$FTW

PRESIDIO PRODUCTION Co

CIK:0002083125|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended		4 Months Ended	6 Months Ended
	Mar. 03, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Successor
Revenues:
Total revenues		$ 54,000		$ 69,345
Operating expenses:
Lease operating expenses		19,454		25,345
Production taxes		2,945		3,968
Ad valorem taxes		850		1,208
Depletion, oil and gas properties		15,130		19,535
Depreciation and amortization, other property and equipment		859		1,122
Accretion of asset retirement obligation		1,150		1,518
General and administrative		7,164		8,864
Acquisition and transaction costs		544		768
Cost of field services revenue				4
Gain on sale of assets		(158)		(188)
Total operating expenses		47,938		62,144
Income (loss) from operations		6,062		7,201
Other income (expense):
Gain (loss) on commodity derivatives		24,823		(8,342)
Change in fair value of earnout liability		(2,972)		(2,876)
Loss on early extinguishment of debt		(4,475)		(4,475)
Interest expense		(4,286)		(6,001)
Other income (expense)		288		13
Total other income (expense)		13,378		(21,681)
Net income (loss) before income taxes		19,440		(14,480)
Income tax benefit (expense)		(3,961)		2,993
Net income (loss)		15,479		(11,487)
Net income (loss) attributable to non-controlling interests		1,054		(493)
Net income (loss) attributable to Presidio Production Company		14,425		(10,994)
Predecessor
Revenues:
Total revenues	$ 35,876		$ 42,623		$ 94,565
Operating expenses:
Lease operating expenses	12,277		20,244		39,199
Production taxes	2,098		2,214		5,203
Ad valorem taxes	758		1,359		2,643
Depletion, oil and gas properties	4,276		7,283		14,564
Depreciation and amortization, other property and equipment	673		759		1,549
Accretion of asset retirement obligation	643		1,027		2,035
General and administrative	48,649		1,195		17,701
Acquisition and transaction costs	6,993		353		775
Cost of field services revenue	9		(43)		136
Gain on sale of assets	(816)		(894)		(5,793)
Total operating expenses	75,560		33,497		78,012
Income (loss) from operations	(39,684)		9,126		16,553
Other income (expense):
Gain (loss) on commodity derivatives	(27,905)		22,580		4,056
Change in fair value of earnout liability
Loss on early extinguishment of debt
Interest expense	(3,920)		(6,115)		(12,434)
Other income (expense)	170		(157)		(293)
Total other income (expense)	(31,655)		16,308		(8,671)
Net income (loss) before income taxes	(71,339)		25,434		7,882
Income tax benefit (expense)			(962)		(962)
Net income (loss)	(71,339)		24,472		6,920
Net income (loss) attributable to non-controlling interests
Net income (loss) attributable to Presidio Production Company	(71,339)		24,472		6,920
Oil sales \| Successor
Revenues:
Total revenues		30,673		39,476
Oil sales \| Predecessor
Revenues:
Total revenues	12,017		20,580		43,062
Natural gas sales \| Successor
Revenues:
Total revenues		7,645		9,675
Natural gas sales \| Predecessor
Revenues:
Total revenues	17,497		10,754		26,790
Natural gas liquids sales \| Successor
Revenues:
Total revenues		15,381		19,806
Natural gas liquids sales \| Predecessor
Revenues:
Total revenues	6,207		11,015		24,080
Field services revenue \| Successor
Revenues:
Total revenues		$ 301		$ 388
Field services revenue \| Predecessor
Revenues:
Total revenues	$ 155		$ 274		$ 633
Class A Common Stock \| Successor
Net income (loss) per Class A common stock:
Basic		$ 0.34		$ (0.61)
Diluted		$ 0.34		$ (0.61)
Weighted average Class A common stock outstanding:
Basic		26,756,317		26,751,925
Diluted		26,756,317		26,751,925
PIH Class A Unit \| Predecessor
Net income (loss) per Class A common stock:
Basic	$ (616.17)		$ 211.37		$ 59.77
Diluted	$ (616.17)		$ 211.37		$ 59.77
Weighted average Class A common stock outstanding:
Basic	115,778		115,778		115,778
Diluted	115,778		115,778		115,778

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	2 Months Ended	4 Months Ended	6 Months Ended
	Mar. 03, 2026	Jun. 30, 2026	Jun. 30, 2025
Successor
Cash flows from operating activities:
Net (loss) income		$ (11,487)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depletion, oil and gas properties		19,535
Depreciation and amortization, other property and equipment		1,122
Accretion of asset retirement obligation		1,518
Settlement of asset retirement obligation liabilities		(385)
Deferred tax benefit		(3,083)
Amortization of debt issuance costs		295
Amortization of debt premiums		(1,116)
Loss on early extinguishment of debt		4,475
Loss (gain) on commodity derivatives		8,342
Net settlements of commodity derivatives		619
Cash paid for modification of derivative contracts, net of realized loss		(92,816)
Stock compensation expense		2,653
Change in fair value of earnout liability		2,876
Reduction of operating lease liabilities		61
Gain on sale of assets		(188)
Changes in operating assets and liabilities, net of effects from acquisition:
Accounts receivable		8,933
Hedge receivable		(6,586)
Hedge payable		(570)
Prepaid expenses and other current assets		(792)
Other noncurrent assets		(4,002)
Accounts payable		7,575
Related party payable		(1,383)
Other current liabilities		(33,512)
Net cash provided by (used in) operating activities		(97,916)
Cash flows from investing activities:
Capital expenditures for oil and natural gas properties		(749)
Purchases of other property and equipment		(444)
Proceeds from sale of assets		7,214
Acquisition, net of cash acquired		(145,527)
Net cash provided by (used in) investing activities		(139,506)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock in connection with PIPE financing, net of issuance costs		82,251
Proceeds from issuance of Series A redeemable preferred stock and warrants, net of issuance costs and discounts		119,643
Proceeds from issuance of Series B convertible redeemable preferred stock, net of issuance costs and discounts		24,701
Payments of dividends		(3,359)
Payments of dividend equivalents		(219)
Proceeds from long-term debt		387,000
Repayments of long-term debt		(322,453)
Payments of debt issuance costs		(11,205)
Payments on finance lease liabilities		(167)
Cash settlement of PIH share-based compensation liability		(265)
Member distributions
Net cash provided by (used in) financing activities		275,927
Net increase (decrease) in cash, cash equivalents, and restricted cash		38,505
Cash, cash equivalents, and restricted cash at beginning of period		15,090
Cash, cash equivalents, and restricted cash at end of period	$ 15,090	53,595
Supplemental cash flow information:
Cash paid for interest		7,105
Stock issued for acquisitions		67,850
Satisfaction of liability-classified share-based payment awards		46,982
Right-of-use assets obtained in exchange for new operating lease liabilities		3,546
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		83
Predecessor
Cash flows from operating activities:
Net (loss) income	(71,339)		$ 6,920
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depletion, oil and gas properties	4,276		14,564
Depreciation and amortization, other property and equipment	673		1,549
Accretion of asset retirement obligation	643		2,035
Settlement of asset retirement obligation liabilities			(448)
Deferred tax benefit
Amortization of debt issuance costs	273		877
Amortization of debt premiums
Loss on early extinguishment of debt
Loss (gain) on commodity derivatives	27,905		(4,056)
Net settlements of commodity derivatives	(10,621)		(17,335)
Cash paid for modification of derivative contracts, net of realized loss
Stock compensation expense	46,982
Change in fair value of earnout liability
Reduction of operating lease liabilities			(3)
Gain on sale of assets	(816)		(5,793)
Changes in operating assets and liabilities, net of effects from acquisition:
Accounts receivable	(5,573)		1,657
Hedge receivable
Hedge payable	6,090		(2,659)
Prepaid expenses and other current assets	38		(514)
Other noncurrent assets	22		(233)
Accounts payable	(6,657)		1,871
Related party payable
Other current liabilities	13,306		252
Net cash provided by (used in) operating activities	5,202		(1,316)
Cash flows from investing activities:
Capital expenditures for oil and natural gas properties	(553)		(1,323)
Purchases of other property and equipment	(431)		(521)
Proceeds from sale of assets	816		5,793
Acquisition, net of cash acquired
Net cash provided by (used in) investing activities	(168)		3,949
Cash flows from financing activities:
Proceeds from issuance of Class A common stock in connection with PIPE financing, net of issuance costs
Proceeds from issuance of Series A redeemable preferred stock and warrants, net of issuance costs and discounts
Proceeds from issuance of Series B convertible redeemable preferred stock, net of issuance costs and discounts
Payments of dividends
Payments of dividend equivalents
Proceeds from long-term debt	4,000		213
Repayments of long-term debt	(5,191)		(24,228)
Payments of debt issuance costs	(9)
Payments on finance lease liabilities	(198)		(745)
Cash settlement of PIH share-based compensation liability
Member distributions			(60,000)
Net cash provided by (used in) financing activities	(1,398)		(84,760)
Net increase (decrease) in cash, cash equivalents, and restricted cash	3,636		(82,127)
Cash, cash equivalents, and restricted cash at beginning of period	15,341	$ 18,977	102,287
Cash, cash equivalents, and restricted cash at end of period	18,977		20,160
Supplemental cash flow information:
Cash paid for interest	3,721		12,382
Stock issued for acquisitions
Satisfaction of liability-classified share-based payment awards
Right-of-use assets obtained in exchange for new operating lease liabilities
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 42		$ 122

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Successor
Current assets:
Cash and cash equivalents	$ 42,317
Restricted cash	11,278
Accounts receivable, oil and gas	18,105
Accounts receivable, joint interest owners	10,623
Derivative assets - current	54,555
Hedge receivable	6,586
Prepaid expenses and other current assets	2,414
Total current assets	145,878
Oil and natural gas properties, successful efforts	693,519	$ 529,100
Less accumulated depletion, depreciation, and amortization	(19,535)
Total oil and natural gas properties, net	673,984
Other property and equipment, net	4,590
Derivative assets - noncurrent	11,058
Right-of-use assets	3,561
Deferred tax assets - noncurrent	182
Other noncurrent assets	8,491
Total assets	847,744
Current liabilities:
Accounts payable	15,696
Production taxes payable	3,570
Revenue and royalties payable	26,071
Derivative liabilities - current	10,946
Hedge payable	10,092
Current portion of long-term debt	35,836
Lease liabilities, current	299
Other current liabilities	21,090
Total current liabilities	123,600
Long-term debt, net	307,236
Asset retirement obligations	79,921
Lease liabilities	3,328
Derivative liabilities - noncurrent	2,058
Earnout liability	17,772
Total liabilities	533,915
Commitments and Contingencies (Note 14)
Stockholders’ equity / members’ deficit
Members’ deficit
Additional paid-in capital	191,524
Accumulated deficit	(32,166)
Total stockholders’ equity attributable to Presidio Production Company / members’ deficit	159,361
Non-controlling interest	17,644
Total stockholders’ equity / members’ deficit	177,005
Total liabilities, redeemable preferred stock and stockholders’ equity / members’ deficit	847,744
Successor \| Related Party
Current liabilities:
Related party payable
Predecessor
Current assets:
Cash and cash equivalents		4,119
Restricted cash		11,222
Accounts receivable, oil and gas		16,666
Accounts receivable, joint interest owners		11,815
Derivative assets - current
Hedge receivable
Prepaid expenses and other current assets		1,927
Total current assets		45,749
Oil and natural gas properties, successful efforts		529,096
Less accumulated depletion, depreciation, and amortization		(204,639)
Total oil and natural gas properties, net		324,457
Other property and equipment, net		5,457
Derivative assets - noncurrent
Right-of-use assets		135
Deferred tax assets - noncurrent
Other noncurrent assets		2,119
Total assets		377,917
Current liabilities:
Accounts payable		13,174
Production taxes payable		3,188
Revenue and royalties payable		20,223
Derivative liabilities - current		7,465
Hedge payable		4,532
Current portion of long-term debt		45,363
Lease liabilities, current		144
Other current liabilities		23,032
Total current liabilities		118,504
Long-term debt, net		225,143
Asset retirement obligations		59,519
Lease liabilities
Derivative liabilities - noncurrent		6,734
Earnout liability
Total liabilities		409,900
Commitments and Contingencies (Note 14)
Stockholders’ equity / members’ deficit
Members’ deficit		(31,983)
Additional paid-in capital
Accumulated deficit
Total stockholders’ equity attributable to Presidio Production Company / members’ deficit		(31,983)
Non-controlling interest
Total stockholders’ equity / members’ deficit		(31,983)
Total liabilities, redeemable preferred stock and stockholders’ equity / members’ deficit		377,917
Predecessor \| Related Party
Current liabilities:
Related party payable		1,383
Series A Redeemable Preferred Stock \| Successor
Current liabilities:
Preferred stock, value	112,123
Series A Redeemable Preferred Stock \| Predecessor
Current liabilities:
Preferred stock, value
Series B Redeemable Preferred Stock \| Successor
Current liabilities:
Preferred stock, value	24,701
Series B Redeemable Preferred Stock \| Predecessor
Current liabilities:
Preferred stock, value
Class A Common Stock \| Successor
Stockholders’ equity / members’ deficit
Common stock, value	3
Class A Common Stock \| Predecessor
Stockholders’ equity / members’ deficit
Common stock, value
Class B Common Stock \| Successor
Stockholders’ equity / members’ deficit
Common stock, value
Class B Common Stock \| Predecessor
Stockholders’ equity / members’ deficit
Common stock, value