Prairie Operating Co. (PROP) reported its 10-K filing, highlighting its financial and operational performance for the fiscal year ending December 31, 2025. The company, focused on acquiring and developing crude oil, natural gas, and NGLs in the Denver-Julesburg Basin, reported total revenues of $241.6 million for 2025, a significant increase from $7.9 million in 2024. This surge is primarily attributed to the Bayswater Acquisition, which closed in March 2025, contributing substantially to production volumes and revenues. Despite the revenue growth, the company incurred a net loss attributable to common stockholders of $60.9 million, compared to a net loss of $40.9 million in the previous year.
A key factor influencing the company's financial results was the volatility in commodity prices. The average sales price for oil decreased from $68.60 per barrel in 2024 to $59.91 per barrel in 2025, while natural gas prices decreased from $2.25 per Mcf to $0.88 per Mcf. NGL prices also saw a decrease from $24.03 per barrel to $18.16 per barrel. To mitigate price volatility, Prairie Operating Co. utilizes derivative contracts, resulting in a net gain on derivatives of $79.2 million in 2025, compared to a net loss of $4.4 million in 2024. The company's average lease operating expenses were $6.14 per Boe in 2025, compared to $7.44 per Boe in 2024.
Operationally, Prairie Operating Co. expanded its asset base through several acquisitions, including the Edge Acquisition in July 2025 and the Summit and Crown Acquisitions in October 2025. As of December 31, 2025, the company's assets included approximately 68,000 net leasehold acres in, on and under approximately 98,200 gross acres. The company's proved reserves were estimated at 121.1 million Boe, a substantial increase from 26.1 million Boe in 2024. This increase was primarily due to acquisitions of reserves totaling 95.3 million Boe and revisions to previous estimates of 6.4 million Boe. The company completed 33 development wells turned to sales in 2025, compared to 8 in 2024.
Prairie Operating Co. has a significant amount of proved undeveloped reserves, with 52.6 million Boe as of December 31, 2025. The company plans to drill and complete approximately 40 gross wells in 2026, with further development planned in 2027. The company's standardized measure of discounted future net cash flows was $851.7 million as of December 31, 2025, compared to $255.1 million in 2024. The company's PV-10, a non-GAAP measure, was $1.2 billion as of December 31, 2025, compared to $303.2 million in 2024.
Looking ahead, Prairie Operating Co. intends to fund its drilling program with free cash flow and maintain low leverage. The company plans to utilize the latest technology in 3-D seismic mapping and geo-steering to decrease drill times and improve well results. The company's 2026 drilling plan includes drilling an additional four gross wells on its Genesis Assets. The company's ability to execute its development plan and achieve its financial goals is subject to various risks, including commodity price volatility, regulatory changes, and competition from other oil and natural gas companies.
About Prairie Operating Co.
Prairie Operating Co. is an independent oil and natural gas producer focused on acquiring and developing assets in the Denver-Julesburg Basin, Colorado. It emphasizes environmentally efficient growth through drilling, strategic acquisitions, and advanced technology. The company’s core activities include exploration, development, and production of liquids-rich reserves, leveraging low-cost operations and a disciplined capital strategy to generate reserves, production, and cash flow in a competitive regulatory environment.
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