P
Prairie Operating Co.
PROPCIK 0001162896NasdaqNon-AcceleratedSmaller ReportingCrude Petroleum & Natural GasDelawareFY ends Dec 31
Period
FY 2025
Revenue
$241.65M
Net Income
$32.05M
Total Assets
$944.55M
Equity
$130.16M
Shares Out
97.73M
Op. Cash Flow
$153.90M
Business
Prairie Operating Co. is an independent oil and natural gas exploration and production company focused on acquiring and developing crude oil, natural gas, and NGL reserves in the Denver-Julesburg Basin in Weld County, Colorado. The company operates two primary asset bases: Central Weld Assets (approximately 45,000 net leasehold acres) and Genesis Assets (approximately 23,000 net leasehold acres), both in its core DJ Basin region. Prairie pursues growth through organic development of its extensive drilling inventory, disciplined capital allocation funded by operating cash flow, and strategic accretive acquisitions of producing properties with high-return development opportunities.
Summary from 10-K filed 2026-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Total revenues | 242 | 8 | — | 517,602 | 369,804 | |
| Lease operating expenses | 41 | 1 | — | — | — | |
| Transportation and processing expenses | 9 | 864,000 | — | — | — | |
| Ad valorem and production taxes | 21 | 591,000 | — | — | — | |
| Depreciation, depletion, and amortization | 49 | 427,000 | — | 658,080 | 112,512 | |
| Accretion of asset retirement obligation | 247,000 | 6,000 | — | — | — | |
| Exploration expenses | 1 | 734,000 | 264,000 | — | — | |
| Abandonment and impairment of unproved properties | 3 | 0 | — | — | — | |
| General and administrative expenses | 51 | 31 | 16 | 4 | 6 | |
| Total operating expenses | 176 | 34 | 17 | 8 | 19 | |
| Income (loss) from operations | 66 | −27 | −17 | −8 | −18 | |
| Interest expense | −29 | −1 | — | — | — | |
| Gain (loss) on derivatives, net | 79 | −4 | — | — | — | |
| Loss on adjustment to fair value embedded derivatives, debt, and warrants | −63 | −5 | — | — | — | |
| Loss on issuance of debt | 0 | −3 | — | — | — | |
| Interest income and other | 759,000 | 580,000 | 248,000 | — | — | |
| Total other expenses | −12 | −13 | −45 | −6 | −991,650 | |
| Income (loss) from operations before income taxes | 54 | −40 | −62 | −13 | −19 | |
| Income tax expense | −22 | 0 | — | — | — | |
| Net income (loss) from continuing operations | 32 | −40 | −62 | — | — | |
| Loss from discontinued operations, net of taxes | 0 | −1 | −17 | — | — | |
| Net loss from discontinued operations | 0 | −1 | −17 | −17,738 | 2 | |
| Net income (loss) attributable to Prairie Operating Co. | 32 | −41 | −79 | −13 | −17 | |
| Series F preferred stock declared dividends | −11 | 0 | — | — | — | |
| Series F preferred stock undeclared dividends | −1 | 0 | — | — | — | |
| Remeasurement of Series F preferred stock | −80 | 0 | — | — | — | |
| Net loss attributable to Prairie Operating Co. common stockholders | −61 | −41 | — | −14 | −18 | |
| Net loss attributable to Prairie Operating Co. common stockholders - Diluted | −61 | −41 | — | — | — | |
| Loss per share, basic (in Dollars per share) | −1.35 | −2.65 | −12.95 | −1.18 | −4.12 | |
| Loss per share, diluted (in Dollars per share) | −1.35 | −2.65 | −12.95 | — | — | |
| Weighted average common shares outstanding, basic (in Shares) | 45 | 15 | 5 | 12 | 5 | |
| Weighted average common shares outstanding, diluted (in Shares) | 45 | 15 | 5 | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2025 2025-06-30 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-04-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 20,000 | — | 5 | 13 | — | |
| Oil, natural gas, and NGL accrued revenue | 23 | — | 3 | — | — | |
| Joint interest and other receivables | 23 | — | 9 | — | — | |
| Derivative assets | 29 | — | 0 | — | — | |
| Inventory | 4 | — | 5,000 | — | — | |
| Prepaid expenses and other current assets | 1 | — | 312,000 | — | — | |
| Note receivable | 0 | 500,000 | 500,000 | — | — | |
| Total current assets | 80 | — | 18 | 14 | — | |
| Oil and natural gas properties, successful efforts method of accounting including $57,897 and $70,462 excluded from depletable base as of December 31, 2025 and 2024, respectively | 853 | — | 135 | — | — | |
| Other property and equipment | 21 | — | 94,000 | — | — | |
| Less: Accumulated depreciation, depletion, and amortization | −49 | — | −427,000 | — | — | |
| Total property and equipment, net | 824 | — | 135 | 29 | — | |
| Derivative assets | 25 | — | 0 | — | — | |
| Debt issuance costs, net | 13 | — | 2 | — | — | |
| Operating lease assets | 3 | — | 1 | 155,000 | — | |
| Other noncurrent assets | 133,000 | — | 578,000 | — | — | |
| Total assets | 945 | — | 157 | 46 | — | |
| Accounts payable and accrued expenses | 63 | — | 38 | 5 | — | |
| Oil, natural gas, and NGL revenue payable | 30 | — | 2 | — | — | |
| Ad valorem and production taxes payable | 31 | — | 7 | — | — | |
| Senior convertible note, at fair value | 0 | — | 13 | — | — | |
| Derivative liabilities | 0 | — | 2 | — | — | |
| Operating lease liabilities | 1 | — | 323,000 | 42,000 | — | |
| Total current liabilities | 126 | — | 63 | 5 | — | |
| Credit facility | 366 | — | 28 | — | — | |
| Subordinated note related party | 1 | — | 5 | — | — | |
| Subordinated note warrants, at fair value related party | 316,000 | — | 4 | — | — | |
| Series F convertible preferred stock embedded derivatives, at fair value | 16 | — | 0 | — | — | |
| Series F convertible preferred stock warrants, at fair value | 90 | — | 0 | — | — | |
| SEPA, at fair value | 0 | — | 790,000 | — | — | |
| Derivative liabilities | 0 | — | 2 | — | — | |
| Oil, natural gas, and NGL revenue payable | 27 | — | 0 | — | — | |
| Ad valorem and production taxes payable | 23 | — | 0 | — | — | |
| Deferred tax liability | 22 | — | 0 | — | — | |
| Asset retirement obligation | 4 | — | 227,000 | 0 | — | |
| Operating lease liabilities | 2 | — | 1 | 94,000 | — | |
| Other longterm liabilities | 1 | — | 0 | — | — | |
| Total longterm liabilities | 552 | — | 41 | 94,000 | — | |
| Total liabilities | 678 | — | 104 | 6 | — | |
| Commitments and contingencies (Note 12) | — | — | — | — | — | |
| Series F convertible preferred stock; $0.01 par value; 50,000,000 shares authorized, and 121,050 and 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 136 | — | 0 | — | — | |
| Common stock; $0.01 par value; 500,000,000 shares authorized, and 62,499,375 and 23,045,209 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 625,000 | — | 230,000 | 98,000 | — | |
| Treasury stock, at cost; 111,357 and 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively | −531,000 | — | 0 | — | — | |
| Additional paidin capital | 218 | — | 172 | 119 | — | |
| Accumulated deficit | −88 | — | −120 | −79 | — | |
| Total stockholders equity | 130 | — | 53 | 40 | — | |
| Total liabilities, mezzanine equity, and stockholders equity | 945 | — | 157 | 46 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation, depletion, and amortization | 49 | 427,000 | — | 658,080 | 112,512 | |
| Accretion of asset retirement obligation | 247,000 | 6,000 | — | — | — | |
| Stock based compensation | 15 | 8 | 3 | — | — | |
| Unrealized (gain) loss on derivatives | −58 | 4 | — | — | — | |
| Amortization of deferred financing costs | 3 | 35,000 | — | — | — | |
| Noncash SEPA commitment fee | 0 | 600,000 | — | — | — | |
| Oil, natural gas, and NGL accrued revenue | −20 | −3 | — | — | — | |
| Joint interest and other receivables | −6 | −9 | — | — | — | |
| Inventory | −4 | 0 | — | 18,725 | −18,725 | |
| Prepaid expenses and other current assets | −1 | −74,000 | −101,000 | 67,047 | −54,435 | |
| Accounts payable and accrued expenses | 19 | 19 | 2 | 3 | 569,459 | |
| Oil, natural gas, and NGL revenue payable | 17 | 1 | — | — | — | |
| Ad valorem and production taxes payable | 18 | 496,000 | — | — | — | |
| Other assets and liabilities | 176,000 | −65,000 | −16,000 | — | — | |
| Net cash provided by (used in) continuing operating activities | 154 | −10 | −13 | — | — | |
| Net cash provided by discontinued operations | 0 | 460,000 | 675,000 | — | — | |
| Net cash provided by (used in) operating activities | 154 | −9 | −12 | −2 | −7 | |
| Cash paid for Bayswater asset purchase, net of cash received | −460 | 0 | — | — | — | |
| Development of oil and natural gas properties | −178 | −29 | — | — | — | |
| Other asset and leasehold purchases | −19 | −94,000 | — | — | — | |
| Cash received from payment on note receivable related to sale of cryptocurrency miners | 805,000 | 338,000 | — | — | — | |
| Cash paid for Nickel Road asset purchase, net of cash received | 0 | −56 | — | — | — | |
| Transaction expenses paid related to Nickel Road asset purchase | 0 | −239,000 | — | — | — | |
| Deposit on other oil and natural gas properties purchase | 0 | −382,000 | — | — | — | |
| Cash received from sale of cryptocurrency miners | 0 | 1 | — | — | — | |
| Net cash used in investing activities | −656 | −83 | −24 | −2 | −10 | |
| Borrowings on the Credit Facility | 390 | 28 | — | — | — | |
| Repayment on the Credit Facility | −52 | 0 | — | — | — | |
| Debt issuance costs associated with the Credit Facility | −14 | −336,000 | — | — | — | |
| Proceeds from the issuance of Common Stock | 44 | 15 | — | — | 4 | |
| Financing costs associated with issuance of Common Stock | −4 | −5 | — | — | — | |
| Proceeds from the issuance of Series F Preferred Stock | 148 | 0 | — | — | — | |
| Financing costs associated with the issuance of Series F Preferred Stock | −12 | 0 | — | — | — | |
| Proceeds from the issuance of the Subordinated Note related party | 0 | 5 | — | — | — | |
| Payments of the Subordinated Note related party | −3 | −2 | — | — | — | |
| Proceeds from the issuance of the Senior Convertible Note | 0 | 14 | — | — | — | |
| Payments of the Senior Convertible Note | 0 | −4 | — | — | — | |
| Proceeds from option exercise | 633,000 | 0 | — | — | 50,625 | |
| Treasury stock repurchased | −531,000 | 0 | — | — | — | |
| Proceeds from the exercise of Series D and E Preferred Stock warrants | 0 | 34 | 12 | 983,330 | — | |
| Net cash provided by financing activities | 497 | 85 | 49 | 1 | 18 | |
| Net decrease in cash and cash equivalents | −5 | −8 | 13 | −3 | 887,484 |
Filings
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Frequently asked questions
What is Prairie Operating Co.'s CIK number?
Prairie Operating Co.'s SEC CIK number is 0001162896 (1162896). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Prairie Operating Co.'s SEC filings?
All of Prairie Operating Co.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Prairie Operating Co. last report earnings?
Prairie Operating Co. (PROP) most recently filed an earnings 8-K with the SEC on May 14, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001140361-26-021309). This is Prairie Operating Co.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Prairie Operating Co.'s most recent earnings 8-K?
Prairie Operating Co.'s latest earnings 8-K (Item 2.02) was filed May 14, 2026 under accession 0001140361-26-021309. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Prairie Operating Co.'s latest earnings 8-K →
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