FORT WORTH, Texas, Aug. 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 13% below the midpoint of our guidance. Together with favorable commodity prices, higher production and lower costs are driving stronger free cash flow and further improving our balance sheet. 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.


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HighPeak Energy, Inc.