HighPeak Energy, Inc.

Listed Company

HPKCIK 0001792849NasdaqAcceleratedDrilling Oil & Gas WellsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$863.36M

Net Income

$18.96M

Total Assets

$3.21B

Equity

$1.59B

Shares Out

126.36M

Op. Cash Flow

$511.60M

Business

HighPeak Energy, Inc. explores for, develops, acquires and produces crude oil, natural gas liquids (NGL) and natural gas. It offers upstream hydrocarbon production, drilling and development activities, reservoir evaluation and related asset acquisition services. Its operations are organized around exploration and production activities and acquisition-driven portfolio development. HighPeak Energy markets and sells its production into domestic and international commodity markets and relies on gathering, pipeline and transportation networks, as well as commercial contracts, to distribute its crude oil, NGL and natural gas.

Summary from filing dated 2025-03-10

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	863	1,117	1,131	756	220
Crude oil and natural gas production	139	132	145	70	25
Gathering, processing and transportation	68	48	20	—	—
Production and ad valorem taxes	37	60	58	38	11
Exploration and abandonments	17	1	5	1	2
Depletion, depreciation and amortization	422	501	424	178	65
Accretion of discount	1	966,000	522,000	370,000	167,000
General and administrative	25	20	17	12	9
Stock-based compensation	619,000	13	26	33	7
Total operating costs and expenses	711	776	696	333	118
Other expense	3	4	8	0	167,000
Income from operations	150	337	426	423	102
Interest income	4	9	3	266,000	1,000
Interest expense	−147	−169	−148	−51	−2
Gain (loss) on derivative instruments, net	45	−46	28	−60	−27
Loss on extinguishment of debt	−25	0	−27	0	0
Income before income taxes	26	131	282	312	72
Provision for income taxes	7	36	66	75	17
Net income	19	95	216	237	56
Basic net income (in dollars per share)	0.13	0.69	1.64	2.04	0.55
Diluted net income (in dollars per share)	0.14	0.67	1.58	1.93	0.54
Basic (in shares)	125	125	118	105	93
Diluted (in shares)	125	129	123	111	95
Dividends declared per share (in dollars per share)	0.16	0.16	0.1	0.1	0.13

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	162	87	195	31	35
Accounts receivable	56	85	95	97	39
Derivative instruments	30	8	31	17,000	2
Inventory	8	11	7	13	3
Prepaid expenses	5	5	995,000	4	7
Total current assets	260	195	329	145	87
Proved properties	4,477	3,960	3,338	2,270	700
Unproved properties	59	71	73	115	108
Accumulated depletion, depreciation and amortization	−1,606	−1,185	−684	−260	−82
Total crude oil and natural gas properties, net	2,930	2,846	2,727	2,125	726
Other property and equipment, net	3	3	4	4	2
Derivative instruments	4	0	16	0	—
Other noncurrent assets	16	19	6	6	5
Total assets	3,214	3,063	3,081	2,279	819
Current maturities of long-term debt	60	120	120	0	—
Accounts payable trade	84	74	64	106	38
Accrued capital expenditures	31	35	39	92	26
Revenues and royalties payable	31	27	30	16	8
Other accrued liabilities	21	22	20	16	6
Advances from joint interest owners	2	316,000	262,000	7	11
Operating leases	845,000	719,000	528,000	343,000	—
Derivative instruments	380,000	5	13	17	14
Total current liabilities	230	285	287	266	103
Long-term debt, net	1,133	928	1,030	704	98
Deferred income taxes	240	232	197	131	56
Asset retirement obligations	16	15	13	8	4
Derivative instruments	360,000	0	65,000	691,000	4
Operating leases	142,000	670,000	0	—	—
Commitments and Contingencies	—	—	—	—	—
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding at December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.0001 par value, 600,000,000 shares authorized, 125,330,104 and 126,067,436 shares issued and outstanding at December 31, 2025 and 2024, respectively	13,000	13,000	13,000	11,000	10,000
Additional paid-in capital	1,162	1,167	1,189	1,009	617
Retained earnings	433	436	363	161	−64
Total stockholders equity	1,595	1,602	1,553	1,170	553
Total liabilities and stockholders equity	3,214	3,063	3,081	2,279	819

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Provision for deferred income taxes	7	35	66	75	17
(Gain) loss on derivative instruments, net	−45	46	−28	60	27
Cash received (paid) on settlement of derivative instruments	14	−14	−24	−58	−11
Amortization of debt issuance costs	6	8	11	6	498,000
Amortization of discounts on long-term debt	6	10	15	8	0
Stock-based compensation expense	619,000	13	26	33	7
Accretion expense	1	966,000	522,000	370,000	167,000
Exploration and abandonment expense	15	620,000	4	146,000	742,000
Accounts receivable	30	9	2	−57	−32
Prepaid expenses, inventory and other assets	6	−19	7	−12	−7
Accounts payable, accrued liabilities and other current liabilities	5	5	8	34	25
Net cash provided by operating activities	512	690	756	504	147
Additions to crude oil and natural gas properties	−515	−605	−1,010	−1,047	−236
Changes in working capital associated with crude oil and natural gas property additions	6	−1	−101	129	37
Acquisitions of crude oil and natural gas properties	−7	−15	−15	−262	−54
Proceeds from sales of properties	570,000	339,000	0	0	3
Other property additions	−54,000	−216,000	−193,000	−2	−709,000
Net cash used in investing activities	−515	−621	−1,126	−1,182	−250
Dividends paid	−21	−20	−12	−10	−12
Debt issuance costs	−8	−58,000	−28	−17	−2
Cash paid for tax withholding on vested equity awards	−5	0	0	—	—
Premium on extinguishment of debt	−5	0	−4	0	0
Dividend equivalents paid	−2	−2	−1	−1	−1
Stock offering costs	−155,000	0	−5	−339,000	−2
Proceeds from exercise of warrants	1,000	1,000	4	8	5
Repurchased shares under buyback program	0	−35	0	0	—
Repayments of 10.000% Senior Notes and 10.625% Senior Notes	0	0	−475	0	0
Proceeds from issuance of common stock	0	0	156	85	25
Proceeds from exercises of stock options	0	0	148,000	120,000	2
Net cash provided (used in) by financing activities	79	−177	534	674	119
Net increase (decrease) in cash and cash equivalents	75	−108	164	−4	15
Cash paid for interest	136	152	133	24	2
Cash paid for income taxes	498,000	0	0	0	0
Additions to asset retirement obligations	4	1	6	3	2

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