Prairie Operating(US:PROP)2025-11-14 21:49Production and Operations - Record total production of 23,029 barrels of oil equivalent per day ("Boe/d"), an increase of approximately 10% quarter-over-quarter[7] - Current production rate as of today is approximately 27,000 net Boe/d, reflecting successful execution of the development program[7][9] - The company closed two bolt-on acquisitions, adding approximately 11 net drilling locations and 3,400 net acres[7] Financial Performance - Revenue of $77.7 million, with oil revenue contributing $64.9 million, and an average realized price of $58.70 per barrel for oil[8][15] - Adjusted EBITDA of $56.3 million, an increase of over 45% quarter-over-quarter[8] - Net loss attributable to common stockholders of $22.5 million, or $0.44 basic loss per share[8][14] - For the three months ended September 30, 2025, the net income from continuing operations was $1,287,000, compared to a loss of $11,424,000 for the same period in 2024[26] - Adjusted EBITDA for the three months ended September 30, 2025, was $56,315,000, a significant increase from an adjusted EBITDA of $(7,304,000) in the prior year[26] - For the nine months ended September 30, 2025, the net income from continuing operations was $34,353,000, compared to a loss of $28,975,000 for the same period in 2024[26] - The company expects full-year 2025 net income to be in the range of $192 million to $202 million, with adjusted EBITDA projected between $240 million and $260 million[28] Assets and Liabilities - Total current assets as of September 30, 2025, were $120,977,000, a substantial increase from $18,302,000 as of December 31, 2024[38] - Total assets increased to $939,788,000 as of September 30, 2025, compared to $156,554,000 as of December 31, 2024[38] - Current liabilities rose to $145,010,000 as of September 30, 2025, up from $63,009,000 as of December 31, 2024[38] - The company has a credit facility with long-term liabilities amounting to $417,000,000 as of September 30, 2025, compared to $28,000,000 as of December 31, 2024[38] - The total stockholders' equity increased to $101,837,000 as of September 30, 2025, from $52,768,000 as of December 31, 2024[40] Cash Flow and Investments - Cash flows from operating activities for the nine months ended September 30, 2025, were $67.384 million, a significant increase from a cash outflow of $6.118 million in 2024[44] - The company incurred $608.536 million in net cash used in investing activities during the nine months ended September 30, 2025, primarily due to the Bayswater asset purchase[44] - Proceeds from the issuance of common stock amounted to $43.817 million during the nine months ended September 30, 2025[44] Stock Performance - The company reported a basic and diluted loss per share of $0.44 for the three months ended September 30, 2025, compared to a loss of $0.68 in the same period of 2024[42] - The company issued approximately 3.7 million shares of common stock to Bayswater as part of the Bayswater acquisition[46] Operating Expenses - The company reported a total operating expense of $110.901 million for the nine months ended September 30, 2025, which included $30.353 million in depreciation, depletion, and amortization[42] - The company reported a loss on adjustment to fair value of embedded derivatives, debt, and warrants amounting to $30.451 million for the nine months ended September 30, 2025[42] Guidance and Future Outlook - Full-year guidance for 2025 includes average daily production of 24,000 – 26,000 Boe/d and expected Adjusted EBITDA between $240.0 million and $260.0 million[22] - The company has secured favorable commodity pricing through an expanded hedging program, with prices of $60.45 per barrel through the rest of 2025[23]