BMO Capital Downgrades Greenfire Resources (GFR) to Market Perform, Keeps the PT

Group 1 - Greenfire Resources Ltd. has been downgraded from Outperform to Market Perform by BMO Capital analyst Tariq Saad, with a price target maintained at C$8 [1] - The company is expected to materially outspend its cash flow in 2026, leading to increased leverage [2] - In the fiscal second quarter, the company produced 15,748 barrels of bitumen per day, despite a steam generator failure that reduced production by approximately 1,500 to 2,250 barrels per day [2] Group 2 - Greenfire generated $17.7 million in operating cash flow and $33.8 million in adjusted funds flow, with capital expenditures of $10.8 million, down from $23 million the previous year [3] - The management is collaborating with Alberta regulators to reduce sulphur dioxide emissions, which previously exceeded limits, and plans to install sulphur removal facilities costing $11.3 million by Q4 2025 [3] - The company focuses on oil production from the Athabasca oil sands in Alberta, Canada [4]