Greenfire Resources reports pro forma net income of 44.3 million
The company recorded pro forma net income of 44.3 million Canadian dollars for the year ending December 31, 2025
Greenfire Resources Ltd. (GFR), a Canadian energy company, reported pro forma net income and comprehensive income of 44.3 million Canadian dollars for the year ending December 31, 2025. The result followed the integration of Connacher, which contributed 48.9 million Canadian dollars in net income before taxes to the pro forma total.
Pro forma revenues for the period totaled 1.34 billion Canadian dollars from oil sales. After accounting for 73.3 million Canadian dollars in royalties, net oil sales were 1.27 billion Canadian dollars. The company also recorded a 46.4 million Canadian dollar gain on risk management contracts.
Total pro forma expenses for the year reached 1.28 billion Canadian dollars. The largest cost driver was diluent expense, which totaled 534.4 million Canadian dollars. Other significant outlays included 238.9 million Canadian dollars in operating expenses and 221.4 million Canadian dollars for depletion and depreciation.
Financing and interest costs totaled 137.9 million Canadian dollars, which included 44.3 million Canadian dollars in acquisition adjustments. The company also recognized 8.3 million Canadian dollars in transaction costs.
For the three months ended March 31, 2026, pro forma oil sales were 348.9 million Canadian dollars. Net oil sales for the quarter were 330.5 million Canadian dollars after royalties of 18.4 million Canadian dollars. However, the company recorded a 144.7 million Canadian dollar loss on risk management contracts during this three-month period.
Quarterly expenses for the period ending March 31, 2026, included 144.1 million Canadian dollars for diluent and 62.2 million Canadian dollars for operating expenses. Pro forma basic net income per share for the full year ending December 31, 2025, was $0.28.