PART I. FINANCIAL INFORMATION [Condensed Consolidated Financial Statements (Unaudited)](index=12&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) HighPeak Energy's unaudited financial statements for Q3 2022 reflect substantial asset growth to $2.04 billion, fueled by acquisitions and increased long-term debt, resulting in $169.0 million net income for the nine months [Condensed Consolidated Balance Sheets](index=12&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets surged 150% to $2.04 billion by September 30, 2022, driven by crude oil and natural gas properties, funded by increased long-term debt and equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$2,042,262** | **$818,960** | | Total current assets | $148,677 | $86,954 | | Total crude oil and natural gas properties, net | $1,883,381 | $725,615 | | **Total Liabilities and Stockholders' Equity** | **$2,042,262** | **$818,960** | | Total current liabilities | $260,350 | $103,000 | | Long-term debt, net | $561,756 | $97,929 | | Total stockholders' equity | $1,100,745 | $553,063 | [Condensed Consolidated Statements of Operations](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2022 operating revenues soared to $204.1 million, yielding $107.9 million net income, while nine-month revenues reached $497.8 million with $169.0 million net income Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $204,114 | $47,472 | $497,771 | $121,459 | | Income from operations | $118,310 | $21,959 | $295,688 | $48,909 | | Net income | $107,904 | $8,047 | $168,955 | $18,534 | | Diluted EPS | $0.85 | $0.08 | $1.40 | $0.18 | [Condensed Consolidated Statements of Cash Flows](index=16&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Nine-month operating cash flow significantly increased to $302.8 million, while investing activities used $843.4 million, largely funded by $540.0 million from financing activities Cash Flow Summary for Nine Months Ended September 30 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $302,806 | $87,737 | | Net cash used in investing activities | ($843,351) | ($189,099) | | Net cash provided by financing activities | $540,024 | $93,776 | | **Net decrease in cash** | **($521)** | **($7,586)** | - Non-cash investing activities included the issuance of **$265.0 million** in stock for acquisitions during the first nine months of 2022[37](index=37&type=chunk)[82](index=82&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail $523.4 million in property acquisitions, increased debt facilities including $225.0 million Senior Notes, an amended $550 million revolving credit facility, and significant operational commitments - During the nine months ended September 30, 2022, the Company acquired crude oil and natural gas properties for a total of **$523.4 million**, consisting of approximately 42,855 net acres, including the issuance of **10.85 million shares** of common stock valued at **$265.0 million**[82](index=82&type=chunk) - The company's long-term debt increased to **$561.8 million**, primarily due to borrowings under its Revolving Credit Facility and the issuance of **$225.0 million** in 10.000% Senior Notes in February 2022[97](index=97&type=chunk)[103](index=103&type=chunk) - Subsequent to the quarter end, in October 2022, the company amended its Revolving Credit Facility, increasing the elected commitments to **$525 million** and the borrowing base to **$550 million**[143](index=143&type=chunk) - The company has a crude oil delivery commitment with a remaining monetary value of approximately **$20.7 million** and a sand purchase commitment with a remaining value of approximately **$6.4 million** as of September 30, 2022[117](index=117&type=chunk)[122](index=122&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Strong Q3 2022 performance, driven by 221% sales volume growth and 34% higher commodity prices, was supported by $523.4 million in acquisitions and robust liquidity, with a Q4 capital budget of $285-$295 million - The company's financial performance in Q3 2022 was highlighted by a **$99.9 million increase in net income** year-over-year, driven by a **221% increase in daily sales volumes** and a **34% increase in average realized commodity prices**[151](index=151&type=chunk) - As of September 30, 2022, the company was operating **six drilling rigs** and **three frac fleets**, with plans to maintain this activity level for the remainder of the year[149](index=149&type=chunk)[166](index=166&type=chunk) - The capital budget for the fourth quarter of 2022 is estimated to be between **$285 million and $295 million**, primarily for drilling, completion, and infrastructure, excluding acquisitions[185](index=185&type=chunk) EBITDAX Reconciliation (Non-GAAP, in thousands) | Metric | Three Months Ended Sep 30, 2022 | Three Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Net income | $107,904 | $8,047 | $168,955 | $18,534 | | **EBITDAX** | **$169,704** | **$33,337** | **$356,214** | **$91,784** | [Results of Operations](index=47&type=section&id=Results%20of%20Operations) Q3 2022 operating results showed significant growth, with total production volume up 221% to 26,247 Boe/d and average realized price per Boe increasing 34% to $84.53, while production costs per Boe decreased Average Daily Sales Volumes | Product | Q3 2022 | Q3 2021 | % Change | | :--- | :--- | :--- | :--- | | Crude oil (Bbls) | 21,857 | 6,970 | 214% | | NGL (Bbls) | 2,530 | 673 | 276% | | Natural gas (Mcf) | 11,162 | 3,147 | 255% | | **Total (Boe)** | **26,247** | **8,168** | **221%** | Weighted Average Realized Prices (excluding derivatives) | Product | Q3 2022 | Q3 2021 | % Change | | :--- | :--- | :--- | :--- | | Crude oil per Bbl | $94.21 | $69.84 | 35% | | NGL per Bbl | $36.59 | $35.83 | 2% | | Natural gas per Mcf | $7.73 | $3.69 | 109% | | **Total per Boe** | **$84.53** | **$63.18** | **34%** | Operating Costs per Boe | Cost Category | Q3 2022 | Q3 2021 | % Change | | :--- | :--- | :--- | :--- | | Production costs | $8.16 | $8.93 | (9)% | | Production taxes | $4.08 | $3.06 | 33% | | DD&A expense | $17.65 | $18.52 | (5)% | | G&A expense | $0.78 | $2.22 | (65)% | [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages commodity price volatility through derivatives and faces interest rate risk on variable-rate debt, with a 1% rate increase impacting annual interest expense by $5.8 million - A **$1.00 per barrel change** in crude oil prices would impact annualized revenues by approximately **$6.5 million**, while a **$0.10 per Mcf change** in natural gas prices would impact annualized revenues by about **$282,000**, excluding derivative effects[199](index=199&type=chunk) - The company is exposed to interest rate risk on its Revolving Credit Facility; a **1% increase in interest rates** on outstanding debt as of September 30, 2022, would increase annual interest expense by approximately **$5.8 million**[205](index=205&type=chunk) - The company uses commodity derivative instruments to reduce price volatility and support its capital program, not for speculative purposes[200](index=200&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) As of September 30, 2022, disclosure controls and procedures were deemed effective, with no material changes to internal control over financial reporting during Q3 - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[206](index=206&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[207](index=207&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) Management anticipates no material adverse financial impact from ongoing legal proceedings or claims incidental to the company's business - The company does not expect any ongoing legal proceedings or claims to have a material adverse effect on its financial condition or results[209](index=209&type=chunk) [Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) Key risks include geopolitical instability, significant indebtedness of $605 million, potential new costs from the Inflation Reduction Act, and increased capital and operating costs due to inflation and rising interest rates - Political instability, particularly the war between Russia and Ukraine, creates uncertainty in commodity markets, elevates supply chain disruption risks, and could materially impact business results[211](index=211&type=chunk)[212](index=212&type=chunk) - The company's significant indebtedness could make it difficult to satisfy obligations, increase vulnerability to adverse economic conditions, and limit flexibility for strategic actions[214](index=214&type=chunk)[216](index=216&type=chunk) - The Inflation Reduction Act of 2022 introduces a methane emissions fee starting in 2024 and provides incentives for clean energy, which could increase operating costs and decrease long-term demand for crude oil and natural gas[220](index=220&type=chunk) - Ongoing inflation and rising interest rates may increase the cost of goods, services, and capital, potentially hurting financial and operating results[221](index=221&type=chunk)[223](index=223&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=62&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company issued unregistered equity securities, including 3,522,117 shares for the Hannathon Acquisition and 3,933,376 shares in an $85.0 million private placement for general corporate purposes - On June 27, 2022, the company issued **3,522,117 shares** of common stock in connection with the Hannathon Acquisition[226](index=226&type=chunk) - The company completed an **$85.0 million private placement**, issuing **3,933,376 shares** of common stock at **$21.61 per share**, with final closings on September 2, 2022[227](index=227&type=chunk) [Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including acquisition agreements, debt instruments, credit facility amendments, and required certifications - Key exhibits filed include the Fifth and Sixth Amendments to the Credit Agreement, indentures for senior notes, and various registration rights and purchase agreements[229](index=229&type=chunk)

HighPeak Energy, Inc. (NASDAQ:HPK) Q2 2022 Earnings Conference Call August 9, 2022 11:00 AM ET Company Participants Steven Tholen - Chief Financial Officer Jack Hightower - Chairman & Chief Executive Officer Michael Hollis - President Ryan Hightower - Vice President of Business Development Conference Call Participants Nicholas Pope - Seaport Research Jeffrey Robertson - Water Tower Research Operator Good day, and thank you for standing by. Welcome to the HighPeak Energy 2022 Second Quarter Earnings Conferen ...

PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=12&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The unaudited condensed consolidated financial statements for the six months ended June 30, 2022, demonstrate significant growth in assets, revenues, and net income, primarily fueled by acquisitions and favorable commodity prices [Condensed Consolidated Balance Sheets](index=12&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets more than doubled to $1.75 billion by June 30, 2022, driven by increased crude oil and natural gas properties, while liabilities and equity also grew significantly Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 (Unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$1,748,772** | **$818,960** | | Total current assets | $145,983 | $86,954 | | Total crude oil and natural gas properties, net | $1,596,082 | $725,615 | | **Total Liabilities** | **$848,384** | **$265,907** | | Total current liabilities | $272,119 | $103,000 | | Long-term debt, net | $488,532 | $97,929 | | **Total Stockholders' Equity** | **$900,388** | **$553,063** | [Condensed Consolidated Statements of Operations](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2022, net income significantly increased to $77.6 million, driven by a fourfold surge in total operating revenues from higher commodity prices and production volumes Operating Results Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $201,428 | $48,270 | $293,657 | $73,987 | | Income from operations | $122,804 | $21,038 | $177,378 | $26,950 | | Net income | $77,561 | $5,743 | $61,051 | $10,487 | | Diluted net income per share | $0.64 | $0.06 | $0.52 | $0.10 | - The company declared a dividend of **$0.025 per share** in Q2 2022, totaling **$0.05 for the first six months** of the year. No dividends were declared in the comparable periods of 2021[33](index=33&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to $148.2 million for H1 2022, while investing activities surged to $549.1 million, primarily for acquisitions and property additions Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $148,186 | $47,280 | | Net cash used in investing activities | ($549,145) | ($76,867) | | Net cash provided by financing activities | $388,507 | $22,877 | | **Net decrease in cash and cash equivalents** | **($12,452)** | **($6,710)** | - A significant non-cash transaction during the period was the issuance of **$265.0 million in stock for acquisitions**[38](index=38&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail key accounting policies, significant acquisitions totaling $515.4 million, issuance of $225.0 million in senior notes, and amendments to the revolving credit facility - During the first six months of 2022, the company incurred **$515.4 million in acquisition costs** for properties in Howard and Borden counties, which included issuing **10,853,634 shares of common stock valued at $265.0 million**[87](index=87&type=chunk) - In February 2022, the company issued **$225.0 million of 10.00% senior unsecured notes** due 2024. In June 2022, the borrowing base on its Revolving Credit Facility was increased to **$400.0 million**[103](index=103&type=chunk)[107](index=107&type=chunk) - The company has a crude oil delivery commitment with a remaining monetary value of approximately **$22.2 million** and a sand purchase commitment of approximately **$8.7 million** as of June 30, 2022[121](index=121&type=chunk)[126](index=126&type=chunk) Outstanding Derivative Contracts (as of June 30, 2022) | Contract Type | Period | Volume | Weighted Avg. Price | | :--- | :--- | :--- | :--- | | Crude Oil Swaps (WTI) | Rem. 2022 | 1,992.6 MBbls | $87.53 / Bbl | | Crude Oil Swaps (WTI) | 2023 | 641.2 MBbls | $66.04 / Bbl | | Natural Gas Swaps (HH) | Rem. 2022 | 920.0 MMBtu | $9.00 / MMBtu | | Natural Gas Swaps (HH) | 2023 | 450.0 MMBtu | $9.00 / MMBtu | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q2 2022 performance to increased sales volumes and commodity prices, with significant acquisitions and an expanded drilling program driving capital expenditures - The company's financial performance in Q2 2022 was driven by a **150% increase in daily sales volumes** and a **67% increase in average realized commodity prices per Boe** compared to Q2 2021[149](index=149&type=chunk) - The revised 2022 capital budget is approximately **$790 to $860 million for drilling and completions**, plus **$35 to $40 million for infrastructure**, assuming a six-rig program[184](index=184&type=chunk) EBITDAX Reconciliation (Non-GAAP, in thousands) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Net income | $77,561 | $5,743 | $61,051 | $10,487 | | **EBITDAX** | **$135,434** | **$38,380** | **$186,510** | **$58,447** | [Results of Operations](index=45&type=section&id=Results%20of%20Operations) Q2 2022 operating results show significant growth in production volumes and realized prices, leading to surging revenues, though operating costs also rose due to increased activity Average Daily Sales Volumes Comparison | Commodity | Q2 2022 | Q2 2021 | % Change | | :--- | :--- | :--- | :--- | | Oil (Bbls) | 18,858 | 7,951 | 137% | | NGL (Bbls) | 1,939 | 502 | 286% | | Natural Gas (Mcf) | 7,190 | 1,973 | 264% | | **Total (Boe)** | **21,995** | **8,783** | **150%** | Weighted Average Realized Prices (excluding derivatives) | Commodity | Q2 2022 | Q2 2021 | % Change | | :--- | :--- | :--- | :--- | | Oil per Bbl | $111.26 | $64.93 | 71% | | Gas per Mcf | $6.99 | $2.81 | 149% | | **Total per Boe** | **$100.63** | **$60.40** | **67%** | - Stock-based compensation expense increased significantly to **$14.6 million in Q2 2022 from $1.0 million in Q2 2021**, primarily due to equity awards granted in May 2022 and late 2021[176](index=176&type=chunk)[177](index=177&type=chunk) - Interest expense surged to **$9.3 million in Q2 2022 from $152,000 in Q2 2021**, driven by increased borrowings and the issuance of **$225.0 million in 10.00% senior unsecured notes** in February 2022[178](index=178&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by cash from operations, a $400 million revolving credit facility, and senior notes, with a 2022 capital budget of $790 to $860 million for drilling and completions - As of June 30, 2022, the company had **$285.0 million in borrowings** under its Revolving Credit Facility, with approximately **$111.1 million available to borrow**[182](index=182&type=chunk) - Capital expenditures for the first six months of 2022 were **$403.2 million**, excluding acquisitions[184](index=184&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $148,186 | $47,280 | | Net cash used in investing activities | ($549,145) | ($76,867) | | Net cash provided by financing activities | $388,507 | $22,877 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is commodity price volatility, mitigated by derivatives, with sensitivity to crude oil prices and interest rate risk on variable-rate debt - The company's main market risk is commodity price volatility. A **$1.00 per barrel change in crude oil price** would impact annualized revenues by approximately **$5.5 million**, while a **$0.10 per Mcf change in natural gas price** would impact revenues by **$218,000**[198](index=198&type=chunk) - The company uses commodity derivative instruments to reduce cash flow variability and support its drilling program, but does not use them for speculative purposes[199](index=199&type=chunk) - The company is subject to interest rate risk on its variable rate debt. A **1% increase in interest rates** would increase annual interest expense by approximately **$2.9 million** based on debt levels at June 30, 2022[204](index=204&type=chunk) [Item 4. Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting during Q2 2022 - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[205](index=205&type=chunk) - There were no material changes in the company's internal control over financial reporting during the three months ended June 30, 2022[206](index=206&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) The company does not believe any current legal proceedings will have a material adverse effect on its financial position, liquidity, or results of operations - The company is not currently involved in any legal proceedings that are expected to have a material adverse effect on its financial condition or operations[208](index=208&type=chunk) [Item 1A. Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) Geopolitical instability, particularly the Russia-Ukraine war, poses risks of supply chain disruptions, commodity price volatility, and capital raising challenges, potentially impacting the business - A key business risk is political instability or armed conflict in oil and gas producing regions, such as the war between Russia and Ukraine[210](index=210&type=chunk) - The conflict could elevate the likelihood of supply chain disruptions, heighten volatility in commodity prices, and negatively affect the company's ability to raise capital[211](index=211&type=chunk) [Item 6. Exhibits](index=57&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including acquisition agreements, debt instruments, and required officer certifications - This section lists the exhibits filed with the quarterly report, including acquisition agreements, debt agreements, and required officer certifications[214](index=214&type=chunk)[215](index=215&type=chunk)

HighPeak Energy, Inc. (NASDAQ:HPK) Q1 2022 Earnings Conference Call May 17, 2022 11:00 AM ET Company Participants Steven Tholen - Chief Financial Officer Jack Hightower - Chairman & Chief Executive Officer Michael Hollis - President Conference Call Participants John White - ROTH Capital Partners Nicholas Pope - Seaport Research Jeff Robertson - Water Tower Research Operator Thank you for standing by, and welcome to the First Quarter 2022 HighPeak Energy Conference Call. At this time, all participants are in ...

| --- | --- | --- | --- | --- | --- | --- | |-------|----------|-------|-------|-------|-------|-------| | | | | | | | | | E | HIGHK N | | R | G | | | 1Q22 Presentation May 2022 DISCLAIMER 2 •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 or in connection with this document, the words "believes," "plans," "expects," "anticipates," "forecasts," "inten ...

[Definitions of Certain Terms and Conventions Used Herein](index=4&type=section&id=Definitions%20of%20Certain%20Terms%20and%20Conventions%20Used%20Herein) This section defines technical terms, abbreviations, and conventions specific to the oil and gas industry and the company's financial reporting - This section defines technical terms, abbreviations, and conventions specific to the oil and gas industry and the company's financial reporting used throughout the document[11](index=11&type=chunk) - Key defined terms include **Boe** (Barrel of oil equivalent) for comparing crude oil and natural gas volumes, **Proved reserves** as economically producible quantities, and **PV-10** as a non-GAAP present value measure of future gross revenue[11](index=11&type=chunk)[18](index=18&type=chunk)[20](index=20&type=chunk) [Cautionary Statement Concerning Forward-Looking Statements](index=10&type=section&id=Cautionary%20Statement%20Concerning%20Forward-Looking%20Statements) This section warns that the report contains forward-looking statements subject to significant risks and uncertainties, advising against undue reliance - The report contains forward-looking statements based on current expectations and projections, subject to significant risks and uncertainties, advising readers not to place undue reliance[23](index=23&type=chunk) - Key factors that could cause actual results to differ include the **COVID-19 pandemic's impact**, **geopolitical instability**, **commodity price volatility**, **drilling risks**, and **capital availability**[24](index=24&type=chunk) - Reserve estimates are inherently uncertain and may differ significantly from the quantities of oil and gas ultimately recovered[26](index=26&type=chunk) [PART I. FINANCIAL INFORMATION](index=12&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Condensed Consolidated Financial Statements (Unaudited)](index=12&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Q1 2022, including balance sheets, operations, equity, and cash flows [Condensed Consolidated Balance Sheets](index=12&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$1,144,718** | **$818,960** | | Total current assets | $101,133 | $86,954 | | Total crude oil and natural gas properties, net | $1,037,433 | $725,615 | | **Total Liabilities** | **$448,444** | **$274,097** | | Total current liabilities | $179,646 | $103,000 | | Long-term debt, net | $203,197 | $97,929 | | **Total Stockholders' Equity** | **$693,881** | **$553,063** | [Condensed Consolidated Statements of Operations](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Account | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Total operating revenues | $92,229 | $25,717 | | Income from operations | $54,574 | $5,912 | | Derivative loss, net | $(66,394) | $— | | **Net income (loss)** | **$(16,510)** | **$4,744** | | **Diluted earnings (loss) per share** | **$(0.17)** | **$0.05** | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) - Stockholders' equity increased from **$553.1 million** at year-end 2021 to **$693.9 million** by March 31, 2022, driven by **$156.6 million** in share issuance for an acquisition, partially offset by a **$16.5 million** net loss and **$2.4 million** in dividends[33](index=33&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $49,947 | $11,373 | | Net cash used in investing activities | $(150,899) | $(31,921) | | Net cash provided by financing activities | $101,933 | $10,634 | | **Net increase (decrease) in cash** | **$981** | **$(9,914)** | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - **Acquisitions (Note 3):** In Q1 2022, the company incurred **$162.9 million** in acquisition costs for properties, paid with cash and **6.96 million** shares valued at **$156.6 million**[81](index=81&type=chunk) - **Debt (Note 7):** In February 2022, **$225.0 million** of 10.00% senior unsecured notes were issued to repay the Revolving Credit Facility, reducing its borrowing base to **$138.8 million**[98](index=98&type=chunk)[102](index=102&type=chunk) - **Derivatives (Note 5):** As of March 31, 2022, a net derivative liability of **$57.1 million** existed from crude oil swap contracts, resulting in a **$66.4 million** total derivative loss in Q1 2022, including **$41.6 million** non-cash and **$24.8 million** cash settlements[91](index=91&type=chunk)[93](index=93&type=chunk)[154](index=154&type=chunk) - **Subsequent Events (Note 16):** In April 2022, an agreement was signed to acquire Hannathon Petroleum properties for **$255.0 million** in cash and approximately **3.8 million** shares, expected to close in Q3 2022[135](index=135&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 performance, including increased sales, derivative-driven net loss, acquisitions, financing, and the revised capital budget - Q1 2022 financial performance resulted in a net loss of **$16.5 million**, down from **$4.7 million** net income in Q1 2021, primarily due to a **$66.4 million** net derivative loss offsetting a **$66.5 million** increase in operating revenues[143](index=143&type=chunk) Production and Price Changes (YoY) | Metric | Q1 2022 | Q1 2021 | % Change | | :--- | :--- | :--- | :--- | | Avg. Daily Sales (Boe/d) | 12,052 | 5,290 | +128% | | Avg. Realized Price ($/Boe) | $85.03 | $54.01 | +57% | - The revised 2022 capital budget is approximately **$790 million to $860 million** for drilling and infrastructure, excluding acquisitions, to be funded by cash, operating cash flow, and debt/equity offerings[173](index=173&type=chunk) Reconciliation of Net Income (Loss) to EBITDAX (Non-GAAP, in thousands) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Net income (loss) | $(16,510) | $4,744 | | Adjustments | $67,586 | $15,323 | | **EBITDAX** | **$51,076** | **$20,067** | - As of March 31, 2022, the company had **$35.9 million** in unrestricted cash and **$136.8 million** available under its Revolving Credit Facility, indicating significant liquidity[171](index=171&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is commodity price volatility, mitigated by derivatives, also managing counterparty and customer credit risks - The company's main market risk is commodity price volatility; a **$1.00** per barrel change in crude oil price would have impacted annualized Q1 2022 revenues by approximately **$3.8 million**[187](index=187&type=chunk)[188](index=188&type=chunk) - To manage price risk, the company uses commodity derivative instruments, primarily hedges, to reduce cash flow variability and support the capital program, not for speculative purposes[189](index=189&type=chunk) Outstanding Crude Oil Swap Contracts as of March 31, 2022 | Period | Volume (MBbls) | Weighted Avg. Swap Price/Bbl | | :--- | :--- | :--- | | Remainder of 2022 | 1,983.6 | $72.25 | | 2023 | 641.2 | $66.04 | [Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal controls - The principal executive and financial officers concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[195](index=195&type=chunk) - No material changes occurred in the company's internal control over financial reporting during Q1 2022[196](index=196&type=chunk) [PART II. OTHER INFORMATION](index=55&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings but anticipates no material adverse effect on its financial position, liquidity, or operations - The company, while party to various legal proceedings, does not anticipate a material adverse effect on its consolidated financial position, liquidity, or future results[198](index=198&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) This section highlights new material risks related to geopolitical instability, particularly the war in Ukraine, in addition to existing risk factors - No material changes to risk factors from the 2021 Annual Report are noted, except for those related to geopolitical instability[199](index=199&type=chunk) - A new risk factor is the ongoing war between Russia and Ukraine, potentially causing supply chain disruptions, heightened oil and gas price volatility, and negative impacts on capital raising[200](index=200&type=chunk)[201](index=201&type=chunk) [Exhibits](index=56&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance, debt instruments, and Sarbanes-Oxley certifications - The report includes a list of filed exhibits, such as amendments to the Credit Agreement, the Indenture for the Senior Notes, and Sarbanes-Oxley Act certifications[204](index=204&type=chunk)[205](index=205&type=chunk) [Signatures](index=59&type=section&id=Signatures) - The report was signed on May 16, 2022, by Steven Tholen, Chief Financial Officer, and Keith Forbes, Vice President and Chief Accounting Officer[209](index=209&type=chunk)

HighPeak Energy, Inc. (NASDAQ:HPK) Q4 2021 Earnings Conference Call March 8, 2022 11:00 AM ET Company Participants Steven Tholen - Chief Financial Officer Jack Hightower - Chief Executive Officer Michael Hollis - President Conference Call Participants John White - ROTH Capital Partners Nicholas Pope - Seaport Research Jeff Robertson - Water Tower Research Operator Thank you for standing by, and welcome to the HighPeak Energy’s Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are ...

| --- | --- | --- | --- | --- | --- | --- | |-------|----------|-------|-------|-------|-------|-------| | | | | | | | | | E | HIGHH N | | R | G | | | 4Q21 Presentation March 2022 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 or in connection with this document, the words "believes," "plans," "expects," "anticipates," "forecasts," "inten ...

Part I [Items 1 and 2. Business and Properties](index=15&type=section&id=Items%201%20and%202%2E%20Business%20and%20Properties) HighPeak Energy is an independent oil and gas company focused on Midland Basin reserves, operating two main land positions with a four-rig drilling program, subject to extensive competition and regulation - The company's assets are primarily located in Howard County, Texas, within the Midland Basin, consisting of two main contiguous areas: Flat Top (northern) and Signal Peak (southern)[33](index=33&type=chunk) Acreage and Operational Overview (as of Dec 31, 2021) | Metric | Value | | :--- | :--- | | Gross Acres | 82,023 | | Net Acres | 62,603 | | Average Working Interest | ~76% | | Operated Net Acreage | ~90% | | Held by Production | ~44% | - HighPeak Energy's development strategy focuses on horizontal drilling in the Wolfcamp A and Lower Spraberry formations, utilizing multi-well pads to enhance efficiency and returns[35](index=35&type=chunk) - As of year-end 2021, the company was operating with four drilling rigs and two frac crews to develop its properties[42](index=42&type=chunk) - For the year ended December 31, 2021, Lion Oil Trading and Transportation, LLC accounted for **94%** of the company's revenues, representing a significant customer concentration[77](index=77&type=chunk) [Properties and Reserves](index=16&type=section&id=Properties%20and%20Reserves) The company's Midland Basin properties saw substantial growth in proved reserves to **64,213 MBoe** in 2021, with PV-10 value surging to **$1.34 billion** due to increased drilling and higher commodity prices Proved Reserve Summary | As of Date | Proved Total (MBoe) | % Crude Oil & NGL | % Developed | | :--- | :--- | :--- | :--- | | **December 31, 2021** | 64,213 | 92% | 45% | | **December 31, 2020** | 22,515 | 94% | 46% | Proved Undeveloped Reserves (PUDs) Development | Period | PUDs at Start (MBoe) | Extensions & Discoveries (MBoe) | Conversions to Proved Developed (MBoe) | PUDs at End (MBoe) | | :--- | :--- | :--- | :--- | :--- | | **FY 2021** | 12,233 | 26,806 | (3,186) | 35,628 | PV-10 and Standardized Measure (in thousands) | As of December 31 | PV-10 (Present Value of Estimated Future Net Cash Flows, in thousands) | Standardized Measure (in thousands) | | :--- | :--- | :--- | | **2021** | $1,338,193 | $1,118,809 | | **2020** | $235,490 | $222,192 | [Production and Acreage](index=21&type=section&id=Production%20and%20Acreage) In 2021, average net daily sales volumes significantly increased to **9,304 Boepd**, with the company holding **62,603 net acres** and planning to retain expiring undeveloped acreage through drilling Average Net Daily Sales Volumes | Year | Average Net Daily Sales (Boepd) | | :--- | :--- | | **2021** | 9,304 | | **2020** | 1,925 | Acreage Summary (as of Dec 31, 2021) | Acreage Type | Gross Acres | Net Acres | | :--- | :--- | :--- | | **Developed** | 38,282 | 25,600 | | **Undeveloped** | 43,741 | 37,003 | | **Total** | 82,023 | 62,603 | - The company has **21,155** net undeveloped acres expiring in 2022, which it intends to retain through drilling, completions, and lease renewals/extensions[68](index=68&type=chunk) [Regulation of the Crude Oil and Natural Gas Industry](index=27&type=section&id=Regulation%20of%20the%20Crude%20Oil%20and%20Natural%20Gas%20Industry) Operations are subject to extensive federal, state, and local regulations covering production, environmental protection, and safety, with evolving rules on hydraulic fracturing and emissions posing cost and operational risks - Operations are substantially affected by federal, state, and local laws governing drilling permits, well spacing, surface use, water disposal, and well abandonment[88](index=88&type=chunk)[89](index=89&type=chunk) - The company is subject to stringent environmental laws such as CERCLA (Superfund), RCRA, the Clean Water Act, and the Clean Air Act, which impose significant compliance costs and potential liabilities for pollution[105](index=105&type=chunk)[108](index=108&type=chunk)[111](index=111&type=chunk)[117](index=117&type=chunk) - Federal and state agencies are increasingly regulating methane emissions from oil and gas operations. The EPA has proposed new rules (OOOOb and OOOOc) that would establish stricter standards for both new and existing sources[121](index=121&type=chunk) - State regulators, including the Texas Railroad Commission (TRRC), have imposed new requirements and restrictions on wastewater disposal wells in response to concerns about induced seismicity, which could impact the company's operations[115](index=115&type=chunk)[248](index=248&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A%2E%20Risk%20Factors) The company faces significant risks from volatile commodity prices, capital-intensive operations, uncertain reserve estimates, concentrated asset base, evolving environmental regulations, and substantial influence by the HighPeak Group - The business is highly sensitive to volatile commodity prices. Sustained low prices could adversely affect financial condition, results of operations, and the ability to fund capital expenditures[144](index=144&type=chunk)[148](index=148&type=chunk) - Development projects require substantial capital. The 2022 capital expenditure plan of approximately **$750-$800 million** is dependent on commodity prices and the availability of financing[144](index=144&type=chunk)[153](index=153&type=chunk) - Reserve estimates are based on numerous assumptions that may prove inaccurate, potentially affecting the quantities and value of reserves[147](index=147&type=chunk)[196](index=196&type=chunk) - The company's assets are geographically concentrated in the northeastern Midland Basin, making it vulnerable to regional risks such as transportation constraints, regulatory changes, and localized market conditions[208](index=208&type=chunk) - Increasing attention to ESG matters and climate change presents regulatory, political, litigation, and financial risks, which could increase compliance costs and restrict access to capital[219](index=219&type=chunk)[237](index=237&type=chunk) - The HighPeak Group owns approximately **84%** of the company's common stock, giving it significant influence over corporate actions. The company qualifies as a "controlled company" under Nasdaq rules, exempting it from certain corporate governance requirements[259](index=259&type=chunk)[265](index=265&type=chunk) [Item 1B. Unresolved Staff Comments](index=82&type=section&id=Item%201B%2E%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[299](index=299&type=chunk) [Item 3. Legal Proceedings](index=82&type=section&id=Item%203%2E%20Legal%20Proceedings) The company is not party to any material legal proceedings outside the ordinary course of business - The company states that it is not party to lawsuits that would have a material adverse effect on its assets, other than those arising in the ordinary course of business[140](index=140&type=chunk)[300](index=300&type=chunk) [Item 4. Mine Safety Disclosures](index=82&type=section&id=Item%204%2E%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[301](index=301&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=83&type=section&id=Item%205%2E%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) HighPeak Energy's common stock and warrants trade on Nasdaq, with CVRs on OTC, and the company initiated quarterly cash dividends in 2021 - The company's common stock and warrants are listed on Nasdaq under the symbols "HPK" and "HPKEW." The CVRs are quoted on the OTC market under "HPKER"[303](index=303&type=chunk) - The company initiated a quarterly cash dividend of **$0.025** per share in the third quarter of 2021 and paid a special dividend of **$0.075** per share in July 2021[304](index=304&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=84&type=section&id=Item%207%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2021, financial performance dramatically improved with **$55.6 million** net income, driven by increased sales volumes and commodity prices, supporting a **$750-$800 million** 2022 capital budget funded by cash flow and debt - The company's 2022 capital budget is projected to be between **$715 million and $760 million** for drilling and completions, plus **$35 million to $40 million** for infrastructure, assuming a four-rig program[353](index=353&type=chunk) - Net income attributable to common stockholders was **$55.6 million** (**$0.54** per diluted share) for 2021, compared to a combined net loss of $101.5 million for 2020[319](index=319&type=chunk) - The improved financial results were driven by a **383%** increase in average daily sales volumes (to **9,304** Boepd) and an **86%** increase in average realized commodity prices per Boe[319](index=319&type=chunk)[322](index=322&type=chunk) - In February 2022, the company issued **$225.0 million** of **10.00%** senior unsecured notes due 2024 to pay down its revolving credit facility and fund its 2022 capital budget[355](index=355&type=chunk) [Results of Operations](index=92&type=section&id=Results%20of%20Operations) Revenues surged to **$220.1 million** in 2021 due to higher production and prices, while per-unit operating costs decreased, despite a **$26.7 million** derivative loss Revenue and Production Volume Comparison | Metric | 2021 | 2020 (Combined) | | :--- | :--- | :--- | | **Total Revenues** | $220.1M | $24.6M | | **Avg. Daily Sales (Boe/d)** | 9,304 | 1,925 | | **Avg. Realized Price ($/Boe)** | $64.82 | $34.94 | Key Operating Costs per Boe | Expense ($/Boe) | 2021 | 2020 (Combined) | | :--- | :--- | :--- | | **Lease Operating Expense** | $7.38 | $10.68 | | **Production & Ad Valorem Taxes** | $3.16 | $2.06 | | **DD&A Expense** | $19.20 | $23.08 | | **General & Administrative** | $2.62 | $10.68 | - The company recorded a net derivative loss of **$26.7 million** in 2021, consisting of **$11.3 million** in cash settlement payments and a **$15.4 million** non-cash mark-to-market loss[348](index=348&type=chunk) [Liquidity and Capital Resources](index=100&type=section&id=Liquidity%20and%20Capital%20Resources) Primary liquidity sources include **$147.0 million** cash from operations, a revolving credit facility, and capital markets, with a **$225 million** senior notes issuance in 2022 to fund the capital budget Cash Flow Summary (in thousands) | Cash Flow Activity | 2021 (in thousands) | 2020 (Combined, in thousands) | | :--- | :--- | :--- | | **Operating Activities** | $147,015 | $1,311 | | **Investing Activities** | $(250,371) | $(139,825) | | **Financing Activities** | $118,673 | $135,355 | - As of December 31, 2021, the company had **$100.0 million** outstanding on its Revolving Credit Facility and **$93.1 million** available[355](index=355&type=chunk) EBITDAX Reconciliation (Non-GAAP, in thousands) | Line Item | 2021 (in thousands) | 2020 (Combined, in thousands) | | :--- | :--- | :--- | | **Net income (loss)** | $55,559 | $(101,463) | | **Interest expense** | $2,484 | $8 | | **Income tax expense (benefit)** | $16,904 | $(4,223) | | **DD&A & Accretion** | $65,368 | $16,402 | | **Exploration and abandonment** | $1,549 | $5,036 | | **Stock based compensation** | $6,676 | $15,776 | | **Other adjustments** | $15,634 | $76,503 | | **EBITDAX** | **$164,173** | **$8,033** | [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=109&type=section&id=Item%207A%2E%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The primary market risk is commodity price volatility, mitigated by derivative instruments, with a **$1.00/Bbl** crude oil price change impacting 2021 revenues by approximately **$3.1 million** - The company's major market risk is the pricing of its crude oil, NGL, and natural gas production[385](index=385&type=chunk) - A **$1.00** per barrel change in the average crude oil price for 2021 would have changed revenues by approximately **$3.1 million**[386](index=386&type=chunk) - The company uses commodity derivative instruments to hedge price risk, which is a requirement under its Credit Agreement and the indenture for its 2024 Notes[387](index=387&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=111&type=section&id=Item%208%2E%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited consolidated financial statements, detailing accounting policies, debt, and subsequent events, with supplementary data showing proved reserves increased to **64,213 MBoe** in 2021 Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2021 (in thousands) | Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | $818,960 | $537,930 | | Total crude oil and natural gas properties, net | $725,615 | $502,636 | | **Total Liabilities** | $264,897 | $61,504 | | Long-term debt, net | $97,929 | $0 | | **Total Stockholders' Equity** | $553,063 | $474,226 | Consolidated Statement of Operations Highlights (in thousands) | Account | 2021 (Successor, in thousands) | 2020 (Combined Successor/Predecessor, in thousands) | | :--- | :--- | :--- | | **Total operating revenues** | $220,124 | $24,623 | | **Income (loss) from operations** | $101,847 | $(29,181) | | **Net income (loss)** | $55,559 | $(101,463) | - In February 2022, the company issued **$225.0 million** of **10.00%** Senior Unsecured Notes due 2024 and amended its credit facility, reducing the borrowing base to **$138.8 million**[540](index=540&type=chunk)[541](index=541&type=chunk) Changes in Proved Reserves (MBoe) | Description | 2021 (MBoe) | 2020 (Combined, MBoe) | | :--- | :--- | :--- | | **Beginning Reserves** | 22,515 | 11,497 | | Extensions and discoveries | 44,967 | 15,396 | | Revisions of previous estimates | (1,658) | (3,723) | | Production | (3,396) | (705) | | Purchases / Sales of minerals-in-place | 1,784 | 50 | | **Ending Reserves** | **64,213** | **22,515** | [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=155&type=section&id=Item%209%2E%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[561](index=561&type=chunk) [Item 9A. Controls and Procedures](index=155&type=section&id=Item%209A%2E%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of December 31, 2021 - The company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of December 31, 2021[562](index=562&type=chunk) - Management assessed the effectiveness of internal control over financial reporting as of December 31, 2021, and concluded it was effective based on the COSO framework[565](index=565&type=chunk) Part III [Items 10-14](index=155&type=section&id=Items%2010%2C%2011%2C%2012%2C%2013%20and%2014) Information for Items 10-14, covering governance, compensation, and ownership, is incorporated by reference from the company's upcoming Definitive Proxy Statement - Information for Directors, Executive Officers, Corporate Governance (Item 10), Executive Compensation (Item 11), Security Ownership (Item 12), Certain Relationships and Related Transactions (Item 13), and Principal Accountant Fees and Services (Item 14) will be incorporated by reference from the company's upcoming Definitive Proxy Statement[568](index=568&type=chunk)[569](index=569&type=chunk)[570](index=570&type=chunk)[571](index=571&type=chunk)[572](index=572&type=chunk) Part IV [Item 15. Exhibits, Financial Statement Schedules](index=156&type=section&id=Item%2015%2E%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists financial statements included in Item 8 and exhibits filed with the Annual Report, with schedules omitted as not applicable - The consolidated financial statements are included in Item 8 of this report[573](index=573&type=chunk) - A list of exhibits filed with the report is provided, including the Business Combination Agreement, corporate governance documents, credit agreements, and reserve reports[576](index=576&type=chunk)[577](index=577&type=chunk)[578](index=578&type=chunk) [Item 16. Form 10-K Summary](index=159&type=section&id=Item%2016%2E%20Form%2010-K%20Summary) The company has not provided a summary for Form 10-K in this section - None[579](index=579&type=chunk)

| --- | --- | --- | --- | --- | --- | --- | |-------|----------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | E | HIGHH N | | R | G | | | 3Q21 Presentation November 2021 DISCLAIMER 2 •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 or in connection with this document, the words "believes," " ...