Dallas-based Granite Ridge Resources (NYSE: GRNT)—a Dallas-based oil and gas exploration and production company formed in 2022 via a $1.3 billion deal—announced that Luke Brandenberg has stepped down from his role as president and chief executive officer and that CFO Tyler Farquharson has been promoted to president and CEO.
Kim Weimer, the company’s chief accounting officer, has been named interim chief financial officer and chief accounting officer.
The company’s board is actively seeking a permanent chief financial officer and has retained a nationally recognized executive search firm to assist in the process.
“On behalf of the board and the entire Granite Ridge team, I extend our deepest gratitude to Luke for his leadership in guiding the company through its transition to a publicly traded entity,” Matt Miller, co-chairman of the board, said in a statement. “Granite Ridge is well-positioned for continued success, and we are confident that Tyler’s extensive industry experience and strategic vision will drive long-term value for our shareholders as we continue executing on our publicly traded private equity strategy both through operated partnerships and our non-operated asset investments.”
Granite Ridge said it reaffirms its operational and financial guidance for this year, adding that the leadership transition is unrelated to its performance or operations.
Farquharson brings nearly 20 years of energy industry experience to the role, including nearly half of which were spent in senior leadership roles. Since joining Granite Ridge in 2022 as CFO, he has been instrumental in shaping the company’s financial strategy and establishing its presence in the public market, Granite Ridge said. Before joining Granite Ridge, Farquharson served as CFO at EXCO Resources Inc.
“I’m honored to step into the role of CEO at Granite Ridge,” Farquharson said in a statement. “Our team is committed to advancing our strategic priorities, delivering superior returns for our shareholders, and maintaining our disciplined approach to capital allocation. I look forward to working closely with the Board and our talented leadership team to build on our strong foundation and drive sustainable growth.”
In May 2022, Dallas oil and gas-focused private equity firm Grey Rock Investment Partners merged with Boston-based blank check company Executive Network Partnering Corp. to create Granite Ridge Resources in a $1.3 billion deal.
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