Prairie Sees 3,000% Revenue Growth, 28,000 Boe/d Year-End Production
Prairie Operating Co. posted 2025 revenue of $241.6M ($315M including Bayswater) and record Adjusted EBITDA of $155.5M ($220M including Bayswater), marking 3,000% and 975% year-over-year gains. Annual production soared to a year-end rate of 28,000 net Boe/d, while proved reserves totaled 121,119 MBoe with a PV-10 of $1.22 billion.
1. Record Financial Performance
Prairie Operating Co. reported full-year 2025 revenue of $241.6 million ($315 million including Bayswater) and record Adjusted EBITDA of $155.5 million ($220 million including Bayswater), compared to negative $17.7 million in 2024. The company recorded a net loss attributable to common stockholders of $60.9 million, or $1.35 per share.
2. Production Growth and Asset Integration
Annual oil and natural gas production surged approximately 3,900%, averaging 18,500 net Boe/d (24,000 including Bayswater) for the year and climbing to a year-end rate of 28,000 net Boe/d. This expansion reflects the full integration of the $602.75 million Bayswater acquisition and development of multiple two-mile lateral well pads in Weld County.
3. Proved Reserves and Hedge Program
Proved reserves increased to 121,119 MBoe, 43% of which are proved undeveloped, with a standardized measure PV-10 valuation of $1.22 billion. The company also expanded its hedging program, securing favorable commodity prices through 2029 to protect margins against market volatility.
4. Strategic Acquisitions and Capital Discipline
Prairie incurred $183.4 million of capital expenditures—35% below guidance midpoint—while generating $153.9 million of net cash from operating activities. The company completed six complementary acquisitions adding approximately 44,000 net acres, reinforcing its disciplined capital allocation and growth strategy.