way (oil) | Weighted-average ceiling price | Third Quarter
Derivative instruments
Derivative contract prices	100.61
Producer 3-way (oil) | Weighted-average ceiling price | Fourth Quarter
Derivative instruments
Derivative contract prices	101.92
Collar (natural gas)
Derivative instruments
Derivative volume activity | Mcf	7,651,421
Collar (natural gas) | Second Quarter
Derivative instruments
Derivative volume activity | Mcf	3,051,421
Collar (natural gas) | Third Quarter
Derivative instruments
Derivative volume activity | Mcf	2,530,000
Collar (natural gas) | Fourth Quarter
Derivative instruments
Derivative volume activity | Mcf	2,070,000
Collar (natural gas) | Weighted-average floor price
Derivative instruments
Derivative contract prices | $ / Mcf	4.27
Collar (natural gas) | Weighted-average floor price | Second Quarter
Derivative instruments
Derivative contract prices | $ / Mcf	4.12
Collar (natural gas) | Weighted-average floor price | Third Quarter
Derivative instruments
Derivative contract prices | $ / Mcf	4.25
Collar (natural gas) | Weighted-average floor price | Fourth Quarter
Derivative instruments
Derivative contract prices | $ / Mcf	4.50
Collar (natural gas) | Weighted-average ceiling price
Derivative instruments
Derivative contract prices | $ / Mcf	5.91
Collar (natural gas) | Weighted-average ceiling price | Second Quarter
Derivative instruments
Derivative contract prices | $ / Mcf	5.63
Collar (natural gas) | Weighted-average ceiling price | Third Quarter
Derivative instruments
Derivative contract prices | $ / Mcf	5.90
Collar (natural gas) | Weighted-average ceiling price | Fourth Quarter
Derivative instruments
Derivative contract prices | $ / Mcf	6.35

Derivative Financial Instrume_4

Derivative Financial Instruments - Impact of commodity derivatives on earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative instruments
Gain (loss) on derivatives - commodity derivatives	$ 13,323	$ (28,395)
Net cash receipts from (payments on) commodity derivatives	6,386	(7,775)
Oil derivatives
Derivative instruments
Gain (loss) on derivatives - commodity derivatives	15,097	(19,579)
Net cash receipts from (payments on) commodity derivatives	1,953	(6,464)
Natural gas derivatives
Derivative instruments
Gain (loss) on derivatives - commodity derivatives	(1,774)	(8,816)
Net cash receipts from (payments on) commodity derivatives	$ 4,433	$ (1,311)

Derivative Financial Instrume_5

Derivative Financial Instruments - Common stock warrants (Details) - USD ($)		3 Months Ended
	Oct. 24, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Derivative instruments
Derivative liabilities - common stock warrants		$ 6,624,000		$ 11,902,000
Gain on derivatives - common stock warrants		5,278,000	$ 0
Warrant
Derivative instruments
Common stock issued (in share)	10,349,975
Shares of common stock underlying each warrant (in share)	1
Exercise price of warrants (in dollars per share)	$ 11.50
Period after business combination close in which warrants become exercisable	30 days
Period after business combination close in which warrants expire	5 years
Derivative liabilities - common stock warrants		6,600,000		$ 11,900,000
Gain on derivatives - common stock warrants		5,300,000
Proceeds from warrant exercises		$ 0
Warrant | Granite Ridge common stock equal to or exceeding $18.00 for 20 days within a 30-day trading period
Derivative instruments
Redemption price per warrant (in dollars per share)	$ 0.01
Common stock redemption price trigger (in dollars per share)	$ 18
Days inside a 30-day trading period common stock must equal or exceed $18.00	20 days
Trading period threshold for redemption of warrants	30 days

Fair Value Measurements - Carry

Fair Value Measurements - Carrying amounts and fair values of financial instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Derivative instruments - commodity derivatives	$ 16,608	$ 10,089
Liabilities:
Derivative instruments - common stock warrants	6,624	11,902
Derivative instruments - commodity derivatives	13	431
Carrying Value
Assets:
Derivative instruments - commodity derivatives	16,608	10,089
Liabilities:
Derivative instruments - common stock warrants	6,624	11,902
Revolving credit facilities	25,000	0
Derivative instruments - commodity derivatives	13	431
Fair Value
Assets:
Derivative instruments - commodity derivatives	16,608	10,089
Liabilities:
Derivative instruments - common stock warrants	6,624	11,902
Revolving credit facilities	25,000	0
Derivative instruments - commodity derivatives	$ 13	$ 431

Fair Value Measurements - Fair

Fair Value Measurements - Fair value of net derivative instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets (at fair value):
Derivative assets - commodity derivatives	$ 16,608	$ 10,089
Liabilities (at fair value):
Derivative instruments - commodity derivatives	(13)	(431)
Derivative instruments - common stock warrants	(6,624)	(11,902)
Fair Value
Assets (at fair value):
Derivative assets - commodity derivatives	16,608	10,089
Liabilities (at fair value):
Derivative instruments - commodity derivatives	(13)	(431)
Derivative instruments - common stock warrants	(6,624)	(11,902)
Fair Value, Recurring
Assets (at fair value):
Commodity derivatives - current portion - Net of fair value presented in CBS	16,608	10,089
Liabilities (at fair value):
Commodity derivatives - current portion - Net fair value presented in CBS	(13)	(431)
Net derivative instruments	16,595	9,658
Fair Value, Recurring | Fair Value
Assets (at fair value):
Derivative assets - commodity derivatives	18,941	20,197
Commodity derivatives - current portion offset in the Consolidated Balance Sheet	(2,333)	(10,108)
Liabilities (at fair value):
Derivative instruments - commodity derivatives	(2,346)	(10,539)
Commodity derivatives - current portion - Offset in Consolidated Balance Sheet	2,333	10,108
Derivative instruments - common stock warrants	(6,624)	(11,902)
Net derivative instruments	9,971	(2,244)
Fair Value, Recurring | Level 1 | Fair Value
Assets (at fair value):
Derivative assets - commodity derivatives	0	0
Liabilities (at fair value):
Derivative instruments - commodity derivatives	0	0
Derivative instruments - common stock warrants	(6,624)	(11,902)
Net derivative instruments	(6,624)	(11,902)
Fair Value, Recurring | Level 2 | Fair Value
Assets (at fair value):
Derivative assets - commodity derivatives	18,941	20,197
Liabilities (at fair value):
Derivative instruments - commodity derivatives	(2,346)	(10,539)
Derivative instruments - common stock warrants	0	0
Net derivative instruments	16,595	9,658
Fair Value, Recurring | Level 3 | Fair Value
Assets (at fair value):
Derivative assets - commodity derivatives	0	0
Liabilities (at fair value):
Derivative instruments - commodity derivatives	0	0
Derivative instruments - common stock warrants	0	0
Net derivative instruments	$ 0	$ 0

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Oil and natural gas properties
Oil and natural gas properties sold	$ 0	$ 748
Eagle Ford | Mineral interest assets, partial unit | 2022 Divestitures
Oil and natural gas properties
Oil and natural gas properties sold		700
2023 Acquisitions | Permian | Unproved oil and natural gas properties
Oil and natural gas properties
Acquisitions of oil and natural gas properties	9,600
2023 Acquisitions | DJ | Proved oil and natural gas properties
Oil and natural gas properties
Acquisitions of oil and natural gas properties	18,000		$ 1,900
Asset retirement obligations incurred and acquired	$ 900
2022 Acquisitions | Permian | Proved and unproved oil and natural gas properties
Oil and natural gas properties
Acquisitions of oil and natural gas properties		$ 5,500

Stock Incentive Plan - Addition

Stock Incentive Plan - Additional information (Detail) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Stock-based compensation | $	$ 1.1
Awards granted (in shares)	94,007
Weighted average grant date fair value per share/unit (in dollars per share) | $ / shares	$ 8.51
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Award vesting period (in years)	3 years
Awards granted (in shares)	308,938
Weighted average grant date fair value per share/unit (in dollars per share) | $ / shares	$ 5.72
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Award vesting period (in years)	3 years
Awards granted (in shares)	26,574
Weighted average grant date fair value per share/unit (in dollars per share) | $ / shares	$ 6.01
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Plan term (in years)	10 years
No.of anniversaries	2 years
Stock options granted (in shares)	392,108
Minimum | Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Percentage of share ultimately issued (as a percent)	0%
Minimum | Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Stock option, pursant plan (in percent)	33%
Stock options granted (in shares)	72,108
Stock option, exercise price, (in dollar per shares) | $ / shares	$ 5.02
Maximum | Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Percentage of share ultimately issued (as a percent)	200%
Maximum | Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Stock option, pursant plan (in percent)	33%
Stock options granted (in shares)	320,000
Stock option, exercise price, (in dollar per shares) | $ / shares	$ 9.22

Stock Incentive Plan - Summary

Stock Incentive Plan - Summary of company's activity under the Plan (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Awards granted (in shares)	94,007
Weighted average grant date fair value per share/unit (in dollars per share) | $ / shares	$ 8.51
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	0
Awards granted (in shares)	308,938
Awards vested (in shares)	0
Ending balance (in shares)	308,938
Weighted average grant date fair value per share/unit (in dollars per share) | $ / shares	$ 5.72
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	0
Awards granted (in shares)	26,574
Awards vested (in shares)	0
Ending balance (in shares)	26,574
Weighted average grant date fair value per share/unit (in dollars per share) | $ / shares	$ 6.01
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	0
Stock options granted (in shares)	392,108
Awards vested (in shares)	(130,702)
Ending balance (in shares)	261,406
Weighted average grant date fair value per share/unit (in dollars per share) | $ / shares	$ 0.82

Income Taxes - (Details)

Income Taxes - (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 10,786	$ 0
Effective tax rate	22.60%
Enacted statutory rate	21%
Unrecognized tax benefits, interest or penalties			$ 0
Inflation Reduction Act, corporate alternative minimum tax percentage	15%
Inflation Reduction Act, excise tax percentage	1%

Debt - (Details)

Debt - (Details) - USD ($) $ in Thousands	Oct. 24, 2022	Mar. 31, 2023	Dec. 31, 2022
Credit facility
Long-term debt		$ 25,000
Total debt			$ 0
Line of Credit
Credit facility
Debt instrument term	5 years
Capacity for aggregate elected commitments	$ 150,000
Initial borrowing capacity	325,000
Maximum borrowing capacity	$ 1,000,000
Line of credit facility, remaining borrowing capacity		$ 125,000
Commitment fee percentage	0.50%
Line of Credit | Minimum
Credit facility
Current ratio	100%
Line of Credit | Maximum
Credit facility
Leverage ratio	300%
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Credit Spread Adjustment Scenario 1
Credit facility
Interest rate increase	0.10%
Variable interest rate adjustment term	1 month
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Credit Spread Adjustment Scenario 2
Credit facility
Interest rate increase	0.15%
Variable interest rate adjustment term	3 months
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Credit Spread Adjustment Scenario 3
Credit facility
Interest rate increase	0.20%
Variable interest rate adjustment term	6 months
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Credit facility
Variable interest rate	2.50%
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Credit facility
Variable interest rate	3.50%
Line of Credit | Prime Rate
Credit facility
Interest rate increase	0.50%
Line of Credit | Prime Rate | Credit Spread Adjustment Scenario 1
Credit facility
Interest rate increase	1%
Variable interest rate adjustment term	1 month
Line of Credit | Prime Rate | Minimum | Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate	1.50%
Line of Credit | Prime Rate | Maximum | Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate	2.50%

Equity (Details)

Equity (Details) - USD ($)	3 Months Ended	4 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Oct. 24, 2022
Class of Stock [Line Items]
Dividends, common stock, cash	$ 14,600,000
Common stock, dividends, per share, cash paid (in dollars per share)	$ 0.11
Treasury stock, value, acquired, cost method	$ 1,801,000
ENPC Common Class A | ENPC Conversion Activity, Effective Time of Merger
Class of Stock [Line Items]
Shares converted during merger (in shares)				1,238,393
Converted shares subject to certain vesting provisions (in shares)				371,518
Vesting shares liability (in shares)			$ 1,300,000
Awards vested (in shares)	151,170
ENPC Common Class F | ENPC Conversion Activity, Effective Time of Merger
Class of Stock [Line Items]
Shares to-be converted during merger (in shares)				495,357
Common Class A
Class of Stock [Line Items]
Treasury stock, value, acquired, cost method	$ 1,700,000
Common Class A | Common Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 50,000,000
Purchase of treasury stock (in shares)	273,017	298,937
Treasury stock, value, acquired, cost method		$ 1,900,000

Related Party Transactions (Det

Related Party Transactions (Details) - Management - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related party transactions
Annual management fees payable	$ 10
Oil and gas management agreement, renewal term	1 year
Oil and gas management agreement, transition services term	90 days
Management fees paid	$ 2.5
Due to management company		$ 1.5

Risk Concentrations (Details)

Risk Concentrations (Details)	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
Percentage of wells operated by third-party operating partners	100%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 36,866	$ 32,444
Participating basic earnings	(22)	0
Basic earnings (loss) attributable to common stockholders	36,844	32,444
Reallocation of participating earnings	0	0
Diluted earnings (loss) attributable to common stockholders	$ 36,844	$ 32,444
Weighted-average number of shares outstanding:
Weighted average common shares outstanding – basic (in shares)	133,002	132,923
Dilutive performance stock units (in shares)	0	0
Dilutive stock options (in shares)	0	0
Weighted average common shares outstanding – diluted (in shares)	133,002	132,923
Net income (loss) per common share:
Basic (in dollars per share)	$ 0.28	$ 0.24
Diluted (in dollars per share)	$ 0.28	$ 0.24

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of diluted earnings per share, diluted securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	10,402,695	0
Antidilutive warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	10,349,975	0
Antidilutive performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	4,796	0
Antidilutive stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	47,924	0

Subsequent Events (Details)

Subsequent Events (Details)	May 11, 2023 $ / bbl $ / Mcf Mcf bbl	Mar. 31, 2023 $ / Mcf Mcf
Collar (oil) | Subsequent Event
Derivative instruments
Derivative volume activity | bbl	96,570
Collar (oil) | Second Quarter | Subsequent Event
Derivative instruments
Derivative volume activity | bbl	18,648
Collar (oil) | Third Quarter | Subsequent Event
Derivative instruments
Derivative volume activity | bbl	48,618
Collar (oil) | Fourth Quarter | Subsequent Event
Derivative instruments
Derivative volume activity | bbl	29,304
Collar (oil) | 2024 | Subsequent Event
Derivative instruments
Derivative volume activity | bbl	486,846
Collar (oil) | 2025 | Subsequent Event
Derivative instruments
Derivative volume activity | bbl	0
Collar (oil) | Weighted-average floor price | Subsequent Event
Derivative instruments
Derivative contract prices | $ / bbl	61.50
Collar (oil) | Weighted-average floor price | Second Quarter | Subsequent Event
Derivative instruments
Derivative contract prices | $ / bbl	61.50
Collar (oil) | Weighted-average floor price | Third Quarter | Subsequent Event
Derivative instruments
Derivative contract prices | $ / bbl	61.50
Collar (oil) | Weighted-average floor price | Fourth Quarter | Subsequent Event
Derivative instruments
Derivative contract prices | $ / bbl	61.50
Collar (oil) | Weighted-average floor price | 2024 | Subsequent Event
Derivative instruments
Derivative contract prices | $ / bbl	58.63
Collar (oil) | Weighted-average floor price | 2025 | Subsequent Event
Derivative instruments
Derivative contract prices | $ / bbl	0
Collar (oil) | Weighted-average ceiling price | Subsequent Event
Derivative instruments
Derivative contract prices | $ / bbl	81.60
Collar (oil) | Weighted-average ceiling price | Second Quarter | Subsequent Event
Derivative instruments
Derivative contract prices | $ / bbl	81.60
Collar (oil) | Weighted-average ceiling price | Third Quarter | Subsequent Event
Derivative instruments
Derivative contract prices | $ / bbl	81.60
Collar (oil) | Weighted-average ceiling price | Fourth Quarter | Subsequent Event
Derivative instruments
Derivative contract prices | $ / bbl	81.60
Collar (oil) | Weighted-average ceiling price | 2024 | Subsequent Event
Derivative instruments
Derivative contract prices | $ / bbl	78.13
Collar (oil) | Weighted-average ceiling price | 2025 | Subsequent Event
Derivative instruments
Derivative contract prices | $ / bbl	0
Collar (natural gas)
Derivative instruments
Derivative volume activity | Mcf		7,651,421
Collar (natural gas) | Subsequent Event
Derivative instruments
Derivative volume activity | Mcf	16,650
Collar (natural gas) | Second Quarter
Derivative instruments
Derivative volume activity | Mcf		3,051,421
Collar (natural gas) | Second Quarter | Subsequent Event
Derivative instruments
Derivative volume activity | Mcf	0
Collar (natural gas) | Third Quarter
Derivative instruments
Derivative volume activity | Mcf		2,530,000
Collar (natural gas) | Third Quarter | Subsequent Event
Derivative instruments
Derivative volume activity | Mcf	0
Collar (natural gas) | Fourth Quarter
Derivative instruments
Derivative volume activity | Mcf		2,070,000
Collar (natural gas) | Fourth Quarter | Subsequent Event
Derivative instruments
Derivative volume activity | Mcf	16,650
Collar (natural gas) | 2024 | Subsequent Event
Derivative instruments
Derivative volume activity | Mcf	1,768,896
Collar (natural gas) | 2025 | Subsequent Event
Derivative instruments
Derivative volume activity | Mcf	766,566
Collar (natural gas) | Weighted-average floor price
Derivative instruments
Derivative contract prices		4.27
Collar (natural gas) | Weighted-average floor price | Subsequent Event
Derivative instruments
Derivative contract prices	3.04
Collar (natural gas) | Weighted-average floor price | Second Quarter
Derivative instruments
Derivative contract prices		4.12
Collar (natural gas) | Weighted-average floor price | Second Quarter | Subsequent Event
Derivative instruments
Derivative contract prices	0
Collar (natural gas) | Weighted-average floor price | Third Quarter
Derivative instruments
Derivative contract prices		4.25
Collar (natural gas) | Weighted-average floor price | Third Quarter | Subsequent Event
Derivative instruments
Derivative contract prices	0
Collar (natural gas) | Weighted-average floor price | Fourth Quarter
Derivative instruments
Derivative contract prices		4.50
Collar (natural gas) | Weighted-average floor price | Fourth Quarter | Subsequent Event
Derivative instruments
Derivative contract prices	3.04
Collar (natural gas) | Weighted-average floor price | 2024 | Subsequent Event
Derivative instruments
Derivative contract prices	3.24
Collar (natural gas) | Weighted-average floor price | 2025 | Subsequent Event
Derivative instruments
Derivative contract prices	3.68
Collar (natural gas) | Weighted-average ceiling price
Derivative instruments
Derivative contract prices		5.91
Collar (natural gas) | Weighted-average ceiling price | Subsequent Event
Derivative instruments
Derivative contract prices	4.63
Collar (natural gas) | Weighted-average ceiling price | Second Quarter
Derivative instruments
Derivative contract prices		5.63
Collar (natural gas) | Weighted-average ceiling price | Second Quarter | Subsequent Event
Derivative instruments
Derivative contract prices	0
Collar (natural gas) | Weighted-average ceiling price | Third Quarter
Derivative instruments
Derivative contract prices		5.90
Collar (natural gas) | Weighted-average ceiling price | Third Quarter | Subsequent Event
Derivative instruments
Derivative contract prices	0
Collar (natural gas) | Weighted-average ceiling price | Fourth Quarter
Derivative instruments
Derivative contract prices		6.35
Collar (natural gas) | Weighted-average ceiling price | Fourth Quarter | Subsequent Event
Derivative instruments
Derivative contract prices	4.63
Collar (natural gas) | Weighted-average ceiling price | 2024 | Subsequent Event
Derivative instruments
Derivative contract prices	4.89
Collar (natural gas) | Weighted-average ceiling price | 2025 | Subsequent Event
Derivative instruments
Derivative contract prices	5.45
Swaps (natural gas) | Subsequent Event
Derivative instruments
Derivative volume activity | Mcf	2,306,358
Swaps (natural gas) | Second Quarter | Subsequent Event
Derivative instruments
Derivative volume activity | Mcf	1,058,940
Swaps (natural gas) | Third Quarter | Subsequent Event
Derivative instruments
Derivative volume activity | Mcf	950,382
Swaps (natural gas) | Fourth Quarter | Subsequent Event
Derivative instruments
Derivative volume activity | Mcf	297,036
Swaps (natural gas) | 2024 | Subsequent Event
Derivative instruments
Derivative volume activity | Mcf	0
Swaps (natural gas) | 2025 | Subsequent Event
Derivative instruments
Derivative volume activity | Mcf	0
Swaps (natural gas) | Weighted-average price | Subsequent Event
Derivative instruments
Derivative contract prices	3.25
Swaps (natural gas) | Weighted-average price | Second Quarter | Subsequent Event
Derivative instruments
Derivative contract prices	3.25
Swaps (natural gas) | Weighted-average price | Third Quarter | Subsequent Event
Derivative instruments
Derivative contract prices	3.25
Swaps (natural gas) | Weighted-average price | Fourth Quarter | Subsequent Event
Derivative instruments
Derivative contract prices	3.25
Swaps (natural gas) | Weighted-average price | 2024 | Subsequent Event
Derivative instruments
Derivative contract prices	0
Swaps (natural gas) | Weighted-average price | 2025 | Subsequent Event
Derivative instruments
Derivative contract prices	0

Supplementary Data - Capitalize

Supplementary Data - Capitalized costs (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Extractive Industries [Abstract]
Proved	$ 1,114,785	$ 996,573
Unproved	40,101	32,089
Less: accumulated depletion	(417,442)	(383,673)
Net capitalized costs for oil and natural gas properties	$ 737,444	$ 644,989

Supplementary Data - Costs incu

Supplementary Data - Costs incurred for oil and natural gas producing activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Extractive Industries [Abstract]
Proved	$ 17,989	$ 5,060
Unproved	9,630	457
Development costs	98,606	60,901
Total costs incurred for oil and natural gas properties	$ 126,225	$ 66,418