Quarterly ResultMay 6, 2026, 02:31 PM
Greenfire Q1 Net Loss $73.0M; Oil Sales Down 19.8%
AI Summary
Greenfire Resources Ltd. reported a net loss of $73.0 million for the first quarter of 2026, a significant decline from the $16.2 million net income in the prior year, primarily driven by a $94.6 million loss on risk management contracts. Oil sales decreased by 19.8% to $147.3 million, and bitumen production fell to 14,719 bbls/d. Despite the financial downturn, the company provided positive updates on its drilling and development programs, including the acceleration of HE Pad 8 development and the extension of its Senior Credit Facility maturity date to May 2028.
Key Highlights
- Reported Q1 2026 net loss of $73.0 million, compared to net income of $16.2 million in Q1 2025.
- Basic and diluted net loss per share was $0.58 in Q1 2026, versus net income of $0.23 in Q1 2025.
- Oil sales decreased to $147.3 million in Q1 2026 from $183.6 million in Q1 2025.
- Experienced a $94.6 million loss on risk management contracts in Q1 2026, compared to a $5.2 million gain in Q1 2025.
- Bitumen production was 14,719 bbls/d in Q1 2026, down from 17,495 bbls/d in Q1 2025.
- Cash provided by operating activities was $1.4 million in Q1 2026, a significant decrease from $34.7 million in Q1 2025.
- HE Pad 7 drilling expected to complete late Q2 2026, with first oil anticipated in Q4 2026.
- Senior Credit Facility maturity date extended to May 31, 2028, following a semi-annual review.