Executive Network Partnering Corp
NYSE:GRNT
Executive Network Partnering Corp
Executive Network Partnering Corp. was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar partnering transaction with one or more businesses. The company is headquartered in Boston, Massachusetts. The company went IPO on 2020-09-16. The firm was formed for the purpose of identifying a company to partner with, in order to effectuate a merger, share exchange, asset acquisition, share purchase, reorganization or similar partnering transaction with one or more businesses. The firm has not commenced its business.
Executive Network Partnering Corp. was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar partnering transaction with one or more businesses. The company is headquartered in Boston, Massachusetts. The company went IPO on 2020-09-16. The firm was formed for the purpose of identifying a company to partner with, in order to effectuate a merger, share exchange, asset acquisition, share purchase, reorganization or similar partnering transaction with one or more businesses. The firm has not commenced its business.
Production: Quarterly average production rose 27% year‑over‑year to 35,100 BOE/d and full‑year average was 32,000 BOE/d, with the company guiding to ~35,000 BOE/d for 2026 (34,000–36,000 range).
Strategy: Granite Ridge is shifting from a diversified non‑op model to an operator‑partnership, Permian‑focused capital allocator that captured 331 gross (77.2 net) locations and ~20,500 net acres in 2025.
Capital discipline: 2026 is a transition year — management plans ~15% lower total spend vs. 2025, development capital roughly $300–330M (Tyler cited $315M) and total capital $320–360M, with an explicit path to sustainable free cash flow in 2027 at a ~$60 oil base case.
Financials / cash flow: Adjusted EBITDAX was ~$69.5M in Q4 and $315M for 2025; operating cash flow was $64.5M in Q4 and $296.4M for the year. Net debt/EBITDAX was 1.2x at year‑end.
Commodity realizations & hedging: Q4 oil realized $55.49/bbl and gas $1.81/Mcf (48% of Henry Hub); management added oil hedges after recent geopolitical shocks and highlighted a Conduit Power deal expected to boost certain gas realizations by ~$1–$2/Mcf.
Shareholder returns: Quarterly dividend maintained at $0.11/share while the company reorganizes capital deployment toward durability and optionality for returns once free cash flow is sustained.
