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Prairie Operating (PROP) investor relations material
Prairie Operating Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record adjusted EBITDA of $38.6M in Q2 2025, with net income of $35.7M ($1.04/share), driven by strong asset performance, cost control, and the Bayswater and NRO acquisitions.
Delivered record production of 21,052 BOE/d, a 540% increase quarter over quarter, with about 50% oil, fueled by core asset performance and recent acquisitions.
Closed over $600M in acquisitions, including Bayswater, adding scale, reserves, and drilling inventory, funded by cash, equity, Series F Preferred Stock, and expanded credit facility.
Amended $1B credit facility, reaffirmed $475M borrowing base, expanded lender syndicate, and enhanced liquidity.
Exited cryptocurrency mining in January 2024, classifying all related results as discontinued operations.
Financial highlights
Q2 2025 revenue was $68.1M, up sharply from prior periods, with oil revenue at $57.9M and production averaging 21,052 BOE/d.
Adjusted EBITDA of $38.6M, up over 600% quarter over quarter; net income of $35.7M ($1.04/share); six-month adjusted EBITDA was $43.0M.
Net cash from operating activities was $9.7M; capital expenditures for the quarter were $56.6M.
Operating expenses were $25.66/BOE; lease operating expenses $5.92/BOE; G&A $8.58/BOE.
Cash and cash equivalents were $10.7M as of June 30, 2025, with $98.7M in total liquidity.
Outlook and guidance
Raised full-year 2025 production guidance to 24,000–26,000 BOE/d, CapEx to $260M–$280M, and adjusted EBITDA to $240M–$260M, reflecting the impact of acquisitions.
Guidance assumes WTI $60–$70/bbl and $4.00/Mcf gas; hedging program covers about 85% of current daily production through 2028.
Management expects cash, revenues, and available credit to be sufficient for obligations and development over the next 12 months.
Edge Acquisition and further drilling at newly acquired assets are expected to drive additional production growth in H2 2025.
Targeting double-digit organic growth and regular dividend program.
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