Prairie Operating Co. (PROP) released its full‑year 2025 results on March 30, 2026, reporting total revenue of $241.6 million, of which $204.0 million came from oil sales. Production reached 6,748 million barrels of oil equivalent (MBoe), and the company posted a net loss attributable to common stockholders of $60.9 million. Adjusted EBITDA for the year was $240 million, a record for the company.
Quarter‑four 2025 diluted earnings per share were $0.12, falling short of the consensus estimate of $0.17. Revenue for the quarter was $83.0 million, below the $108.5 million expected by analysts. The full‑year EPS forecast of $0.45 reflects the company’s guidance for 2026, while the debt balance under the credit facility stands at $420 million and $366 million outstanding.
Revenue grew 3,000 % year‑over‑year, driven by the integration of the Bayswater assets and a sharp increase in production. Gross profit margin expanded to 71 % in the third quarter of 2025, supporting the record adjusted EBITDA. The company’s operating leverage and higher‑margin production mix contributed to the margin expansion.
Interim CEO Rich Frommer said the year was transformational, noting that the company “materially scaled production, expanded margins, fully integrated the Bayswater assets, and strengthened our balance sheet while maintaining capital discipline and operational excellence.” He added that the deep inventory of high‑quality drilling locations, expanded hedge protection, and growing scale in the DJ Basin position Prairie to create long‑term shareholder value.
For 2026, PROP is guiding an average daily production of 25,500–27,500 Boe/d, capital expenditures of $200–220 million, and adjusted EBITDA of $240–260 million. The guidance signals management’s confidence in sustaining production growth, maintaining capital discipline, and continuing to generate cash flow.
Despite the strong operational turnaround, the company’s high debt load and liquidity position—$109 million in cash and $786 million in debt—remain a concern for investors. The guidance and management comments suggest that the company is focused on deleveraging while pursuing growth opportunities, a strategy that will shape its financial profile in the coming years.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.