Granite Ridge names CFO Tyler Farquharson as new CEO

DALLAS - Granite Ridge Resources, Inc. (NYSE: GRNT), an $800 million market cap energy company with a notable 7.2% dividend yield, announced Thursday that Chief Financial Officer Tyler Farquharson has been promoted to President and Chief Executive Officer, effective June 12, 2025, following the departure of Luke Brandenberg. According to InvestingPro data, the company has demonstrated profitability over the last twelve months with $288.7 million in EBITDA.

The company also elevated Chief Accounting Officer Kim Weimer to serve as Interim Chief Financial Officer while maintaining her current role. A search for a permanent CFO is underway with assistance from a national executive search firm.

Brandenberg stepped down from his position as President and CEO effective June 11, according to the company’s statement. Board Co-Chairman Matt Miller noted that Brandenberg had guided the company through its transition to becoming publicly traded.

"Granite Ridge is well-positioned for continued success," Miller said in the company’s press release.

Farquharson brings nearly 20 years of energy industry experience to the CEO role, including his tenure as Granite Ridge’s CFO since 2022. Before joining Granite Ridge, he served as Chief Financial Officer at EXCO Resources, Inc.

"Our team is committed to advancing our strategic priorities, delivering superior returns for our shareholders, and maintaining our disciplined approach to capital allocation," Farquharson stated.

The energy company, which owns assets across six unconventional basins in the United States, reaffirmed its operational and financial guidance for 2025. The company emphasized that the leadership change is unrelated to its performance or operations.

Granite Ridge describes itself as providing shareholders with exposure similar to energy private equity through operated partnerships and non-operated assets, maintaining a strong gross profit margin of 83.7% and a healthy current ratio of 1.2.

In other recent news, Granite Ridge Resources reported a strong performance in the first quarter of 2025, with revenue reaching $122.9 million, a $34 million increase from the previous year. The company also achieved an adjusted net income of $28.9 million, marking an 89% rise year-over-year. Operating cash flow was reported at $86.7 million, while production rates improved by 23%. Granite Ridge Resources announced the election of Griffin Perry and Amanda Coussens as Class III directors, with their terms ending in 2028. Additionally, shareholders ratified Forvis Mazars LLP as the independent registered public accounting firm for the year ending December 31, 2025. The company’s borrowing base was increased to $375 million, providing a total liquidity of $141 million. Granite Ridge Resources plans to maintain a quarterly dividend of $0.11 per share. The company remains focused on its operated partnership program in the Permian Basin, which has significantly contributed to its production growth.

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