Core Viewpoint - Greenfire Resources Ltd. reported its Q1 2025 financial and operational results, highlighting a decrease in production and changes in financial metrics compared to previous periods [3][4][9]. Financial & Operating Highlights - Average WTI price for Q1 2025 was $71.42 per barrel, down from $76.96 in Q1 2024 [4]. - Bitumen production averaged 17,495 bbls/d, a 10% decrease from Q4 2024 and a 21% decrease from Q1 2024 [9][12]. - Oil sales totaled $183.6 million, down from $200.99 million in Q1 2024 [4][36]. - Net income for Q1 2025 was $16.16 million, compared to a loss of $46.92 million in Q1 2024 [7]. - Cash provided by operating activities was $34.67 million, an increase from $17.06 million in Q1 2024 [7][30]. - Adjusted free cash flow improved to $5.1 million from a negative $6.86 million in Q1 2024 [6][10]. Production and Operational Updates - Production for Q2 2025 to date is approximately 15,650 bbls/d due to steam generation downtime [11]. - The Expansion Asset's production decreased by 21% to 12,613 bbls/d in Q1 2025, while the Demo Asset's production increased by 46% to 4,882 bbls/d [12][10]. - The company plans to restore an offline steam generator by year-end 2025 [11]. Capital Expenditures and Future Development Plans - Capital expenditures for Q1 2025 were $26.3 million, down from $34.4 million in the same period of the prior year [10][39]. - The company is evaluating development plans for the Hangingstone Facilities, with potential drilling of new well pairs starting as early as Q4 2025 [14]. Regulatory Engagement and Emissions Reporting - Greenfire is in discussions with the Alberta Energy Regulator regarding sulphur dioxide emissions exceeding regulatory limits and has ordered sulphur removal facilities at the Expansion Asset [12][13]. Strategic Review and Corporate Update - The strategic review process has concluded, with the decision to continue as a public company focused on maximizing shareholder value [18]. - The company has hedges in place for 9,450 bbls/d of WTI at approximately $100.90 per barrel through 2025 [18].
Greenfire Resources Reports First Quarter 2025 Results and Provides an Operational Update