HighPeak Energy posts $82.3M Q2 2026 profit

Q: How did HighPeak Energy (HPK) perform financially in Q2 2026?

HighPeak reported Q2 2026 net income of $82.3 million, or $0.59 diluted EPS, on operating revenues of $272.4 million. EBITDAX was $147.6 million, reflecting strong profitability and cash generation for the quarter.

Q: What were HighPeak Energy’s (HPK) production volumes in Q2 2026?

Average sales volumes were 45,285 Boe/d in Q2 2026, including 28,952 Bbl/d of crude oil, 8,429 Bbl/d of NGLs and 47,423 Mcf/d of natural gas, with approximately 64% of volumes from crude oil.

Q: What were HighPeak Energy’s (HPK) realized prices and cash costs in Q2 2026?

In Q2 2026, HighPeak realized $98.82 per Bbl for oil and an overall $66.11 per Boe excluding hedges. Cash costs totaled $17.02 per Boe, including $6.43 LOE and $1.70 G&A per Boe, supporting healthy margins.

Q: Did HighPeak Energy (HPK) generate free cash flow in the first half of 2026?

Yes. HighPeak generated free cash flow of $23.5 million in the first half of 2026, compared with negative free cash flow of $32.0 million in the first half of 2025, after capital expenditures on crude oil and natural gas properties.

Q: What is the status of HighPeak Energy’s (HPK) leverage and debt at June 30, 2026?

At June 30, 2026, HighPeak reported $1.19 billion of total debt, including $120.0 million current and $1.07 billion long-term, with total assets of $3.17 billion and stockholders’ equity of $1.55 billion.

Q: What hedging strategy is HighPeak Energy (HPK) using for oil and gas prices?

HighPeak holds swaps, costless collars, roll swaps and basis swaps on crude oil volumes through 2027 and natural gas swaps and WAHA basis swaps, using WTI Cushing, Argus WTI Midland, Henry Hub and WAHA indices to manage price risk.

HighPeak Energy, Inc. reported strong second-quarter 2026 results, with sales volumes averaging 45.3 MBoe/d, 64% crude oil and 83% liquids.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

HighPeak Energy, Inc. reported strong second-quarter 2026 results, with sales volumes averaging 45.3 MBoe/d, 64% crude oil and 83% liquids. The company ran one rig and one frac crew, drilling 8 gross (7.7 net) wells, completing 16 gross (16.0 net) and turning in line 8 gross (8.0 net) wells. At June 30, 2026, it had 21 gross (20.4 net) horizontal wells in progress.

For the quarter, HighPeak generated $272.4 million in operating revenues and net income of $82.3 million, or $0.59 per diluted share. EBITDAX was $147.6 million, or $1.06 per diluted share, with unhedged EBITDAX of $49.09 per Boe. Average realized prices (unhedged) were $98.82/Bbl for oil and $66.11/Boe overall, while cash costs totaled $17.02 per Boe. Second-quarter capital expenditures were $107.5 million. For the first half of 2026, the company reported a net loss of $45.2 million but positive free cash flow of $23.5 million, supported by hedging, cost control and a detailed crude oil and natural gas derivatives portfolio.

Positive

Net income for Q2 2026 rose to $82.3 million from $26.2 million a year earlier, with diluted EPS increasing to $0.59 from $0.19, indicating significantly stronger quarterly profitability.
Quarterly operating revenues increased to $272.4 million from $216.5 million in Q2 2025, reflecting higher realized pricing and contributing to improved earnings.
Q2 2026 EBITDAX reached $147.6 million, and unhedged margin was $49.09 per Boe, demonstrating robust cash-generation capacity from the asset base.
First-half 2026 free cash flow was $23.5 million versus a negative $32.0 million in the prior-year period, marking a meaningful improvement in cash generation after capex.

Negative

For the first six months of 2026, the company recorded a net loss of $45.2 million compared with net income of $62.5 million in the first half of 2025.
Net cash provided by operating activities for the first half of 2026 declined to $180.5 million from $298.3 million a year earlier, reflecting lower operating cash flow despite higher Q2 earnings.
Average daily total sales volumes in Q2 2026 decreased to 45,285 Boe/d from 48,649 Boe/d in Q2 2025, indicating lower production volumes year over year.
Cash settlements on derivative instruments in the first half of 2026 were a $72.2 million outflow versus a $4.3 million inflow in the prior-year period, weighing on cash flow.

Filing Explained

At June 30, cash was $146,346 thousand against $120,000 thousand current debt and $1,068,913 thousand long-term debt; the strategic review remained ongoing.

HighPeak Energy, Inc. says its Board is undertaking a strategic review, but the release states that the review may not result in a sale or completed transaction; the disclosed state is therefore an ongoing review, not a completed change for common holders.

The filing also lists outstanding crude-oil and natural-gas derivative contracts by settlement period, contract type, daily volume, pricing index and price terms. These are disclosed contractual price positions, not an issuance or sale of securities.

At June 30, 2026, the balance sheet listed $146,346 thousand of cash and equivalents, $120,000 thousand of current debt, $1,068,913 thousand of long-term debt and $305,494 thousand of current liabilities.

The next dated milestone identified is the company’s conference call on August 11, 2026; the filing provides no closing date or transaction terms for the strategic review.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Q2 2026 Operating Revenues: $272,419,000 Q2 2026 Net Income: $82,275,000 Q2 2026 EBITDAX: $147,558,000 +5 more

8 metrics

Q2 2026 Operating Revenues $272,419,000 Total operating revenues for the three months ended June 30, 2026

Q2 2026 Net Income $82,275,000 Net income for the three months ended June 30, 2026

Q2 2026 EBITDAX $147,558,000 EBITDAX for the three months ended June 30, 2026

Q2 2026 Diluted EPS $0.59 per share Diluted net income per share for Q2 2026

Q2 2026 Average Sales Volumes 45,285 Boe/d Average daily total sales volumes for the quarter ended June 30, 2026

Average Realized Price per Boe $66.11 per Boe Q2 2026 average realized price excluding derivatives

Cash Costs per Boe $17.02 per Boe Q2 2026 cash operating costs including LOE, taxes and G&A

First-Half 2026 Free Cash Flow $23,501,000 Free cash flow for the six months ended June 30, 2026

Key Terms

EBITDAX, costless collar, basis swap, asset retirement obligations, +2 more

6 terms

EBITDAX financial

"HighPeak reported net income of $82.3 million... and EBITDAX (a non-GAAP financial measure...) of $147.6 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

"HighPeak had the following outstanding crude oil derivative instruments... Costless Collar Floor Price per Bbl"

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 | Argus WTI Midland | $ 1.37"

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.

asset retirement obligations financial

"Asset retirement obligations | 16,659 | 15,944"

Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.

free cash flow financial

"Free cash flow | $ 37,636 | $ (42,677) | $ 23,501 | $ (31,984)"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

successful efforts method financial

"Crude oil and natural gas properties, using the successful efforts method of accounting"

An accounting approach used mainly in oil and gas exploration where companies treat costs for failed exploration as immediate expenses while only keeping successful well and development costs as assets on the balance sheet. For investors, this matters because it makes a company’s profits and asset totals more sensitive to exploration results—like a shopper who throws out broken prototypes but shelves the ones that work—so earnings and book value can swing more sharply depending on drilling outcomes.

Earnings Snapshot

Q2 2026 Operating Revenues: $272,419,000

Quarter and six months ended June 30, 2026

Q2 2026 Operating Revenues $272,419,000 up from $216,472,000 in Q2 2025

Q2 2026 Net Income $82,275,000 up from $26,176,000 in Q2 2025

Q2 2026 Diluted EPS $0.59 up from $0.19 in Q2 2025

Q2 2026 EBITDAX $147,558,000 down from $156,024,000 in Q2 2025

First-Half 2026 Net Income (Loss) ($45,173,000) down from $62,511,000 in first-half 2025

FAQ

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

How did HighPeak Energy (HPK) perform financially in Q2 2026?

HighPeak reported Q2 2026 net income of $82.3 million, or $0.59 diluted EPS, on operating revenues of $272.4 million. EBITDAX was $147.6 million, reflecting strong profitability and cash generation for the quarter.

What were HighPeak Energy’s (HPK) production volumes in Q2 2026?

Average sales volumes were 45,285 Boe/d in Q2 2026, including 28,952 Bbl/d of crude oil, 8,429 Bbl/d of NGLs and 47,423 Mcf/d of natural gas, with approximately 64% of volumes from crude oil.

What were HighPeak Energy’s (HPK) realized prices and cash costs in Q2 2026?

In Q2 2026, HighPeak realized $98.82 per Bbl for oil and an overall $66.11 per Boe excluding hedges. Cash costs totaled $17.02 per Boe, including $6.43 LOE and $1.70 G&A per Boe, supporting healthy margins.

Did HighPeak Energy (HPK) generate free cash flow in the first half of 2026?

Yes. HighPeak generated free cash flow of $23.5 million in the first half of 2026, compared with negative free cash flow of $32.0 million in the first half of 2025, after capital expenditures on crude oil and natural gas properties.

What is the status of HighPeak Energy’s (HPK) leverage and debt at June 30, 2026?

At June 30, 2026, HighPeak reported $1.19 billion of total debt, including $120.0 million current and $1.07 billion long-term, with total assets of $3.17 billion and stockholders’ equity of $1.55 billion.

What hedging strategy is HighPeak Energy (HPK) using for oil and gas prices?

HighPeak holds swaps, costless collars, roll swaps and basis swaps on crude oil volumes through 2027 and natural gas swaps and WAHA basis swaps, using WTI Cushing, Argus WTI Midland, Henry Hub and WAHA indices to manage price risk.

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

Understanding 8-K Material Events →

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Available on EDGAR 08/10/2026 - 04:07 PM Accepted by SEC EDGAR 08/10/2026 - 04:05 PM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 10, 2026

HighPeak Energy, Inc.

(Exact name of registrant as specified in its charter)

Delaware	333-235313	84-3533602
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

421 W. 3rd St., Suite 1000 Fort Worth, Texas 76102
(address of principal executive offices) (zip code)

(817) 850-9200
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock		HPK		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 10, 2026, the Company issued a press release announcing its financial and operating results for the second quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02 by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act unless specifically identified therein as being incorporated therein by reference.

Item 7.01 Regulation FD Disclosure.

The information set forth under Item 2.02 is incorporated by reference as if fully set forth herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number	Description
99.1	Press Release dated August 10, 2026.
EX-104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

# Certain annexes, schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally an unredacted copy of the exhibit to the Securities and Exchange Commission upon its request.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HIGHPEAK ENERGY, INC.

Date: August 10, 2026
	By:	/s/ Steven W. Tholen
	Name:	Steven W. Tholen
	Title:	Chief Financial Officer

Exhibit 99.1

HighPeak Energy, Inc. Announces Second Quarter 2026 Financial and Operating Results

Fort Worth, Texas, August 10, 2026 (GLOBE NEWSWIRE) - HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the quarter ended June 30, 2026.

A statement from our President and CEO, Michael Hollis:

Our first-half 2026 results demonstrate the strength of our asset base and the disciplined execution of our strategy. We have delivered production 7% above the midpoint of our guidance while keeping our development program on budget. Meanwhile, our continued focus on operational efficiency, cost control and base production optimization drove first-half operating expenses that were 13% below the midpoint of our guidance. This combination of higher production and lower costs, aided by favorable commodity pricing, is translating into stronger free cash flow generation and further balance sheet improvement. As we execute our plan through the remainder of the year, we remain committed to disciplined capital allocation and creating durable long-term value for our shareholders.

Second Quarter 2026 Operational Update

HighPeak’s sales volumes averaged 45.3 MBoe/d during the second quarter of 2026 consisting of approximately 64% crude oil and 83% liquids.

The Company averaged one (1) drilling rig and (1) one frac crew throughout the second quarter, drilled 8 gross (7.7 net) horizontal wells, completed 16 gross (16.0 net) horizontal wells and turned-in-line 8 gross (8.0 net) producing wells. On June 30, 2026, the Company had 21 gross (20.4 net) horizontal wells in progress, including 16 gross (15.6 net) horizontal wells in various stages of completion.

Second Quarter 2026 Financial Results

HighPeak reported net income of $82.3 million for the second quarter 2026, or $0.59 per diluted share, and EBITDAX (a non-GAAP financial measure defined and reconciled below) of $147.6 million, or $1.06 per diluted share.

Second quarter 2026 average realized prices were $98.82 per Bbl of crude oil, $24.14 per Bbl of NGL and negative $1.50 per Mcf of natural gas, resulting in an overall realized price of $66.11 per Boe, or 71% of the weighted average of NYMEX crude oil prices, excluding the effects of derivatives. Including the effects of derivatives, second quarter 2026 average realized prices were $76.59 per Bbl of crude oil, $24.14 per Bbl of NGL and negative $0.61 per Mcf of natural gas, resulting in an overall realized price of $52.82 per Boe. HighPeak’s cash costs for the second quarter 2026 were $17.02 per Boe, including lease operating costs of $6.43 per Boe, expense workovers of $1.49 per Boe, gathering, processing and transportation expenses of $4.18 per Boe, production and ad valorem taxes of $3.22 per Boe and G&A expenses of $1.70 per Boe. As a result, the Company’s unhedged EBITDAX per Boe was $49.09 per Boe.

HighPeak’s total capital expenditures, excluding acquisitions, for the second quarter were $107.5 million.

Hedging

Crude oil. As of June 30, 2026 and factoring in 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:
Jul – Sep	2026	Costless Collar		13,000	WTI Cushing	$	—	$	61.38	$	69.39
Jul – Sep	2026	Swap		5,000	WTI Cushing	$	63.45	$	—	$	—
Jul – Sep	2026	Roll Swap		26,011	NYMEX WTI Roll	$	4.30			$	—
Jul – Sep	2026	Basis Swap		23,000	Argus WTI Midland	$	1.37	$	—	$	—
Oct – Dec	2026	Costless Collar		10,800	WTI Cushing	$	—	$	61.67	$	68.52
Oct – Dec	2026	Swap		5,000	WTI Cushing	$	63.45	$	—	$	—
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		4,400	WTI Cushing	$	62.14	$	—	$	—
Jan – Mar	2027	Basis Swap		10,000	Argus WTI Midland	$	1.00	$	—	$	—
Apr – Jun	2027	Costless Collar		4,000	WTI Cushing	$	—	$	52.00	$	62.85
Apr – Jun	2027	Swap		6,470	WTI Cushing	$	59.61	$	—	$	—
Apr – Jun	2027	Basis Swap		10,000	Argus WTI Midland	$	1.00	$	—	$	—
Jul – Sep	2027	Swap		8,950	WTI Cushing	$	61.46	$	—	$	—
Jul – Sep	2027	Basis Swap		10,000	Argus WTI Midland	$	1.00	$	—	$	—
Oct – Dec	2027	Swap		7,500	WTI Cushing	$	70.42	$	—	$	—
Oct – Dec	2027	Basis Swap		10,000	Argus WTI Midland	$	1.00	$	—	$	—

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 the premium to WTI Cushing.

Natural gas. As of June 30, 2026 and factoring in derivative instruments entered into subsequent to quarter end, the Company had the following outstanding natural gas derivative instruments and the weighted average natural gas prices payable per MMBtu.

Settlement Month	Settlement Year	Type of Contract	MMBtu Per Day		Index	Price per MMBtu
Natural Gas:
Jul – Sep	2026	Swap		30,000	HH	$	4.300
Oct – Dec	2026	Swap		30,000	HH	$	4.300
Oct – Dec	2026	Basis Swap		25,000	WAHA	$	(1.455	)
Jan – Mar	2027	Swap		19,667	HH	$	4.300
Jan – Mar	2027	Basis Swap		25,000	WAHA	$	(1.487	)
Apr – Jun	2027	Basis Swap		25,000	WAHA	$	(1.487	)
Jul – Sep	2027	Basis Swap		25,000	WAHA	$	(1.487	)
Oct – Dec	2027	Basis Swap		25,000	WAHA	$	(1.487	)

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, August 11, 2026, at 10:00 a.m. Central Time for investors and analysts to discuss its results for the second 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. For example, the Company’s review of strategic alternatives may not result in a sale of the Company, a recommendation that a transaction occur or result in a completed transaction, and any transaction that occurs may not increase shareholder value, in each case as a result of such risks and uncertainties.

These risks and uncertainties include, among other things, the results of the strategic review being undertaken by the Company’s Board and the interest of prospective counterparties, 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.

HighPeak Energy, Inc.

Unaudited Condensed Consolidated Balance Sheet Data

(In thousands)

	June 30, 2026			December 31, 2025
Current assets:
Cash and cash equivalents	$	146,346		$	162,075
Accounts receivable		83,064			55,546
Derivative instruments		27,815			29,574
Prepaid expenses		3,817			7,648
Inventory		3,217			5,054
Total current assets		264,259			259,897
Crude oil and natural gas properties, using the successful efforts method of accounting:
Proved properties		4,663,607			4,477,368
Unproved properties		57,439			59,285
Accumulated depletion, depreciation and amortization		(1,832,511	)		(1,606,217	)
Total crude oil and natural gas properties, net		2,888,535			2,930,436
Other property and equipment, net		3,259			3,012
Derivative instruments		3,349			4,197
Other noncurrent assets		15,182			16,172
Total assets	$	3,174,584		$	3,213,714

Current liabilities:
Current portion of long-term debt	$	120,000		$	60,000
Accounts payable – trade		52,609			84,313
Accrued capital expenditures		45,471			30,921
Revenues and royalties payable		32,610			30,665
Derivative instruments		25,652			380
Other accrued liabilities		13,877			20,927
Derivative settlements payable		11,960			—
Advances from joint interest owners		2,867			2,205
Operating leases		448			845
Total current liabilities		305,494			230,256
Noncurrent liabilities:
Long-term debt, net		1,068,913			1,132,807
Deferred income taxes		228,433			239,636
Asset retirement obligations		16,659			15,944
Derivative instruments		3,881			360
Operating leases		75			142

Stockholders’ equity
Common stock		13			13
Additional paid-in capital		1,163,740			1,162,007
Retained earnings		387,376			432,549
Total stockholders’ equity		1,551,129			1,594,569
Total liabilities and stockholders’ equity	$	3,174,584		$	3,213,714

HighPeak Energy, Inc.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Operating revenues:
Crude oil sales	$	260,361		$	196,723		$	459,516		$	443,147
NGL and natural gas sales		12,058			19,749			28,788			45,636
Total operating revenues		272,419			216,472			488,304			488,783
Operating costs and expenses:
Crude oil and natural gas production		32,641			33,726			62,165			69,288
Gathering, processing and transportation		17,234			16,072			34,967			30,935
Production and ad valorem taxes		13,254			12,391			25,154			27,543
Exploration and abandonments		4,444			1,109			5,186			1,373
Depletion, depreciation and amortization		113,429			101,226			226,443			210,551
Accretion of discount		302			256			597			500
General and administrative		7,004			5,671			12,749			12,016
Stock-based compensation		868			88			1,733			265
Total operating costs and expenses		189,176			170,539			368,994			352,471
Other expense		3,000			2,489			3,050			2,489
Income from operations		80,243			43,444			116,260			133,823
Interest and other income		1,032			361			1,981			1,171
Interest expense		(35,978	)		(36,412	)		(71,016	)		(73,400	)
Gain (loss) on derivative instruments, net		53,426			26,446			(103,601	)		18,519
Income (loss) before income taxes		98,723			33,839			(56,376	)		80,113
Provision for income taxes		16,448			7,663			(11,203	)		17,602
Net income (loss)	$	82,275		$	26,176		$	(45,173	)	$	62,511
Earnings per share:
Basic net income (loss)	$	0.60		$	0.19		$	(0.36	)	$	0.46
Diluted net income (loss)	$	0.59		$	0.19		$	(0.36	)	$	0.45

Weighted average shares outstanding:
Basic		125,286			123,930			125,276			123,922
Diluted		126,409			126,095			125,276			126,169

Dividends declared per share	$	—		$	0.04		$	—		$	0.08

HighPeak Energy, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)

	Six Months Ended June 30,
	2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(45,173	)	$	62,511
Adjustments to reconcile net (loss) income to net cash provided by operations:
Provision for deferred income taxes		(11,203	)		17,602
Loss (gains) on derivative instruments		103,601			(18,519	)
Cash (paid) received on settlement of derivative instruments		(72,201	)		4,341
Amortization of debt issuance costs		2,238			4,091
Amortization of discounts on long-term debt		—			4,879
Stock-based compensation expense		1,733			265
Accretion expense		597			500
Depletion, depreciation and amortization		226,443			210,551
Exploration and abandonment expense		4,656			859
Changes in operating assets and liabilities:
Accounts receivable		(27,519	)		13,817
Prepaid expenses, inventory and other assets		5,401			4,977
Accounts payable, accrued liabilities and other current liabilities		(8,027	)		(7,609	)
Net cash provided by operating activities		180,546			298,265
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to crude oil and natural gas properties		(186,372	)		(306,157	)
Changes in working capital associated with crude oil and natural gas property additions		(818	)		(12,907	)
Acquisitions of crude oil and natural gas properties		(2,558	)		(3,584	)
Proceeds from sales of properties		18			570
Other property additions		(413	)		—
Net cash used in investing activities		(190,143	)		(322,078	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt issuance costs		(6,132	)		—
Borrowings under Senior Credit Facility Agreement		—			30,000
Repayments under Term Loan Credit Agreement		—			(60,000	)
Dividends paid		—			(9,922	)
Dividend equivalents paid		—			(1,062	)
Proceeds received from exercise of warrants		—			1
Net cash used in financing activities		(6,132	)		(40,983	)
Net decrease in cash and cash equivalents		(15,729	)		(64,796	)
Cash and cash equivalents, beginning of period		162,075			86,649
Cash and cash equivalents, end of period	$	146,346		$	21,853

HighPeak Energy, Inc.

Unaudited Summary Operating Highlights

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Average Daily Sales Volumes:
Crude oil (Bbls)		28,952			33,913			29,884			36,056
NGLs (Bbls)		8,429			7,462			7,919			7,592
Natural gas (Mcf)		47,423			43,642			45,921			43,371
Total (Boe)		45,285			48,649			45,456			50,876

Average Realized Prices (excluding effects of derivatives):
Crude oil per Bbl	$	98.82		$	63.74		$	84.95		$	67.90
NGL per Bbl	$	24.14		$	20.34		$	20.92		$	22.30
Natural gas per Mcf	$	(1.50	)	$	1.50		$	(0.14	)	$	1.91
Total per Boe	$	66.11		$	48.90		$	59.35		$	53.08

Margin Data ($ per Boe):
Average price	$	66.11		$	48.90		$	59.35		$	53.08
Lease operating expenses		(6.43	)		(6.55	)		(6.48	)		(6.58	)
Expense workovers		(1.49	)		(1.06	)		(1.08	)		(0.94	)
Gathering, processing and transportation expenses		(4.18	)		(3.63	)		(4.25	)		(3.36	)
Production and ad valorem taxes		(3.22	)		(2.80	)		(3.06	)		(2.99	)
General & administrative expenses		(1.70	)		(1.28	)		(1.55	)		(1.30	)
	$	49.09		$	33.58		$	42.93		$	37.91

HighPeak Energy, Inc.

Unaudited Earnings Per Share Details

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net income (loss) as reported	$	82,275		$	26,176		$	(45,173	)	$	62,511
Participating basic earnings		(7,575	)		(2,546	)		—			(6,086	)
Basic earnings (loss) attributable to common shareholders		74,700			23,630			(45,173	)		56,425
Reallocation of participating earnings		61			32			—			78
Diluted net income (loss) attributable to common shareholders	$	74,761		$	23,662		$	(45,173	)	$	56,503

Basic weighted average shares outstanding		125,286			123,930			125,276			123,922
Dilutive warrants and unvested stock options		—			—			—			82
Dilutive unvested restricted stock		1,123			2,165			—			2,165
Diluted weighted average shares outstanding		126,409			126,095			125,276			126,169

Net income (loss) per share attributable to common shareholders:
Basic	$	0.60		$	0.19		$	(0.36	)	$	0.46
Diluted	$	0.59		$	0.19		$	(0.36	)	$	0.45

HighPeak Energy, Inc.

Unaudited Reconciliation of Net Income to EBITDAX, Discretionary Cash Flow and Net Cash Provided by Operations

(in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net income (loss)	$	82,275		$	26,176		$	(45,173	)	$	62,511
Interest expense		35,978			36,412			71,016			73,400
Interest and other income		(1,032	)		(361	)		(1,981	)		(1,171	)
Provision for income taxes		16,448			7,663			(11,203	)		17,602
Depletion, depreciation and amortization		113,429			101,226			226,443			210,551
Accretion of discount		302			256			597			500
Exploration and abandonment expense		4,444			1,109			5,186			1,373
Stock based compensation		868			88			1,733			265
Derivative related noncash activity		(108,154	)		(19,034	)		31,400			(14,178	)
Other expense		3,000			2,489			3,050			2,489
EBITDAX		147,558			156,024			281,068			353,342
Cash interest expense		(34,624	)		(31,902	)		(68,778	)		(64,430	)
Other (a)		(2,213	)		(2,382	)		(1,599	)		(1,832	)
Discretionary cash flow		110,721			121,740			210,691			287,080
Changes in operating assets and liabilities		15,624			19,473			(30,145	)		11,185
Net cash provided by operating activities	$	126,345		$	141,213		$	180,546		$	298,265

(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 June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Net cash provided by operating activities	$	126,345		$	141,213		$	180,546		$	298,265
Add back net change in operating assets and liabilities		(15,624	)		(19,473	)		30,145			(11,185	)
Operating cash flow before working capital changes		110,721			121,740			210,691			287,080
Additions to crude oil and natural gas properties		(107,593	)		(126,338	)		(186,372	)		(306,157	)
Changes in working capital associated with crude oil and natural gas property additions		34,508			(38,079	)		(818	)		(12,907	)
Free cash flow	$	37,636		$	(42,677	)	$	23,501		$	(31,984	)

Investor Contact:

Ryan Hightower

Executive Vice President

817.850.9204

rhightower@highpeakenergy.com

Source: HighPeak Energy, Inc.

Source: View Original Filing on SEC EDGAR

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