Granite Ridge Resources is a non-operating oil and gas company that takes working interests in wells across six U.S. unconventional basins: the Permian, Eagle Ford, Bakken, Haynesville, DJ, and Appalachian. Granite Ridge does not drill or operate wells itself — it deploys capital alongside private operators in two ways. In its operated partnerships, Granite Ridge backs private operating teams with majority capital, controlling acquisition costs and development timing while the operator handles drilling and production; after clearing a return hurdle, a portion of Granite Ridge's working interest reverts to the operator as a back-end carry. In its traditional non-op business, Granite Ridge holds minority working interests alongside third-party operators, evaluating each well proposal individually. The operated partnership model now dominates, representing roughly 90% of planned development capital, concentrated in the Permian Basin. Admiral Permian Resources is the flagship partner, focused on the Delaware Basin. The Permian overall represents 67% of proved reserves. Granite Ridge makes money by acquiring interests cheaply through off-market, unit-by-unit transactions and drilling them at returns above its 25% full-cycle target. Entry cost discipline is central to the model. Revenue is directly tied to oil and gas prices and production volume, which averaged ~32,000 BOE per day in FY25. The company hedges roughly 75% of production on a rolling 18–24 month basis. Notably, Granite Ridge runs with just six full-time employees, outsourcing land, engineering, and administrative functions to Grey Rock Administration.