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Greenfire Resources Announces 2024 Outlook - Targeting Capital Efficient Production Growth of 25-40% to Support Accelerated Debt Repayment, Confirms Conference Call and Completes First Day of Trading on the TSX
Calgary, Alberta--(Newsfile Corp. - February 8, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX...
About this update from Greenfire Resources Ltd.
[{"type":"text","content":"Greenfire Resources Announces 2024 Outlook - Targeting Capital Efficient Production Growth of 25-40% to Support Accelerated Debt Repayment, Confirms Conference Call and Completes First Day of Trading on the TSXCalgary, Alberta--(Newsfile Corp. - February 8, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) (\"Greenfire\" or the \"Company\"), a Calgary-based energy company focused on the sustainable production and development of thermal energy resources from the Athabasca region of Alberta, Canada, is pleased to provide corporate guidance for 2024, including the Company's outlook for production and capital expenditures. Greenfire's common shares commenced trading today on the Toronto Stock Exchange (\"TSX\") under the ticker symbol \"GFR\".A conference call to discuss the 2024 Outlook has been scheduled for Friday, February 9, 2024 at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time). Access details for the conference call are provided below.All dollar amounts reported in this press release are in Canadian dollars, unless otherwise noted.Capital expenditures are disclosed on a working interest basis, net to the Company.2024 Outlook Highlights:Targeting Capital Efficient Production Growth to Accelerate Debt Repayment: Greenfire is forecasting 2024 average consolidated net production of 22,000 - 25,000 bbls/d, which assumes capital expenditures of between $70 and $90 million (the \"2024 Outlook\"), reflecting annual production growth of 25% to 40% over consolidated net production in 2023, which averaged approximately 17,700 bbls/d.Greenfire's capital expenditures in 2024 will remain focused on exploiting the Company's existing capital efficient and productive inventory of pre-heated bitumen locations at the Expansion and Demo Assets (\"Hangingstone Facilities\") with redevelopment infill (\"Refill\") wells, which, combined with investments in surface facility optimizations, is anticipated to result in a continued increase in production and the potential for meaningful free cash flow generation.Debt repayment remains a strategic priority for Greenfire, with the Company committed to reducing debt semi-annually using 75% of Excess Cash Flow (as defined in the indenture for the Company's Senior Secured Notes due 2028, the \"Senior Notes\").Prudent Risk Management and Strong Balance Sheet Supports 2024 Outlook: As announced on Janu...