By Owen Tucker-Smith
Prairie Operating shares rose after the company forecasted that its rate of production would triple in 2025.
Shares of the Houston-based oil and natural gas company were recently up 47%, to $7.46, midday Wednesday. For the year, the stock has gained 7.8% despite falling 28% over the last six months.
The company said it expects net income in 2025 between $69 million and $102 million. It also expects average daily production for the year to land between 7,000 and 8,000 barrels of oil equivalent a day, up threefold from the year prior.
Prairie expects capital expenditures during 2025 to be between $120 million and $130 million, with an eye toward drilling opportunities around the DJ Basin in Colorado.
The company also expects to pursue additional acquisition opportunities. When those deals are complete, it said, the company will have an update to its guidance.
Write to Owen Tucker-Smith at owen.tucker-smith@wsj.com
(END) Dow Jones Newswires
January 15, 2025 14:22 ET (19:22 GMT)
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