Highlights  

  • Prairie achieved quarterly revenue of USD 77.7M, up approximately 15% from the prior quarter. 
  • Net income for the quarter reached USD 1.3M. 
  • Adjusted EBITDA grew more than 45% quarter-over-quarter to USD 56.3M. 
  • Production increased around 10% to 23,029 Boe/d, with a current rate of 27,000 net Boe/d. 
  • The company completed two bolt-on acquisitions and expanded its hedging program through 2028. 

Prairie Operating Co. (NASDAQ:PROP) delivered another impactful quarter as it continued scaling its presence in the Denver-Julesburg Basin following itsacquisitionof Bayswater Exploration & Productionassets. The company posted record production levels of 23,029 Boe/d in Q3 2025, with volumes comprising approximately 52% oil and 72% liquids. As of mid-November, production had already climbed to approximately 27,000 net Boe/d, highlighting the effectiveness of Prairie’s development program. 

The quarter included several key operational achievements. Prairie completed flowback operations on seven new wells on its Noble pad, while six newly drilled wells at the Simpson pad are expected online in Q4. At the Rusch pad, drilling and completions for 11 wells targeting the Niobrara A, B, C zones and the Codell formation were finalized and turned to sales. These wells are positioned to support meaningful production contributions through year-end. 

In addition, nine wells on the Opal Coalbank pad—acquired as drilled but uncompleted locations—were completed and turned to sales. These wells delivered an average IP30 of 525 Boe/d per well, exceeding initial expectations. Prairie also executed an extensive optimization program, completing 31 workovers and installing plungers across 183 wells, yielding an average 12.6% boost in oil production per well. 

Financial Performance Reflects Increased Activity 

Prairie reported Q3 2025 revenue of USD 77.7M, driven by oil revenue of USD 64.9M and supported by realized prices of USD 58.70 per barrel for oil, USD 12.27 for NGLs, and USD 2.15 per Mcf for natural gas. The company generated net income of USD 1.3M, compared to a loss in the prior year period. AdjustedEBITDAreached a record USD 56.3M, up more than 45% quarter-over-quarter. 

Operating costs included lease operating expenses of USD 15.4M, transportation and processing expenses of USD 2.2M, and production taxes of USD 4.7M.Capital expenditurestotaled USD 69.6M, reflecting active drilling and completion activity across Prairie’s development program. 

Prairie also enhanced its financial stability with an expanded hedging program that secures oil and gas pricing through 2028. As of September 30, the company maintained approximately USD 68.6M in liquidity, including USD 10.6M in unrestricted cash and USD 58M in availability under its USD 475M credit facility. 

Strategic Acquisitions and 2025 Outlook 

During the quarter, Prairie closed two bolt-on acquisitions totaling 3,400 net acres and adding roughly 11 net drilling locations. These strategic additions complement the company’s DJ Basin portfolio and reinforce its multi-year development visibility. 

Prairie reaffirmed its full-year 2025 guidance, including average daily production of 24,000–26,000 Boe/d, capital expenditures of USD 260M–280M, and Adjusted EBITDA of USD 240M–260M. The forecast incorporates full-year contributions from the Bayswater acquisition and updatedcommodityhedging positions. 

Conclusion 

Prairie Operating Co. exited Q3 2025 with accelerating production, expanding development activity, and a growing asset base across the DJ Basin. With operational execution, disciplined acquisitions, and an extended hedging portfolio, the company enters 2026 positioned for continued progress. Prairie’s focus on optimization, efficient capital deployment, and strategic growth remains central to its long-term plan to enhanceshareholdervalue.