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HighPeak Energy(HPK) - 2025 Q1 - Quarterly Results
2025-06-30 12:08
HighPeak delivered another strong quarter of results, beating production guidance and consensus estimates, while also realizing higher levels of operating efficiencies in our development program. We drilled over 25% faster than our previous expectations, which translated to drilling and completing four additional wells during the first quarter. We are running smoother and more efficiently than ever before, while continuing to keep development costs in line with internal expectations. Exhibit 99.1 HighPeak E ...
HighPeak Energy, Inc. Announces Proposed Aggregate $725 Million Private Offering of Senior Notes
Globenewswire· 2025-06-30 12:01
FORT WORTH, Texas, June 30, 2025 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced that it intends to offer, subject to market and customary conditions, $725 million aggregate principal amount of senior notes due 2030 (the “Notes”) in a private placement under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”), to eligible purchasers (the “Offering”). The Company intends to use the net proceeds from the Offering, to ...
HighPeak Energy(HPK) - 2025 Q1 - Earnings Call Transcript
2025-05-13 16:02
HighPeak Energy (HPK) Q1 2025 Earnings Call May 13, 2025 11:00 AM ET Company Participants Steven Tholen - Chief Financial OfficerMichael Hollis - President & DirectorRyan Hightower - Vice President of Business DevelopmentNoah Hungness - Equity Research AssociateJeffrey Robertson - Managing Director Operator Hello, and welcome to High Peak Energy twenty twenty five First Quarter Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be ...
HighPeak Energy(HPK) - 2025 Q1 - Earnings Call Transcript
2025-05-13 16:00
Financial Data and Key Metrics Changes - The company reported an average production of over 53,000 BOEs per day, a 6% increase compared to Q4 [6] - EBITDA for the quarter reached nearly $200 million, reflecting a 10% increase from the previous quarter [6][13] - Cash margins improved due to a 3% decrease in lease operating expenses quarter over quarter [7] Business Line Data and Key Metrics Changes - The drilling team spud 20 wells during the quarter, exceeding the initial plan of 12 wells [10] - The average spud to spud timing improved from 14 days to about 11 days, representing over a 20% efficiency gain [8] - The company is building additional drilled but uncompleted (DUC) inventory, with a work in progress well count of 28 at the end of the first quarter [11] Market Data and Key Metrics Changes - The cost of tubular goods is expected to rise by approximately 3% due to tariffs, impacting overall AFE by roughly 2% [17] - The company is experiencing low single-digit overall declines in well costs, despite the increased tubular goods prices [19] Company Strategy and Development Direction - The company is narrowing its production guidance and raising the bottom end due to strong Q1 performance [8] - A decision was made to drop one of the two rigs for four months to manage operational DUCs and maintain capital discipline [14][15] - The company plans to implement simul frac operations to further reduce development costs and improve efficiency [20] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the current market environment and indicated flexibility to adjust the development program as needed [15][29] - The company remains in a healthy financial position with no near-term debt maturities and is focused on optimizing its capital structure [28][29] - Management emphasized the importance of maintaining a long-term outlook on value creation despite market volatility [29] Other Important Information - The company has achieved a 400% reserve replacement ratio over the past three years, primarily through organic growth [21] - High Peak's profitability is highlighted as superior compared to peers, driven by a better cost structure [22] Q&A Session Summary Question: Impact of simul frac on per foot D&C cost - Management explained that simul frac could reduce completion time from 25-28 days to 11-14 days, resulting in approximately $250,000 savings per well [32][36][39] Question: Update on well results in Borden County - Management reported positive performance from eight wells in Borden County, with new wells showing a 20% improvement in production compared to the previous year [40][42] Question: Economic development locations with Middle Spraberry - Management indicated that they have about 200 Middle Spraberry wells in inventory, with expectations to move many into the sub $50 breakeven category [47][49] Question: Impact of 2025 development plan changes on 2026 - Management noted that maintaining efficiencies will depend on working closely with vendor partners and market conditions [50][51] Question: Production guidance increase rationale - The increase in production guidance was attributed to strong Q1 performance and the expectation of continued efficiency gains [52][54] Question: Balance sheet recapitalization goals - Management discussed the importance of optimizing capital structure and the potential for significant free cash flow generation in the coming years [56][60]
HighPeak Energy, Inc. Announces First Quarter 2025 Financial and Operating Results - AMENDED
GlobeNewswire News Room· 2025-05-12 22:55
Core Viewpoint - HighPeak Energy, Inc. reported strong financial and operational results for the first quarter of 2025, exceeding production guidance and consensus estimates, while also providing an updated development outlook and increased production guidance for the year [1][3][4]. Financial Performance - The company achieved a net income of $36.3 million, or $0.26 per diluted share, with EBITDAX of $197.3 million, or $1.40 per diluted share [7][13]. - Adjusted net income for the first quarter was $42.7 million, or $0.31 per diluted share [7][13]. - Sales volumes averaged approximately 53.1 MBoe/d, representing a 6% increase from the fourth quarter of 2024 [10][12]. - Average realized prices were $71.64 per barrel of crude oil, $24.21 per barrel of NGL, and $2.34 per Mcf of natural gas, resulting in an overall realized price of $53.84 per Boe [14][39]. Operational Efficiency - HighPeak drilled over 25% faster than previous expectations, completing four additional wells during the first quarter [4][12]. - The company maintained lease operating expenses at an average of $6.61 per Boe, a 3% decrease compared to the previous quarter [7][14]. - Capital expenditures for the first quarter totaled $179.8 million, with expectations for lower quarterly capital expenditures moving forward [15][6]. Capital Discipline - The company moderated its development program by laying down one rig for four months due to global economic uncertainty impacting oil prices, yet remains on track to meet its 2025 guidance [5][6]. - HighPeak reduced long-term debt by $30 million during the quarter and generated free cash flow of $10.7 million [7][21]. Shareholder Value - The Board of Directors declared a quarterly dividend of $0.04 per share, amounting to approximately $5.0 million, payable in June 2025 [7][21]. - Management emphasized alignment with shareholders and a long-term outlook on value creation despite market volatility [9]. Production Guidance - The company updated its 2025 production guidance range to 48,000 – 50,500 Boe/d, narrowing the range and increasing the midpoint [11][12].
HighPeak Energy, Inc. (HPK) Q1 Earnings and Revenues Beat Estimates
ZACKS· 2025-05-12 22:20
HighPeak Energy, Inc. (HPK) came out with quarterly earnings of $0.31 per share, beating the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 40.91%. A quarter ago, it was expected that this company would post earnings of $0.13 per share when it actually produced earnings of $0.06, delivering a surprise of -53.85%.Over the last four quarters, the co ...
HighPeak Energy(HPK) - 2025 Q1 - Earnings Call Presentation
2025-05-12 21:14
INVESTOR PRESENTATION MAY 2025 1 Disclaimer •FORWARD-LOOKING STATEMENTS •The information in this presentation and in any oral statements made in connection herewith contains forward-looking statements that involve risks and uncertainties. When used in connection with this document, the words "believes," "plans," "expects," "anticipates," "forecasts," "intends," "projects," "continue," "may," "will," "could," "should," "future," "potential," "estimate" or the negative of such terms and similar expressions as ...
HighPeak Energy(HPK) - 2025 Q1 - Quarterly Report
2025-05-12 20:11
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 001-39464 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or HighPeak Energy, Inc. (Exact name of Registrant as specified in its charter) Delaware 84-3533602 (State or other j ...
HighPeak Energy, Inc. Announces First Quarter 2025 Financial and Operating Results
GlobeNewswire News Room· 2025-05-12 20:01
Core Viewpoint HighPeak Energy, Inc. reported strong financial and operational results for the first quarter of 2025, exceeding production guidance and consensus estimates, while also providing an updated development outlook and increased production guidance for the year. Financial Performance - Sales volumes averaged approximately 53.1 MBoe/d, a 6% increase from Q4 2024 [8][10] - Net income was $36.3 million, or $0.26 per diluted share, with adjusted net income of $42.7 million, or $0.31 per diluted share [13][43] - EBITDAX was $197.3 million, or $1.40 per diluted share [13] - Lease operating expenses averaged $6.61 per Boe, a 3% decrease compared to Q4 2024 [8][14] - Free cash flow generated was $10.7 million, with long-term debt reduced by $30 million [8][12] Operational Efficiency - HighPeak drilled over 25% faster than previous expectations, completing four additional wells in Q1 2025 [4][12] - The company maintained capital discipline by laying down one rig for four months while still on track to meet 2025 guidance [5][6] - The majority of 2025 infrastructure capital expenditures were completed in the first quarter, leading to lower expected quarterly capital expenditures for the remainder of the year [6] Capital Structure and Shareholder Value - The company is committed to optimizing its capital structure and is in a healthy financial position with no near-term debt maturities [7] - A quarterly dividend of $0.04 per share was declared, amounting to approximately $5 million [21][39] - Management is aligned with shareholders and focused on long-term value creation despite market volatility [9] Production Guidance - The 2025 production guidance range has been updated to 48,000 – 50,500 Boe/d, with an increased midpoint reflecting strong well performance [11][12]
HighPeak Energy, Inc. Announces 2025 First Quarter Earnings Release and Conference Call Dates
Globenewswire· 2025-04-29 10:00
Investor Contact: FORT WORTH, Texas, April 29, 2025 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (NASDAQ: HPK) ("HighPeak Energy"), today announced that it plans to release its 2025 first quarter financial and operating results after the close of trading on Monday, May 12, 2025. HighPeak Energy will host a conference call and webcast on Tuesday, May 13, 2025 at 10:00 a.m. Central Time for investors and analysts to discuss its 2025 first quarter financial results and operational highlights. Participants may reg ...