Greenfire Resources (GFR) Q4 2025 earnings summary

Executive summary

• Reported year-end 2025 reserves with 1% year-over-year growth in both 1P and 2P categories, and provided full-year and Q4 2025 financial and operational results.

• Completed major refinancing, including a $298.7 million rights offering and full redemption of 2028 notes, resulting in a debt-free balance sheet and undrawn $275 million credit facility.

• Achieved annual bitumen production of 16,169 bbls/d, slightly above guidance, with Q4 production at 15,699 bbls/d.

Financial highlights

• FY 2025 adjusted funds flow was $143.5 million; adjusted free cash flow was $31.7 million.

• Q4 2025 adjusted funds flow was $40.2 million; adjusted free cash flow deficit was $16.6 million.

• FY 2025 net income was $47.5 million, down from $121.4 million in 2024; Q4 2025 net loss was $8.6 million.

• Operating netback for FY 2025 was $34.82/bbl, up from $32.49/bbl in 2024.

• Capital expenditures for 2025 totaled $111.8 million, below the $130 million outlook.

Outlook and guidance

• 2026 production guidance lowered to 13,500–15,500 bbls/d due to unplanned downtime and steeper base declines at the Expansion Asset.

• Growth capital program includes drilling 25 new well pairs across three SAGD pads over the next 12 months, with first oil from Pad 7 expected in Q4 2026.

• Demo Asset focus remains on base production optimization and redevelopment of shut-in wells.