Greenfire Resources (GFR) Q4 2024 earnings summary

Executive summary

• Leadership transition with WEF taking board control and Colin Germaniuk appointed President, shifting focus from short-term production to long-term value creation and return on equity.

• Proved (1P) and Proved Plus Probable (2P) reserves grew 28% and 72% year-over-year to 234.7 MMbbl and 408.6 MMbbl, respectively.

• Full-year 2024 bitumen production averaged 19,292 bbls/d, with Q4 at 19,384 bbls/d, up 1% sequentially.

• Adjusted free cash flow for 2024 was $80.1 million; Q4 adjusted free cash flow was $39.8 million.

• Net income for 2024 was $121.4 million, compared to a net loss of $135.7 million in 2023.

Financial highlights

• Q4 2024 adjusted funds flow reached CAD 53 million; full year totaled CAD 172 million, up from CAD 73.2 million in 2023.

• FY 2024 cash provided by operating activities was $144.5 million; adjusted funds flow was $171.9 million.

• Capital expenditures were CAD 13.2 million in Q4 and CAD 92 million for the year.

• Net debt at year-end 2024 was $253.5 million, down from $279.5 million at year-end 2023.

• Liquidity at year-end was CAD 117 million, including CAD 67 million in cash and CAD 50 million available under a credit facility.

Outlook and guidance

• No specific 2025 production or capital guidance provided; updated development plans and guidance to be released when available.

• 2025 production is currently lower due to steam generation equipment repairs and facility downtime at the Expansion Asset.

• Future development at the Expansion Asset will focus on drilling new well pairs; Demo Asset plans prioritize base production optimization.

• A comprehensive review of development plans and capital allocation is underway, with updates to follow.

• Focus on long-term growth, operational stability, and prudent capital allocation.