Canada's Greenfire Q3 bitumen output more than doubles after Connacher deal
GFR•Greenfire Resources' Q3 2026 bitumen production more than doubled from the prior quarter, primarily after its acquisition of Connacher Oil & Gas. Adjusted free cash flow reached C$8.6 million, and the company upsized its credit facility to C$1 billion.
1. Production growth
Greenfire said Q3 bitumen production more than doubled from the prior quarter, driven primarily by its Connacher Oil & Gas acquisition and its assumption of operatorship of the Great Divide Asset in August 2026. Expansion Asset production rose 24% after a planned Q2 turnaround, while Demo Asset production fell 6% following a planned September turnaround.
2. Cash flow and plans
Adjusted free cash flow reached C$8.59 million, while capital expenditure was C$40.63 million and gross profit was C$4.88 million. Greenfire targets Expansion Asset production capacity of about 26,000 barrels per day by 2028, expects Pad 7 production to ramp through Q3 2027, and plans infill drilling at the Demo Asset in Q1 2027 and Great Divide in Q4 2026. The company completed the Connacher acquisition and upsized its credit facility to C$1 billion.
