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HighPeak Energy (HPK) investor relations material
HighPeak Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 production averaged 47.8 MBoe/d, with 66% oil and 83% liquids, consistent with the prior quarter; six wells drilled, nine turned in line, and 19 wells in progress as of September 30, 2025.
Net loss of $18.3 million, or ($0.15) per diluted share, driven by lower commodity prices, decreased sales volumes, and a $25.4 million loss on extinguishment of debt; adjusted net income was $3.8 million, or $0.03 per diluted share.
EBITDAX reached $139.9 million, or $1.01 per diluted share; free cash flow was $1.6 million, and capital expenditures totaled $86.6 million, down over 30% from Q2.
Management changes included Michael Hollis appointed as CEO and Jason Edgeworth as Chairman; board restructured to enhance governance.
Quarterly dividend of $0.04 per share declared, totaling $5 million for Q3, with continued focus on disciplined capital allocation and deleveraging.
Financial highlights
Total operating revenues for Q3 2025 were $188.9 million, with EBITDAX per Boe at $30.94 (excluding derivatives); average realized prices: $65.63/Bbl oil, $17.40/Bbl NGL, $1.07/Mcf gas.
Lease operating expenses averaged $6.57/Boe, with total cash costs at $11.97/Boe; DD&A expense per Boe decreased 21% to $22.87.
Net cash provided by operating activities was $120.2 million; total assets at September 30, 2025, were $3.2 billion.
Net debt stood at $1.16 billion, with $164.9 million in cash and $93.1 million in available credit; market capitalization was $839 million.
EBITDAX for Q3 2025 was $139.9 million, down from $214.3 million in Q3 2024.
Outlook and guidance
2026 development program and rig count will be flexed based on oil price scenarios: below $60/bbl (operate within cash flow, less than two rigs), $60–$70/bbl (two rigs, maintain production), above $70/bbl (potential for moderate growth).
Performance-based compensation and measurable metrics to be implemented in 2026; carryover inventory from Q4 2025 (16–18 DUCs) to support early 2026 production.
Capital budget for 2025 is $375–405 million for drilling and completions, plus $40–50 million for infrastructure and $33–35 million for one-time projects.
Company expects to fund capital expenditures with cash, operations, and available credit, maintaining flexibility in drilling activity.
Ongoing evaluation of strategic alternatives, including a potential sale, with no set timetable for conclusion.
CEO's plan to reduce debt
Q4 production impact from second rig?
How do current hedges protect future cash flow?
Explain the strategy for improving stock float.
How will simul-frac impact 2026 development plans?
Describe debt reduction under $65 oil scenario.
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Next HighPeak Energy earnings date
Q4 20253 Mar, 2026
Next HighPeak Energy earnings date
Q4 20253 Mar, 2026
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Frequently asked questions
HighPeak Energy Inc. is an independent oil and natural gas exploration and production company. The company primarily focuses on the acquisition, development, and production of oil and natural gas reserves in the Midland Basin, which is part of the larger Permian Basin in West Texas. HighPeak Energy employs advanced drilling and completion techniques to maximize resource recovery and optimize production from its assets. Its operations are concentrated on generating value through efficient resource development and management. The company is headquartered in Fort Worth, Texas, and its shares are listed on the NASDAQ.
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