HighPeak Energy Inc

Latest Results (15.04.2026):

HighPeak Energy, Inc. reported results for the fourth quarter of 2025 (quarter ended December 31, 2025). The company posted a fourth‑quarter net loss of $25.2 million (loss of $0.21 per diluted share) while reporting full‑year 2025 net income of $19.0 million (diluted $0.14). Q4 EBITDAX was $113.9 million and full‑year 2025 EBITDAX was $607.1 million. Management emphasized a 2026 plan focused on profitability, free‑cash‑flow generation and debt reduction rather than volume growth.

Q4 and Full‑Year Financials

Q4 2025 net loss $25.2M (‑$0.21/diluted); Q4 EBITDAX $113.9M. Full‑year 2025 net income $18.96M (diluted $0.14) with EBITDAX $607.1M. Total operating revenues were $165.8M in Q4 and $863.4M for the year.

Production and Operational Metrics

Q4 average sales volumes 43.7 MBoe/d (≈64% crude oil); full‑year 2025 average 48.3 MBoe/d (≈68% crude oil). In 2025 the company drilled ~50 gross wells and turned‑in‑line 49 gross; management plans to run one rig and one frac crew in 2026.

Costs, Prices and Margins

Q4 realized price (ex‑derivatives) $41.27/Boe (crude $58.95/Bbl); Q4 cash costs $14.45/Boe (LOE $7.46/Boe, GP&T $4.38/Boe). Full‑year realized price (ex‑derivatives) $48.98/Boe and full‑year cash costs $15.33/Boe, yielding an unhedged EBITDAX per Boe of $33.65 for 2025.

Capital Spending & Cash Flow

Q4 capex (ex‑acquisitions) $119.9M; full‑year 2025 capex $511.8M. Free cash flow was negative $7.4M in Q4 and negative $37.8M for full‑year 2025. Discretionary cash flow for 2025 was $471.3M.

Balance Sheet

Cash and cash equivalents at 12/31/2025 were $162.1M (up from $86.6M a year earlier). Net long‑term debt was $1,132.8M (plus a $60M current portion). Total assets ~$3.214B and stockholders’ equity ~$1.595B.

2026 Guidance & Strategic Priorities

2026 plan: 1 drilling rig / ~1 frac crew; operated wells drilled 28–30, wells turned‑in‑line 36–38. Operated D,C,E&F capex $230–240M; total capex $255–285M. Production guidance 41,000–44,000 Boe/d with oil ~67–68%. Unit cost guidance: LOE $8.50–8.90/Boe; GP&T $4.25–4.50/Boe; G&A $1.50–1.75/Boe. Management priority: protect profitability, maximize free cash flow and accelerate debt reduction; reduced capex nearly 50% YoY and expanded hedging.

Reserves and Valuation

Year‑end 2025 proved reserves ~174 MMBoe (66% crude oil); proved developed reserves 96 MMBoe. PV‑10 at year‑end 2025 approximately $2.06B (SEC pricing basis).

Hedging and Risk Management

Extensive crude hedges (costless collars and swaps) covering volumes through 2026–2027 with many collars floors around ~$59/Bbl and swaps generally in the low‑to‑mid $60s/Bbl; natural gas swaps cover ~30k MMBtu/day at roughly $4.30–4.53/MMBtu for 2026 and portions of 2027.

Dividends & Capital Allocation

Board paid a $0.04/share dividend in Q4 2025 (~$5M) but suspended the dividend in Q1 2026 to preserve liquidity (estimated $20–25M annual benefit). Any incremental free cash flow in stronger price environments will be directed to debt reduction.