Q3 2024 Greenfire Resources Ltd Earnings Call Transcript
Key Points
- Greenfire Resources Ltd (GFR) reported a 30% year-over-year increase in consolidated production, reaching 19,125 barrels per day in Q3 2024.
- The company successfully resolved technical issues at the expansion asset, including the failure of downhole temperature sensors, and completed redrilling efforts.
- Regulatory approvals were obtained for operating two disposal wells at the demo asset, enhancing water handling capabilities.
- Greenfire Resources Ltd (GFR) has a strong financial position with CAD87.7 million of available liquidity and a strategic focus on reducing debt.
- The company plans to expand production capacity by 74% to approximately 59,000 barrels per day, subject to board approval and funding.
- Annual production for 2024 is anticipated to be slightly below guidance, averaging approximately 19,500 barrels per day versus the expected 20,000 to 21,000 barrels per day.
- Unplanned outages and maintenance at the expansion asset impacted production levels during the quarter.
- The company's capital expenditure guidance for 2024 has increased to CAD90 million to CAD100 million, up from the previous range of CAD80 million to CAD90 million.
- Greenfire Resources Ltd (GFR) reported a realized loss of CAD6.1 million on commodity risk management contracts for the quarter.
- The strategic review process initiated by the board to maximize shareholder value is ongoing, with no specific updates or outcomes disclosed yet.
(Operator Instructions)
I would now 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 Greenfires Q3 2024 earnings conference call. Please note that Greenfire financial statements MD&A and press release are available on our website with the associated documents filed on Edgar and Cr Plus.
Our corporate presentation has also been updated and is available on our website as we begin our discussion. I will 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 associated risks outlined in our most recent MD&A.
All dollar amounts discussed today refer to CAD unless otherwise stated, all capital expenditures and production amounts discussed today are on a
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