Prairie Operating(US:PROP) Globenewswireยท2025-08-12 20:05Core Insights - Prairie Operating Co. reported significant growth in its financial and operational performance for Q2 2025, achieving record production and adjusted EBITDA, while completing strategic acquisitions to strengthen its position in the DJ Basin [4][6][10]. Financial Performance - Total revenue reached $68.1 million, marking an increase of approximately 400% quarter-over-quarter [6][7]. - Net income attributable to common stockholders was $48.5 million, reflecting an increase of over 500% quarter-over-quarter [7][8]. - Adjusted EBITDA was recorded at $38.6 million, an increase of over 600% quarter-over-quarter [6][8]. - Quarterly production surged over 540% to a total of 21,052 Boe/d, with approximately 50% being oil [6][19]. Operational Highlights - The company successfully integrated the Bayswater assets acquired earlier in the year, expanding its operated wells from 34 to over 360 [4]. - Prairie drilled 18 and completed 9 wells during the quarter, with average spud-to-total-depth times improving to 5.3 days [11]. - The execution of the 11-well Rusch pad was a key highlight, achieving average rates of penetration exceeding 450 feet per hour [12]. - The company implemented U-shaped lateral designs to enhance drilling efficiency and maximize resource extraction [13]. Capital Expenditures and Acquisitions - Capital expenditures incurred were $56.6 million, with over $600 million spent on acquiring producing oil and gas assets [17][7]. - The company amended its Credit Facility Agreement with Citibank, reaffirming the borrowing base to $475 million [7][10]. Liquidity and Guidance - As of June 30, 2025, Prairie had approximately $98.7 million in liquidity, consisting of $88 million available under its Credit Facility and $10.7 million in unrestricted cash [23]. - The updated guidance for 2025 anticipates adjusted EBITDA to range between $240 million and $260 million, supported by an active hedging program [26][25].