Q2 2024 Greenfire Resources Ltd Earnings Call Transcript
Key Points
- Strong financial performance despite operational challenges, including wildfires.
- Consolidated production in Q2 2024 averaged 18,993 barrels per day, a 5% increase from Q2 last year.
- Successful replacement of failed downhole temperature sensors, leading to increased production rates.
- Receipt of regulatory approval to restart disposal operations at the demo asset, enhancing water handling and operational flexibility.
- Meaningful debt repayment in July 2024, reducing USD61 million of the USD300 million senior secured notes due 2028.
- Operational challenges due to wildfires in Northern Alberta, leading to temporary evacuation and halted drilling operations.
- Production rates were reduced in preparation for potential full evacuation during the wildfires.
- Delayed regulatory approval for disposal operations at the demo asset, impacting production ramp-up.
- Failures of third-party downhole temperature sensors required replacements and redrilling, affecting production timing.
- Lower production in Q2 2024 compared to Q1 2024, reflecting operational reductions and necessary replacement work.
Good morning, ladies and gentlemen. Welcome to the Greenfire Resources second quarter 2024 results conference call. As a reminder, all participants are in listen only mode and the conference is being recorded (Operator Instructions) I'd like to turn the meeting over to Mr. Robert Loebach, Vice President of Corporate Development and Capital Markets. Please go ahead, Robert.
Thank you, operator. Good morning, everyone, and thank you for joining us for Greenfire's Q2 2024 earnings conference call. Please note the Greenfire's financial statements, MD&A and press release are available on our website with the associated documents filed on EDGAR and SEDAR+ our corporate presentation has also been updated and is available on our website.
As we begin our discussion, I'll remind everyone that this conference call contains forward looking statements, references, non-GAAP and other financial measures and as such, listeners are encouraged to review the
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