Greenfire Resources (GFR) Q2 2026 earnings summary

Executive summary

• Reported Q2 2026 results with bitumen production of 13,607 bbls/d and adjusted funds flow of $21.9 million.

• Closed the acquisition of Connacher Oil and Gas Limited, increasing production capacity and asset base.

• Current production, including the acquisition, is approximately 34,000 bbls/d.

Financial highlights

• Q2 2026 oil sales were $179.4 million, with a net loss and comprehensive loss of $73.0 million.

• Adjusted free cash flow deficit was $34.7 million for Q2 2026.

• Operating netback was $29.2 million, or $23.46 per bbl, down from $35.06 per bbl in Q2 2025.

• Gross profit for Q2 2026 was $73.0 million, up from $55.8 million in Q2 2025.

Outlook and guidance

• Full-year 2026 production is expected to average between 21,500–23,500 bbls/d.

• 2026 capital budget increased from $210 million to $250 million following the acquisition.

• Pad 7 first oil expected in Q4 2026; Pad 5SE and Pad 8 drilling and first oil targeted for 2027.

• $30 million in annual cash flow synergies targeted by year-end 2026 from integration of Connacher.