Greenfire Resources Ltd. · TSX:GFR
Greenfire Resources — Q1 2025 Earnings Presentation
14 slides from Greenfire Resources's earnings presentation, May 2025
Slide 1: Q1 2025 Update
GREENFIRE RESOURCES Q1 2025 UPDATE MAY 2025
Slide 2: Table of Contents
Table of Contents I. The Opportunity II. Near-Term Challenges III. Development Plan Preview
Slide 3: I. The Opportunity
I. The Opportunity GREENFIRE RESOURCES
Slide 4: Greenfire has a large reserves base…
Greenfire has a large reserves base… YE 2024 Reserves Report Summary(2) Oil Reserves (MMbbls) NPV10 A-Tax (C$bn)(3) 58-year 2P Reserve Life Index(1) 409 $2.5 $2.0 33-year 1P Reserve Life Index(1) 235 $0.7 7 2024 Production 1P 2P Current Enterprise Value (4) 1P 2P 1) Reserves life index is calculated
Slide 5: …that has been significantly under-capitalized vs. peers
…that has been significantly under-capitalized vs. peers Oil Sands Project Capital Invested vs. Oil Capacity (Cumulative 2018 – 2023 Capex / Facility Capacity) ($ / Bbl)(1) $8.80 $8.62 $7.47 $7.00 $6.66 $5.92 $5.92 $5.42 $5.17 $5.04 $5.02 $5.00 $4.84 Greenfire’s two facilities have historically been
Slide 6: Greenfire's cost structure makes investing capital to fill facility capacity attractive
Greenfire’s cost structure makes investing capital to fill facility capacity attractive Operating Leverage Royalty Pools Tax Pools Greenfire Fixed vs. Variable Non-Energy Operating Costs(1) Alberta Oil Sands Royalty Rates(2) Federal Tax Pools as of YE 2024(1) Pre-Payout Post-Payout NCLs (100% Deduct
Slide 7: II. Near-Term Challenges
Il. Near-Term Challenges GREENFIRE RESOURCES
Slide 8: Current production has been negatively impacted by underinvestment and a legacy operating strategy
Current production has been negatively impacted by underinvestment and a legacy operating strategy focused on optimizing near-term results rather than long-term value creation Root Causes of Current Production Challenges • Greenfire invested majority of 2023 and 2024 capital on short-cycle “Refill”
Slide 9: Greenfire's 2023 & 2024 Refill program was a short-term strategy
Greenfire’s 2023 & 2024 Refill program was a short-term strategy Refill Producer Wells Example: 2-3 Refill Production Plot 3,000 • A Refill well is drilled by re-entering an existing producer wellbore, 2,500 abandoning the lateral section, sidetracking and drilling a new 2,000 producer lateral betwe
Slide 10: Greenfire's challenges are fixable
Greenfire’s challenges are fixable Medium-Term Goals and Prioritization 1. Operate with High Integrity and Demand Health, Safety and Environmental Excellence 2. Build the Team and Culture 3. Restore Production via Drilling New, Long-Cycle Well Pairs 4. Reduce the Cost Structure 5. Create Growth Plat
Slide 11: Greenfire has an action-oriented plan to improve the business
Greenfire has an action-oriented plan to improve the business What We Have Done Thus Far Near-Term Priorities 1. Team 1. Finalize capital program for next well-pairs - Colin Germaniuk joined as President on February 11, 2025 - Focus on new pads targeting undeveloped reservoir - Changed organizationa
Slide 12: III. Development Plan Preview
III. Development Plan Preview
Slide 13: Moving forward, Greenfire will concentrate on a back to basics strategy
Moving forward, Greenfire will concentrate on a “back to basics” strategy of drilling new well-pairs in undeveloped reservoir Expansion Asset Development Plan • Historically, nearly all Expansion development has been focused in the “B1” region, with JACOS drilling the initial well-pairs in 2017, and
Slide 14: Forward-Looking Statements Advisory
FORWARD-LOOKING STATEMENTS ADVISORY FORWARD-LOOKING STATEMENTS ADVISORY Eastern Europe and the conflict in the Middle East, and other heightened geopolitical risks, including Unless indicated otherwise, production volumes and per unit statistics are presented throughout this imposition of tariffs or