Prairie Operating Co. reported third‑quarter 2025 revenue of $77.7 million, a 10 % increase from the $70.5 million earned in Q3 2024. The figure fell short of the $87.05 million consensus estimate, marking a revenue miss of $9.35 million or 10.7 %. The shortfall was driven by a 4 % decline in natural‑gas sales, offset only partially by a 12 % rise in oil‑price‑adjusted revenue from the company’s Denver‑Julesburg Basin assets.
Production rose to 23,029 net barrels of oil equivalent per day, up 10 % from 20,900 Boe/d in the prior quarter. Oil accounted for 52 % of output, and the company completed the transition of its Bayswater assets, bringing full operational control. A workover program that installed plungers in 183 wells lifted per‑well oil production by an average of 12.6 %, contributing to the overall production gain.
Liquidity stood at $68.6 million as of September 30, 2025, supported by a $1.0 billion reserve‑based lending facility with a borrowing base of $475 million and a March 26, 2029 maturity. An at‑the‑market offering could raise up to $75 million, giving Prairie flexibility to fund its expansion program. The company’s debt‑to‑equity ratio remained high at 4.15, and its current ratio was 0.6, underscoring the need for continued capital discipline.
The quarter ended with a GAAP net loss of $22.5 million, or $0.44 basic loss per share, largely due to higher general and administrative expenses, depreciation, depletion, and finance charges. In contrast, adjusted EBITDA reached $240.0 million, a 45 % increase from the $160.0 million reported in Q3 2024, reflecting strong operational efficiency and the impact of the workover program.
Prairie reaffirmed its full‑year 2025 guidance for average daily production of 24,000–26,000 Boe/d, capital expenditures of $260.0–$280.0 million, and adjusted EBITDA of $240.0–$260.0 million. The company highlighted a robust hedging program that locks in favorable commodity prices through 2028, providing cash‑flow stability amid volatile market conditions.
"The third quarter represented another major step forward for Prairie as we continue to execute across all areas of our business," said Chairman and CEO Edward Kovalik. "With the Bayswater transition now complete, we are focused on expanding our DJ Basin footprint and building long‑term shareholder value through high‑return organic development, operational optimization, and selective acquisitions."
The content on BeyondSPX 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.