Granite Ridge Resources (GRNT) saw its shares surge 11.53% in the after-hours trading session on Thursday, following the company's better-than-expected fourth quarter 2024 earnings and an optimistic outlook for 2025.
The oil and gas exploration company reported adjusted earnings per share of $0.17 for the fourth quarter, beating analysts' consensus estimate of $0.13. Adjusted EBITDA came in at $82.6 million, exceeding the consensus of $72 million. Revenues of $106.31 million also topped expectations of $100.01 million.
Looking ahead, Granite Ridge Resources expects annual production to range between 28,000 and 30,000 barrels of oil equivalent per day in 2025, signaling continued growth in its operations. The company's strong quarterly performance and upbeat guidance likely fueled investor confidence, driving the significant after-hours rally in the stock.
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