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- **Debt Restructuring Success**: $300M equity offering and $275M credit facility reduce leverage, achieving debt-free status.
- **Operational Resilience**: On-track for 2025 production targets despite challenges, with sulfur compliance by November.
- **Growth Pipeline**: 2026 capital expansion includes Pad 7 drilling and Demo Asset redevelopment, positioning for future growth despite short-term flat production.

**【Management Opening Remarks】**
- Robert Loebach provided standard disclaimers and introduced the call structure, emphasizing forward-looking statements and financial measures. He highlighted the participation of key executives and outlined the agenda, including recapitalization, operations, and future plans.

**【Recapitalization Plan】**
- Greenfire aims to reduce leverage by repaying $300M senior notes through a combination of cash and a $300M equity rights offering backstopped by Waterous Energy Fund.
- Secured a $275M revolving credit facility with lower interest rates, leaving the company debt-free post-closing.

**【Current Operations Update】**
- On track to meet 2025 production guidance of 15,000-16,000 bbl/day and maintain $130M capital budget.
- Resolved boiler outage ahead of schedule, with full steam capacity expected by year-end.
- Sulfur removal facilities to be operational in November 2025 for compliance.

**【2026 Development Plans】**
- Capital budget of $180M with flat production due to delayed project timelines and a plant outage in May 2026.
- Initiate drilling at Pad 7 (13 well pairs) in November 2025, with first oil in Q4 2026.
- Redevelopment at Demo Asset with incremental production in early 2026.

**【Closing Remarks】**
- Robert Loebach thanked participants and closed the call, emphasizing appreciation for shareholder support.

Greenfire Resources Ltd.(GFR)-20251104-2025 Q3 Earnings call transcript

Royalties

Risk Management Contracts (Losses) Gains

Realized Loss on Risk Management Contracts

Unrealized Gain (Loss) on Risk Management Contracts

GFR

GFR fundamentals

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