Greenfire's oil sales more than double as quarterly loss widens

The Tip Desk · November 10, 2026 · 3 min read

The oil sands producer reported third-quarter bitumen output of 27,166 barrels a day and a C$21 million net loss.

Greenfire Resources Ltd. (GFR), an Alberta oil sands producer, reported oil sales of C$305 million for the three months ended September 30, 2026, up from C$141 million a year earlier. Its basic and diluted loss widened to C$0.15 a share from C$0.12 a share.

Production rose from 15,757 barrels a day a year earlier and was nearly twice the 13,607 barrels a day recorded in the preceding quarter. Oil sales also increased from C$179 million in the second quarter. The company reported its production volumes on a working-interest basis before royalties.

The Western Canadian Select benchmark at Hardisty averaged C$100.57 a barrel in the third quarter, up from C$75.12 a year earlier. It had averaged C$108.10 in the preceding quarter.

Greenfire recorded a C$54.7 million loss on risk management contracts in the third quarter, compared with a C$9.8 million loss a year earlier. The latest figure included C$36.9 million in realized losses; a year earlier, the company had reported C$9.1 million in realized gains.

Royalties rose to C$35.2 million from C$4.5 million, leaving oil sales net of royalties at C$270 million, compared with C$137 million a year earlier. After risk management losses, Greenfire reported revenue of C$215 million, up from C$127 million.

Expenses also increased. Diluent expense rose to C$105 million from C$49 million, operating expenses climbed to C$42.7 million from C$31.9 million, and depletion and depreciation reached C$46.9 million from C$19.9 million. Total expenses were C$239 million, compared with C$136 million a year earlier.

The quarterly loss extended a reversal for the first nine months of 2026. Greenfire reported a net loss of C$40.5 million for that period, compared with net income of C$56.1 million a year earlier. Oil sales increased to C$632 million from C$469 million, and risk management contracts produced a C$126 million loss, compared with a C$31.1 million gain.

Greenfire also reported third-quarter adjusted funds flow of C$49.2 million and adjusted free cash flow of C$8.6 million. Both were company-defined measures that did not have standardized meanings under IFRS accounting standards.

The company recorded C$774 million in share capital from the exercise of a rights offering during the first nine months. At September 30, property, plant and equipment stood at C$2.43 billion, compared with C$990 million at the end of 2025.

Greenfire identified requirements for additional capital among the uncertainties facing its plans. Its cash balance at September 30 was C$9.5 million, down from C$42 million at year-end, and it reported C$602 million in non-current debt, compared with none at the end of 2025.