HighPeak Energy (HPK) investor relations material

Executive summary

• Q3 production averaged 44,181 Boepd (44.2 MBoe/d), 67% oil and 84% liquids; production exceeded original 2026 guidance expectations.

• Revenue rose 23% YoY to $256.8 million as higher realized prices outweighed 8% lower daily sales volumes; reported net loss included derivative and debt-extinguishment losses.

• Capital discipline and free cash flow remain priorities, with efficiency gains supporting high-return opportunities and balance-sheet improvement.

Financial highlights

• Q3 EBITDAX was $163.8 million; free cash flow was $22.4 million, or $58.4 million before working-capital changes; capex was $71.1 million.

• Net loss was $55.7 million, or $0.44 per diluted share; adjusted net income was $38.5 million, or $0.32 per diluted share.

• Q3 operating revenue was $256.8 million versus $208.7 million YoY; operating income was $71.7 million versus $32.6 million.

• Debt declined by $30 million during Q3, while capital spending fell 34% QoQ.

• 9M operating cash flow was $290.1 million versus $418.5 million; investing cash outflow was $298.6 million versus $426.8 million.

Outlook and guidance

• FY 2026 production guidance increased to 44,500–45,500 Boe/d, up 3,500 Boe/d at the low end and 1,500 Boe/d at the high end versus prior guidance.

• FY 2026 LOE guidance decreased to $8.00–$8.25/Boe, down $0.50/Boe at the low end and $0.65/Boe at the high end.

• FY 2026 capex guidance increased to $310–$320 million, excluding acquisitions and specified other costs; guidance reflects a 6% production increase at the prior midpoint.

• The 2026 plan calls for one drilling rig and less than one frac crew for the remainder of the year; activity will be reviewed monthly based on economics and market conditions.

• 2027 activity is expected to remain disciplined and consistent with maintenance mode; no 2027 production guidance was given.