Prairie Operating (PROP) Q1 2026 earnings summary

Executive summary

• Focused on oil, natural gas, and NGL development in Weld County, Colorado, with 68,700 net leasehold acres as of March 31, 2026.

• Achieved total production of 2.1 MMBoe (23,200 Boe/d), with 72% liquids and 48% oil for Q1 2026.

• Revenue reached $83.4 million, up over 500% quarter-over-quarter, driven by higher realized prices and production.

• Significant production and revenue growth driven by the Bayswater Acquisition and new well completions.

• Operational execution improved, with new wells drilled below AFE and cost savings exceeding $100,000 per well.

Financial highlights

• Total revenue for Q1 2026 was $83.4 million, up from $13.6 million in Q1 2025, driven by increased production.

• Net loss attributable to common stockholders was $174.4 million, or $2.16 per share, for Q1 2026.

• Adjusted EBITDA for Q1 2026 was $37.2 million, up from $5.2 million in Q1 2025, a more than 600% increase quarter-over-quarter.

• Operating expenses rose to $57.6 million in Q1 2026 from $11.8 million in Q1 2025, reflecting higher production and non-recurring litigation and severance costs.

• Oil revenue was $67.8 million, natural gas $9.0 million, and NGL $6.6 million for Q1 2026.

Outlook and guidance

• Management expects cash, revenues, and credit facility liquidity to be sufficient for obligations and development over the next 12 months.

• Reaffirmed full-year 2026 guidance: average daily production 25,500–27,500 Boe/d, capital expenditures $200–$220 million, and Adjusted EBITDA $240–$260 million.

• Capital spending is largely discretionary and can be adjusted based on market and operational factors.