Form 8-K

8-K — HighPeak Energy, Inc.

Accession: 0001437749-26-026770

Filed: 2026-08-10

Period: 2026-08-10

CIK: 0001792849

SIC: 1381 (DRILLING OIL & GAS WELLS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — hpe20260727_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex_1000791.htm)

GRAPHIC (img01.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: hpe20260727_8k.htm · Sequence: 1

hpe20260727_8k.htm

false

0001792849

2026-08-10

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

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex_1000791.htm · Sequence: 2

ex_1000791.htm

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

4.300

Oct – Dec

2026

Swap

30,000

4.300

Oct – Dec

2026

Basis Swap

25,000

WAHA

(1.455

)

Jan – Mar

2027

Swap

19,667

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

142

Stockholders’ equity

Common stock

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

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

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

—

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

—

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

—

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

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.

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