Greenfire Resources (NYSE:GFR) achieved a major financial de-leveraging milestone in 2025, moving to a debt-free position while delivering production results that surpassed its annual targets.
The Calgary-based oil sands producer reported average 2025 production of 16,169 barrels per day (bbls/d), exceeding its revised outlook of 15,000 to 16,000 bbls/d.
For the full year, the company generated adjusted funds flow of $143.5 million and adjusted free cash flow of $31.7 million.
The operational beat was supported by strong base well performance at its Hangingstone facilities, which helped offset unplanned downtime earlier in the year.
The company's financial structure underwent a significant overhaul in the fourth quarter.
Greenfire successfully completed a $298.7 million rights offering, utilizing the proceeds and existing cash to fully redeem its 12% senior secured notes due 2028.
This move has left the company debt-free with an undrawn $275 million revolving credit facility, providing substantial liquidity for future development.
Meanwhile, Greenfire's year-end 2025 reserves report showed proved (1P) reserves of 231.8 million barrels and proved plus probable (2P) reserves of 408.9 million barrels, representing a 1% year-over-year increase net of production.