Canada's Greenfire Resources swings to Q1 loss

Greenfire Resources

06/05/2026 24:37

Overview

Canada oil sands producer's Q1 bitumen production fell 16% yr/yr to 14,719 bbls/d

Company posted Q1 adjusted free cash flow deficit and gross loss

Production decline mainly due to late-life base declines and unplanned downtime at Expansion Asset

Outlook

Greenfire is raising its 2026 capital budget to C$210 mln from C$180 mln

Company maintains 2026 production guidance of 13,500–15,500 bbls/d

Expansion Asset scheduled for major turnaround in May 2026, resulting in partial plant outage

Result Drivers

EXPANSION ASSET DECLINES - Co said Q1 production at Expansion Asset fell 11% from prior qtr, mainly due to late-life base declines and unplanned downtime at a highly productive well

DEMO ASSET OPTIMIZATION - Q1 Demo Asset production rose 2% from prior qtr, reflecting continued base well optimization and new redrilled wells

HIGHER CAPITAL SPENDING - Q1 capex rose, mainly due to Pad 7 development and a large oil sands exploration program

Company press release: ID:nNFC44yyNn

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Adjusted Free Cash Flow
-C$25.05 mln
Q1 Capex
-C$49.59 mln
Q1 Gross Profit
-C$80.66 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

Wall Street's median 12-month price target for Greenfire Resources Ltd is C$11.00, about 21.5% above its May 5 closing price of C$9.05

The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 735 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)