HighPeak Energy, Inc. Announces Third Quarter 2026 Financial and Operating Results and Guidance Update

Higher revenue and operating income accompanied a wider quarterly loss, while HighPeak raised its production and capital spending outlook.

Rhea-AI Summary

HighPeak Energy (NASDAQ: HPK) reported a third-quarter 2026 net loss of $55.7 million while raising its full-year production outlook. The loss was $0.44 per diluted share, versus $0.15 a year earlier. Revenue rose to $256.820 million from $208.737 million, while net derivative losses reached $107.525 million. Quarterly free cash flow, a non-GAAP measure, was $22.4 million, and debt fell $30 million.

HighPeak raised expected 2026 production to 44,500–45,500 barrels of oil equivalent daily, lowered lease operating expense guidance to $8.00–$8.25 per barrel equivalent, and raised capital spending guidance to $310–$320 million. Its pending refinancing includes $450 million of preferred equity and an $800 million credit facility. The company expects closing later in November 2026, when it will repay its existing $1.2 billion term loan. Third-quarter sales averaged 44,200 barrels of oil equivalent daily.

16 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 15 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue rose to $256.820 million from $208.737 million a year earlier.
• Moderate pointThird-quarter operating income increased to $71.717 million from $32.607 million a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 average daily production guidance increased to 44,500–45,500 barrels of oil equivalent.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 lease operating expense guidance decreased to $8.00–$8.25 per barrel of oil equivalent.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Pending refinancing provides a $450 million preferred equity investment and an $800 million credit facility.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Existing $1.2 billion term loan will be repaid upon refinancing closing. 1.3× market cap
• Moderate pointThird-quarter adjusted net income, a non-GAAP measure, was $38.5 million, or $0.32 per diluted share.

9 minor points

• Minor pointThird-quarter debt reduction totaled $30 million.
• Minor pointThird-quarter free cash flow, a non-GAAP measure, was $22.4 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.HighPeak plans to maintain drilling activity and reinvest efficiency gains in additional opportunities.
• Minor pointThird-quarter producing wells brought online totaled 13 gross, 12.8 net.
• Minor pointThird-quarter gathering, processing and transportation expenses fell to $17.460 million from $19.875 million a year earlier.
• Minor pointThird-quarter general and administrative expenses fell to $6.058 million from $9.329 million a year earlier.
• Minor pointThird-quarter interest expense declined to $36.484 million from $37.150 million a year earlier.
• Minor pointNine-month revenue increased to $745.124 million from $697.520 million a year earlier.
• Minor pointNine-month operating income increased to $187.977 million from $166.430 million a year earlier.

Negative

• Moderate pointThird-quarter net loss widened to $55.678 million from $18.335 million; diluted loss increased to $0.44 from $0.15.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 capital spending guidance increased to $310–$320 million.
• Moderate pointRefinancing remains pending, with closing expected later in November 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Refinancing introduces $450 million of preferred equity and a new $800 million credit facility.
• Moderate pointCash declined to $117.417 million at September 30, 2026, from $162.075 million at December 31, 2025.
• Moderate pointNine-month derivative settlement cash payments totaled $93.527 million, versus $7.988 million received a year earlier. 10% of market cap

9 minor points

• Minor pointThird-quarter net derivative loss was $107.525 million, versus a $6.913 million gain a year earlier.
• Minor pointCurrent debt increased to $120 million at September 30, 2026, from $60 million at December 31, 2025.
• Minor pointThird-quarter dividends declared were zero, versus $0.04 per share a year earlier.
• Minor pointThird-quarter exploration and abandonment expenses rose to $10.958 million from $2.278 million a year earlier.
• Minor pointThird-quarter production expenses increased to $35.020 million from $33.312 million a year earlier.
• Minor pointThird-quarter production and ad valorem taxes rose to $13.153 million from $10.016 million a year earlier.
• Minor pointThird-quarter depletion, depreciation and amortization increased to $101.235 million from $100.636 million a year earlier.
• Minor pointThird-quarter stock-based compensation increased to $875,000 from $177,000 a year earlier.
• Minor pointNine-month net loss was $100.851 million, versus $44.176 million net income a year earlier.

Key Figures

Preferred equity investment: $450 million New credit facility: $800 million Existing term loan payoff: $1.2 billion +5 more

Preferred equity investment

$450 million

Refinancing announced October 6, 2026

New credit facility

$800 million

Part of the comprehensive refinancing

Existing term loan payoff

$1.2 billion

Payoff expected upon refinancing closing

Average daily production guidance

44,500–45,500 Boe/d

Updated 2026 outlook; increased

Lease operating expenses guidance

$8.00–$8.25 per Boe

Updated 2026 outlook; reduced

Total capital expenditures guidance

$310–$320 million

Updated 2026 outlook; increased

Net loss

$55.7 million

Third quarter 2026

Adjusted net income

$38.5 million

Third quarter 2026

Previous Earnings Reports

1 past event · Latest: Aug 10

Same Type 1 event

1. Aug 10

   Q2 earnings

   24h Move

   +4.3%

   Reported net income of $82.3 million and revenue of $272.4 million in Q2 2026.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ebitdax, costless collar, basis swap

3 terms

ebitdax financial

"We also reported EBITDAX1 of $163.8 million"

EBITDAX is a measure of a company's operating profit that adds back interest, taxes, depreciation, amortization and exploration costs to net income. Think of it as the cash-generating power of a business before financing, tax effects, non-cash accounting charges and the variable cost of searching for new reserves—useful for comparing companies whose exploration spending or accounting treatments differ. Investors use it to assess core operating performance and short-term cash flow potential without those distortions.

costless collar financial

"Costless Collar | | | 10,800"

A costless collar is an options strategy used to protect the value of a stock position by buying a put (downside protection) and simultaneously selling a call (giving up some upside), with the premiums structured so the two trades roughly cancel out and require little or no net cash. For investors it acts like insurance paid for by agreeing to cap future gains: it limits potential losses while also setting a ceiling on how much profit can be realized.

basis swap financial

"Basis Swap | | | 23,000"

A basis swap is a contract where two parties trade interest payments tied to different floating reference rates or markets, so each pays the other based on a different benchmark. It matters to investors because it lets companies and funds manage the risk that the gap between benchmarks will widen or narrow—like swapping two recipes that use different units so both cooks get predictable results—and can affect borrowing costs, valuation and hedging effectiveness.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

FORT WORTH, Texas, Nov. 09, 2026 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the quarter ended September 30, 2026, and updated guidance for the full year 2026.

A statement from our President and CEO, Michael Hollis:

The third quarter was an important one for HighPeak. Operationally, the team continued to execute at a high level, delivering production above expectations and improving efficiency. Financially, we generated meaningful free cash flow, reduced debt, and took a major step toward strengthening our balance sheet with the comprehensive refinancing transaction we recently announced. As drilling efficiencies continue to improve, rather than releasing a rig, we plan to keep activity steady and reinvest those efficiency gains into additional high-return opportunities, resulting in a modest increase in capital investment while maintaining financial discipline.

Over the past two years, we have remained focused on a clear set of priorities: practicing capital discipline, driving corporate efficiencies, strengthening our capital structure, and ensuring every decision we make is guided by the goal of creating long-term shareholder value. With the announcement of our pending refinance, which dramatically improves our capital structure, we can confidently say that we have made meaningful progress on all these objectives. While we are proud of what we have accomplished, we view these achievements not as a finish line, but as a foundation for continued success. We remain committed to these principles and to delivering sustainable value for all our stakeholders, including our employees, royalty owners, vendors, community partners, and shareholders. We believe this new and improved HighPeak enhances our ability to execute our strategy, capitalize on opportunities and build a stronger company for the future.

Recent Events

On October 6, 2026, HighPeak announced a transformational comprehensive refinancing through a strategic $450 million preferred equity investment and a new $800 million credit facility. The Company will pay off its existing $1.2 billion term loan upon closing the refinancing transaction which is expected to close later this month.

The Company provided the following updates to its 2026 Outlook:

• Increased average daily production range to:   44,500 – 45,500 Boe/d 
• Reduced lease operating expenses range to:   $8.00 – $8.25 per Boe
• Increased total capital expenditures range to:   $310 - $320 MM
  
  

Third Quarter 2026 Operational Update

HighPeak’s sales volumes averaged 44.2 MBoe/d during the third quarter of 2026 consisting of approximately 67% crude oil and 84% liquids.

The Company drilled 9 gross (8.6 net) company operated horizontal wells, completed 5 gross (4.8 net) company operated horizontal wells and turned-in-line 13 gross (12.8 net) company operated producing wells. On September 30, 2026, the Company had 18 gross (13.3 net) horizontal wells in progress, including 16 gross (11.4 net) horizontal wells in various stages of completion.

Third Quarter 2026 Financial Results

HighPeak reported a net loss of $55.7 million for the third quarter 2026, or ($0.44) per diluted share and adjusted net income¹ of $38.5 million, or $0.32 per diluted share. We also reported EBITDAX¹ of $163.8 million, or $1.23 per diluted share. Finally, free cash flow¹ was $22.4 million and free cash flow before changes in working capital¹ was $58.4 million for the quarter. The Company also reduced debt by $30 million.

Third quarter 2026 average realized prices were $86.86 per Bbl of crude oil, $22.20 per Bbl of NGL and $1.42 per Mcf of natural gas, resulting in an overall realized price of $63.18 per Boe, or 73% of the weighted average of NYMEX crude oil prices, excluding the effects of derivatives. Including the effects of derivatives, third quarter 2026 average realized prices were $77.64 per Bbl of crude oil, $22.20 per Bbl of NGL and $2.37 per Mcf of natural gas, resulting in an overall realized price of $57.94 per Boe. HighPeak’s cash costs for the third quarter 2026 were $17.64 per Boe, including lease operating costs of $6.70 per Boe, expense workovers of $1.91 per Boe, gathering, processing and transportation expenses of $4.30 per Boe, production and ad valorem taxes of $3.24 per Boe and G&A expenses of $1.49 per Boe. As a result, the Company’s unhedged EBITDAX per Boe was $45.54 per Boe.

HighPeak’s total capital expenditures, excluding acquisitions, for the third quarter were $71.1 million. 

Hedging

Crude oil. As of September 30, 2026, and including derivative instruments entered into subsequent to quarter end, HighPeak had the following outstanding crude oil derivative instruments and the weighted average crude oil prices per barrel (“Bbl”):

Settlement Month		Settlement Year		Type of Contract		Bbls Per Day				Index		Swap Price per Bbl				Costless Collar Floor Price per Bbl				Costless Collar Ceiling Price per Bbl
Crude Oil:
Oct – Dec		2026		Costless Collar			10,800			WTI Cushing		$	—			$	61.67			$	68.52
Oct – Dec		2026		Swap			9,000			WTI Cushing		$	74.01			$	—			$	—
Oct – Dec		2026		Roll Swap			25,000			NYMEX WTI Roll		$	4.23			$	—			$	—
Oct – Dec		2026		Basis Swap			23,000			Argus WTI Midland		$	1.37			$	—			$	—
Jan – Mar		2027		Costless Collar			8,900			WTI Cushing		$	—			$	59.78			$	65.24
Jan – Mar		2027		Swap			5,900			WTI Cushing		$	65.61			$	—			$	—
Jan – Mar		2027		Basis Swap			16,000			Argus WTI Midland		$	1.11			$	—			$	—
Apr – Jun		2027		Costless Collar			4,000			WTI Cushing		$	—			$	52.00			$	62.85
Apr – Jun		2027		Swap			9,470			WTI Cushing		$	64.64			$	—			$	—
Apr – Jun		2027		Basis Swap			16,000			Argus WTI Midland		$	1.11			$	—			$	—
Jul – Sep		2027		Swap			11,950			WTI Cushing		$	64.98			$	—			$	—
Jul – Sep		2027		Basis Swap			16,000			Argus WTI Midland		$	1.11			$	—			$	—
Oct – Dec		2027		Swap			11,200			WTI Cushing		$	71.86			$	—			$	—
Oct – Dec		2027		Basis Swap			16,000			Argus WTI Midland		$	1.11			$	—			$	—
Jan – Mar		2028		Swap			10,000			WTI Cushing		$	70.66			$	—			$	—
Apr – May		2028		Swap			1,000			WTI Cushing		$	75.94			$	—			$	—

The Company’s crude oil derivative contracts detailed above are based on reported settlement prices on the New York Mercantile Exchange for West Texas Intermediate (“WTI Cushing”) pricing, the NYMEX WTI Roll or the basis differential between WTI Cushing and Argus WTI Midland pricing which represents a premium to WTI Cushing.

Natural gas. As of September 30, 2026, the Company had the following outstanding natural gas derivative instruments and the weighted average natural gas prices per MMBtu.

Settlement Month		Settlement Year		Type of Contract		MMBtu Per Day				Index		Price per MMBtu
Natural Gas:
Oct – Dec		2026		Swap			35,000			HH		$	4.131
Oct – Dec		2026		Basis Swap			25,000			WAHA		$	(1.455	)
Jan – Mar		2027		Swap			31,000			HH		$	3.801
Jan – Mar		2027		Basis Swap			30,000			WAHA		$	(1.456	)
Apr – Jun		2027		Swap			30,000			HH		$	3.336
Apr – Jun		2027		Basis Swap			30,000			WAHA		$	(1.456	)
Jul – Sep		2027		Swap			30,000			HH		$	3.336
Jul – Sep		2027		Basis Swap			30,000			WAHA		$	(1.456	)
Oct – Dec		2027		Swap			25,000			HH		$	3.413
Oct – Dec		2027		Basis Swap			30,000			WAHA		$	(1.456	)
Jan – Mar		2028		Swap			25,000			HH		$	3.413

The Company’s natural gas derivative contracts detailed above are based on reported settlement prices on the New York Mercantile Exchange for Henry Hub (“HH”) pricing and the basis differential between Henry Hub and the West Texas WAHA Hub pricing.

Conference Call

HighPeak will host a conference call and webcast on Tuesday, November 10, 2026, at 10:00 a.m. Central Time for investors and analysts to discuss its results for the third quarter of 2026. Conference call participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on the HighPeak Energy website at www.highpeakenergy.com under the “Investors” section of the website. A replay will also be available on the website following the call.

When available, a copy of the Company’s earnings release, investor presentation and Quarterly Report on Form 10-Q may be found on its website at www.highpeakenergy.com.

About HighPeak Energy, Inc.

HighPeak Energy, Inc. is a publicly traded independent crude oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of unconventional crude oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com.

Cautionary Note Regarding Forward-Looking Statements

The information in this press release contains forward-looking statements that involve risks and uncertainties. When used in this document, the words “believes,” “plans,” “expects,” “anticipates,” “forecasts,” “intends,” “continue,” “may,” “will,” “could,” “should,” “future,” “potential,” “estimate” or the negative of such terms and similar expressions as they relate to HighPeak Energy, Inc. (“HighPeak Energy” or the “Company”) are intended to identify forward-looking statements, which are generally not historical in nature. The forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond the Company's control.

These risks and uncertainties include, among other things, the Company’s ability to realize the results contemplated by its 2026 guidance, volatility of commodity prices, political instability or armed conflicts in crude or natural gas producing regions such as the ongoing war between Russia and Ukraine and conflicts in the Middle East, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirus disease pandemic, on global and U.S. economic activity, competition, OPEC+ policy decisions, potential new trade policies, such as tariffs, could adversely affect the Company’s operations, business and profitability, inflationary pressures on costs of oilfield goods, services and personnel, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company's drilling and operating activities, access to and availability of transportation, processing, fractionation, refining and storage facilities, HighPeak Energy's ability to replace reserves, implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to any credit facility and derivative contracts entered into by HighPeak Energy, if any, and purchasers of HighPeak Energy's oil, natural gas liquids and natural gas production, uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future, the assumptions underlying forecasts, including forecasts of production, expenses, cash flow from sales of oil and gas and tax rates, quality of technical data, environmental and weather risks, including the possible impacts of climate change, cybersecurity risks and acts of war or terrorism. These and other risks are described in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and other filings with the SEC. The Company undertakes no duty to publicly update these statements except as required by law.

Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. Reserves estimates included herein may not be indicative of the level of reserves or PV-10 value of oil and natural gas production in the future. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions could impact HighPeak’s strategy and change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.

Use of Projections

The financial, operational, industry and market projections, estimates and targets in this press release and in the Company’s guidance (including production, operating expenses and capital expenditures in future periods) are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial, operational, industry and market projections, estimates and targets, including assumptions, risks and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements” above. These projections are speculative by their nature and, accordingly, are subject to significant risk of not being actually realized by the Company. Projected results of the Company for 2026 are particularly speculative and subject to change. Actual results may vary materially from the current projections, including for reasons beyond the Company’s control. The projections are based on current expectations and available information as of the date of this release. The Company undertakes no duty to publicly update these projections except as required by law.

Drilling Locations

The Company has estimated its drilling locations based on well spacing assumptions and upon the evaluation of its drilling results and those of other operators in its area, combined with its interpretation of available geologic and engineering data. The drilling locations actually drilled on the Company’s properties will depend on the availability of capital, regulatory approvals, commodity prices, costs, actual drilling results and other factors. Any drilling activities conducted on these identified locations may not be successful and may not result in additional proved reserves. Further, to the extent the drilling locations are associated with acreage that expires, the Company would lose its right to develop the related locations.

Comprehensive Refinancing

The announced preferred equity investment, new credit facility and the related refinancing of the existing agreements governing our indebtedness may not be completed on the terms currently contemplated or at all, and failure to complete them could adversely affect our liquidity and financial condition.

HighPeak Energy, Inc. Unaudited Condensed Consolidated Balance Sheet Data (In thousands)

			September 30, 2026						December 31, 2025
Current assets:
Cash and cash equivalents			$		117,417				$	162,075
Accounts receivable					109,617					55,546
Derivative instruments					14,826					29,574
Inventory					4,148					7,648
Prepaid expenses					3,005					5,054
Total current assets					249,013					259,897
Crude oil and natural gas properties, using the successful efforts method of accounting:
Proved properties					4,731,363					4,477,368
Unproved properties					51,501					59,285
Accumulated depletion, depreciation and amortization					(1,933,671		)			(1,606,217	)
Total crude oil and natural gas properties, net					2,849,193					2,930,436
Other property and equipment, net					3,240					3,012
Derivative instruments					1,652					4,197
Other noncurrent assets					14,900					16,172
Total assets			$		3,117,998				$	3,213,714
Current liabilities:
Current portion of long-term debt			$		120,000				$	60,000
Derivative instruments						92,841				380
Accounts payable – trade					40,994					84,313
Revenues and royalties payable					29,282					30,665
Accrued capital expenditures					22,551					30,921
Other accrued liabilities					19,229					20,927
Derivative settlements payable					15,626					—
Advances from joint interest owners					1,993					2,205
Operating leases					552					845
Total current liabilities					343,068					230,256
Noncurrent liabilities:
Long-term debt, net					1,040,276					1,132,807
Deferred income taxes					213,009					239,636
Asset retirement obligations					17,061					15,944
Derivative instruments					8,205					360
Operating leases					53					142
Stockholders’ equity
Common stock					13					13
Additional paid-in capital					1,164,615					1,162,007
Retained earnings					331,698					432,549
Total stockholders’ equity					1,496,326					1,594,569
Total liabilities and stockholders’ equity			$		3,117,998				$	3,213,714

HighPeak Energy, Inc. Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share data)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Operating revenues:
Crude oil sales		$	235,758			$	190,773			$	695,274			$	633,920
NGL and natural gas sales			21,062				17,964				49,850				63,600
Total operating revenues			256,820				208,737				745,124				697,520
Operating costs and expenses:
Crude oil and natural gas production			35,020				33,312				97,185				102,600
Gathering, processing and transportation			17,460				19,875				52,427				50,810
Production and ad valorem taxes			13,153				10,016				38,307				37,559
Exploration and abandonments			10,958				2,278				16,144				3,651
Depletion, depreciation and amortization			101,235				100,636				327,678				311,187
Accretion of discount			307				285				904				785
General and administrative			6,058				9,329				18,807				21,345
Stock-based compensation			875				177				2,608				442
Total operating costs and expenses			185,066				175,908				554,060				528,379
Other expense			37				222				3,087				2,711
Income from operations			71,717				32,607				187,977				166,430
Interest and other income			1,190				1,165				3,171				2,336
Interest expense			(36,484	)			(37,150	)			(107,500	)			(110,550	)
(Loss) gain on derivative instruments, net			(107,525	)			6,913				(211,126	)			25,432
Loss on extinguishment of debt			—				(25,437	)			—				(25,437	)
Income (loss) before income taxes			(71,102	)			(21,902	)			(127,478	)			58,211
Provision for income taxes			(15,424	)			(3,567	)			(26,627	)			14,035
Net income (loss)		$	(55,678	)		$	(18,335	)		$	(100,851	)		$	44,176
Earnings per share:
Basic net income (loss)		$	(0.44	)		$	(0.15	)		$	(0.80	)		$	0.32
Diluted net income (loss)		$	(0.44	)		$	(0.15	)		$	(0.80	)		$	0.32
Weighted average shares outstanding:
Basic			125,330				124,807				125,290				124,807
Diluted			125,330				124,807				125,290				125,587
Dividends declared per share		$	—			$	0.04			$	—			$	0.12

  

HighPeak Energy, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
		Nine Months Ended September 30,
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income		$	(100,851	)		$	44,176
Adjustments to reconcile net (loss) income to net cash provided by operations:
Provision for deferred income taxes			(26,627	)			14,071
Loss on extinguishment of debt			—				25,437
Loss (gains) on derivative instruments			211,126				(25,432	)
Cash (paid) received on settlement of derivative instruments			(93,527	)			7,988
Amortization of debt issuance costs			3,618				5,215
Amortization of discounts on long-term debt			—				5,714
Stock-based compensation expense			2,608				442
Accretion expense			904				785
Depletion, depreciation and amortization			327,678				311,187
Exploration and abandonment expense			15,371				2,874
Changes in operating assets and liabilities:
Accounts receivable			(54,072	)			30,686
Prepaid expenses, inventory and other assets			5,534				3,334
Accounts payable, accrued liabilities and other current liabilities			(1,626	)			(7,973	)
Net cash provided by operating activities			290,136				418,504
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to crude oil and natural gas properties			(257,569	)			(394,395	)
Changes in working capital associated with crude oil and natural gas property additions			(36,824	)			(28,473	)
Acquisitions of crude oil and natural gas properties			(3,801	)			(4,475	)
Proceeds from sales of properties			18				570
Other property additions			(469	)			(31	)
Net cash used in investing activities			(298,645	)			(426,804	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments under Term Loan Credit Agreement			(30,000	)			(60,000	)
Debt issuance costs			(6,149	)			(7,700	)
Borrowings under Term Loan Credit Agreement			—				180,000
Borrowings under Senior Credit Facility Agreement			—				30,000
Repayments under Senior Credit Facility Agreement			—				(30,000	)
Dividends paid			—				(15,545	)
Premium on extinguishment of debt			—				(4,750	)
Cash paid for tax withholding on vested equity awards			—				(3,849	)
Dividend equivalents paid			—				(1,593	)
Proceeds received from exercise of warrants			—				1
Net cash used in financing activities			(36,149	)			86,564
Net (decrease) increase in cash and cash equivalents			(44,658	)			78,264
Cash and cash equivalents, beginning of period			162,075				86,649
Cash and cash equivalents, end of period		$	117,417			$	164,913

HighPeak Energy, Inc.
Unaudited Summary Operating Highlights
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Average Daily Sales Volumes:
Crude oil (Bbls)			29,502				31,594				29,755				34,552
NGLs (Bbls)			7,586				8,279				7,807				7,824
Natural gas (Mcf)			42,554				47,795				44,786				44,862
Total (Boe)			44,181				47,839				45,027				49,853
Average Realized Prices (excluding effects of derivatives):
Crude oil per Bbl		$	86.86			$	65.63			$	85.59			$	67.20
NGL per Bbl		$	22.20			$	17.40			$	21.34			$	20.55
Natural gas per Mcf		$	1.42			$	1.07			$	0.36			$	1.61
Total per Boe		$	63.18			$	47.43			$	60.62			$	51.25
Margin Data ($ per Boe):
Average price		$	63.18			$	47.43			$	60.62			$	51.25
Lease operating expenses			(6.70	)			(6.57	)			(6.55	)			(6.58	)
Expense workovers			(1.91	)			(1.00	)			(1.35	)			(0.96	)
Gathering, processing and transportation expenses			(4.30	)			(4.52	)			(4.27	)			(3.73	)
Production and ad valorem taxes			(3.24	)			(2.28	)			(3.12	)			(2.76	)
General & administrative expenses			(1.49	)			(2.12	)			(1.53	)			(1.57	)
		$	45.54			$	30.94			$	43.80			$	35.65

HighPeak Energy, Inc.
Unaudited Earnings Per Share Details
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net (loss) income as reported		$	(55,678	)		$	(18,335	)		$	(100,851	)		$	44,176
Participating basic earnings			—				(531	)			—				(4,129	)
Basic (loss) earnings attributable to common shareholders			(55,678	)			(18,866	)			(100,851	)			40,047
Reallocation of participating earnings			—				—				—				14
Diluted net (loss) income attributable to common shareholders		$	(55,678	)		$	(18,866	)		$	(100,851	)		$	40,061
Basic weighted average shares outstanding			125,330				124,807				125,290				124,807
Dilutive warrants and unvested stock options			—				—				—				—
Dilutive unvested restricted stock			—				—				—				780
Diluted weighted average shares outstanding			125,330				124,807				125,290				125,587
Net (loss) income per share attributable to common shareholders:
Basic		$	(0.44	)		$	(0.15	)		$	(0.80	)		$	0.32
Diluted		$	(0.44	)		$	(0.15	)		$	(0.80	)		$	0.32

HighPeak Energy, Inc.
Unaudited Reconciliation of Net Income to EBITDAX, Discretionary Cash Flow and Net Cash Provided by Operations
(in thousands)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net (loss) income		$	(55,678	)		$	(18,335	)		$	(100,851	)		$	44,176
Interest expense			36,484				37,150				107,500				110,550
Interest and other income			(1,190	)			(1,165	)			(3,171	)			(2,336	)
Provision for income taxes			(15,424	)			(3,567	)			(26,627	)			14,035
Depletion, depreciation and amortization			101,235				100,636				327,678				311,187
Accretion of discount			307				285				904				785
Exploration and abandonment expense			10,958				2,278				16,144				3,651
Stock based compensation			875				177				2,608				442
Derivative related noncash activity			86,199				(3,266	)			117,599				(17,444	)
Loss on extinguishment of debt			—				25,437				—				25,437
Other expense			37				222				3,087				2,711
EBITDAX			163,803				139,852				444,871				493,194
Cash interest expense			(35,104	)			(35,191	)			(103,882	)			(99,621	)
Other (a)			910				715				(689	)			(1,117	)
Discretionary cash flow			129,609				105,376				340,300				392,456
Changes in operating assets and liabilities			(20,019	)			14,863				(50,164	)			26,048
Net cash provided by operating activities		$	109,590			$	120,239			$	290,136			$	418,504
(a) includes interest and other income net of current tax expense, other expense and operating portion of exploration and abandonment expenses.

HighPeak Energy, Inc.
Unaudited Reconciliation of Net Cash Provided by Operations and Free Cash Flow (in thousands)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Net cash provided by operating activities		$	109,590			$	120,239			$	290,136			$	418,504
Add back net change in operating assets and liabilities			20,019				(14,863	)			50,164				(26,048	)
Operating cash flow before working capital changes			129,609				105,376				340,300				392,456
Additions to crude oil and natural gas properties			(71,197	)			(88,238	)			(257,569	)			(394,395	)
Free cash flow before changes in working capital			58,412				17,138				82,731				(1,939	)
Changes in working capital associated with crude oil and natural gas property additions			(36,006	)			(15,566	)			(36,824	)			(28,473	)
Free cash flow		$	22,406			$	1,572			$	45,907			$	(30,412	)

HighPeak Energy, Inc.
Unaudited Reconciliation of Net Income to Adjusted Net Income
(in thousands, except per share data)
		Three Months Ended September 30, 2026								Nine Months Ended September 30, 2026
		Amounts				Amounts per Diluted Share				Amounts				Amounts per Diluted Share
Net income		$	(55,678	)		$	(0.44	)		$	(100,851	)		$	(0.80	)
Loss on derivative instruments, net			107,525				0.86				211,126				1.68
Abandoned LHC, Dry Hole Costs & P&A Expense			10,715				0.09				15,369				0.12
Other expense			37				0.00				3,087				0.02
Stock based comp			875				0.01				2,608				0.02
Income tax adjustment for above items *			(25,022	)			(0.20	)			(48,760	)			(0.39	)
Adjusted net income		$	38,452			$	0.32			$	82,579			$	0.65
* Assuming 21% effective tax rate

Investor Contact:
Ryan Hightower
Executive Vice President
817.850.9204
rhightower@highpeakenergy.com

Source: HighPeak Energy, Inc.

_____________________

¹ Adjusted net income, EBITDAX and free cash flow are non-GAAP financial measures defined and reconciled below.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were HighPeak Energy's third-quarter 2026 earnings?

HighPeak reported a $55.7 million net loss, or $0.44 per diluted share, for the third quarter of 2026. Adjusted net income, a non-GAAP measure, was $38.5 million, or $0.32 per diluted share.

What is HighPeak Energy's updated 2026 guidance?

HighPeak raised average daily production guidance to 44,500–45,500 barrels of oil equivalent, reduced lease operating expense guidance to $8.00–$8.25 per barrel of oil equivalent, and increased capital spending guidance to $310–$320 million.

How did hedging affect HighPeak Energy's third-quarter 2026 realized prices?

HighPeak's overall realized price was $57.94 per barrel of oil equivalent including derivatives, compared with $63.18 excluding derivatives. Crude oil realized prices were $77.64 per barrel including derivatives versus $86.86 excluding them; natural gas prices were $2.37 per thousand cubic feet versus $1.42.

What wells did HighPeak Energy have in progress at September 30, 2026?

HighPeak had 18 gross, 13.3 net horizontal wells in progress at September 30, 2026. These included 16 gross, 11.4 net horizontal wells in various stages of completion.

What crude oil hedges does HighPeak Energy have for fourth-quarter 2026?

For October–December 2026, HighPeak has 10,800 barrels daily under price collars with a $61.67 floor and $68.52 ceiling, plus 9,000 barrels daily under swaps at $74.01 per barrel. It also has roll swaps covering 25,000 barrels daily at $4.23 per barrel and basis swaps covering 23,000 barrels daily at $1.37 per barrel.