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Greenfire Resources (GFR) investor relations material
Greenfire Resources Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 operations faced challenges from a steam generator failure, boiler outage, sulfur emissions issues, and underinvestment in new well pairs, but progress has been made on all fronts.
Q2 2025 bitumen production averaged 15,748 bbls/d, down 10% sequentially and 17% year-over-year, mainly due to equipment failures.
Net income for Q2 2025 was $48.7 million, a significant increase from $16.2 million in Q1 2025 and $30.8 million in Q2 2024.
Inaugural SAGD Pad 7 development is advancing, with drilling to start in Q4 2025 and first oil expected in Q4 2026.
Leadership transition announced with a new VP of Finance, bringing significant upstream oil and gas experience.
Financial highlights
Oil sales for Q2 2025 were $144.5 million, down from $219.4 million in Q2 2024.
Operating netback was $49.9 million ($35.06/bbl), compared to $62.9 million ($36.68/bbl) in Q2 2024.
Cash provided by operating activities was $17.7 million, a sharp decline from $85.2 million in Q2 2024.
Gross profit for Q2 2025 was $55.8 million, slightly below $58.6 million in Q2 2024.
Net debt as of June 30, 2025, was $216.0 million, improved from $283.0 million a year earlier.
Outlook and guidance
2025 production is expected to be between 15,000 and 16,000 barrels per day of bitumen.
Capital expenditures for 2025 are forecast at $130 million, including $35 million accelerated from 2026 for Pad 7.
Full steam capacity at the Expansion Asset expected to be restored by year-end 2025.
Sulphur removal facilities to be installed in Q4 2025 at a revised cost estimate of $11.3 million.
No specific guidance for 2026 provided yet, but further updates are anticipated as operational turnaround progresses.
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