Prairie Operating Co. Announces Third Quarter 2026 Results
Key Highlights
- ➤Revenue $129.5 million, up 31% from the prior quarter
- ➤Adjusted EBITDA $65.3 million, up 92% from the prior quarter
- ➤Sales volumes 2.4 MMBoe, or 26,117 Boe/d, up 21% sequentially
- ➤September exit-rate production reached approximately 30,229 Boe/d
- ➤Net loss attributable to common stockholders totaled $34.0 million, or $0.26 per basic share
Expert Statements
Greg Patton, Chief Executive Officer of Prairie Operating Co.
“Prairie’s third-quarter results demonstrate the strength of our assets and the excellent work our team continues to deliver across our development program.”
Greg Patton, Chief Executive Officer of Prairie Operating Co.
“Average daily sales volumes increased 21% from the prior quarter to 2.4 MMBoe or 26,117 Boe per day, driving revenue growth of 31% from the prior quarter to $129.5 million.”
Greg Patton, Chief Executive Officer of Prairie Operating Co.
“We achieved that growth while reducing lease operating expense per Boe by 17% from the prior quarter, reflecting our continued focus on improving well performance and operating efficiency.”
Greg Patton, Chief Executive Officer of Prairie Operating Co.
“Our Burnett development is a significant step forward in demonstrating the value of Prairie’s acreage.”
Greg Patton, Chief Executive Officer of Prairie Operating Co.
“Its production results supported the conversion of 30 gross possible locations to proved undeveloped locations within Genesis OGDP I, expanding our proved inventory and reducing uncertainty around nearby development.”
Greg Patton, Chief Executive Officer of Prairie Operating Co.
“By bringing 37 wells across five pads online by the quarter-end, we have a stronger production base and even greater confidence in the opportunities ahead.”
Michael Shelly, Executive Vice President and Chief Financial Officer of Prairie Operating Co.
“Prairie generated $65.3 million of Adjusted EBITDA in the third quarter, an increase of 92% from the prior quarter, as sales volumes increased and unit operating costs declined.”
Michael Shelly, Executive Vice President and Chief Financial Officer of Prairie Operating Co.
“With Burnett and Castor now producing, our focus is on realizing the cash returns from the capital invested this year and carefully managing the spending required to sustain that production.”
Michael Shelly, Executive Vice President and Chief Financial Officer of Prairie Operating Co.
“We continue to evaluate opportunities to refinance the remaining Series F preferred stock as part of our broader effort to strengthen Prairie’s balance sheet, improve financial flexibility and better align our capital structure with the scale of our operations.”
Michael Shelly, Executive Vice President and Chief Financial Officer of Prairie Operating Co.
“Our objective is to support Prairie’s operating momentum through disciplined financial management and capital allocation that creates sustainable, long-term shareholder value.”
* Total revenue of $129.5 million, an increase of 31% from the prior quarter * Quarterly sales volumes of 2.4 MMBoe, or approximately 26,117 Boe/d, a total volume increase of 21% from the prior quarter (77% liquids; 56% oil) * September exit rate production of approximately 30,229 Boe/d * Adjusted EBITDA of $65.3 million, an increase of 92% from the prior quarter HOUSTON, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Prairie Operating Co. (Nasdaq: PROP) (the “Company,” “Prairie,” “we,” “our,” or “us”) – an independent energy company engaged in the development and acquisition of oil, natural gas, and natural gas liquids (“NGL”) resources in the Denver-Julesburg (DJ) Basin – today announced its financial and operational results for the quarter ended September 30, 2026.
THIRD QUARTER 2026 RESULTS SUMMARY * Sales volumes of 2.4 MMBoe, or 26,117 Boe/d, a total volume increase of 21% from the prior quarter, with 77% liquids (56% oil). * Revenue of $129.5 million, an increase of 31% from the prior quarter. * Net loss attributable to Prairie Operating Co. common stockholders of $34.0 million, or $0.26 per basic and $0.28 per diluted share. * Generated Adjusted EBITDA ((1)) of $65.3 million, an increase of 92% from the prior quarter. * Lease operating expense per Boe of $5.71, a decrease of 17% from the prior quarter. * Exit rate production of approximately 30,229 Boe/d. * General and administrative expenses decreased 24% from the prior quarter to $4.56 per Boe. KEY HIGHLIGHTS FOR YEAR-TO-DATE 2026 * Sales volumes of 6.5 MMBoe, or approximately 23,730 Boe/d, with 74% liquids (52% oil). * All 27 wells drilled across four pads were online at September 30, 2026. * Total revenue of $311.8 million, an increase of approximately 97% year-over-year. * Adjusted EBITDA ((1)) of $136.4 million, an increase of approximately 37% year-over-year. * Brought Burnett online at the end of August and Castor online at the end of September. * During the third quarter, extended the issuance date of the Series F Preferred Stock anniversary warrants to December 1, 2026. * Subsequent to quarter-end, production reached approximately 32,287 Boe/d. ((1) ) Adjusted EBITDA is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for the definition and a reconciliation of GAAP to non-GAAP financial measures used in this press release.
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