Greenfire Resources Announces Third Quarter 2025 Results, Operational Update, 2026 Guidance, and Refinancing Initiatives

Executive Summary

• Greenfire Resources reported Q3 2025 bitumen production of 15,757 bbl/d, adjusted funds flow of $38.1 M and adjusted free cash flow of $20.2 M.
• The company announced a $275 M upsized revolving credit facility and a $300 M rights offering to redeem its US$237.5 M 2028 senior secured notes, aiming to become debt‑free at closing.
• Updated 2025 production guidance (15,000–16,000 bbl/d) and 2026 capital budget of $180 M ($65 M sustaining, $115 M growth) were provided, with detailed drilling and expansion plans.

Key Details

• Production Highlights
• Q3 2025 bitumen production: 15,757 bbl/d (down from 19,125 bbl/d YoY; flat vs. Q2 2025).
• Expansion Asset: 10,404 bbl/d (+3% QoQ); Demo Asset: 5,353 bbl/d (‑5% QoQ).
• Financial Highlights (Three months ended Sep 30, 2025)
• Adjusted funds flow: $38.1 M (down from $44.1 M YoY).
• Capital expenditures: $17.9 M (vs. $21.2 M YoY).
• Adjusted free cash flow: $20.2 M.
• Net debt: –$216.3 M (net cash position).
• Cash & equivalents: $114.7 M.
• Operating Metrics
• Operating netback: $53.3 M ($37.60/bbl).
• Oil sales: $141.1 M; royalties: $4.5 M.
• Realized gains on risk contracts: $9.1 M.
• Operational Update
• Restored one failed steam generator at Expansion Asset; refurbishing a second unit – full capacity expected by year‑end 2025.
• Sulphur removal facilities installation started; commissioning targeted for Nov 2025.
• Drilling Plans
• Pad 7 (13 well pairs) to start drilling Nov 2025; first oil expected Q4 2026.
• Additional infill wells on Pads 5 & 6 slated for 2026; Pad 8 surface facilities long‑lead spending in 2026, drilling anticipated H1 2027.
• Demo Asset: redevelopment of two shut‑in well pairs planned for Q4 2025 with incremental production expected H1 2026.
• Guidance & Capital Budget
• 2025 production guidance reaffirmed at 15,000–16,000 bbl/d; capital spend target $130 M.
• 2026 approved capital budget: $180 M (≈$65 M sustaining, $115 M growth).
• Growth program expected to add ~15,000 bbl/d at ~$15,000 per bbl/d of capacity, with production increases beginning Q4 2026.
• Refinancing Initiatives
• Secured $275 M revolving credit facility (Senior Credit Facility) – undrawn pending redemption of US$237.5 M 2028 senior secured notes.
• To fund note redemption, a $300 M rights offering will be undertaken (announced concurrently).
• Advisors: ATB Capital Markets, National Bank Capital Markets (financial); Blake, Cassels & Graydon LLP, Scale LLP (legal).
• Conference Call
• Date/Time: Tue Nov 4 2025, 7:00 a.m. MT / 9:00 a.m. ET. Webcast link provided.

Notable Quotes

(No direct quotes were included in the release excerpt.)