Q2 2026 Prairie Operating Co Earnings Call Transcript
Key Points
- Production increased 4% year-over-year to 21,866 BOE per day in Q2 2026, with August month-to-date production rising to approximately 27,000 BOE per day.
- Drilling efficiency improved, with 8 of 12 wells drilled in a single run, all completed below AFE, and a successful three-mile lateral drilled in a single run.
- Implemented a smaller 7-7/8-inch hole design that saved over $40,000 per well without compromising well design, planned for broader application.
- Revenue grew 45% year-over-year to $98.9 million in Q2, and adjusted EBITDA increased 65% in the first half of 2026.
- Reduced Series F preferred stock balance from $148.5 million to $78 million and lowered warrant coverage, improving capital structure and reducing dilution.
- Natural gas realizations were negative at -$1.30 per MCF due to weak CIG pricing, impacting overall revenue.
- Q2 production was limited by the timing of new well completions and a planned pause due to Colorado Parks and Wildlife seasonal restrictions.
- Cash capital expenditures of $98.5 million in Q2 exceeded operating cash flow of $52 million, increasing reliance on credit facility.
- Liquidity remains tight with only $39 million available under the credit facility as of June 30, 2026.
- Full-year 2026 guidance was revised downward for production and adjusted EBITDA, reflecting CIG pricing impacts and TIL timing.
Good morning, and welcome to the Prairie Operating Company's second quarter 2026 earnings conference call.
Today's call is being recorded.
At this time, I would like to turn the call over to Wobbe Ploegsma, Vice President of investor relations and capital markets. Please go ahead.
Thank you, operator, and good morning, everyone.
Thank you for joining Prairie Operating Company's second quarter 2026 earnings call.
Before we provide our prepared remarks, I would like to remind all participants that our comments today will include forward-looking statements, which are subject to certain risks, uncertainties, and assumptions. Actual results could differ materially from those in any forward-looking statements. Additionally, we may refer to non-GAAP financial measures. For a more detailed discussion of the risks and uncertainties that could cause actual results to differ materially as well as reconciliations of non-GAAP financial measures, please refer to the company's
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