Garmin (NYSE:GRMN) Is Increasing Its Dividend To $0.90
We've discovered 1 warning sign about Garmin. View them for free.
We like to see a healthy dividend yield, but that is only helpful to us if the payment can continue. However, Garmin's earnings easily cover the dividend. This means that most of its earnings are being retained to grow the business.
Looking forward, earnings per share is forecast to rise by 29.4% over the next year. If the dividend continues along recent trends, we estimate the payout ratio will be 33%, which is in the range that makes us comfortable with the sustainability of the dividend.
Check out our latest analysis for Garmin
The company has been paying a dividend for a long time, and it has been quite stable which gives us confidence in the future dividend potential. The dividend has gone from an annual total of $1.92 in 2015 to the most recent total annual payment of $3.00. This implies that the company grew its distributions at a yearly rate of about 4.6% over that duration. Dividends have grown relatively slowly, which is not great, but some investors may value the relative consistency of the dividend.
Some investors will be chomping at the bit to buy some of the company's stock based on its dividend history. It's encouraging to see that Garmin has been growing its earnings per share at 8.3% a year over the past five years. A low payout ratio and decent growth suggests that the company is reinvesting well, and it also has plenty of room to increase the dividend over time.
In summary, it is always positive to see the dividend being increased, and we are particularly pleased with its overall sustainability. Earnings are easily covering distributions, and the company is generating plenty of cash. All of these factors considered, we think this has solid potential as a dividend stock.
Companies possessing a stable dividend policy will likely enjoy greater investor interest than those suffering from a more inconsistent approach. At the same time, there are other factors our readers should be conscious of before pouring capital into a stock. For instance, we've picked out 1 warning sign for Garmin that investors should take into consideration. Is Garmin not quite the opportunity you were looking for? Why not check out our selection of top dividend stocks.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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25 minutes ago
- Business Wire
LandBridge Company LLC Announces Second Quarter 2025 Results
HOUSTON--(BUSINESS WIRE)--LandBridge Company LLC (NYSE: LB) (the 'Company,' 'LandBridge') today announced its financial and operating results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Highlights Revenues of $47.5 million, up 83% year-over-year and 8% quarter-over-quarter Net income of $18.5 million (1) Net income margin of 39% (1) Adjusted EBITDA (2) of $42.5 million, up 81% year-over-year and 9% quarter-over-quarter Adjusted EBITDA Margin (2) of 89% Cash flows from operating activities of $37.3 million Free Cash Flow (2) of $36.1 million Operating cash flow margin of 79% Free Cash Flow Margin (2) of 76% (1) 2Q25 net income and net income margin include a non-cash expense of $11.3 million attributable to share-based compensation, of which $9.0 million is attributable to management incentive units issued by LandBridge Holdings LLC. Any actual cash expense associated with such incentive units will be borne solely by LandBridge Holdings LLC and not the Company. Such incentive units are not dilutive of public ownership. (2) Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow Margin are non-GAAP financial measures. See 'Comparison of Non-GAAP Financial Measures' included within the Appendix of this press release for related disclosures and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP. Expand Recent Milestones Executed a 10-year surface use and pore space reservation agreement with Devon Energy, pursuant to which Devon secured 300,000 bpd of pore space capacity on East Stateline Ranch and Speed Ranch. The pore space reservation will commence in the second quarter of 2027 and includes an obligation for Devon to deliver at least 175,000 bpd of produced water via a minimum volume commitment. This agreement reflects our commitment to provide sustainable, differentiated pore space solutions. Executed a lease option agreement with a leading independent power producer for the development, construction, and operation of a grid-connected, natural gas-fired combined cycle gas turbine (CCGT) plant to service future potential co-located data center load. We anticipate providing further details on the project's anticipated nameplate capacity, project timeline, and key milestones in a forthcoming joint press release. Entered into a strategic partnership with a vertically integrated generation and power solutions provider to accelerate the deployment of scalable energy infrastructure in West Texas. We believe this partnership strengthens our platform by aligning our land position with a proven energy partner capable of delivering low-cost, long-term power under power purchase agreements. The collaboration is expected to support energy-intensive customers, including data centers, and enhance the value of our assets. Jason Long, Chief Executive Officer of LandBridge, stated, 'We are proud of our performance over the first half of this year, and look forward to carrying this momentum throughout the rest of 2025. Over the past year since our July 2024 IPO, we have realized strong growth, established and deepened relationships with our customers, and grown our fee-based revenue mix. LandBridge is well positioned to continue delivering compelling results for our shareholders across our 277,000 surface acres in the heart of the Permian Basin. Specifically, LandBridge's differentiated pore space solution enhances long-term asset value by enabling scalable, distributed water management solutions that align with the Delaware Basin's evolving regulatory framework.' Scott McNeely, Chief Financial Officer of LandBridge, said, 'LandBridge is executing on a highly diversified and low capex business model, resulting in high EBITDA and cash flow margins. We have only just begun to capitalize on the potential of our surface acreage and we continue to evaluate highly attractive opportunities to increase revenue across industrial uses.' Second Quarter 2025 Consolidated Financial Information Revenue for the second quarter of 2025 was $47.5 million as compared to $44.0 million in the first quarter of 2025 and $26.0 million in the second quarter of 2024. The sequential increase was attributable to an increase in easements and other surface-related revenue of $8.7 million, partially offset by sequential decreases of $1.7 million in resource sales, $2.1 million in resource royalties, $0.7 million in surface use royalties and $0.7 million in oil and gas royalties. Net income for the second quarter of 2025 was $18.5 million as compared to $15.5 million in the first quarter of 2025 and a net loss of $57.7 million in the second quarter of 2024. (1) Adjusted EBITDA was $42.5 million in the second quarter of 2025 as compared to $38.8 million in the first quarter of 2025 and $23.4 million in the second quarter of 2024. (2) Adjusted EBITDA during the second quarter of 2025 reflects $9.0 million of non-cash charges related to LandBridge Holdings LLC incentive units and $2.2 million of non-cash charges related to restricted stock units. Net income margin was 39% in the second quarter of 2025 as compared to 35% in the first quarter of 2025 and a net loss margin of 222% in the second quarter of 2024. (1) Adjusted EBITDA margin was 89% in the second quarter of 2025 as compared to 88% in the first quarter of 2025 and 90% in the second quarter of 2024. (2) Diversified Revenue Streams Surface Use Royalties and Revenue: Generated revenues of $34.2 million in the second quarter of 2025 as compared to $26.2 million in the first quarter of 2025 and $14.4 million in the second quarter of 2024. Surface Use Royalties and Revenue increased 31% sequentially, primarily driven by a significant increase in Easements and Other Surface-Related revenues of $8.7 million due to several large renewal payments, multiple new projects from WaterBridge, Desert Environmental, and third parties, and an overall increase in commercial activity on our lands. Resources Sales and Royalties: Generated revenues of $10.6 million in the second quarter of 2025 as compared to $14.4 million in the first quarter of 2025 and $7.0 million in the second quarter of 2024. Revenue from Resource Sales and Royalties decreased 26% sequentially, primarily driven by lower brackish water sales and royalty volumes. Oil and Gas Royalties: Generated revenues of $2.7 million in the second quarter of 2025 as compared to $3.4 million in the first quarter of 2025 and $4.5 million in the second quarter of 2024. Revenue from Oil and Gas Royalties decreased 19% sequentially, primarily driven by net royalty production decreasing from 923 boe/d in the first quarter of 2025 to 814 boe/d in the second quarter of 2025. Free Cash Flow Generation Cash flow from operations for the second quarter of 2025 was $37.3 million as compared to $15.9 million in the first quarter of 2025 and $16.0 million in the second quarter of 2024. Free Cash Flow for the second quarter of 2025 was $36.1 million as compared to $15.8 million in the first quarter of 2025 and $15.7 million in the second quarter of 2024. (2) In the first quarter 2025 we experienced short-term Free Cash Flow compression driven by higher accounts receivable and related party accounts receivable working capital balances. By the end of the second quarter 2025, the temporary margin compression had reversed, driving a sequential Free Cash Flow Margin increase from 36% in the first quarter of 2025 to 76% in the second quarter of 2025. (2) Capital expenditures for the second quarter of 2025 were $1.2 million and net cash used in investing activities during the second quarter of 2025 was $2.1 million. Net cash used in financing activities during the second quarter of 2025 consisted of approximately $24.4 million of dividends and distributions paid and $5.0 million of debt repayments. Strong Balance Sheet with Ample Liquidity Total liquidity was $95.3 million as of June 30, 2025. As of June 30, 2025, the Company had approximately $75.0 million of available borrowing capacity under its revolving credit facility. Total cash and cash equivalents were $20.3 million as of June 30, 2025, as compared to $14.9 million as of March 31, 2025. The Company had $374.3 million of borrowings outstanding under its term loan and revolving credit facility as of June 30, 2025, versus $379.3 million outstanding as of March 31, 2025. Second Quarter 2025 Dividend The LandBridge Board of Directors declared a dividend on our Class A shares of $0.10 per share, payable on September 18, 2025 to shareholders of record as of September 4, 2025, and a corresponding required cash distribution to DBR Land Holdings LLC unitholders. Outlook The Company provides the following updated financial outlook for fiscal year 2025: In anticipation of the execution of the DBR Solar opportunity with a large public renewable energy developer and operator, we are adjusting our guidance for fiscal year 2025 to an Adjusted EBITDA range between $160 million and $180 million. This adjustment is primarily driven by an expectation that the majority of revenue associated with the DBR Solar opportunity will be recognized following this year. Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability of estimating certain items, particularly non-recurring gains or losses, unusual or non-recurring items, income tax benefit or expense, or one-time transaction costs and cost of revenue. We are unable to reasonably predict these because they are uncertain and depend on various factors not yet known, which could have a material impact on GAAP results for the guidance period. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures is not available without unreasonable effort. Quarterly Report on Form 10-Q Our financial statements and related footnotes are available in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which was filed with the U.S. Securities and Exchange Commission ('SEC') on August 4, 2025. Conference Call and Webcast Information The Company will hold a conference call on Thursday, August 7, 2025, at 8:00 a.m. Central Time to discuss second quarter results. A live webcast of the conference call will be available on the Events and Presentations section of the LandBridge Investor Relations website at To listen to the live broadcast, go to the site at least 10-15 minutes prior to the scheduled start time to register and install any necessary audio software. To access the live conference call, participants must pre-register online at to receive unique dial-in information. Pre-registration may be completed at any time up to the call start time. An audio replay will be available following the conclusion of the call and remain available through August 21, 2025. The replay can be accessed by registering online at About LandBridge LandBridge owns approximately 277,000 surface acres across Texas and New Mexico, located primarily in the heart of the Delaware sub-region in the Permian Basin, the most active region for oil and gas exploration and development in the United States. LandBridge actively manages its land and resources to support and encourage energy and infrastructure development and other land uses, including digital infrastructure. LandBridge was formed by Five Point Infrastructure LLC, a private equity firm with a track record of investing in and developing energy, environmental water management and sustainable infrastructure companies within the Permian Basin. For more information, please visit: Cautionary Statement Regarding Forward-Looking Statements This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on LandBridge's beliefs, as well as assumptions made by, and information currently available to, LandBridge, and therefore involve risks and uncertainties that are difficult to predict. Generally, future or conditional verbs such as 'will,' 'would,' 'should,' 'could,' or 'may' and the words 'believe,' 'anticipate,' 'continue,' 'intend,' 'expect' and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, strategies, plans, objectives, expectations, intentions, assumptions, future operations and prospects and other statements that are not historical facts, including our estimated future financial performance. You should not place undue reliance on forward-looking statements. Although LandBridge believes that plans, intentions and expectations reflected in or suggested by any forward-looking statements made herein are reasonable, LandBridge may be unable to achieve such plans, intentions or expectations and actual results, and performance or achievements may vary materially and adversely from those envisaged in this news release due to a number of factors including, but not limited to: our customers' demand for and use of our land and resources; the success of our affiliates, including WaterBridge, in executing their business strategies, including their ability to construct infrastructure, attract customers and operate successfully on our land; our customers' ability to develop our land or any potential acquired acreage to accommodate any future surface use developments, such as the sites under contract or negotiation for the CCGT Plant, the data center lease development agreement and the DBR Solar opportunity; our ability to continue the payment of dividends; the domestic and foreign supply of, and demand for, energy sources, including the impact of political instability or armed conflict in oil and natural gas producing regions, including the Russia-Ukraine war, as well as the Israel-Hamas conflict and heightened tensions in the Middle East, including with Iran, actions relating to oil price and production controls by the members of the Organization of Petroleum Exporting Countries, Russia and other allied producing countries, such as announcements of potential changes to oil production levels; our reliance on a limited number of customers and a particular region for substantially all of our revenues, including the potential consolidation of such customers within such region; our ability to enter into favorable contracts regarding surface uses, access agreements and fee arrangements, including the prices we are able to charge and the margins we are able to realize; our business strategies and our ability to execute thereon, including our ability to attract non-traditional energy customers to use our land and resources and to successfully implement our growth plans and manage any resultant growth; our level of indebtedness and our ability to service our indebtedness; and any changes in general economic and/or industry specific conditions. These risks, as well as other risks associated with LandBridge are also more fully discussed in LandBridge's filings with the SEC, including its most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You can access LandBridge's filings with the SEC through the SEC's website at Except as required by applicable law, LandBridge undertakes no obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made. The historical financial information presented below reflects only our historical financial results and the historical financial results of our predecessor, DBR Land Holdings LLC, as applicable. CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) June 30, December 31, 2025 2024 Current assets: Cash and cash equivalents $ 20,345 $ 37,032 Accounts receivable, net 17,881 12,544 Related party accounts receivable 2,702 2,111 Prepaid expenses and other current assets 3,212 1,628 Total current assets 44,140 53,315 Non-current assets: Property, plant and equipment, net 918,312 902,742 Intangible assets, net 42,985 45,265 Deferred tax assets 58,548 29,416 Other assets 2,395 1,741 Total non-current assets 1,022,240 979,164 Total assets $ 1,066,380 $ 1,032,479 Liabilities and equity Current liabilities: Accounts payable $ 510 $ 489 Taxes payable 455 2,286 Related party accounts payable 782 686 Accrued liabilities 6,280 7,185 Current portion of long-term debt 171 424 Deferred revenue 1,059 1,221 Other current liabilities 1,104 2,119 Total current liabilities 10,361 14,410 Non-current liabilities: Long-term debt, net of debt issuance costs 370,872 380,815 Other long-term liabilities 182 183 Total non-current liabilities 371,054 380,998 Total liabilities 381,415 395,408 Class A shares, unlimited shares authorized and 25,155,419 shares issued and outstanding as of June 30, 2025. Unlimited shares authorized and 23,255,419 shares issued and outstanding as of December 31, 2024 254,022 208,427 Class B shares, unlimited shares authorized and 51,213,492 shares issued and outstanding as of June 30, 2025. Unlimited shares authorized and 53,227,852 shares issued and outstanding as of December 31, 2024 - - Retained earnings 12,426 3,349 Total shareholders' equity attributable to LandBridge Company LLC 266,448 211,776 Noncontrolling interest 418,517 425,295 Total shareholders' equity 684,965 637,071 Total liabilities and equity $ 1,066,380 $ 1,032,479 Expand Comparison of Non-GAAP Financial Measures Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow Margin are supplemental non-GAAP measures that we use to evaluate current, past and expected future performance. Although these non-GAAP financial measures are important factors in assessing our operating results and cash flows, they should not be considered in isolation or as a substitute for net income, gross margin or any other measures presented under GAAP. Adjusted EBITDA and Adjusted EBITDA Margin are used to assess the financial performance of our assets over the long term to generate sufficient cash to return capital to equity holders or service indebtedness. We define Adjusted EBITDA as net income (loss) before interest; taxes; depreciation, amortization, depletion and accretion; share-based compensation; non-recurring transaction-related expenses and other non-cash or non-recurring expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues. We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period, and against our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA and Adjusted EBITDA Margin because these amounts can vary substantially from company to company within our industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired. The following table sets forth a reconciliation of net income as determined in accordance with GAAP to Adjusted EBITDA and Adjusted EBITDA Margin for the periods indicated. (1) Share-based compensation – Incentive Units for the three months ended June 30, 2025, and March 31, 2025, consist only of Incentive Units. Share-based compensation – Incentive Units for the three months ended June 30, 2024, consists only of the NDB Incentive Units. NDB Incentive Units were liability awards resulting in periodic fair value remeasurement prior to the Division. Subsequent to the IPO, any actual cash expense associated with such Incentive Units is borne solely by LandBridge Holdings LLC and not the Company. Distributions attributable to Incentive Units are based on returns received by investors of LandBridge Holdings LLC once certain return thresholds have been met and are neither an obligation of the Company nor taken into consideration for distributions to investors in the Company. (2) Transaction-related expenses consist of non-capitalizable transaction costs associated with both completed or attempted acquisitions, debt amendments and entity structuring charges. Expand Free Cash Flow and Free Cash Flow Margin are used to assess our ability to repay our indebtedness, return capital to our shareholders and fund potential acquisitions without access to external sources of financing for such purposes. We define Free Cash Flow as cash flow from operating activities less investment in capital expenditures. We define Free Cash Flow Margin as Free Cash Flow divided by total revenues. We believe Free Cash Flow and Free Cash Flow Margin are useful because they allow for an effective evaluation of both our operating and financial performance, as well as the capital intensity of our business, and subsequently the ability of our operations to generate cash flow that is available to distribute to our shareholders, reduce leverage or support acquisition activities. The following table sets forth a reconciliation of cash flows from operating activities determined in accordance with GAAP to Free Cash Flow and Free Cash Flow Margin, respectively, for the periods indicated. (1) Operating cash flow margin is calculated by dividing net cash provided by operating activities by total revenue. Expand
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Greenfire Resources Reports Second Quarter 2025 Results and Provides an Operational Update
Readers are advised to review the "Non-GAAP and Other Financial Measures" section of this press release for information regarding the presentation of financial measures that do not have standardized meaning under IFRS® Accounting Standards. Readers are also advised to review the "Forward-Looking Information" section in this press release for information regarding certain forward-looking information and forward-looking statements contained in this press release. All amounts in this press release are stated in Canadian dollars unless otherwise specified. The Company holds a 75% working interest in the Hangingstone Expansion Facility (the "Expansion Asset") and a 100% working interest in the Hangingstone Demonstration Facility (the "Demo Asset" and, together with the Expansion Asset, the "Hangingstone Facilities"). Unless indicated otherwise, production volumes and per unit statistics are presented throughout this press release on a "gross" basis as determined in accordance with National Instrument 51-101 - Standards for Disclosure for Oil and Gas Activities, which is the Company's gross working interest basis before deduction of royalties. Calgary, Alberta--(Newsfile Corp. - August 6, 2025) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), today reported its operating and financial results thereto for the quarter ended June 30, 2025 ("Q2 2025"). The unaudited condensed interim consolidated financial statements and notes for the three and six months ended June 30, 2025 and 2024, as well as the related Management's Discussion and Analysis ("MD&A"), will be available on SEDAR+ at on EDGAR at and on Greenfire's website at Q2 2025 Highlights Bitumen production of 15,748 bbls/d Cash provided by operating activities of $17.7 million and Adjusted funds flow(1) of $33.8 million Capital expenditures(2) of $10.8 million Adjusted free cash flow(1) of $23.0 million Financial & Operating Highlights Three Months Ended ($ thousands, unless otherwise indicated)June 30,2025 June 30, 2024 March 31, 2025WTI (US$/bbl)63.74 80.57 71.42WCS differential to WTI (US$/bbl)(10.27 )(13.61 )(12.67 ) WCS Hardisty (US$/bbl)53.47 66.96 58.75Average FX Rate (C$/US$)1.3840 1.3684 1.4348Bitumen production (bbls/d)15,748 18,993 17,495Oil sales144,542 219,444 183,637Royalties(3,932 )(9,919 )(6,824 ) Realized gains (losses) on risk management contracts9,823 (13,798 )(1,101 ) Diluent expense(56,290 )(84,545 )(73,994 ) Transportation and marketing(12,415 )(13,313 )(14,185 ) Operating expenses(31,823 )(34,997 )(37,929 ) Operating netback(1)49,905 62,872 49,604Operating netback(1) ($/bbl)35.06 36.68 31.67Net income and comprehensive income48,730 30,848 16,163Cash provided by operating activities17,732 85,163 34,673Adjusted funds flow(1)33,843 47,207 31,444Capital expenditures(2)(10,840 )(23,009 )(26,299 ) Adjusted free cash flow(1)23,003 24,198 5,145Cash and cash equivalents69,980 159,977 72,238Available credit facilities(3)50,000 50,000 50,000Net debt(1)(216,001 )(283,025 )(253,111 ) Common shares ('000 of shares)70,252 69,276 69,922 (1) Non-GAAP measures without a standardized meaning under IFRS. Refer to the "Non-GAAP and Other Financial Measures" section in this press release.(2) Supplementary financial measure. Refer to the "Non-GAAP and Other Financial Measures" section of this press release.(3) The Company had $50.0 million available under the Senior Credit Facility, with no amounts drawn as at June 30, 2025, June 30, 2024, or March 31, 2025. Q2 2025 Review Greenfire's average production for Q2 2025 was 15,748 bbls/d, representing a 10% decrease from Q1 2025 and below 18,993 bbls/d reported in Q2 2024. Expansion Asset: Production in Q2 2025 was 10,105 bbls/d, reflecting a 20% decrease from the previous quarter. This reduction was primarily attributed to downtime associated with the previously disclosed failure of one of the four steam generators at the Expansion Asset. Demo Asset: Production in Q2 2025 was 5,643 bbls/d, representing a 16% increase from the previous quarter. This growth was driven by the optimization of base well performance. Hangingstone Facilities: Bitumen Production Results (bbls/d)Q2 2025 Q2 2024 Q1 2025Expansion Asset10,105 15,824 12,613Demo Asset5,643 3,169 4,882Consolidated15,748 18,993 17,495 Capital expenditures for Q2 2025 totaled $10.8 million, compared to $23.0 million in the same period of the prior year. Adjusted free cash flow was $23.0 million for Q2 2025, compared to $24.2 million in Q2 2024. Operational Update Production and Steam Generation Updates Greenfire's July 2025 corporate production was approximately 16,000 bbls/d. The Company's production continues to be affected by the previously disclosed failure of one of the four steam generators at the Expansion Asset, resulting in an estimated production impact of 1,500 to 2,250 bbls/d. Full steam capacity is expected to be restored by year-end 2025. Regulatory Engagement and Installation of Sulphur Removal Facilities Greenfire continues to engage with the Alberta Energy Regulator (the "AER") regarding previously disclosed sulphur dioxide emissions that exceed regulatory limits at the Expansion Asset. To support a timely return to compliance, Greenfire has ordered sulphur removal facilities, which are scheduled for installation and commissioning in Q4 2025. Management expects these facilities will restore emissions compliance at a total estimated cost of $11.3 million (previously $15.0 million). Progress Update on Future Development Plans During the second quarter of 2025, Greenfire refined its proposed development plan and operational strategies at the Hangingstone Facilities. The proposed development plan includes a new SAGD well pad ("Pad 7"), consisting of 13 well-pairs, located northeast of the Expansion Asset's Central Processing Facility (the "Expansion CPF") and directly adjacent to existing production (see Exhibit 1). Greenfire has secured a drilling rig, with drilling operations expected to begin in Q4 2025 and first oil production anticipated in Q4 2026. Exhibit 1: Expansion Asset - Pad 7 Development Plan- Pad 7 surface facility (orange), drainage boxes and horizonal well locations (purple) Exhibit 1 To view an enhanced version of this graphic, please visit: Greenfire continues to evaluate further development opportunities at the Hangingstone Facilities, including drilling additional well pairs southeast of the Expansion CPF and optimization opportunities at the Demo Asset to sustain current production rates. 2025 Outlook Greenfire's board of directors has approved a 2025 capital budget of $130 million, with an anticipated 2025 annual production range of 15,000 to 16,000 bbls/d. The budget is evenly allocated between sustaining and growth initiatives. Sustaining initiatives include the restoration of the steam generator and the installation of sulphur removal facilities at the Expansion Asset. Growth initiatives are focused on the development of Pad 7, with drilling operations scheduled to commence in the fourth quarter of 2025. Hedges Greenfire has WTI hedges in place for 9,450 bbls/d at approximately $100.90 per barrel through 2025. For the WCS Hardisty differential, the Company has secured hedges for 12,600 bbl/d for Q3 2025 at US$10.90/bbl and 12,600 bbl/d for Q4 2025 at US$13.50/bbl. The Company will continue to assess market conditions to identify potential additional hedging opportunities. Conference Call Details Greenfire plans to host a conference call on Thursday, August 7, 2025 at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time), during which members of the Company's executive team will discuss its Q2 2025 results as well as host a question-and-answer session with research analysts. Date: Thursday, August 7, 2025 Time: 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time) Webcast Link: Dial In: 1-833-752-3499 or 1-647-846-7280 Participant instructions: Please ask the operator to join the Greenfire Resources Ltd. call. About Greenfire Greenfire is an oil sands producer actively developing its long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada, with its registered offices in Calgary, Alberta. The Company plans to leverage its large resource base and significant infrastructure in place to drive meaningful, capital-efficient production growth. As part of the Company's commitment to operational excellence, safe and reliable operations remain a top priority for Greenfire. Greenfire common shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the trading symbol "GFR". For more information, visit or find Greenfire on LinkedIn and X. Non-GAAP and Other Financial Measures Certain financial measures in this press release are non-GAAP financial measures or ratios. These measures do not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures provided by other companies. These non-GAAP measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS Accounting Standards. This press release also contains supplementary financial measures. Non-GAAP financial measures and ratios include operating netback, adjusted funds flow, adjusted free cash flow, net debt and per barrel figures associated with such non-GAAP financial measures. Supplementary financial measures and ratios include gross profit, capital expenditures, and depletion. Non-GAAP Financial Measures Operating Netback (including per barrel ($/bbl)) Gross profit (loss) is the most directly comparable GAAP measure to operating netback which is a non-GAAP measure. Operating netback is further adjusted for realized gain (loss) on risk management contracts, as appropriate. Operating netback per barrel ($/bbl) is calculated by dividing operating netback by the Company's total bitumen sales volume in a specified period. When Operating netback is expressed on a per barrel basis, it is a non-GAAP ratio. Operating netback is a financial measure widely used in the oil and gas industry as a supplementary measure of a company's efficiency and ability to generate cash flow for debt repayments, capital expenditures, or other uses. The following table is a reconciliation of gross profit (loss) to operating netback: Three Months EndedJune 30, June 30, March 31, ($ thousands, unless otherwise noted)2025 2024 2025Gross profit (loss)(1)55,829 58,581 34,392Depletion(1)19,915 17,130 21,561Gain (loss) on risk management contracts(35,662 )959 (5,248 ) Operating netback, excluding realized gain (loss) on risk management contracts40,082 76,670 50,705Realized gain (loss) on risk management contracts(9,823 )(13,798 )(1,101 ) Operating netback49,905 62,872 49,604Operating netback ($/bbl)35.06 36.68 31.67 (1) Supplementary financial measure. Adjusted Funds Flow and Adjusted Free Cash Flow Cash provided by operating activities is the most directly comparable GAAP measure for adjusted funds flow, which is a non-GAAP measure. This measure is not intended to represent cash provided by operating activities calculated in accordance with IFRS Accounting Standards. The adjusted funds flow measure allows management and others to evaluate the Company's ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. We compute adjusted funds flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs and transactions considered non-recurring in nature or outside of normal business operations. Cash provided by operating activities is the most directly comparable GAAP measure for adjusted free cash flow, which is a non-GAAP measure. Management uses adjusted free cash flow as an indicator of the efficiency and liquidity of its business, measuring its funds after capital investment that are available to manage debt levels and return capital to shareholders. By removing the impact of current period property, plant and equipment expenditures from adjusted free cash flow, management monitors its adjusted free cash flow to inform its capital allocation decisions. We compute adjusted free cash flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs, transactions considered non-recurring in nature or outside of normal business operations, property, plant and equipment expenditures and acquisition costs. The following table is a reconciliation of cash provided by operating activities to adjusted funds flow and adjusted free cashflow: Three Months EndedJune 30, June 30, March 31, ($ thousands)2025 2024 2025Cash provided by operating activities17,732 85,163 34,673Non-recurring transactions(1)- - 1,853Changes in non-cash working capital16,111 (37,956 )(5,082 ) Adjusted funds flow33,843 47,207 31,444Property, plant and equipment expenditures(10,840 )(21,824 )(26,299 ) Acquisitions- (1,185 )-Adjusted free cash flow23,003 24,198 5,145 (1) Non-recurring transactions relate to a terminated shareholder rights plan and the evaluation of strategic alternatives. Net Debt The table below reconciles long-term debt to net debt. As atJune 30, June 30, March 31,($ thousands)2025 2024 2025Long-term debt(309,641 )(275,452 )(317,432 ) Current assets187,689 204,785 153,150Current liabilities(66,565 )(264,365 )(93,036 ) Current portion of risk management contracts(31,940 )26,315 (6,101 ) Current portion of warrant liability4,456 25,692 10,308Net debt(216,001 )(283,025 )(253,111 ) Net debt is a non-GAAP measure. Long-term debt is a GAAP measure that is the most directly comparable financial statement measure to net debt. Net debt is comprised of long-term debt, adjusted for current assets and current liabilities on the Company's balance sheet, and excludes the current portions of risk management contracts and warranty liability. Management uses net debt to monitor the Company's current financial position and to evaluate existing sources of liquidity. Net debt is used to estimate future liquidity and whether additional sources of capital are required to fund planned operations. Supplementary Financial Measures Depletion The term "depletion" or "depletion expense" is the portion of depletion and depreciation expense reflecting the cost of development and extraction of the Company's bitumen reserves. Gross Profit (Loss) Gross profit (loss) is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses gross profit (loss) to assess its core operating performance before considering other expenses such as general and administrative costs, financing costs, and income taxes. Gross profit (loss) is calculated as oil sales, net of royalties, plus gains on risk management contracts, less losses on risk management contracts, diluent expense, operating expense, depletion expense on the Company's operating assets, transportation expenses and marketing expenses. Management believes that gross profit (loss) provides investors, analysts, and other stakeholders with useful insight into the Company's ability to generate profitability from its core operations before non-operating expenses. Three Months EndedJune 30, June 30, March 31, ($ thousands)2025 2024 2025Oil sales, net of royalties140,610 209,525 176,813Gain (loss) on risk management contracts35,662 (959 )5,248176,272 208,566 182,061Diluent expense(56,290 )(84,545 )(73,994 ) Transportation and marketing(12,415 )(13,313 )(14,185 ) Operating expenses(31,823 )(34,997 )(37,929 ) Depletion(19,915 )(17,130 )(21,561 ) Gross profit (loss)55,829 58,581 34,392 Capital Expenditures Capital expenditures is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses capital expenditures to monitor the cash flows it invests into property, plant and equipment. Capital expenditures is derived from the statement of cash flows and includes property, plant and equipment expenditures and acquisitions. Management believes that capital expenditures provides investors, analysts and other stakeholders with a useful insight into the Company's investments into property, plant and equipment. Three Months EndedJune 30, June 30, March 31, ($ thousands)2025 2024 2025Property, plant and equipment expenditures10,840 28,124 26,299Acquisitions- 1,185 -Capital expenditures10,840 23,009 26,299 Forward-Looking Information This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws. The forward-looking information in this press release is based on Greenfire's current internal expectations, estimates, projections, assumptions, and beliefs. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable as of the time of such information, but no assurance can be given that these factors, expectations and assumptions will prove to be correct, and such forward-looking information included in this press release should not be unduly relied upon. The use of any of the words "expect", "target", "anticipate", "intend", "estimate", "objective", "ongoing", "may", "will", "project", "believe", "depends", "could" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the generality of the foregoing, this press release contains forward-looking information pertaining to the following: the expected timing for the restoration of full steam capacity at the Expansion Asset; Greenfire's discussions with the AER regarding previously disclosed sulphur dioxide emissions exceedance, including the expected timing of installation and commissioning of a sulphur recovery unit and that this initiative will effectively restore compliance with sulphur dioxide emissions requirements at the Expansion Asset; Greenfire's plans including development and construction around the Expansion CPF and the anticipated timing and costs thereof; the 2025 Outlook, including the Company's capital budget and the anticipated allocation thereof, and the Company's production guidance; development plans for a new SAGD pad; development plans, capital expenditures and operational strategies for the Expansion Asset and the Demo Asset; that the Company will continue to assess market conditions to identify potential additional hedging opportunities; and statements relating to the business and future activities of the Company after the date of this press release. Management approved the capital budget and production guidance contained herein as of the date of this press release. The purpose of the capital budget and production guidance is to assist readers in understanding the Company's expected and targeted financial position and performance, and this information may not be appropriate for other purposes. Forward-looking information in this press release relating to oil and gas exploration, development and production, and management's general expectations relating to the oil and gas industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of the industry which management believes to be reasonable. Although generally indicative of relative market positions, market shares and performance characteristics, this data is inherently imprecise. Management is not aware of any misstatements regarding any industry data presented in press release. All forward-looking information reflects Greenfire's beliefs and assumptions based on information available at the time the applicable forward-looking information is disclosed and in light of the Company's current expectations with respect to such matters as: the success of Greenfire's operations and growth and expansion projects; expectations regarding production growth, future well production rates and reserves volumes; expectations regarding Greenfire's capital program; the outlook for general economic trends, industry trends, prevailing and future commodity prices, foreign exchange rates and interest rates; prevailing and future royalty regimes and tax laws; expectations regarding differentials and realized prices; future well production rates and reserves volumes; fluctuations in energy prices based on worldwide demand and geopolitical events; the impact of inflation; the integrity and reliability of Greenfire's assets; decommissioning obligations; Greenfire's ability to comply with its financial covenants; Greenfire's ability to comply with applicable regulations, including those related to various emissions; Greenfire's ability to obtain all applicable regulatory approvals in connection with the operation of its business; and the governmental, regulatory and legal environment. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, Greenfire cannot assure readers that these expectations will prove to be correct. The forward-looking information included in this press release is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking information, including, without limitation: changes in oil and gas prices and differentials; changes in the demand for or supply of Greenfire's products; the continued impact, or further deterioration, in global economic and market conditions, including from inflation and/or certain geopolitical conflicts, such as the ongoing war in Eastern Europe and the conflict in the Middle East, and other heightened geopolitical risks, including imposition of tariffs or other trade barriers, and the ability of the Company to carry on operations as contemplated in light of the foregoing; determinations by OPEC and other countries as to production levels; unanticipated operating results or production declines; changes in tax or environmental laws, climate change regulations, royalty rates or other regulatory matters; changes in Greenfire's operating and development plans; reliability of Company owned and third party facilities, infrastructure and pipelines required for Greenfire's operations and production; competition for, among other things, capital, acquisitions of reserves and resources, undeveloped lands, access to services, third party processing capacity and skilled personnel; inability to retain drilling rigs and other services; severe weather conditions, including wildfires, impacting Greenfire's operations and third party infrastructure; availability of diluent, natural gas and power to operate Greenfire's facilities; failure to realize the anticipated benefits of the Company's acquisitions; incorrect assessment of the value of acquisitions; delays resulting from or inability to obtain required regulatory approvals; increased debt levels or debt service requirements; inflation; changes in foreign exchange rates; inaccurate estimation of Greenfire's bitumen reserves volumes; limited, unfavourable or a lack of access to capital markets or other sources of capital; increased costs; failure to comply with applicable regulations, including relating to the Company's air emissions, and potentially significant penalties and orders associated therewith and associated significant effect on the Company's business, operations, production, reserves estimates and financial condition; a lack of adequate insurance coverage; and other factors discussed under the "Risk Factors" section in Greenfire's Management's Discussion & Analysis for the interim period ended June 30, 2025 and Annual Information Form dated March 17, 2025, and from time to time in Greenfire's public disclosure documents, which are available on the Company's SEDAR+ profile at and in the Company's annual report on Form 40-F filed with the SEC, which is available on the Company's EDGAR profile at The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this press release speaks only as of the date of this press release and Greenfire does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement. Contact Information Greenfire Resources Ltd.205 5th Avenue SWSuite 1900Calgary, AB T2P 2V7 investors@ To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Kirby McInerney LLP Reminds Sable Offshore Corp. (SOC) Investors of Class Action Filing and Encourages Investors to Contact the Firm
NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors who purchased Sable Offshore Corp. ('Sable' or the 'Company') (NYSE:SOC) securities to contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@ or fill out the contact form below, to discuss your rights or interests with respect to the securities fraud class action lawsuit against the Company. [ LEARN MORE ABOUT THE CLASS ACTION ] On May 19, 2025, Sable announced that it had resumed oil production from one of three offshore platforms related to its Las Flores pipeline (the 'Onshore Pipeline') in California as of May 15, 2025. On May 21, 2025, Sable announced the pricing of its previously announced underwritten public offering of 8,695,654 shares of its common stock, by the Company at a price to the public of $29.50 per share (the 'Public Offering'). The Company subsequently announced the closing of the Public Offering on May 23, 2025, with gross proceeds of approximately $295 million. On May 23, 2025, the California State Land Commission sent Sable a letter warning the Company that, 'The [May 19] press release appears to mischaracterize the nature of recent activities, causing significant public confusion and raising questions regarding Sable's intentions.' According to the letter, Sable had conflated offshore well testing activities required by a federal regulatory agency with the restart of operations. Then, on May 28, 2025, the Santa Barbara County Superior Court approved a preliminary injunction requested by the California Coastal Commission regarding Sable's maintenance and repair work in the coastal zone related to its Onshore Pipeline. On this news, the price of Sable declined by $5.04 per share, or approximately 15%, from $32.93 per share on May 27, 2025, to close at $27.89 on May 28, 2025. The lawsuit alleges that Sable made false or misleading statements that the Company had restarted oil production off the coast of California when it had not. If you purchased or otherwise acquired Sable securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@ or fill out the contact form below, to discuss your rights or interests with respect to these matters without any cost to you. Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
