Greenfire Resources reports second quarter net income of 53.5 million
The oil sands operator saw six-month net income fall to a loss of 19.5 million Canadian dollars from a 64.9 million profit in the prior year
Greenfire Resources Ltd. (GFR), an operator of oil properties in the Athabasca oil sands region of Alberta, reported net income of 53.5 million Canadian dollars for the three months ended June 30, 2026. This followed a net income of 48.7 million Canadian dollars for the same period in 2025.
Despite the quarterly gain, the company's performance for the first half of the year shifted to a loss. Net income and comprehensive loss for the six months ended June 30, 2026, was 19.5 million Canadian dollars, compared to a net income of 64.9 million Canadian dollars for the same period in 2025. This decline was influenced by a 71.4 million Canadian dollar loss on risk management contracts for the six-month period, which contrasted with a 40.9 million Canadian dollar gain in the prior year.
Revenue from oil sales for the second quarter rose to 179.4 million Canadian dollars from 144.5 million Canadian dollars in the previous year. However, six-month oil sales remained nearly flat at 326.7 million Canadian dollars compared to 328.2 million Canadian dollars in 2025.
Operating costs showed mixed trajectories. Diluent expenses for the second quarter rose to 69.6 million Canadian dollars from 56.3 million Canadian dollars. Conversely, operating expenses for the three-month period fell to 21.2 million Canadian dollars from 31.8 million Canadian dollars.
Financing and interest expenses decreased significantly in the second quarter to 1.7 million Canadian dollars from 13.1 million Canadian dollars in 2025. The company also recorded a 3.3 million Canadian dollar gain on the revaluation of warrants during the quarter.
Greenfire's balance sheet showed an increase in property, plant and equipment to 1.1 billion Canadian dollars as of June 30, 2026, up from 990.1 million Canadian dollars at the end of 2025. This growth included 103.1 million Canadian dollars in additions to developed properties. The company's cash position decreased to 3 million Canadian dollars from 42 million Canadian dollars at December 31, 2025.
Total debt stood at 24.6 million Canadian dollars as of June 30, 2026, whereas the company reported no debt at the end of 2025.
Greenfire currently produces approximately 34,000 bbls/d and provides 2026 production guidance of 21,500 to 23,500 bbls/d.