HighPeak Energy, Inc. Announces Third Quarter 2026 Financial and Operating Results and Guidance Update
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:
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 income 1 of $38.5 million, or $0.32 per diluted share. We also reported EBITDAX 1 of $163.8 million, or $1.23 per diluted share. Finally, free cash flow 1 was $22.4 million and free cash flow before changes in working capital 1 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”):
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.
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.
Investor Contact:
Ryan Hightower
Executive Vice President
817.850.9204
rhightower@highpeakenergy.com
Source: HighPeak Energy, Inc.
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1 Adjusted net income, EBITDAX and free cash flow are non-GAAP financial measures defined and reconciled below.