Greenfire doubles production as sales reach C$305 million
Key points
- Greenfire Resources reported third-quarter bitumen production of 27,166 barrels per day, double its second-quarter output following the Connacher acquisition and higher Expansion Asset production.
- Oil sales increased to C$305.254 million from C$141.137 million a year earlier, while its net loss widened to C$20.952 million.
- Greenfire completed a C$775 million rights offering to repay acquisition debt and targets Expansion Asset production capacity of approximately 26,000 barrels per day by 2028.
Greenfire Resources (NYSE:GFR) doubled its third-quarter 2026 bitumen production to 27,166 barrels per day, while oil sales increased to C$305.254 million following its Connacher acquisition.
Production was double the previous quarter's output, reflecting the August 5 completion of the Connacher acquisition and higher production from the Expansion Asset.
The company reported oil sales of C$305.254 million, compared with C$141.137 million in the third quarter of 2025, while its net and comprehensive loss widened to C$20.952 million from C$8.751 million.
Operating cash flow reached C$85.401 million, while non-GAAP adjusted funds flow was C$49.210 million and adjusted free cash flow totalled C$8.585 million.
Greenfire completed a C$775 million rights offering, issuing 114,985,163 shares, with net proceeds used to repay acquisition debt, while September-end net debt stood at C$587.081 million.
The company said it is targeting full Expansion Asset plant capacity of approximately 26,000 barrels per day, based on a 100% working-interest basis, by 2028.
Greenfire's operations focus on developing and producing bitumen from Canada's oil sands, with its Expansion Asset and the acquired Connacher operations contributing to its production growth strategy.
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