HighPeak Energy, Inc. Announces Fourth Quarter and Year-End 2024 Financial and Operating Results and Provides 2025 Guidance

Core Insights - HighPeak Energy, Inc. reported solid financial and operational results for 2024, with a focus on disciplined capital management and production growth [3][4][7]. Financial Performance - The company achieved a net income of $95.1 million for 2024, translating to $0.67 per diluted share, with EBITDAX of $842.9 million or $6.01 per diluted share [7][15]. - Adjusted net income for 2024 was $144.8 million, or $1.05 per diluted share [7]. - Fourth quarter 2024 net income was $9.0 million, or $0.06 per diluted share, with EBITDAX of $179.4 million, or $1.27 per diluted share [15][16]. Production and Reserves - Average production for 2024 was approximately 50.0 MBoe/d, a 10% increase year-over-year, with fourth quarter production averaging 50.2 MBoe/d [11][7]. - Estimated proved reserves at year-end 2024 were 199 million Boe, a 29% increase from 2023, with proved developed reserves increasing by 36% to 108 million Boe [7][13]. Capital Expenditures and Guidance - The company reduced its capital expenditures by 40% in 2024 and plans to further reduce them by 20% in 2025, with a capital budget of $448 - $490 million for 2025 [3][4][8]. - HighPeak plans to maintain a two-rig drilling program in 2025, with an average production guidance of 47,000 – 50,500 Boe/d [5][6]. Operational Efficiency - Lease operating expenses for 2024 averaged $7.23 per Boe, a 17% decrease year-over-year [7]. - The company successfully reduced long-term debt by $120 million and paid dividends of $0.16 per share in 2024 [7][22]. Shareholder Returns - HighPeak's Board of Directors declared a quarterly dividend of $0.04 per share for the fourth quarter of 2024 and for March 2025, totaling approximately $5.0 million in dividends [22][4]. - The company authorized a share repurchase program of up to $75 million, with approximately $40 million remaining available [7][4].