Shares fell from $6.10 at market close on June 11 to $5.80 when markets opened back up on June 12 after Granite Ridge posted the news of President and CEO Luke Brandenberg's departure. (Source: Shutterstock, Granite Ridge Resources Inc.)
U.S. onshore operator and non-operated interest buyer Granite Ridge Resources Inc.’s CFO Tyler Farquharson has been named president and CEO following Luke Brandenberg stepping down, the company reported.
Shares fell from $6.10 at market close on June 11 to $5.80 when markets opened back up on June 12 after Granite Ridge posted the news. The stock closed later at $5.96/share.
Kim Weimer, chief accounting officer, was named interim CFO, while a search for a new CFO is underway, Granite Ridge reported.
The Dallas-based E&P thanked Brandenberg for his work in transitioning the company into a publicly traded entity in 2022.
It did not report a reason for his departure but wrote in the announcement that the “leadership transition is unrelated to the company’s performance or operations.”
Matt Miller, co-chairman, said Granite Ridge is “confident that [Farquharson’s] extensive industry experience and strategic vision will drive long-term value.”
Farquharson said, “Our team is committed to advancing our strategic priorities, delivering superior returns for our shareholders and maintaining our disciplined approach to capital allocation.”
Farquharson joined the company in 2022. Prior, he was CFO of Haynesville-focused Exco Resources Inc.
Granite Ridge reaffirmed its 2025 operational and financial guidance. It holds interests in the Permian Basin, Eagle Ford, D-J Basin, Bakken and Haynesville.
First-quarter 2025 production was 29,245 boe/d, 50% oil, up from some 24,000 boe/d in first-quarter 2024.
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