Prairie Operating Co. PROP
Prairie Operating Co. (the "Company," "we," "our" or "us") is an independent oil and natural gas company focused on the acquisition and development of crude oil, natural gas, and NGLs. Our assets and operations are
strategically located in the oil region of rural Weld County, Colorado, within the Denver–Julesburg Basin in Colorado (the "DJ Basin"). We believe the DJ Basin to be one of the premier resource plays in the United States ("U.S."), as Weld
County boasts some of the lowest break–even prices in the U.S., and has a long production history that has proven and consistent results. The productivity of this resource is demonstrated by the integral role that Weld County holds in
Colorado's energy economy, having produced 83% of Colorado's oil production as of December 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $241.6M | $7.9M | $1.5M | $517.6K | $369.8K | $412.3K | $10.6M | $13.9M | $84.6K | $22.7M |
| Cost of revenue | — | — | — | — | — | $3.0M | $9.7M | $11.3M | $15.1M | $16.2M |
| Gross profit | — | — | — | — | — | $1.5M | $904.6K | $2.6M | $9.3K | $6.5M |
| R&D | $152.9M | $38.0M | — | — | — | — | — | — | — | — |
| SG&A | $50.6M | $30.6M | $16.3M | $3.6M | $5.8M | $2.0M | $890.3K | $1.1M | $1.6M | $2.6M |
| Total operating expenses | $176.1M | $34.5M | $16.5M | $8.1M | $18.6M | $2.7M | $2.8M | $3.6M | $5.3M | $7.7M |
| Operating income | $65.6M | -$26.5M | -$16.5M | -$7.6M | -$18.2M | -$2.3M | -$1.9M | -$941.0K | -$5.3M | -$1.2M |
| Interest expense | — | $1.1M | $122.0K | $613.8K | $1.2M | $637.0K | $304.4K | $1.7M | — | — |
| Pre-tax income | $53.7M | -$39.9M | -$62.0M | -$13.4M | -$19.2M | -$2.9M | -$2.2M | -$2.6M | -$5.7M | -$1.5M |
| Income tax | $21.7M | $0 | — | — | — | — | — | — | — | — |
| Net income | $32.1M | -$40.9M | -$79.1M | -$13.4M | -$17.3M | -$1.9M | -$2.2M | -$2.6M | -$5.7M | -$1.6M |
| EPS, basic | -1.35 | -2.65 | -16.51 | -1.18 | -3.71 | -0.53 | -0.62 | -0.76 | — | — |
| EPS, diluted | -1.35 | -2.65 | -16.51 | — | -3.71 | -0.58 | -0.62 | -0.76 | -0.08 | -0.03 |
| Shares, diluted (wtd. avg.) | $45.2M | $15.5M | $4.8M | $11.6M | $4.8M | $3.5M | $3.5M | $3.4M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $20.0K | $5.2M | $13.0M | $79.8K | $2.8M | $1.9M | $2.8M | $1.0M | $1.8M | $4.4M |
| Receivables | — | — | — | — | $427 | $33.5K | $113 | $124.4K | $336.0K | $187.8K |
| Inventory | $3.6M | $5.0K | — | — | $18.7K | $220.6K | — | — | $1.2K | — |
| Total current assets | $79.7M | $18.3M | $13.5M | $79.8K | $10.8M | $2.2M | $3.2M | $2.1M | $2.8M | $5.6M |
| Property, plant and equipment | $824.5M | $134.6M | $28.7M | $1.6M | $2.2M | $9.8K | $58.1K | $99.8K | $165.4K | $215.9K |
| Other intangibles | — | — | — | — | — | $132.0K | — | — | — | — |
| Total assets | $944.5M | $156.6M | $45.7M | $1.8M | $13.2M | $2.7M | $3.5M | $2.2M | $2.9M | $5.8M |
| Accounts payable | $62.8M | $38.2M | $2.3M | $2.2M | $801.7K | $599.5K | $3.3M | $2.7M | $2.8M | $937.8K |
| Total current liabilities | $125.8M | $63.0M | $5.4M | $2.2M | $6.0M | $7.1M | $7.7M | $7.1M | $6.3M | $2.7M |
| Long-term debt | — | $28.0M | — | — | — | — | — | — | — | — |
| Total liabilities | $678.2M | $103.8M | $5.5M | $2.2M | $9.0M | $9.5M | $9.7M | $7.1M | $6.3M | $3.8M |
| Retained earnings | -$87.7M | -$119.8M | -$78.9M | -$60.7M | -$47.3M | -$30.0M | -$28.1M | -$25.9M | -$23.3M | -$17.6M |
| Total equity | $130.2M | $52.8M | $40.2M | -$6.5M | $4.2M | -$6.8M | -$6.3M | -$4.9M | -$3.4M | $2.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $153.9M | -$9.3M | -$11.9M | -$2.2M | -$7.0M | -$1.1M | -$705.6K | -$743.5K | -$2.5M | -$2.5M |
| Depreciation and amortisation | $48.9M | $427.0K | $983.8K | $658.1K | $112.5K | $24.3K | $47.7K | $80.0K | $147.8K | $159.1K |
| Stock-based compensation | $14.8M | $8.4M | $2.9M | $2.7M | $12.3M | $408.0K | $274.6K | $357.3K | $296.3K | $777.5K |
| Capital expenditure | — | — | $200.0K | $5.3M | $2.3M | $24.7K | $6.0K | $11.4K | $98.1K | $169.8K |
| Investing cash flow | -$655.9M | -$83.4M | -$23.7M | -$1.8M | -$9.9M | -$156.7K | -$6.0K | -$11.4K | -$98.1K | -$311.1K |
| Financing cash flow | $496.8M | $84.9M | $48.6M | $1.5M | $17.8M | $347.5K | $2.5M | — | — | $2.5M |
| Buybacks | $531.0K | — | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-016255.
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