Pet 3:5 is one of the texts that is debated in the creation ex nihilo vs. ex materia debate. To show an example of how one advocate of creation ex nihilo approaches the passage, consider the following from a recent commentary on 1-2 Peter:
Peter’s statement that the
‘earth was formed out of water and by means of water’ (2 Pet. 3.5) may seem
inconsistent with Genesis chapter 1. However, Douglas Moo is helpful by
pointing out the predominance of the role of water in the creation account (1996:
168). Prior to forming the earth out of chaos, Gen. 1.2 states, ‘the Spirit of
God was moving over the surface of the water’ (NET). Finally, the dry land is
formed by gathering the water together into one place (Gen. 1.9). Given the
role water plays in these verses, it is not hard to understand Peter’s
statement that the earth was formed ‘out of water and by means of water’ (2
Pet. 3.5). The phrase, ‘by means of water’ is simply an expansion of the phrase
‘out of water’. (David R. Seal, First and Second Peter: An Oral and
Performance Commentary [Readings, A New Biblical Commentary; Sheffield:
Sheffield Phoenix Press, 2023], 151)