Prairie Operating Co. (NASDAQ: PROP) is an independent energy company focused on the acquisition and development of oil, natural gas, and natural gas liquids resources in the Denver-Julesburg (DJ) Basin.
On March 30, 2026, the company released its full-year 2025 financial and operating results. While Prairie reported a net loss attributable to common stockholders of $60.9 million, or $1.35 basic loss per share, it delivered substantial growth in production and revenue driven by the Bayswater acquisition and successful development activity.
For the year ended December 31, 2025, total revenue was $241.6 million (approximately $315 million on a pro forma basis including Bayswater), representing an approximately 3,000% increase year-over-year. Adjusted EBITDA reached a record $155.5 million (approximately $220 million including Bayswater), up over 975% from the prior year.
Production grew dramatically, with an approximately 3,900% increase in average annual production to 18,500 net Boe/d (approximately 24,000 Boe/d including Bayswater; ~50% oil / 73% liquids). The company achieved a record total production of 6.75 million Boe for the year. At year-end 2025, the current production rate stood at approximately 28,000 net Boe/d.
The company also reported gross profit and positive operating income contributions in parts of the year, supported by strong realized prices (e.g., $59.91/Bbl for oil excluding hedges) and cost management, despite overall net losses influenced by non-cash items, depreciation, and other expenses.
Additionally, on March 25, 2026, Prairie announced an agreement with the holder of its Series F Convertible Preferred Stock to extend the anniversary warrant issuance date from March 26, 2026, to April 7, 2026, while the parties continue discussions. The amendment includes a potential $3 million cash fee obligation due April 6, 2026 (subject to waiver).
Outlook and Context Prairie’s rapid scaling in the DJ Basin reflects successful integration of acquired assets and ongoing development. The company exited 2025 with proved reserves of 121 MMBoe (PV-10 of $1.22 billion at SEC pricing). Investors should monitor the upcoming earnings conference call (scheduled for March 31, 2026) for Q4 specifics, 2026 guidance, and updates on capital structure and warrant discussions.
