Prairie Operating reports Q2 revenue up 45% and updates guidance

Prairie Operating (NASDAQ: PROP ) held its second-quarter earnings conference call on Monday.

Below is the complete transcript from the call.

This transcript is brought to you APIs.

For real-time access to our entire catalog, please visit for a consultation.

View the webcast at Summary Prairie Operating reported a 45% increase in total revenue for Q2 2026 to $98.9 million, with oil revenue at $93.5 million.

The company completed a partial refinancing of Series F Preferred Stock to reduce outstanding balance and potential dilution.

Q2 production averaged 21,866 BOE per day, with a significant increase in oil production by 4% compared to the previous year.

Operational improvements included drilling 12 wells, achieving cost savings through a new smaller hole design, and completing the first three-mile lateral drill.

Prairie adjusted its guidance for 2026 with projected production between 23,000 to 25,000 BOE per day and capital expenditures of $185 million to $195 million.

Management emphasized disciplined capital allocation, liquidity preservation, and strategic development planning in response to external factors like CIG pricing and operational restrictions.

Full Transcript OPERATOR Good morning and welcome to Prairie Operating second quarter 2026 earnings conference call.

Today's call is being recorded at this time.

I would like to turn the call over to Wabi Plugsma, Vice President of Investor Relations and Capital Markets.

Please go ahead.

Wabi Plugsma, Vice President of Investor Relations and Capital Markets Thank you, operator, and good morning, everyone.

Thank you for joining Prairie Operating'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 earnings release and public filings, including our Form 10-Q for the quarter ended June 30, 2026.

These materials are available on our website along with an updated investor presentation.

Joining me today are Greg Patton, Chief Executive Officer and Director, and Michael Shelley, Executive Vice President and Chief Financial Officer.

With that, I'll turn the call over to our CEO, Greg Patton.

Greg Patton, Chief Executive Officer and Director Thanks, Wabi, and good morning, everyone.

The second quarter was a transformative period for Prairie.

We advanced our DJ Basin development program while also making significant changes across the company designed to strengthen our organization and position Prairie for its next phase of growth.

During the quarter, we transitioned our management team, refreshed the board and welcomed new directors whose experience and perspectives enhance our oversight and strategic decision-making.

We also completed a meaningful partial refinancing of the Series F Preferred Stock, reducing the outstanding preferred balance and potential warrant-related dilution, and recently extended our anniversary warrant date to August 31, 2026.

Together, these actions were focused on increasing liquidity, improving financial flexibility and further aligning management and the board around disciplined execution and long-term shareholder value creation.

We remain focused on the priorities that underpin long-term value creation: safe and efficient execution, disciplined capital allocation, continued cost improvement and a strong, flexible financial position.

The progress we have made year to date reflects the quality of our assets and the commitment of our team, and we believe it provides a solid foundation for the balance of 2026 and into 2027.

With a broader perspective, I'd like to turn to our second quarter operational performance and the progress our team made across production, drilling, execution and capital efficiency.

During the second quarter, production totaled approximately 2 million BOE, or 21,866 BOE per day, with liquids representing approximately 72% of production, including approximately 50% oil.

Oil production increased approximately 4% compared with the second quarter of 2025.

Despite the timing of new well activity and a planned pause between the Opal Coal Bank and Burnett pad while we waited for the Colorado Parks and Wildlife seasonal restrictions to end, our drilling performance also continued to demonstrate steady progress.

We drilled 12 wells during the quarter, including two Codell and 10 Niobrara wells.