Granite Ridge Resources (GRNT) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	GRNT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	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		130,743,952
Entity Central Index Key	0001928446
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash	$ 20,782	$ 10,430
Revenue receivable	64,831	72,934
Advances to operators	15,207	4,928
Prepaid and other expenses	2,737	1,716
Derivative assets - commodity derivatives	7,094	11,117
Equity investments	58,207	50,427
Total current assets	168,858	151,552
Property and equipment:
Oil and gas properties, successful efforts method	1,301,346	1,236,683
Accumulated depletion	(508,307)	(467,141)
Total property and equipment, net	793,039	769,542
Long-term assets:
Derivative assets - commodity derivatives	0	1,189
Other long-term assets	4,785	4,821
Total long-term assets	4,785	6,010
Total assets	966,682	927,104
Current liabilities:
Accrued expenses	62,028	60,875
Other liabilities	4,081	1,204
Total current liabilities	66,109	62,079
Long-term liabilities:
Long-term debt	137,500	110,000
Derivative liabilities - commodity derivatives	657	0
Asset retirement obligations	9,589	9,391
Deferred tax liability	78,809	73,989
Total long-term liabilities	226,555	193,380
Total liabilities	292,664	255,459
Stockholders' Equity:
Common stock, $0.0001 par value, 431,000,000 shares authorized, 136,424,207 and 136,040,777 issued at March 31, 2024 and December 31, 2023, respectively	14	14
Additional paid-in capital	653,686	653,174
Retained earnings	56,660	54,782
Treasury stock, at cost, 5,680,255 and 5,677,627 shares at March 31, 2024 and December 31, 2023, respectively	(36,342)	(36,325)
Total stockholders' equity	674,018	671,645
Total liabilities and stockholders' equity	$ 966,682	$ 927,104

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	136,424,207	136,040,777
Treasury stock, common shares (in shares)	5,680,255	5,677,627

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Oil and natural gas sales	$ 88,996	$ 91,310
Operating costs and expenses:
Lease operating expenses	15,479	13,772
Production and ad valorem taxes	5,749	5,717
Depletion and accretion expense	40,941	33,852
Impairments of unproved properties	732	0
General and administrative expense	6,492	8,579
Total operating costs and expenses	69,393	61,920
Net operating income	19,603	29,390
Other income (expense):
Gain (loss) on derivatives - commodity derivatives	(3,161)	13,323
Interest expense	(3,159)	(339)
Gain on derivatives - common stock warrants	0	5,278
Gain on equity investments	7,779	0
Other	2	0
Total other income	1,461	18,262
Income before income taxes	21,064	47,652
Income tax expense	4,837	10,786
Net income	$ 16,227	$ 36,866
Net income per share:
Basic (in dollars per share)	$ 0.12	$ 0.28
Diluted (in dollars per share)	$ 0.12	$ 0.28
Weighted-average number of shares outstanding:
Weighted average common shares outstanding – basic (in shares)	130,136	133,002
Weighted average common shares outstanding – diluted (in shares)	130,160	133,002

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Noncash stock-based compensation	$ 512	$ 1,059

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
Balance at beginning of period (in shares) at Dec. 31, 2022				133,295,000	133,295,000
Balance at beginning of period at Dec. 31, 2022	$ 622,404	$ (118)	$ 622,286	$ 13	$ 13	$ 590,232	$ 590,232	$ 32,388	$ (118)	$ 32,270	$ (229)	$ (229)
Begging balance, treasury stock (in shares) at Dec. 31, 2022											(26,000)	(26,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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				133,477,000
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											(311,000)
Balance at beginning of period (in shares) at Dec. 31, 2023	136,040,777			136,041,000
Balance at beginning of period at Dec. 31, 2023	$ 671,645			$ 14		653,174		54,782			$ (36,325)
Begging balance, treasury stock (in shares) at Dec. 31, 2023	(5,677,627)										(5,678,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Grants of restricted stock (in shares)				383,000
Stock-based compensation	$ 512					512
Purchase of treasury stock (in shares)											(2,000)
Purchase of treasury stock	(17)										$ (17)
Common stock dividend declared	(14,349)							(14,349)
Net income	$ 16,227							16,227
Balance at ending of period (in shares) at Mar. 31, 2024	136,424,207			136,424,000
Balance at ending of period at Mar. 31, 2024	$ 674,018			$ 14		$ 653,686		$ 56,660			$ (36,342)
Ending balance, treasury stock (in shares) at Mar. 31, 2024	(5,680,255)										(5,680,000)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividend declared (in USD per share)	$ 0.11	$ 0.11

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 16,227	$ 36,866
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and accretion expense	40,941	33,852
Impairments of unproved properties	732	0
(Gain) loss on derivatives - commodity derivatives	3,161	(13,323)
Net cash receipts from commodity derivatives	2,708	6,386
Stock-based compensation	512	1,059
Amortization of deferred financing costs	295	163
Gain on derivatives - common stock warrants	0	(5,278)
Gain on equity investments	(7,779)	0
Deferred income taxes	4,820	9,964
Other	(17)	(137)
Increase (decrease) in cash attributable to changes in operating assets and liabilities:
Revenue receivable	8,103	6,433
Accrued expenses	(3,213)	4,609
Other receivable	530	(260)
Prepaid and other expenses	(1,551)	325
Other payable	3,187	815
Net cash provided by operating activities	68,656	81,474
Investing activities:
Capital expenditures for oil and natural gas properties	(69,660)	(105,556)
Acquisition of oil and natural gas properties	(2,627)	(24,370)
Refund of advances to operators	1,282	0
Net cash used in investing activities	(71,005)	(129,926)
Financing activities:
Proceeds from borrowing on credit facilities	27,500	25,000
Deferred financing costs	(32)	0
Payment of expenses related to formation of Granite Ridge Resources, Inc.	0	(43)
Purchase of treasury shares	(418)	(1,768)
Payment of dividends	(14,349)	(14,640)
Net cash provided by financing activities	12,701	8,549
Net change in cash and restricted cash	10,352	(39,903)
Cash and restricted cash at beginning of period	10,730	51,133
Cash and restricted cash at end of period	21,082	11,230
Supplemental disclosure of non-cash investing activities:
Oil and natural gas property development costs in accrued expenses	9,168	3,412
Advances to operators applied to development of oil and natural gas properties	23,294	26,299
Cash and restricted cash:
Cash	20,782	10,930
Restricted cash included in other long-term assets	300	300
Cash and restricted cash	$ 21,082	$ 11,230

Organization and Nature of Oper

Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2024
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” or the “Company”) is a Delaware corporation, initially formed in May 2022, whose common stock is 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). 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. Warrant Exchange On October 24, 2022, in connection with the Business Combination, the Company issued 10,349,975 common stock warrants. On June 22, 2023, the Company completed an offer to holders of its outstanding warrants which provided such holders the opportunity to receive 0.25 shares of the Company's common stock in exchange for each warrant tendered by such holders (the "Offer"). This Offer coincided with a solicitation of consents from holders of the warrants to amend the warrant agreement governing such warrants to permit the Company to require that each warrant that remained outstanding upon the closing of the Offer be exchanged for 0.225 shares of the Company's common stock (together with the Offer, the "Warrant Exchange"). On June 22, 2023, the Company issued 2,471,738 shares of common stock in exchange for 9,887,035 warrants tendered in the Offer, with a minimal cash settlement in lieu of partial shares. In July 2023, each remaining outstanding warrant was converted into 0.225 shares of the Company's common stock, and subsequently, no warrants remained outstanding. See Note 9 for further discussion of the Warrant Exchange.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 2023 Form 10-K. Principles of Consolidation The accompanying condensed consolidated financial statements 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. All intercompany balances and transactions have been eliminated in consolidation. Basis of Presentation 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. The Company's chief operating decision maker manages operations on a consolidated basis for purposes of evaluating operations and allocating resources. 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. Estimating reserves is inherently uncertain, including the projection of future rates of production and the timing of development expenditures. 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. Reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that are difficult to measure. The accuracy of any reserve estimate is a function of the quality of available data, engineering and geological interpretation and judgment. Estimates of economically recoverable oil and natural gas reserves and future net cash flows necessarily depend upon a number of variable factors and assumptions, such as historical production from the area compared with production from other producing areas, the assumed effect of regulations by governmental agencies, and assumptions governing future oil and natural gas prices, future operating costs, severance taxes, development costs and workover costs, all of which may in fact vary considerably from actual results. The future drilling costs associated with reserves assigned to proved undeveloped locations may ultimately increase to the extent that these reserves are later to be determined to be uneconomic. For these reasons, estimates of the economically recoverable quantities of expected oil and natural gas attributable to any particular group of properties, classifications of such reserves based on risk of recovery, and estimates of the future net cash flows may vary substantially. 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 instruments, fair value of equity investments, 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, 2023 is derived from audited 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 2023 Form 10-K. 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 condensed consolidated statements 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 Accounting Standards Codification ("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 $40.8 million and $33.8 million for the three months ended March 31, 2024 and 2023, respectively. The Company reviews its long-lived assets to be held and used, including proved oil and natural gas properties, whenever events or circumstances indicate that the carrying value of those assets may not be recoverable; for instance, when there are declines in commodity prices or well performance. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows is less than the carrying amount of the assets. For each property determined to be impaired, an impairment loss equal to the difference between the carrying value of the properties and the estimated fair market value as determined by discounted future cash flows using a discount rate similar to that used by market participants, or comparable market value if available, is recognized at that time. Estimating future cash flows involves the use of judgments, including estimation of the proved and risk-adjusted unproved oil and natural gas reserve quantities, timing of development and production, expected future commodity prices, capital expenditures and production costs and cash flows from integrated assets. There was no proved property impairment recorded for the three months ended March 31, 2024 or 2023. Unproved oil and natural gas properties are periodically assessed for impairment by considering future drilling and exploration plans, results of exploration activities, commodity price outlooks, planned future sales and expiration of all or a portion of the projects. The Company recorded unproved property impairment of $0.7 million for the three months ended March 31, 2024 in the Permian Basin as the operator no longer intends to drill certain locations. There was no unproved property impairment recorded for the three months ended March 31, 2023. 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 Prior to the Warrant Exchange, the Company accounted for warrants as liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The warrants were 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 were recognized as a non-operating gain or loss in 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. On June 22, 2023, the Company issued 2,471,738 shares of common stock in exchange for 9,887,035 warrants tendered in the Offer. In July 2023, each remaining outstanding warrant was converted into 0.225 shares of the Company's common stock, and subsequently, no warrants remained outstanding. See Note 9 for further discussion of the Warrant Exchange. Equity Investments In December 2023, the Company completed the sale of certain of its Permian Basin assets to Vital Energy, Inc. ("Vital Energy") for consideration of 561,752 shares of Vital Energy's common stock and 541,155 shares of Vital Energy's 2.0% cumulative mandatorily convertible preferred securities. The Company follows the guidance in ASC 321, "Investments - Equity Securities" ("ASC 321") for its investment in the common and preferred stock of Vital Energy. ASC 321 requires equity investments with readily determinable fair values to be measured at fair value, with unrealized holding gains and losses recorded as a gain or loss on the condensed consolidated statements of operations. For the preferred stock that does not have a readily determinable fair value, the Company has not elected the measurement alternative in ASC 321 and instead accounts for the preferred stock at fair value with unrealized gains and losses recorded through net income. For the three months ended March 31, 2024, an unrealized gain of $7.8 million on the change in fair value of the common and preferred stock is included in the condensed consolidated statements of operations. 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 condensed consolidated 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/New Mexico), 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, 2024 and 2023. Three Months Ended March 31, (in thousands) 2024 2023 Oil $ 75,766 $ 73,475 Natural gas 13,230 17,835 Total $ 88,996 $ 91,310 Permian $ 49,946 $ 51,810 Eagle Ford 13,408 10,962 Bakken 13,446 13,075 Haynesville 5,236 8,947 DJ 6,960 6,516 Total $ 88,996 $ 91,310 Stock-Based Compensation Stock-based compensation expense is recognized in the Company’s condensed consolidated 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 the Company's 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”), the Black-Scholes model for options issued at-the-money, and a binomial lattice model for other stock options. The Company recognizes forfeitures of stock-based compensation awards as they occur. Recently Issued and Applicable Accounting Pronouncements (Issued and Not Yet Adopted) In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," ("ASU 2023-07") which requires public entities, including public entities with a single reportable segment, to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 was effective for annual periods beginning after December 15, 2023, and is effective for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the effect that ASU 2023-07 will have on its disclosures. In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures," ("ASU 2023-09") which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company has not early adopted the standard and is currently assessing the effect that ASU 2023-09 will have on its disclosures. Recently Issued and Applicable Accounting Pronouncements (Issued and Adopted) The FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which replaced the “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, 2024
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 Option Contracts and Swaps The Company’s derivative financial instruments consist of collar option contracts and swaps. A collar option is established with the sale of a short call option (ceiling price) and the purchase of a long put option (floor price) 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. When the settlement price is below the established floor price, the Company receives an amount from its counterparty equal to the difference between the settlement price and the floor price multiplied by the hedged contract volume. When the settlement price is above the established ceiling price, the Company pays its counterparty an amount equal to the difference between the settlement price and the ceiling price multiplied by the hedged contract volume. When the settlement price is between the established floor and the ceiling, no amounts are due to or from the counterparty. A swap contract allows the Company to receive a fixed price and pay a floating market price to the counterparty for the hedged commodity. The Company has master netting agreements on individual derivative instruments 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, 2024. 2024 2025 Second Quarter Third Quarter Fourth Quarter Total Total Collar (oil) Volume (Bbl) 401,874 361,552 311,496 1,074,922 439,852 Weighted-average floor price ($/Bbl) $ 64.27 $ 64.32 $ 64.13 $ 64.24 $ 61.48 Weighted-average ceiling price ($/Bbl) $ 85.11 $ 85.24 $ 84.97 $ 85.11 $ 80.65 Swaps (oil) Volume (Bbl) 48,000 39,000 32,000 119,000 — Weighted-average price ($/Bbl) $ 80.00 $ 80.00 $ 80.00 $ 80.00 $ — Collar (natural gas) Volume (Mcf) — — 1,615,000 1,615,000 2,156,000 Weighted-average floor price ($/Mcf) $ — $ — $ 3.57 $ 3.57 $ 3.57 Weighted-average ceiling price ($/Mcf) $ — $ — $ 5.37 $ 5.37 $ 5.37 Swaps (natural gas) Volume (Mcf) 3,236,000 2,823,000 844,000 6,903,000 1,612,050 Weighted-average price ($/Mcf) $ 3.22 $ 3.22 $ 3.22 $ 3.22 $ 3.20 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, 2024 and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Gain (loss) on commodity derivatives Oil derivatives $ (21,062) $ 15,097 Natural gas derivatives 17,901 (1,774) Total $ (3,161) $ 13,323 The following table represents the Company’s net cash receipts (payments on) commodity derivatives for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Net cash receipts from commodity derivatives Oil derivatives $ 96 $ 1,953 Natural gas derivatives 2,612 4,433 Total $ 2,708 $ 6,386 Common Stock Warrants On October 24, 2022, in connection with the Business Combination, the Company issued 10,349,975 common stock warrants. Each warrant entitled 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 461 common stock warrants were exercised during the period they were outstanding. The Company recorded 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. On June 22, 2023, the Company issued 2,471,738 shares of common stock in exchange for 9,887,035 warrants tendered in the Offer, with a minimal cash settlement in lieu of partial shares. In July 2023, each remaining outstanding warrant was converted into 0.225 shares of the Company's common stock, and subsequently, no warrants remained outstanding. The warrants exchanged in the Offer were marked to fair value on the date of settlement, and the liability of $17.0 million and $0.7 million related to the exchanged common stock warrants was removed from the consolidated balance sheet in June 2023 and July 2023, respectively, and the issuance of shares of the Company’s common stock was reflected in stockholders’ equity. See Note 9 for further discussion of the Warrant Exchange.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 ( in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Derivative instruments - commodity derivatives $ 7,094 $ 7,094 $ 12,306 $ 12,306 Equity investments $ 58,207 $ 58,207 $ 50,427 $ 50,427 Liabilities: Revolving credit facilities $ 137,500 $ 137,500 $ 110,000 $ 110,000 Derivative instruments - commodity derivatives $ 657 $ 657 $ — $ — 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. Equity investment s — The fair value of the Company’s investment in Vital Energy's common stock was valued using the instrument's publicly listed trading price, which is considered to be a Level 1 measurement due to the use of an observable market quote in an active market. The fair value of the Company's investment in Vital Energy's preferred stock is estimated by management considering various factors, including the publicly listed trading price of Vital Energy's common shares and the present value of expected dividends prior to the conversion of the preferred shares. The fair value of the investment in preferred stock is considered to be a Level 2 measurement. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. The Vital Energy common and preferred shares are subject to certain restrictions. Upon approval by holders of a majority of the issued and outstanding shares of Vital Energy common stock eligible to vote, which vote will take place at a meeting of Vital Energy's stockholders on May 23, 2024, the preferred stock is to be converted into common shares. Prior to this stockholder approval, the common shares owned by the Company are not entitled to vote and bear a restricted legend to that effect. For each share of preferred stock being converted, the Company shall receive a number of common shares in aggregate equal to the conversion rate. The initial conversion rate is one share of common stock per share of preferred stock. The conversion rate is adjusted upon the occurrence of events such as Vital Energy's issuance of common stock as a dividend, the issuance of common stock warrants or similar rights to all the common stockholders, the distribution of shares of its capital stock to acquire its capital stock or other securities, or if Vital Energy makes a cash distribution, except if it elects to give a dividend to the preferred stock in lieu of an adjustment to the conversion price. 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, 2024 and December 31, 2023. The Company nets the fair value of commodity derivative instruments by counterparty in the Company’s condensed consolidated balance sheets. March 31, 2024 Fair Value Measurement Using (in thousands) Level 1 Level 2 Level 3 Total Fair Gross Amounts Net Fair Value Equity investments - common stock $ 29,515 $ — $ — $ 29,515 $ — $ 29,515 Equity investments - preferred stock — 28,692 — 28,692 — 28,692 Total equity investments $ 29,515 $ 28,692 $ — $ 58,207 $ — $ 58,207 Assets (at fair value): Commodity derivatives – current portion $ — $ 11,767 $ — $ 11,767 $ (4,673) $ 7,094 Commodity derivatives – noncurrent portion — 625 — 625 (625) — Liabilities (at fair value): Commodity derivatives – current portion — (4,673) — (4,673) 4,673 — Commodity derivatives – noncurrent portion — (1,282) — (1,282) 625 (657) Net derivative instruments $ — $ 6,437 $ — $ 6,437 $ — $ 6,437 December 31, 2023 Fair Value Measurement Using (in thousands) Level 1 Level 2 Level 3 Total Fair Gross Amounts Net Fair Value Equity investments - common stock $ 25,554 $ — $ — $ 25,554 $ — $ 25,554 Equity investments - preferred stock — 24,873 — 24,873 — 24,873 Total equity investments $ 25,554 $ 24,873 $ — $ 50,427 $ — $ 50,427 Assets (at fair value): Commodity derivatives – current portion $ — $ 14,202 $ — $ 14,202 $ (3,085) $ 11,117 Commodity derivatives – noncurrent portion — 2,534 — 2,534 (1,345) 1,189 Liabilities (at fair value): Commodity derivatives – current portion — (3,085) — (3,085) 3,085 — Commodity derivatives – noncurrent portion — (1,345) — (1,345) 1,345 — Net derivative instruments $ — $ 12,306 $ — $ 12,306 $ — $ 12,306 Fair Values – Non Recurring Asset retirement obligations — The fair value measurements of asset retirement obligations are measured on a nonrecurring basis when a well is drilled or acquired or when production equipment and facilities are installed or acquired using a discounted cash flow model based on inputs that are not observable in the market and therefore represent Level 3 inputs. Significant inputs to the fair value measurement of asset retirement obligations include estimates of the costs of plugging and abandoning oil and natural gas wells, removing production equipment and facilities and restoring the surface of the land as well as estimates of the economic lives of the oil and natural gas wells and future inflation rates.

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2024
Oil and Gas Property [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures 2024 Acquisitions During the three months ended March 31, 2024, the Company acquired various oil and natural gas properties, all of which qualified as asset acquisitions. During the three months ended March 31, 2024, the Company closed an acquisition of proved and unproved oil and natural gas properties for a total purchase price of $2.0 million in the Permian Basin as well as various acquisitions of interests in producing properties totaling $0.3 million. In addition, during the quarter, the Company recorded closing adjustments that reduced the acquisition price of business combinations completed during 2023 by $1.1 million. 2023 Acquisitions During the three months ended March 31, 2023, the Company acquired various oil and natural gas properties, all of which 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.

Stock Incentive Plan

Stock Incentive Plan	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock Incentive Plan	Stock Incentive Plan The Granite Ridge Resources, Inc. 2022 Omnibus Incentive Plan (the “Plan”) provides the Company the ability to grant, among other award types, stock options, restricted stock awards, and PSUs to directors, officers, employees and consultants or advisors employed by or providing service to the Company. During the first quarter of 2024, the Company granted restricted stock awards, stock options, and PSUs. During the first quarter of 2023, the Company granted restricted stock awards, fully vested stock awards, stock options, and PSUs. Stock-based compensation expense during the three months ended March 31, 2024 and 2023 was $0.5 million and $1.1 million, respectively. Restricted Stock Awards - The Company has granted restricted stock awards to certain of its employees and consultants under the Plan. Restricted stock awards are valued at the closing price of the Company's common stock on the date of grant. 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 ratably over a period of three years. The Company recognizes compensation expense utilizing graded vesting whereby compensation expense is recognized over the service period for each separately vesting tranche. PSUs - The Company has granted PSUs to certain of its officers under the Plan. The PSUs cliff vest at the end of three years, generally subject to continued employment through the performance period. The total number of shares eligible to be earned may range from zero to 200% of the target number of PSUs granted, determined based upon achievement of certain "financial performance" and "market performance" criteria for the Company and individual performance criteria for the officers awarded PSUs. Financial performance is based on the Company's financial performance at the end of the applicable 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 applicable performance period. Individual performance criteria is based on the officers' performance relative to individual performance goals at the end of the performance period. The Company utilizes the Monte Carlo simulation method to determine the fair value of the PSUs based on market performance, while the PSUs based on financial performance are valued based on the closing price of the Company's common stock on the date of grant. Stock Options - The Company has granted stock options to certain of its officers under the Plan. The Company's outstanding stock options expire in 10 years following the date of grant. Pursuant to the stock options granted under the Plan, 33% of the options vest immediately with an additional 33% to vest on each of the next two Stock 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 to certain of its employees and consultants 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, 2024 is presented below: Restricted Stock Awards Performance Stock Units Stock Options Outstanding at December 31, 2023 295,990 26,574 392,108 Awards granted (1) 383,430 70,958 134,375 Awards vested (2) (139,790) — — Options exercised — — — Outstanding at March 31, 2024 539,630 97,532 526,483 (1) Weighted average grant date fair value per share / unit $ 6.07 $ 8.64 $ 1.38 (2) Represents restricted stock and PSUs vested during the period. During the three months ended March 31, 2024, 175,493 stock options vested. As of March 31, 2024, there were a total of 306,195 stock options exercisable. 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 (2) — — — Options exercised — — — Outstanding at March 31, 2023 308,938 26,574 392,108 (1) Weighted average grant date fair value per share / unit $ 5.72 $ 6.01 $ 0.82 (2) Represents restricted stock and PSUs vested during the period. During the three months ended March 31, 2023, 130,702 stock options vested and were exercisable as of March 31, 2023.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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. 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, 2024 and 2023, the Company recorded income tax expense of $4.8 million and $10.8 million, respectively. 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 23.0% and 22.6% for the three months ended March 31, 2024 and 2023, respectively . The effective tax rate differs from the enacted statutory rate of 21% primarily due to the impact of certain discrete items and 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, 2024 and December 31, 2023, 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 were effective for tax years beginning after December 31, 2022. The Department of Treasury is expected to continue to publish regulations relevant to many aspects of the IRA. The Company currently does not believe that there will be a material impact on its cash taxes or income tax expense for the 2024 tax year or future periods but will continue to monitor.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt The carrying value of the Company's total debt was $137.5 million and $110.0 million at March 31, 2024 and December 31, 2023, respectively. Granite Ridge Credit Agreement On October 24, 2022, Granite Ridge entered into a senior secured revolving credit agreement (as amended, 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 initially provided 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 redetermined semiannually on or about April 1 and October 1 of each calendar year, 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. On November 7, 2023, Granite Ridge entered into a First Amendment to the Credit Agreement (the "First Amendment") which, among other things, decreased the borrowing base from $325.0 million to $275.0 million and increased the aggregate elected commitments from $150.0 million to $240.0 million. This borrowing base decrease was a result of the disposition of certain assets in the Permian Basin to Vital Energy. On April 1, 2024, the Company entered into the Resignation, Appointment, Assignment and Third Amendment to Credit Agreement (the “Third Amendment”) by and among the Company, as borrower, Texas Capital Bank, as resigning administrative agent, Bank of America, N.A. (“Bank of America”), as successor administrative agent, and the lenders from time to time party thereto. The Third Amendment, among other things, (a) appointed Bank of America as administrative agent and L/C Issuer (as defined therein), replacing Texas Capital Bank, (b) increased the size of the lender group by adding nine new banks, with one bank exiting the facility, (c) increased the borrowing base from $275.0 million to $300.0 million, and (d) increased the aggregate elected commitments from $240.0 million to $300.0 million. The Company and 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 the Company 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, 2024, the Company had outstanding borrowings of $137.5 million and $0.3 million of letters of credit issued and outstanding under the Credit Agreement, resulting in availability of $102.2 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 of the Company's and its restricted subsidiaries' assets. Borrowings under the Credit Agreement may be base rate loans or secured overnight financing rate (“SOFR”) loans. Interest is payable quarterly for base rate loans and at the end of the applicable interest period for SOFR loans. Prior to the First Amendment, SOFR loans accrued 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 As a result of the First Amendment, SOFR loans now bear interest at SOFR plus an applicable margin ranging from 300 to 400 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 Company also pays a commitment fee on unused elected commitment amounts under its facility of 50 basis points. The Company may repay any amounts borrowed under the Credit Agreement prior to the maturity date without any premium or penalty. 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), of not greater than 3.00 to 1.00 as of the last day of any fiscal quarter, and (ii) a Current Ratio (as defined in the Credit Agreement), of not less than 1.00 to 1.00 as of the last day of each fiscal quarter. At March 31, 2024, the Company was in compliance with all covenants required by the Credit Agreement.

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Equity	Equity Warrant Exchange - On June 22, 2023, the Company completed an Offer to holders of its outstanding warrants which provided such holders the opportunity to receive 0.25 shares of the Company’s common stock in exchange for each warrant tendered by such holders. This Offer coincided with a solicitation of consents from holders of the warrants to amend the warrant agreement to permit the Company to require that each warrant that remained outstanding upon the closing of the Offer be exchanged for 0.225 shares of the Company’s common stock. On June 22, 2023, the Company issued 2,471,738 shares of common stock in exchange for 9,887,035 warrants tendered in the Offer, with a minimal cash settlement in lieu of partial shares. In July 2023, each remaining outstanding warrant was converted into 0.225 shares of the Company’s common stock, and subsequently, no warrants remained outstanding. The warrants exchanged in the Offer were marked to fair value on the date of settlement, which was recorded in gain on derivatives - common stock warrants on the condensed consolidated statements of operations. Upon exchange, the liability of $17.0 million and $0.7 million related to the exchanged common stock warrants in June 2023 and July 2023, respectively, was removed from the consolidated balance sheet and the issuance of shares of the Company’s common stock was reflected in stockholders’ equity. Common Stock Dividends - The Company paid dividends of $14.3 million, or $0.11 per share during the three months ended March 31, 2024. 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 was permitted to 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 stock repurchase program terminated 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. 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, 2024
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 provides 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 pays the Manager an annual services fee of $10.0 million and reimburses 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, 2024 and 2023, service fees for the Company under the MSA were approximately $2.5 million for each period 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, 2024
Risks and Uncertainties [Abstract]
Risk Concentrations	Risk Concentrations As 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 operations 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 obligations under the derivative instruments are secured pursuant to the Credit Agreement, and no additional collateral has been posted by the Company .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Net income $ 16,227 $ 36,866 Participating basic earnings (a) (41) (22) Basic earnings attributable to common stockholders 16,186 36,844 Reallocation of participating earnings — — Diluted earnings attributable to common stockholders $ 16,186 $ 36,844 Weighted average common shares outstanding: Weighted average common shares outstanding – basic 130,136 133,002 Dilutive performance stock units 17 — Dilutive stock options 7 — Weighted average common shares outstanding – diluted 130,160 133,002 Net income per common share: Basic $ 0.12 $ 0.28 Diluted $ 0.12 $ 0.28 (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. Prior to the Warrant Exchange, the warrants were out-of-the-money and were not included in the computation of the diluted earnings per share. As a result of the Warrant Exchange, no warrants remained outstanding at March 31, 2024. Diluted net earnings per share for the three months ended March 31, 2023 excluded 10,349,975 common stock warrants outstanding. The following table is a summary of the PSUs and stock options, 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, 2024 2023 Number of antidilutive common shares: Antidilutive performance stock units 49,713 4,796 Antidilutive stock options 423,538 47,924 Total antidilutive common shares 473,251 52,720

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Third Amendment to Credit Agreement On April 1, 2024, the Company entered into the Third Amendment by and among the Company, as borrower, Texas Capital Bank, as resigning administrative agent, Bank of America, as successor administrative agent, and the lenders from time to time party thereto. The Third Amendment, among other things, (a) appointed Bank of America as administrative agent and L/C Issuer (as defined therein), replacing Texas Capital Bank, (b) increased the size of the lender group by adding nine new banks, with one bank exiting the facility, (c) increased the borrowing base from $275.0 million to $300.0 million, and (d) increased the aggregate elected commitments from $240.0 million to $300.0 million. Other than the foregoing, the material terms of the Credit Agreement remain unchanged. New Commodity Derivative Contracts In April 2024, the Company entered into the following oil and natural gas derivative contracts to hedge additional amounts of estimated future production. 2024 2025 2026 Third Quarter Fourth Quarter Total Total Total Collars (oil) Volume (Bbl) — — — 276,887 — Weighted-average floor price ($/Bbl) $ — $ — $ — $ 64.00 $ — Weighted-average ceiling price ($/Bbl) $ — $ — $ — $ 84.20 $ — Swaps (oil) Volume (Bbl) — — — — — Weighted-average price ($/Bbl) $ — $ — $ — $ — $ — Collars (natural gas) Volume (Mcf) — — — 6,572,829 7,171,176 Weighted-average floor price ($/Mcf) $ — $ — $ — $ 3.00 $ 3.25 Weighted-average ceiling price ($/Mcf) $ — $ — $ — $ 3.75 $ 4.00 Swaps (natural gas) Volume (Mcf) 1,296,952 1,051,588 2,348,540 — — Weighted-average price ($/Mcf) $ 3.81 $ 3.81 $ 3.81 $ — $ —

Supplementary Data

Supplementary Data	3 Months Ended
	Mar. 31, 2024
Extractive Industries [Abstract]
Supplementary Data	Supplementary Data Capitalized Costs (in thousands) March 31, 2024 December 31, 2023 Oil and natural gas properties: Proved $ 1,266,101 $ 1,198,845 Unproved 35,245 37,838 Less: accumulated depletion (508,307) (467,141) Net capitalized costs for oil and natural gas properties $ 793,039 $ 769,542 Costs Incurred for Oil and Natural Gas Producing Activities Three Months Ended March 31, (in thousands) 2024 2023 Property acquisition costs: Proved $ 1,147 $ 17,989 Unproved 1,481 9,630 Development costs 62,639 98,606 Total costs incurred for oil and natural gas properties $ 65,267 $ 126,225

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements 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. All intercompany balances and transactions have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation 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. The Company's chief operating decision maker manages operations on a consolidated basis for purposes of evaluating operations and allocating resources.
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. Estimating reserves is inherently uncertain, including the projection of future rates of production and the timing of development expenditures. 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. Reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that are difficult to measure. The accuracy of any reserve estimate is a function of the quality of available data, engineering and geological interpretation and judgment. Estimates of economically recoverable oil and natural gas reserves and future net cash flows necessarily depend upon a number of variable factors and assumptions, such as historical production from the area compared with production from other producing areas, the assumed effect of regulations by governmental agencies, and assumptions governing future oil and natural gas prices, future operating costs, severance taxes, development costs and workover costs, all of which may in fact vary considerably from actual results. The future drilling costs associated with reserves assigned to proved undeveloped locations may ultimately increase to the extent that these reserves are later to be determined to be uneconomic. For these reasons, estimates of the economically recoverable quantities of expected oil and natural gas attributable to any particular group of properties, classifications of such reserves based on risk of recovery, and estimates of the future net cash flows may vary substantially. 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 instruments, fair value of equity investments, 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, 2023 is derived from audited 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 2023 Form 10-K.
Revenue Receivable	Revenue Receivable 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 advances to operators are presented as an investing outflow within capital expenditures for oil and natural gas properties on the condensed consolidated statements of cash flows.
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 Accounting Standards Codification ("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 $40.8 million and $33.8 million for the three months ended March 31, 2024 and 2023, respectively. The Company reviews its long-lived assets to be held and used, including proved oil and natural gas properties, whenever events or circumstances indicate that the carrying value of those assets may not be recoverable; for instance, when there are declines in commodity prices or well performance. An impairment loss is indicated if the sum of the expected undiscounted future net cash flows is less than the carrying amount of the assets. For each property determined to be impaired, an impairment loss equal to the difference between the carrying value of the properties and the estimated fair market value as determined by discounted future cash flows using a discount rate similar to that used by market participants, or comparable market value if available, is recognized at that time. Estimating future cash flows involves the use of judgments, including estimation of the proved and risk-adjusted unproved oil and natural gas reserve quantities, timing of development and production, expected future commodity prices, capital expenditures and production costs and cash flows from integrated assets. There was no proved property impairment recorded for the three months ended March 31, 2024 or 2023. Unproved oil and natural gas properties are periodically assessed for impairment by considering future drilling and exploration plans, results of exploration activities, commodity price outlooks, planned future sales and expiration of all or a portion of the projects. The Company recorded unproved property impairment of $0.7 million for the three months ended March 31, 2024 in the Permian Basin as the operator no longer intends to drill certain locations. There was no unproved property impairment recorded for the three months ended March 31, 2023.
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 Prior to the Warrant Exchange, the Company accounted for warrants as liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The warrants were 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 were recognized as a non-operating gain or loss in 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. On June 22, 2023, the Company issued 2,471,738 shares of common stock in exchange for 9,887,035 warrants tendered in the Offer. In July 2023, each remaining outstanding warrant was converted into 0.225 shares of the Company's common stock, and subsequently, no warrants remained outstanding. See Note 9 for further discussion of the Warrant Exchange.
Equity Investments	Equity Investments In December 2023, the Company completed the sale of certain of its Permian Basin assets to Vital Energy, Inc. ("Vital Energy") for consideration of 561,752 shares of Vital Energy's common stock and 541,155 shares of Vital Energy's 2.0% cumulative mandatorily convertible preferred securities. The Company follows the guidance in ASC 321, "Investments - Equity Securities" ("ASC 321") for its investment in the common and preferred stock of Vital Energy. ASC 321 requires equity investments with readily determinable fair values to be measured at fair value, with unrealized holding gains and losses recorded as a gain or loss on the condensed consolidated statements of operations. For the preferred stock that does not have a readily determinable fair value, the Company has not elected the measurement alternative in ASC 321 and instead accounts for the preferred stock at fair value with unrealized gains and losses recorded through net income. For the three months ended March 31, 2024, an unrealized gain of $7.8 million on the change in fair value of the common and preferred stock is included in the condensed consolidated statements of operations.
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 condensed consolidated 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 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 condensed consolidated 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 the Company's 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”), the Black-Scholes model for options issued at-the-money, and a binomial lattice model for other stock options. The Company recognizes forfeitures of stock-based compensation awards as they occur.
Recently Issued and Applicable Accounting Pronouncements (Issued and Not Yet Adopted) and Recently Issued and Applicable Accounting Pronouncements (Issued and Adopted)	Recently Issued and Applicable Accounting Pronouncements (Issued and Not Yet Adopted) In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," ("ASU 2023-07") which requires public entities, including public entities with a single reportable segment, to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 was effective for annual periods beginning after December 15, 2023, and is effective for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently assessing the effect that ASU 2023-07 will have on its disclosures. In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures," ("ASU 2023-09") which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company has not early adopted the standard and is currently assessing the effect that ASU 2023-09 will have on its disclosures. Recently Issued and Applicable Accounting Pronouncements (Issued and Adopted) The FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which replaced the “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, 2024
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, 2024 and 2023. Three Months Ended March 31, (in thousands) 2024 2023 Oil $ 75,766 $ 73,475 Natural gas 13,230 17,835 Total $ 88,996 $ 91,310 Permian $ 49,946 $ 51,810 Eagle Ford 13,408 10,962 Bakken 13,446 13,075 Haynesville 5,236 8,947 DJ 6,960 6,516 Total $ 88,996 $ 91,310

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024. 2024 2025 Second Quarter Third Quarter Fourth Quarter Total Total Collar (oil) Volume (Bbl) 401,874 361,552 311,496 1,074,922 439,852 Weighted-average floor price ($/Bbl) $ 64.27 $ 64.32 $ 64.13 $ 64.24 $ 61.48 Weighted-average ceiling price ($/Bbl) $ 85.11 $ 85.24 $ 84.97 $ 85.11 $ 80.65 Swaps (oil) Volume (Bbl) 48,000 39,000 32,000 119,000 — Weighted-average price ($/Bbl) $ 80.00 $ 80.00 $ 80.00 $ 80.00 $ — Collar (natural gas) Volume (Mcf) — — 1,615,000 1,615,000 2,156,000 Weighted-average floor price ($/Mcf) $ — $ — $ 3.57 $ 3.57 $ 3.57 Weighted-average ceiling price ($/Mcf) $ — $ — $ 5.37 $ 5.37 $ 5.37 Swaps (natural gas) Volume (Mcf) 3,236,000 2,823,000 844,000 6,903,000 1,612,050 Weighted-average price ($/Mcf) $ 3.22 $ 3.22 $ 3.22 $ 3.22 $ 3.20 In April 2024, the Company entered into the following oil and natural gas derivative contracts to hedge additional amounts of estimated future production. 2024 2025 2026 Third Quarter Fourth Quarter Total Total Total Collars (oil) Volume (Bbl) — — — 276,887 — Weighted-average floor price ($/Bbl) $ — $ — $ — $ 64.00 $ — Weighted-average ceiling price ($/Bbl) $ — $ — $ — $ 84.20 $ — Swaps (oil) Volume (Bbl) — — — — — Weighted-average price ($/Bbl) $ — $ — $ — $ — $ — Collars (natural gas) Volume (Mcf) — — — 6,572,829 7,171,176 Weighted-average floor price ($/Mcf) $ — $ — $ — $ 3.00 $ 3.25 Weighted-average ceiling price ($/Mcf) $ — $ — $ — $ 3.75 $ 4.00 Swaps (natural gas) Volume (Mcf) 1,296,952 1,051,588 2,348,540 — — Weighted-average price ($/Mcf) $ 3.81 $ 3.81 $ 3.81 $ — $ —
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, 2024 and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Gain (loss) on commodity derivatives Oil derivatives $ (21,062) $ 15,097 Natural gas derivatives 17,901 (1,774) Total $ (3,161) $ 13,323
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, 2024 and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Net cash receipts from commodity derivatives Oil derivatives $ 96 $ 1,953 Natural gas derivatives 2,612 4,433 Total $ 2,708 $ 6,386

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 ( in thousands) Carrying Value Fair Value Carrying Value Fair Value Assets: Derivative instruments - commodity derivatives $ 7,094 $ 7,094 $ 12,306 $ 12,306 Equity investments $ 58,207 $ 58,207 $ 50,427 $ 50,427 Liabilities: Revolving credit facilities $ 137,500 $ 137,500 $ 110,000 $ 110,000 Derivative instruments - commodity derivatives $ 657 $ 657 $ — $ —
Summary of Net Derivative Asset (Liability) Measured at Fair Value	March 31, 2024 Fair Value Measurement Using (in thousands) Level 1 Level 2 Level 3 Total Fair Gross Amounts Net Fair Value Equity investments - common stock $ 29,515 $ — $ — $ 29,515 $ — $ 29,515 Equity investments - preferred stock — 28,692 — 28,692 — 28,692 Total equity investments $ 29,515 $ 28,692 $ — $ 58,207 $ — $ 58,207 Assets (at fair value): Commodity derivatives – current portion $ — $ 11,767 $ — $ 11,767 $ (4,673) $ 7,094 Commodity derivatives – noncurrent portion — 625 — 625 (625) — Liabilities (at fair value): Commodity derivatives – current portion — (4,673) — (4,673) 4,673 — Commodity derivatives – noncurrent portion — (1,282) — (1,282) 625 (657) Net derivative instruments $ — $ 6,437 $ — $ 6,437 $ — $ 6,437 December 31, 2023 Fair Value Measurement Using (in thousands) Level 1 Level 2 Level 3 Total Fair Gross Amounts Net Fair Value Equity investments - common stock $ 25,554 $ — $ — $ 25,554 $ — $ 25,554 Equity investments - preferred stock — 24,873 — 24,873 — 24,873 Total equity investments $ 25,554 $ 24,873 $ — $ 50,427 $ — $ 50,427 Assets (at fair value): Commodity derivatives – current portion $ — $ 14,202 $ — $ 14,202 $ (3,085) $ 11,117 Commodity derivatives – noncurrent portion — 2,534 — 2,534 (1,345) 1,189 Liabilities (at fair value): Commodity derivatives – current portion — (3,085) — (3,085) 3,085 — Commodity derivatives – noncurrent portion — (1,345) — (1,345) 1,345 — Net derivative instruments $ — $ 12,306 $ — $ 12,306 $ — $ 12,306

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 is presented below: Restricted Stock Awards Performance Stock Units Stock Options Outstanding at December 31, 2023 295,990 26,574 392,108 Awards granted (1) 383,430 70,958 134,375 Awards vested (2) (139,790) — — Options exercised — — — Outstanding at March 31, 2024 539,630 97,532 526,483 (1) Weighted average grant date fair value per share / unit $ 6.07 $ 8.64 $ 1.38 (2) Represents restricted stock and PSUs vested during the period. During the three months ended March 31, 2024, 175,493 stock options vested. As of March 31, 2024, there were a total of 306,195 stock options exercisable. 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 (2) — — — Options exercised — — — Outstanding at March 31, 2023 308,938 26,574 392,108 (1) Weighted average grant date fair value per share / unit $ 5.72 $ 6.01 $ 0.82 (2) Represents restricted stock and PSUs vested during the period. During the three months ended March 31, 2023, 130,702 stock options vested and were exercisable as of March 31, 2023.
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, 2024 is presented below: Restricted Stock Awards Performance Stock Units Stock Options Outstanding at December 31, 2023 295,990 26,574 392,108 Awards granted (1) 383,430 70,958 134,375 Awards vested (2) (139,790) — — Options exercised — — — Outstanding at March 31, 2024 539,630 97,532 526,483 (1) Weighted average grant date fair value per share / unit $ 6.07 $ 8.64 $ 1.38 (2) Represents restricted stock and PSUs vested during the period. During the three months ended March 31, 2024, 175,493 stock options vested. As of March 31, 2024, there were a total of 306,195 stock options exercisable. 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 (2) — — — Options exercised — — — Outstanding at March 31, 2023 308,938 26,574 392,108 (1) Weighted average grant date fair value per share / unit $ 5.72 $ 6.01 $ 0.82 (2) Represents restricted stock and PSUs vested during the period. During the three months ended March 31, 2023, 130,702 stock options vested and were exercisable as of March 31, 2023.
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, 2024 is presented below: Restricted Stock Awards Performance Stock Units Stock Options Outstanding at December 31, 2023 295,990 26,574 392,108 Awards granted (1) 383,430 70,958 134,375 Awards vested (2) (139,790) — — Options exercised — — — Outstanding at March 31, 2024 539,630 97,532 526,483 (1) Weighted average grant date fair value per share / unit $ 6.07 $ 8.64 $ 1.38 (2) Represents restricted stock and PSUs vested during the period. During the three months ended March 31, 2024, 175,493 stock options vested. As of March 31, 2024, there were a total of 306,195 stock options exercisable. 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 (2) — — — Options exercised — — — Outstanding at March 31, 2023 308,938 26,574 392,108 (1) Weighted average grant date fair value per share / unit $ 5.72 $ 6.01 $ 0.82 (2) Represents restricted stock and PSUs vested during the period. During the three months ended March 31, 2023, 130,702 stock options vested and were exercisable as of March 31, 2023.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023: Three Months Ended March 31, (in thousands) 2024 2023 Net income $ 16,227 $ 36,866 Participating basic earnings (a) (41) (22) Basic earnings attributable to common stockholders 16,186 36,844 Reallocation of participating earnings — — Diluted earnings attributable to common stockholders $ 16,186 $ 36,844 Weighted average common shares outstanding: Weighted average common shares outstanding – basic 130,136 133,002 Dilutive performance stock units 17 — Dilutive stock options 7 — Weighted average common shares outstanding – diluted 130,160 133,002 Net income per common share: Basic $ 0.12 $ 0.28 Diluted $ 0.12 $ 0.28 (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 and stock options, 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, 2024 2023 Number of antidilutive common shares: Antidilutive performance stock units 49,713 4,796 Antidilutive stock options 423,538 47,924 Total antidilutive common shares 473,251 52,720

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024. 2024 2025 Second Quarter Third Quarter Fourth Quarter Total Total Collar (oil) Volume (Bbl) 401,874 361,552 311,496 1,074,922 439,852 Weighted-average floor price ($/Bbl) $ 64.27 $ 64.32 $ 64.13 $ 64.24 $ 61.48 Weighted-average ceiling price ($/Bbl) $ 85.11 $ 85.24 $ 84.97 $ 85.11 $ 80.65 Swaps (oil) Volume (Bbl) 48,000 39,000 32,000 119,000 — Weighted-average price ($/Bbl) $ 80.00 $ 80.00 $ 80.00 $ 80.00 $ — Collar (natural gas) Volume (Mcf) — — 1,615,000 1,615,000 2,156,000 Weighted-average floor price ($/Mcf) $ — $ — $ 3.57 $ 3.57 $ 3.57 Weighted-average ceiling price ($/Mcf) $ — $ — $ 5.37 $ 5.37 $ 5.37 Swaps (natural gas) Volume (Mcf) 3,236,000 2,823,000 844,000 6,903,000 1,612,050 Weighted-average price ($/Mcf) $ 3.22 $ 3.22 $ 3.22 $ 3.22 $ 3.20 In April 2024, the Company entered into the following oil and natural gas derivative contracts to hedge additional amounts of estimated future production. 2024 2025 2026 Third Quarter Fourth Quarter Total Total Total Collars (oil) Volume (Bbl) — — — 276,887 — Weighted-average floor price ($/Bbl) $ — $ — $ — $ 64.00 $ — Weighted-average ceiling price ($/Bbl) $ — $ — $ — $ 84.20 $ — Swaps (oil) Volume (Bbl) — — — — — Weighted-average price ($/Bbl) $ — $ — $ — $ — $ — Collars (natural gas) Volume (Mcf) — — — 6,572,829 7,171,176 Weighted-average floor price ($/Mcf) $ — $ — $ — $ 3.00 $ 3.25 Weighted-average ceiling price ($/Mcf) $ — $ — $ — $ 3.75 $ 4.00 Swaps (natural gas) Volume (Mcf) 1,296,952 1,051,588 2,348,540 — — Weighted-average price ($/Mcf) $ 3.81 $ 3.81 $ 3.81 $ — $ —

Supplementary Data (Tables)

Supplementary Data (Tables)	3 Months Ended
	Mar. 31, 2024
Extractive Industries [Abstract]
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure	Capitalized Costs (in thousands) March 31, 2024 December 31, 2023 Oil and natural gas properties: Proved $ 1,266,101 $ 1,198,845 Unproved 35,245 37,838 Less: accumulated depletion (508,307) (467,141) Net capitalized costs for oil and natural gas properties $ 793,039 $ 769,542
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) 2024 2023 Property acquisition costs: Proved $ 1,147 $ 17,989 Unproved 1,481 9,630 Development costs 62,639 98,606 Total costs incurred for oil and natural gas properties $ 65,267 $ 126,225

Organization and Nature of Op_2

Organization and Nature of Operations (Details)			1 Months Ended
	Jun. 22, 2023 shares	Oct. 24, 2022 USD ($) $ / shares shares	Jan. 31, 2023 USD ($) shares	Mar. 31, 2024 shares	Dec. 31, 2023 shares	Jul. 31, 2023
Basin acquisition that met the definition of a business combination
Common stock, shares authorized (in shares)				431,000,000	431,000,000
Stock warrants issued (in shares)		10,349,975
Warrant Exchange Offer
Basin acquisition that met the definition of a business combination
Shares of common stock underlying each warrant	0.25
Warrants tendered (in shares)	2,471,738
Number of warrants tendered (shares)	9,887,035
Amended Warrant Agreement Offer
Basin acquisition that met the definition of a business combination
Shares of common stock underlying each warrant	0.225					0.225
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) | $ / shares		$ 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, 2024 segment
Accounting Policies [Abstract]
Operating segments	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Derivative instruments- common stock warrants (Details)	Jun. 22, 2023 shares	Mar. 31, 2024 shares	Jul. 31, 2023 shares
Warrant Exchange Offer
Basin acquisition that met the definition of a business combination
Warrants tendered (in shares)	2,471,738
Number of warrants tendered (shares)	9,887,035
Shares of common stock underlying each warrant	0.25
Amended Warrant Agreement Offer
Basin acquisition that met the definition of a business combination
Shares of common stock underlying each warrant	0.225		0.225
Warrants outstanding (in shares)		0	0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Equity Investments (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Unrealized gain on equity investments		$ 7,779	$ 0
Common Stock | 2023 Divestitures | Vital Energy, Inc
Class of Stock [Line Items]
Noncash or part noncash divestiture, consideration received (in shares)	561,752
Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)	2%
Convertible Preferred Stock | 2023 Divestitures | Vital Energy, Inc
Class of Stock [Line Items]
Noncash or part noncash divestiture, consideration received (in shares)	541,155

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Revenue recognition (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounting policies [Line items]
Allowance for credit loss	$ 0.2	$ 0.2
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_8

Summary of Significant Accounting Policies - Advance to operators (Details)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Advance payments to operators, term	90 days

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Oil and natural gas properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Oil and natural gas properties
Depletion and accretion recognized	$ 40,800	$ 33,800
Impairments of unproved properties	732	0
Permian | Unproved oil and natural gas properties
Oil and natural gas properties
Impairments of unproved properties	$ 700	$ 0

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Schedule of disaggregated revenues by operation and geographic location (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) region source	Mar. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Number of revenue sources | source	2
Operating regions | region	5
Revenue	$ 88,996	$ 91,310
Permian
Disaggregation of Revenue [Line Items]
Revenue	49,946	51,810
Eagle Ford
Disaggregation of Revenue [Line Items]
Revenue	13,408	10,962
Bakken
Disaggregation of Revenue [Line Items]
Revenue	13,446	13,075
Haynesville
Disaggregation of Revenue [Line Items]
Revenue	5,236	8,947
DJ
Disaggregation of Revenue [Line Items]
Revenue	6,960	6,516
Oil
Disaggregation of Revenue [Line Items]
Revenue	75,766	73,475
Natural gas
Disaggregation of Revenue [Line Items]
Revenue	$ 13,230	$ 17,835

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Recently issued and applicable accounting pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Jan. 01, 2023	Dec. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings	$ (674,018)	$ (671,645)	$ (645,057)		$ (622,404)
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax effected cumulative adjustment to retained earnings	$ (56,660)	$ (54,782)	$ (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)	3 Months Ended
	Mar. 31, 2024 $ / bbl $ / Mcf Mcf bbl
Collar Oil Contract, 2024 | Second Quarter
Derivative instruments
Volume (Bbl) | bbl	401,874
Collar Oil Contract, 2024 | Third Quarter
Derivative instruments
Volume (Bbl) | bbl	361,552
Collar Oil Contract, 2024 | Fourth Quarter
Derivative instruments
Volume (Bbl) | bbl	311,496
Collar Oil Contract, 2024 | 2024
Derivative instruments
Volume (Bbl) | bbl	1,074,922
Collar Oil Contract, 2024 | Weighted-average floor price | Second Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	64.27
Collar Oil Contract, 2024 | Weighted-average floor price | Third Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	64.32
Collar Oil Contract, 2024 | Weighted-average floor price | Fourth Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	64.13
Collar Oil Contract, 2024 | Weighted-average floor price | 2024
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	64.24
Collar Oil Contract, 2024 | Weighted-average ceiling price | Second Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	85.11
Collar Oil Contract, 2024 | Weighted-average ceiling price | Third Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	85.24
Collar Oil Contract, 2024 | Weighted-average ceiling price | Fourth Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	84.97
Collar Oil Contract, 2024 | Weighted-average ceiling price | 2024
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	85.11
Collar Oil Contract, 2025 Total Settlement | 2025
Derivative instruments
Volume (Bbl) | bbl	439,852
Collar Oil Contract, 2025 Total Settlement | Weighted-average floor price | 2025
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	61.48
Collar Oil Contract, 2025 Total Settlement | Weighted-average ceiling price | 2025
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	80.65
Swaps Oil Contract, 2024 | Second Quarter
Derivative instruments
Volume (Bbl) | bbl	48,000
Swaps Oil Contract, 2024 | Third Quarter
Derivative instruments
Volume (Bbl) | bbl	39,000
Swaps Oil Contract, 2024 | Fourth Quarter
Derivative instruments
Volume (Bbl) | bbl	32,000
Swaps Oil Contract, 2024 | 2024
Derivative instruments
Volume (Bbl) | bbl	119,000
Swaps Oil Contract, 2024 | Weighted-average price | Second Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	80
Swaps Oil Contract, 2024 | Weighted-average price | Third Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	80
Swaps Oil Contract, 2024 | Weighted-average price | Fourth Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	80
Swaps Oil Contract, 2024 | Weighted-average price | 2024
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	80
Swaps Oil Contract, 2025 Total Settlement | 2025
Derivative instruments
Volume (Bbl) | bbl	0
Swaps Oil Contract, 2025 Total Settlement | Weighted-average price | 2025
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Collar Natural Gas Contract, 2024 | Second Quarter
Derivative instruments
Volume (Bbl) | Mcf	0
Collar Natural Gas Contract, 2024 | Third Quarter
Derivative instruments
Volume (Bbl) | Mcf	0
Collar Natural Gas Contract, 2024 | Fourth Quarter
Derivative instruments
Volume (Bbl) | Mcf	1,615,000
Collar Natural Gas Contract, 2024 | 2024
Derivative instruments
Volume (Bbl) | Mcf	1,615,000
Collar Natural Gas Contract, 2024 | Weighted-average floor price | Second Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	0
Collar Natural Gas Contract, 2024 | Weighted-average floor price | Third Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	0
Collar Natural Gas Contract, 2024 | Weighted-average floor price | Fourth Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3.57
Collar Natural Gas Contract, 2024 | Weighted-average floor price | 2024
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3.57
Collar Natural Gas Contract, 2024 | Weighted-average ceiling price | Second Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	0
Collar Natural Gas Contract, 2024 | Weighted-average ceiling price | Third Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	0
Collar Natural Gas Contract, 2024 | Weighted-average ceiling price | Fourth Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	5.37
Collar Natural Gas Contract, 2024 | Weighted-average ceiling price | 2024
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	5.37
Collar Natural Gas Contract, 2025 Total Settlement | 2025
Derivative instruments
Volume (Bbl) | Mcf	2,156,000
Collar Natural Gas Contract, 2025 Total Settlement | Weighted-average floor price | 2025
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3.57
Collar Natural Gas Contract, 2025 Total Settlement | Weighted-average ceiling price | 2025
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	5.37
Swaps Natural Gas Contract, 2024 | Second Quarter
Derivative instruments
Volume (Bbl) | Mcf	3,236,000
Swaps Natural Gas Contract, 2024 | Third Quarter
Derivative instruments
Volume (Bbl) | Mcf	2,823,000
Swaps Natural Gas Contract, 2024 | Fourth Quarter
Derivative instruments
Volume (Bbl) | Mcf	844,000
Swaps Natural Gas Contract, 2024 | 2024
Derivative instruments
Volume (Bbl) | Mcf	6,903,000
Swaps Natural Gas Contract, 2024 | Weighted-average price | Second Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3.22
Swaps Natural Gas Contract, 2024 | Weighted-average price | Third Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3.22
Swaps Natural Gas Contract, 2024 | Weighted-average price | Fourth Quarter
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3.22
Swaps Natural Gas Contract, 2024 | Weighted-average price | 2024
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3.22
Collar Natural Gas Contract, 2025 Total Settlement | 2025
Derivative instruments
Volume (Bbl) | Mcf	1,612,050
Collar Natural Gas Contract, 2025 Total Settlement | Weighted-average price | 2025
Derivative instruments
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3.20

Derivative Financial Instrume_4

Derivative Financial Instruments - Impact of commodity derivatives on earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative instruments
Gain (loss) on derivatives - commodity derivatives	$ (3,161)	$ 13,323
Net cash receipts from commodity derivatives	2,708	6,386
Oil derivatives
Derivative instruments
Gain (loss) on derivatives - commodity derivatives	(21,062)	15,097
Net cash receipts from commodity derivatives	96	1,953
Natural gas derivatives
Derivative instruments
Gain (loss) on derivatives - commodity derivatives	17,901	(1,774)
Net cash receipts from commodity derivatives	$ 2,612	$ 4,433

Derivative Financial Instrume_5

Derivative Financial Instruments - Common stock warrants (Narrative) (Details) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended
	Jun. 22, 2023 shares	Oct. 24, 2022 $ / shares shares	Jul. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)
Derivative instruments
Stock warrants issued (in shares)		10,349,975
Gain on derivatives - common stock warrants | $					$ 0	$ 5,278
Warrant Exchange Offer
Derivative instruments
Gain on derivatives - common stock warrants | $						$ 5,300
Warrants tendered (in shares)	2,471,738
Number of warrants tendered (shares)	9,887,035
Shares of common stock underlying each warrant	0.25
Amended Warrant Agreement Offer
Derivative instruments
Shares of common stock underlying each warrant	0.225		0.225
Fair value settlements | $			$ 700	$ 17,000
Warrant
Derivative instruments
Stock warrants issued (in shares)		10,349,975
Shares of common stock underlying each warrant (in share)		1
Exercise price of warrants (in dollars per share) | $ / shares		$ 11.50
Period after business combination close in which warrants become exercisable		30 days
Common stock issued for exercise of warrants (in shares)					461

Fair Value Measurements - Carry

Fair Value Measurements - Carrying amounts and fair values of financial instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Assets:
Derivative instruments - commodity derivatives	$ 7,094	$ 12,306
Equity investments	58,207	50,427
Liabilities:
Revolving credit facilities	137,500	110,000
Derivative instruments - commodity derivatives	657	0
Fair Value
Assets:
Derivative instruments - commodity derivatives	7,094	12,306
Equity investments	58,207	50,427
Liabilities:
Revolving credit facilities	137,500	110,000
Derivative instruments - commodity derivatives	$ 657	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	Mar. 31, 2024
Vital Energy, Inc
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of common shares to be converted into, per share of preferred stock	1

Fair Value Measurements - Fair

Fair Value Measurements - Fair value of net derivative instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets (at fair value):
Derivative instruments - commodity derivatives	$ 7,094	$ 11,117
Derivative assets - commodity derivatives	0	1,189
Liabilities (at fair value):
Commodity derivatives – noncurrent portion	(657)	0
Fair Value
Assets (at fair value):
Equity investments	58,207	50,427
Fair Value, Recurring
Assets (at fair value):
Equity investments	58,207
Commodity derivatives - current portion - Net of fair value presented in CBS	7,094
Commodity derivatives - noncurrent portion - Net of fair value presented in CBS	0	1,189
Liabilities (at fair value):
Commodity derivatives - current portion - Net fair value presented in CBS	0
Warrant liability - noncurrent portion - Net fair value presented in CBS	(657)	0
Net derivative instruments	6,437
Fair Value, Recurring | Common Stock
Assets (at fair value):
Equity investments	29,515
Fair Value, Recurring | Preferred Stock
Assets (at fair value):
Equity investments	28,692
Fair Value, Recurring | Fair Value
Assets (at fair value):
Equity investments	58,207	50,427
Derivative instruments - commodity derivatives	11,767	14,202
Commodity derivatives - current portion offset in the Consolidated Balance Sheet	(4,673)	(3,085)
Commodity derivatives - current portion - Net of fair value presented in CBS		11,117
Derivative assets - commodity derivatives	625	2,534
Commodity derivatives - noncurrent portion offset in the Consolidated Balance Sheet	(625)	(1,345)
Liabilities (at fair value):
Derivative instruments - commodity derivatives	(4,673)	(3,085)
Commodity derivatives - current portion - Offset in Consolidated Balance Sheet	4,673	3,085
Commodity derivatives - current portion - Net fair value presented in CBS		0
Commodity derivatives – noncurrent portion	(1,282)	(1,345)
Warrant liability - noncurrent portion- Offset in the Consolidated Balance Sheet	625	1,345
Net derivative instruments	6,437	12,306
Derivative Asset, Subject to Master Netting Arrangement, Offset	0	0
Fair Value, Recurring | Fair Value | Common Stock
Assets (at fair value):
Equity investments	29,515	25,554
Fair Value, Recurring | Fair Value | Preferred Stock
Assets (at fair value):
Equity investments	28,692	24,873
Fair Value, Recurring | Level 1 | Fair Value
Assets (at fair value):
Equity investments	29,515	25,554
Derivative instruments - commodity derivatives	0	0
Derivative assets - commodity derivatives	0	0
Liabilities (at fair value):
Derivative instruments - commodity derivatives	0	0
Commodity derivatives – noncurrent portion	0	0
Net derivative instruments	0	0
Fair Value, Recurring | Level 1 | Fair Value | Common Stock
Assets (at fair value):
Equity investments	29,515	25,554
Fair Value, Recurring | Level 1 | Fair Value | Preferred Stock
Assets (at fair value):
Equity investments	0	0
Fair Value, Recurring | Level 2 | Fair Value
Assets (at fair value):
Equity investments	28,692	24,873
Derivative instruments - commodity derivatives	11,767	14,202
Derivative assets - commodity derivatives	625	2,534
Liabilities (at fair value):
Derivative instruments - commodity derivatives	(4,673)	(3,085)
Commodity derivatives – noncurrent portion	(1,282)	(1,345)
Net derivative instruments	6,437	12,306
Fair Value, Recurring | Level 2 | Fair Value | Common Stock
Assets (at fair value):
Equity investments	0	0
Fair Value, Recurring | Level 2 | Fair Value | Preferred Stock
Assets (at fair value):
Equity investments	28,692	24,873
Fair Value, Recurring | Level 3 | Fair Value
Assets (at fair value):
Equity investments	0	0
Derivative instruments - commodity derivatives	0	0
Derivative assets - commodity derivatives	0	0
Liabilities (at fair value):
Derivative instruments - commodity derivatives	0	0
Commodity derivatives – noncurrent portion	0	0
Net derivative instruments	0	0
Fair Value, Recurring | Level 3 | Fair Value | Common Stock
Assets (at fair value):
Equity investments	0	0
Fair Value, Recurring | Level 3 | Fair Value | Preferred Stock
Assets (at fair value):
Equity investments	$ 0	$ 0

Acquisitions and Divestitures (

Acquisitions and Divestitures (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
Oil and natural gas properties
Closing adjustments to reduce acquisition price of business combinations	$ 1,100
Payments to acquire oil and gas property and equipment	2,627	$ 24,370
2024 Acquisitions | Proved and unproved oil and natural gas properties
Oil and natural gas properties
Acquisitions of oil and natural gas properties	300
Permian | 2024 Acquisitions | Proved and unproved oil and natural gas properties
Oil and natural gas properties
Acquisitions of oil and natural gas properties	$ 2,000
Permian | 2023 Acquisitions | Unproved oil and natural gas properties
Oil and natural gas properties
Acquisitions of oil and natural gas properties		9,600
DJ | 2023 Acquisitions | Proved oil and natural gas properties
Oil and natural gas properties
Payments to acquire oil and gas property and equipment		16,600	$ 1,900
Asset retirement obligations incurred and acquired		$ 900

Stock Incentive Plan - Addition

Stock Incentive Plan - Additional information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Stock-based compensation	$ 0.5	$ 1.1
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)	383,430	308,938
Weighted average grant date fair value per share/unit (in dollars per share)	$ 6.07	$ 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)	70,958	26,574
Weighted average grant date fair value per share/unit (in dollars per share)	$ 8.64	$ 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
Number of anniversaries	2 years
Stock options granted (in shares)	134,375	392,108
Stock option, exercise price, (in dollar per shares)	$ 6.06
Other Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Awards granted (in shares)		94,007
Weighted average grant date fair value per share/unit (in dollars per share)		$ 8.51
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 vesting percentage (in percent)	33%
Stock options granted (in shares)		72,108
Stock option, exercise price, (in dollar per 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 vesting percentage (in percent)	33%
Stock options granted (in shares)		320,000
Stock option, exercise price, (in dollar per shares)		$ 9.22

Stock Incentive Plan - Summary

Stock Incentive Plan - Summary of company's activity under the Plan (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	295,990	0
Awards granted (in shares)	383,430	308,938
Awards vested (in shares)	(139,790)	0
Ending balance (in shares)	539,630	308,938
Weighted average grant date fair value per share/unit (in dollars per share)	$ 6.07	$ 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)	26,574	0
Awards granted (in shares)	70,958	26,574
Awards vested (in shares)	0	0
Ending balance (in shares)	97,532	26,574
Weighted average grant date fair value per share/unit (in dollars per share)	$ 8.64	$ 6.01
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning balance (in shares)	392,108	0
Stock options granted (in shares)	134,375	392,108
Awards vested (in shares)	(175,493)	(130,702)
Options exercised (in shares)	0	0
Ending balance (in shares)	526,483	392,108
Weighted average grant date fair value per share/unit (in dollars per share)	$ 1.38	$ 0.82
Options exercisable (in shares)	306,195	130,702

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 4,837	$ 10,786
Effective tax rate	23%	22.60%
Enacted statutory rate	21%
Unrecognized tax benefits, interest or penalties	$ 0		$ 0
Inflation Reduction Act, corporate alternative minimum tax percentage	15%
Inflation Reduction Act, excise tax percentage	1%

Debt (Details)

Debt (Details) - USD ($) $ in Millions			3 Months Ended
	Nov. 07, 2023	Oct. 24, 2022	Mar. 31, 2024	Apr. 01, 2024
Credit facility
Long-term debt			$ 137.5
Letters of credit outstanding			0.3
Line of Credit
Credit facility
Debt instrument term		5 years
Capacity for aggregate elected commitments	$ 240	$ 150
Initial borrowing capacity	$ 275	325
Maximum borrowing capacity		$ 1,000
Line of credit facility, remaining borrowing capacity			$ 102.2
Commitment fee percentage		0.50%
Leverage ratio			300%
Current ratio			100%
Line of Credit | Subsequent Event
Credit facility
Capacity for aggregate elected commitments				$ 300
Initial borrowing capacity				$ 300
Line of Credit | Credit Spread Adjustment Scenario 1
Credit facility
Interest rate increase	0.10%		0.10%
Line of Credit | Credit Spread Adjustment Scenario 2
Credit facility
Interest rate increase	0.15%		0.15%
Line of Credit | Credit Spread Adjustment Scenario 3
Credit facility
Interest rate increase	0.20%		0.20%
Line of Credit | Secured Overnight Financing Rate (SOFR) | Credit Spread Adjustment Scenario 1
Credit facility
Interest rate increase	1%		1%
Variable interest rate adjustment term	1 month		1 month
Additional to margin added to interest rate			0.10%
Line of Credit | Secured Overnight Financing Rate (SOFR) | Credit Spread Adjustment Scenario 2
Credit facility
Variable interest rate adjustment term	3 months		3 months
Line of Credit | Secured Overnight Financing Rate (SOFR) | Credit Spread Adjustment Scenario 3
Credit facility
Variable interest rate adjustment term	6 months		6 months
Line of Credit | Secured Overnight Financing Rate (SOFR) | Minimum
Credit facility
Variable interest rate	3%		2.50%
Line of Credit | Secured Overnight Financing Rate (SOFR) | Minimum | Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate	2%
Line of Credit | Secured Overnight Financing Rate (SOFR) | Maximum
Credit facility
Variable interest rate	4%		3.50%
Line of Credit | Secured Overnight Financing Rate (SOFR) | Maximum | Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate	3%
Line of Credit | Federal funds rate
Credit facility
Interest rate increase	0.50%		0.50%
Line of Credit | Base Rate | Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate	0.10%
Line of Credit | Base Rate | Minimum | Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate			1.50%
Line of Credit | Base Rate | Maximum | Credit Spread Adjustment Scenario 1
Credit facility
Additional to margin added to interest rate			2.50%

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended
	Jun. 22, 2023 shares	Jul. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jan. 31, 2023 shares	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Oct. 24, 2022 shares
Class of Stock [Line Items]
Dividends, common stock, cash | $					$ 14,300	$ 14,600
Common stock, dividends, per share, cash paid (in dollars per share) | $ / shares					$ 0.11	$ 0.11
Treasury stock, value, acquired, cost method | $					$ 17	$ 1,801
Common Class A
Class of Stock [Line Items]
Treasury stock, value, acquired, cost method | $						$ 1,700
Common Stock Repurchase Program | Common Class A
Class of Stock [Line Items]
Stock repurchase program, authorized amount | $							$ 50,000
Purchase of treasury stock (in shares)						273,017
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
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
Awards vested (in shares)				151,170
Warrant Exchange Offer
Class of Stock [Line Items]
Shares of common stock underlying each warrant	0.25
Warrants tendered (in shares)	2,471,738
Number of warrants tendered (shares)	9,887,035
Amended Warrant Agreement Offer
Class of Stock [Line Items]
Shares of common stock underlying each warrant	0.225	0.225
Fair value settlements | $		$ 700	$ 17,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related party transactions
Other liabilities	$ 4,081		$ 1,204
Related Party | Grey Rock Administration, LLC (the Manager)
Related party transactions
Other liabilities	$ 10,000
Oil and gas management agreement, renewal term	1 year
Oil and gas management agreement, transition services term	90 days
Management fees paid	$ 2,500
Related Party | Investment Advisor Under Funds Control
Related party transactions
Management fees paid		$ 2,500

Risk Concentrations (Details)

Risk Concentrations (Details)	3 Months Ended
	Mar. 31, 2024
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, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 16,227	$ 36,866
Participating basic earnings	(41)	(22)
Basic earnings attributable to common stockholders	16,186	36,844
Reallocation of participating earnings	0	0
Diluted earnings attributable to common stockholders	$ 16,186	$ 36,844
Weighted-average number of shares outstanding:
Weighted average common shares outstanding – basic (in shares)	130,136	133,002
Dilutive performance stock units (in shares)	17	0
Dilutive stock options (in shares)	7	0
Weighted average common shares outstanding – diluted (in shares)	130,160	133,002
Net income per common share:
Basic (in dollars per share)	$ 0.12	$ 0.28
Diluted (in dollars per share)	$ 0.12	$ 0.28

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jul. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	473,251	52,720
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
Amended Warrant Agreement Offer
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants outstanding (in shares)	0		0

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of diluted earnings per share, diluted securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	473,251	52,720
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)	49,713	4,796
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)	423,538	47,924

Subsequent Events - Schedule of

Subsequent Events - Schedule of outstanding derivative contracts (Details)	1 Months Ended	3 Months Ended
	May 09, 2024 $ / bbl $ / Mcf bbl Mcf	Mar. 31, 2024 $ / bbl $ / Mcf Mcf bbl
Collar Oil Contract, 2024 | Third Quarter
Subsequent events
Volume (Bbl) | bbl		361,552
Collar Oil Contract, 2024 | Third Quarter | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl		64.32
Collar Oil Contract, 2024 | Third Quarter | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl		85.24
Collar Oil Contract, 2024 | Fourth Quarter
Subsequent events
Volume (Bbl) | bbl		311,496
Collar Oil Contract, 2024 | Fourth Quarter | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl		64.13
Collar Oil Contract, 2024 | Fourth Quarter | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl		84.97
Swaps Oil Contract, 2024 | Third Quarter
Subsequent events
Volume (Bbl) | bbl		39,000
Swaps Oil Contract, 2024 | Third Quarter | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl		80
Swaps Oil Contract, 2024 | Fourth Quarter
Subsequent events
Volume (Bbl) | bbl		32,000
Swaps Oil Contract, 2024 | Fourth Quarter | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl		80
Collar Natural Gas Contract, 2024 | Third Quarter
Subsequent events
Volume (Bbl) | Mcf		0
Collar Natural Gas Contract, 2024 | Third Quarter | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf		0
Collar Natural Gas Contract, 2024 | Third Quarter | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf		0
Collar Natural Gas Contract, 2024 | Fourth Quarter
Subsequent events
Volume (Bbl) | Mcf		1,615,000
Collar Natural Gas Contract, 2024 | Fourth Quarter | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf		3.57
Collar Natural Gas Contract, 2024 | Fourth Quarter | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf		5.37
Swaps Natural Gas Contract, 2024 | Third Quarter
Subsequent events
Volume (Bbl) | Mcf		2,823,000
Swaps Natural Gas Contract, 2024 | Third Quarter | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf		3.22
Swaps Natural Gas Contract, 2024 | Fourth Quarter
Subsequent events
Volume (Bbl) | Mcf		844,000
Swaps Natural Gas Contract, 2024 | Fourth Quarter | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf		3.22
Subsequent Event | Collar Oil Contract, 2024
Subsequent events
Volume (Bbl) | bbl	0
Subsequent Event | Collar Oil Contract, 2024 | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Subsequent Event | Collar Oil Contract, 2024 | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Subsequent Event | Collar Oil Contract, 2024 | Third Quarter
Subsequent events
Volume (Bbl) | bbl	0
Subsequent Event | Collar Oil Contract, 2024 | Third Quarter | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Subsequent Event | Collar Oil Contract, 2024 | Third Quarter | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Subsequent Event | Collar Oil Contract, 2024 | Fourth Quarter
Subsequent events
Volume (Bbl) | bbl	0
Subsequent Event | Collar Oil Contract, 2024 | Fourth Quarter | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Subsequent Event | Collar Oil Contract, 2024 | Fourth Quarter | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Subsequent Event | Collar Oil Contract, 2025 Total Settlement
Subsequent events
Volume (Bbl) | bbl	276,887
Subsequent Event | Collar Oil Contract, 2025 Total Settlement | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	64
Subsequent Event | Collar Oil Contract, 2025 Total Settlement | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	84.20
Subsequent Event | Collar Oil Contract, 2026 Total Settlement
Subsequent events
Volume (Bbl) | bbl	0
Subsequent Event | Collar Oil Contract, 2026 Total Settlement | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Subsequent Event | Collar Oil Contract, 2026 Total Settlement | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Subsequent Event | Swaps Oil Contract, 2024
Subsequent events
Volume (Bbl) | bbl	0
Subsequent Event | Swaps Oil Contract, 2024 | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Subsequent Event | Swaps Oil Contract, 2024 | Third Quarter
Subsequent events
Volume (Bbl) | bbl	0
Subsequent Event | Swaps Oil Contract, 2024 | Third Quarter | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Subsequent Event | Swaps Oil Contract, 2024 | Fourth Quarter
Subsequent events
Volume (Bbl) | bbl	0
Subsequent Event | Swaps Oil Contract, 2024 | Fourth Quarter | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Subsequent Event | Swaps Oil Contract, 2025 Total Settlement
Subsequent events
Volume (Bbl) | bbl	0
Subsequent Event | Swaps Oil Contract, 2025 Total Settlement | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Subsequent Event | Swaps Oil Contract, 2026 Total Settlement
Subsequent events
Volume (Bbl) | bbl	0
Subsequent Event | Swaps Oil Contract, 2026 Total Settlement | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / bbl	0
Subsequent Event | Collar Natural Gas Contract, 2024
Subsequent events
Volume (Bbl) | Mcf	0
Subsequent Event | Collar Natural Gas Contract, 2024 | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	0
Subsequent Event | Collar Natural Gas Contract, 2024 | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	0
Subsequent Event | Collar Natural Gas Contract, 2024 | Third Quarter
Subsequent events
Volume (Bbl) | Mcf	0
Subsequent Event | Collar Natural Gas Contract, 2024 | Third Quarter | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	0
Subsequent Event | Collar Natural Gas Contract, 2024 | Third Quarter | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	0
Subsequent Event | Collar Natural Gas Contract, 2024 | Fourth Quarter
Subsequent events
Volume (Bbl) | Mcf	0
Subsequent Event | Collar Natural Gas Contract, 2024 | Fourth Quarter | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	0
Subsequent Event | Collar Natural Gas Contract, 2024 | Fourth Quarter | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	0
Subsequent Event | Collar Natural Gas Contract, 2025 Total Settlement
Subsequent events
Volume (Bbl) | Mcf	6,572,829
Subsequent Event | Collar Natural Gas Contract, 2025 Total Settlement | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3
Subsequent Event | Collar Natural Gas Contract, 2025 Total Settlement | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3.75
Subsequent Event | Collar Natural Gas Contract, 2026 Total Settlement
Subsequent events
Volume (Bbl) | Mcf	7,171,176
Subsequent Event | Collar Natural Gas Contract, 2026 Total Settlement | Weighted-average floor price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3.25
Subsequent Event | Collar Natural Gas Contract, 2026 Total Settlement | Weighted-average ceiling price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	4
Subsequent Event | Swaps Natural Gas Contract, 2024
Subsequent events
Volume (Bbl) | Mcf	2,348,540
Subsequent Event | Swaps Natural Gas Contract, 2024 | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3.81
Subsequent Event | Swaps Natural Gas Contract, 2024 | Third Quarter
Subsequent events
Volume (Bbl) | Mcf	1,296,952
Subsequent Event | Swaps Natural Gas Contract, 2024 | Third Quarter | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3.81
Subsequent Event | Swaps Natural Gas Contract, 2024 | Fourth Quarter
Subsequent events
Volume (Bbl) | Mcf	1,051,588
Subsequent Event | Swaps Natural Gas Contract, 2024 | Fourth Quarter | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	3.81
Subsequent Event | Collar Natural Gas Contract, 2025 Total Settlement
Subsequent events
Volume (Bbl) | Mcf	0
Subsequent Event | Collar Natural Gas Contract, 2025 Total Settlement | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	0
Subsequent Event | Collar Natural Gas Contract, 2026 Total Settlement
Subsequent events
Volume (Bbl) | Mcf	0
Subsequent Event | Collar Natural Gas Contract, 2026 Total Settlement | Weighted-average price
Subsequent events
Weighted-average price ( $/Bbl, $/Mcf) | $ / Mcf	0

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Line of Credit - USD ($) $ in Millions	Apr. 01, 2024	Nov. 07, 2023	Oct. 24, 2022
Subsequent events
Initial borrowing capacity		$ 275	$ 325
Capacity for aggregate elected commitments		$ 240	$ 150
Subsequent Event
Subsequent events
Initial borrowing capacity	$ 300
Capacity for aggregate elected commitments	$ 300

Supplementary Data - Capitalize

Supplementary Data - Capitalized costs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Extractive Industries [Abstract]
Proved	$ 1,266,101	$ 1,198,845
Unproved	35,245	37,838
Less: accumulated depletion	(508,307)	(467,141)
Net capitalized costs for oil and natural gas properties	$ 793,039	$ 769,542

Supplementary Data - Costs incu

Supplementary Data - Costs incurred for oil and natural gas producing activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Extractive Industries [Abstract]
Proved	$ 1,147	$ 17,989
Unproved	1,481	9,630
Development costs	62,639	98,606
Total costs incurred for oil and natural gas properties	$ 65,267	$ 126,225

Uncategorized Items - grnt-2024

Label	Element	Value
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]