Greenfire Resources is a Canadian oil sands producer that extracts bitumen from its Hangingstone Facilities in the Athabasca region of northeastern Alberta, roughly 50 kilometers southwest of Fort McMurray. Greenfire uses Steam-Assisted Gravity Drainage (SAGD), an in-situ method where steam is injected underground to heat and mobilize bitumen for surface extraction. Once extracted, bitumen is blended with condensate (diluent) to create Western Dilbit Blend (WDB), which is then sold via pipeline to refiners in Canada and the U.S. Greenfire sells all production exclusively through Trafigura Canada, its petroleum marketer, which handles logistics and third-party sales. Greenfire operates two producing assets: the Hangingstone Expansion Asset (75% working interest, ~66% of 2025 production), which holds roughly 389 MMbbls of 2P reserves and a ~99-year reserve life; and the Hangingstone Demo Asset (100% working interest, ~34% of 2025 production), which can sell diluent-free bitumen by truck or rail for WTI-indexed pricing. Greenfire's profitability is driven by WDB benchmark pricing (influenced by WTI, heavy oil differentials, and CAD/USD), diluent costs, and natural gas costs for steam generation. Greenfire's near-term growth strategy focuses on drilling new SAGD well pads to fill spare plant capacity at the Expansion Asset, with first oil from the new Pad 7 expected in Q4 2026. In late 2025, Greenfire completed a recapitalization — redeeming ~US$237.5M in senior notes and upsizing its revolving credit facility to $275M — leaving the company essentially debt-free and positioned to fund its growth drilling program.