HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK)
today announced financial and operating results for the first
quarter 2022, current operational updates and updated pro forma
guidance.
First Quarter 2022 and Current
Highlights
- Company
pro-forma net production, including the recently announced
Hannathon acquisition, has averaged more than 28,000 Boe/d over the
last seven days. HighPeak legacy net production volumes have
averaged approximately 25,000 barrels of oil equivalent per day
(“Boe/d”) over the last seven days, which is a significant increase
from first quarter 2022 sales volumes of 12,052 Boe/d. This
increase comes primarily from accelerating development, bringing
new wells online and returning the associated offset wells which
were temporarily shut-in during first quarter completion activity
to production. Current production volumes are tracking the
Company’s updated pro forma 2022 guidance.
- During the
second quarter 2022, the Company announced an accretive acquisition
of approximately 18,600 net acres from Hannathon Petroleum, LLC
(“Hannathon”) that is expected to close early in the third quarter
2022. The acquisition is largely contiguous to the Company’s
existing Signal Peak area and includes significant existing
production, cash flow and operational infrastructure.
- During the first
quarter 2022, the Company closed on the majority of its previously
announced bolt-on acquisitions of crude oil and natural gas
properties contiguous to Flat Top, which in the aggregate, consist
of more than 10,000 net acres and 2022 estimated average production
of 2,500 Boe/d.
- HighPeak began
drilling with a fifth (5th) rig at the end of the first quarter
2022. Additionally, the Company plans to maintain the current one
rig drilling program on the Hannathon acreage upon closing the
transaction.
- The Company
recently brought online one Wolfcamp A well, one Lower Spraberry
well and three Wolfcamp D wells in Signal Peak, the performance of
which are meeting or exceeding management’s expectations.
- HighPeak had 36
gross (30.5 net) horizontal wells in various stages of drilling and
completion at the end of the first quarter.
HighPeak CEO, Jack Hightower said “We are
extremely excited about our highly accretive Hannathon acquisition
and our recent encouraging multi-zone well results in Signal Peak.
We have great confidence and excitement for the future of this area
and its increasing importance to our growth trajectory moving
forward. Our current pro forma production is approaching 30,000
Boe/day and at today’s prices our EBITDA run rate is approaching
cash flow neutrality and will transition to positive free cash flow
in the second half of 2022. Looking into 2023, we expect to
continue our robust growth profile while generating substantial
free cash flow and value creation for our
shareholders.”
Pro Forma Outlook
The Company is providing updated 2022 pro forma
guidance incorporating the recently announced Hannathon
acquisition. Pro forma, the Company currently plans to operate six
drilling rigs and an average of two to three frac fleets during the
remainder of 2022, assuming commodity prices and rates of return
remain attractive. The Company began drilling with a fifth rig at
the end of the first quarter 2022 and plans to continue Hannathon’s
current one rig development program upon the closing of the
acquisition. The Company is also providing 2023 production guidance
which assumes the continuation of a six-rig drilling program
through year-end 2023. However, the scope, duration and magnitude
of the direct and indirect effects of the COVID-19 pandemic are
continuing to evolve and in ways that are difficult or impossible
to anticipate. Given the dynamic nature of this situation and the
recent Russian invasion of Ukraine, the Company is maintaining
flexibility in its capital plan and will continue to evaluate
drilling and completion activity on an economic basis, with future
activity levels assessed monthly.
| Production
(Boe/d) |
2022 |
2023 |
|
|
• |
Average production rate |
32,000 – 37,500 |
62,000 – 72,000 |
| |
• |
Exit production rate |
47,000 – 53,000 |
75,000 – 85,000 |
| Capex ($MM) |
|
|
| |
• |
Gross Operated Wells TIL |
95 – 115 |
150 – 175 |
| |
• |
Capital Expenditures,
D,C,E&F |
$790 - $860 |
|
| |
• |
Capital Expenditures,
Infra/Land/Other |
$35 - $40 |
|
| |
• |
Total Capital
Expenditures (excluding acquisitions) |
$825 - $900 |
|
| Unit Measures
($/Boe) |
|
|
| |
• |
Lease Operating Expenses |
$5.00 - $5.50 |
|
| |
• |
Production Taxes |
$4.25 - $5.00 |
|
| |
• |
General &
Administrative |
$1.00 - $1.50 |
|
| |
• |
Total Cash
Costs |
$10.25 - $12.00 |
|
Acquisitions
On April 25th, 2022, the Company announced it
entered into an agreement to acquire the Howard County assets of
Hannathon and other non-operated working interest owners,
consisting of approximately 18,600 net acres predominantly
contiguous with the Company’s Signal Peak acreage position, for
total consideration of $255 million in cash and approximately 3.78
million shares of HighPeak’s common stock. The assets under
contract include 2022 estimated average production of 5,000 Boe/d
(85% liquids) and projected 2022 estimated exit production of 7,500
Boe/d based on the continuation of Hannathon’s current one rig
development program. Additional acquisition highlights include the
leveraging of Hannathon’s substantial infrastructure-in-place to
accelerate the pace of the Company’s Signal Peak development, the
addition of approximately 200 gross and 150 net top tier drilling
locations and an acreage footprint which is 68 percent held by
production and provides for capital efficient, long lateral
development with approximately 90 percent of the inventory
supporting lateral lengths of 10,000 feet or greater. The assets
were acquired at approximately three times 2022 estimated EBITDAX
with an expected further uplift from synergies estimated at $70
million on a present value basis. The cash portion of the
consideration is expected to be funded with cash on hand and
borrowings under the Company’s Revolving Credit Facility. In
connection with the close of this transaction and the annual Spring
redetermination, the Company expects to substantially increase the
aggregate elected commitments and borrowing base on its Revolving
Credit Facility. The transaction has an effective date of January
1, 2022 and is expected to close early in the third quarter of
2022.
During the first quarter of 2022, the Company
closed on the majority of its previously announced bolt-on
acquisitions of various crude oil and natural gas properties
contiguous to its Flat Top operating area in Borden and Howard
counties, which in the aggregate, consist of more than 10,000 net
acres and 2022 estimated average production of 2,500 Boe/d. The
properties also include a salt-water disposal system (“SWD”) which
includes three active disposal wells with current disposal capacity
of 12,000 barrels of water per day, in-field produced fluid
gathering pipelines, and multiple SWD permits. Additional benefits
associated with the acquired properties include non-potable water
sourcing capacity of approximately 35,000 barrels per day from
local surface landowners at attractive rates, which is expected to
equate to over $3 million in annual cost savings, and in-field
crude oil gathering pipelines.
First Quarter Operational
Update
The Company’s sales volumes during the first
quarter 2022 averaged 12,052 Boe/d, consisting of approximately 83%
oil and 93% liquids. First quarter sales volumes were significantly
affected by the temporary curtailment of producing wells during
offset well completion operations and the timing of bringing 27
wells online which were in various stages of completion at year-end
2021. First quarter 2022 daily average production volumes only
include approximately six days of first quarter Flat Top acquired
production volumes.
During the first quarter of 2022, the Company
drilled 22 gross (19.7 net) operated horizontal wells utilizing
approximately four drilling rigs. The Company completed 20 gross
(16.0 net) operated horizontal wells. At March 31, 2022, the
Company was in various stages of completion on 24 gross (21.7 net)
wells and was in the process of drilling 8 gross (8.0 net) operated
horizontal wells. The Company also participated in drilling 3 gross
(0.4 net) non-operated horizontal wells during the first quarter
2022 and is participating in drilling another 1 gross (0.3 net)
non-operated horizontal well and had 3 gross (0.4 net) non-operated
horizontal wells that were in various stages of completion at March
31, 2022.
The Company’s 60MW electric high-voltage
substation was commissioned in May 2022 and will result in the
removal of rental generators, reducing both the Company’s lease
operating expenses and its carbon emissions. The electrification of
the substation will also enable HighPeak to power drilling rigs
with highline power in Flat Top, reducing both drilling costs and
fuel consumption. The Company’s contracted local sand project is
estimated to be operational in June 2022 and is anticipated to
significantly reduce well completion costs. HighPeak is currently
servicing 100% of its stimulation fluid needs for two frac crews in
Flat Top with recycled produced fluids and local non-potable water
sources. The Company is also using recycled fluids for completion
operations in Signal Peak.
Michael Hollis, HighPeak’s President, commented,
“Inflationary pressures are real, however, we have initiated a
number of measures to mitigate the effects of industry wide cost
increases on both the capital and operating expense side of the
equation including our local sand project, which is estimated to be
operational in June, the use of 100% of cost saving non-potable
water and recycled fluids for our Flat Top frac operations and the
commissioning of our substation which will enable us to begin
powering our drilling rigs from the grid, saving roughly $100,000
per well at today’s diesel costs.”
Mr. Hollis further commented, “The HighPeak
substation will also enable us to remove rental generators which is
estimated to reduce lease operating expenses approximately
$2.00/Boe, further expanding our industry leading margins and
greatly reducing our carbon footprint. Over the coming weeks the
use of local wet sand will reduce capital costs per well by
approximately $300,000, while also reducing trucking emissions. Our
current production rates are more than double first quarter levels
and are expected to continue to increase sharply throughout the
year, driving down fixed costs per Boe. We expect to be the only
public company throwing off meaningful free cash flow while
significantly growing production in 2023."
First Quarter 2022 Financial
Results
HighPeak reported a net loss of $16.5 million
for the first quarter of 2022, or a net loss of $0.17 per diluted
share. Excluding the effects of derivatives (as reconciled below),
the Company’s 2022 first quarter net income was $35.9 million, or
$0.32 per diluted share, including the deferred tax effect thereon.
EBITDAX (a non-GAAP financial measure as defined and reconciled
below) was $51.1 million, or $0.46 per diluted share. First
quarter EBITDAX was significantly influenced by the Company’s
transient curtailed production volumes and $24.8 million in
derivative settlements.
First quarter 2022 average realized prices were
$96.15 per barrel of crude oil, $41.33 per barrel of natural gas
liquids and $4.16 per Mcf of natural gas, resulting in an overall
realized price of $85.03 per Boe, or 90% of the weighted average of
NYMEX crude oil prices, excluding the effects of
derivatives. HighPeak’s cash costs for the first quarter were
$15.11 per Boe including lease operating expenses of $8.71 per Boe,
production and ad valorem taxes of $4.61 per Boe and cash G&A
expenses of $1.79 per Boe. The Company’s unhedged cash margin
was $69.92 per Boe, or 74% of the weighted average of NYMEX crude
oil prices for the quarter.
HighPeak’s first quarter 2022 capital
expenditures to drill, complete, equip, provide facilities and to
build water and power infrastructure were approximately $165.1
million. In addition, the Company incurred capital
expenditures of approximately $162.9 million for crude oil and
natural gas property acquisitions, $156.6 million of which was
non-cash with the issuance of 6,960,000 shares of HighPeak common
stock.
At March 31, 2022, the Company had $225.0
million in long-term notes outstanding and $35.9 million of cash on
hand. In February 2022, the Company closed on the issuance of $225
million 10.00% Senior Unsecured Notes due in 2024. Simultaneously
with the closing of the Notes, the Company used a portion of the
proceeds to pay off its outstanding debt balance under the
Revolving Credit Facility and reduced the borrowing base and bank
commitments to $138.8 million.
Hedging Update
As of March 31, 2022, the Company has hedged
1.98 million barrels of its remaining 2022 crude oil production at
an average swap price of $72.25 per barrel and 641,200 barrels of
its 2023 crude oil production at an average swap price of $66.04
per barrel. The Company’s crude oil derivative contracts are based
on reported settlement prices on the New York Mercantile Exchange
for West Texas Intermediate pricing.
Dividend
In January 2022, the Company’s Board of
Directors approved a quarterly dividend of $0.025 per share which
resulted in a total of $2.4 million in dividends paid to
stockholders on February 25, 2022. In addition, in April 2022, the
Company’s Board of Directors declared a quarterly dividend of
$0.025 per share which will result in a total of $2.6 million in
dividends paid to stockholders on May 25, 2022.
Conference Call
HighPeak Energy will host a conference call and
webcast on Tuesday, May 17, 2022 at 10:00 a.m. Central Time for
investors and analysts to discuss its results for the first quarter
of 2022 as well as provide an overview of recent activities
including the Hannathon acquisition and its updated operating
plan. Conference call participants may call (833) 362-0226
(United States/Canada) or (914) 987-7683 (International) and enter
confirmation code 8847326. 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.
Conference Participation
The Company will participate in the upcoming
Louisiana Energy Conference to be held from June 1, 2022 through
June 3, 2022 in New Orleans.
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,” the “Company”
or the “Successor”) 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, volatility of commodity prices, political instability
or armed conflict in crude oil or natural gas producing regions
such as the ongoing war between Russia and Ukraine, product supply
and demand, the impact of a widespread outbreak of an illness, such
as the coronavirus disease (“COVID-19”) pandemic, on global and
U.S. economic activity, competition, 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 crude 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 crude 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.
HighPeak Energy,
Inc.Unaudited Condensed Consolidated Balance Sheet
Data(In thousands)
|
|
March 31, 2022 |
|
December 31, 2021 |
|
Cash and cash equivalents |
$ |
35,850 |
|
|
$ |
34,869 |
|
| Other current assets |
|
65,283 |
|
|
|
52,085 |
|
| Crude oil and natural gas
properties, net |
|
1,037,433 |
|
|
|
725,615 |
|
| Other noncurrent assets |
|
6,152 |
|
|
|
6,391 |
|
| Total
assets |
$ |
1,144,718 |
|
|
$ |
818,960 |
|
| |
|
|
|
|
|
| Current liabilities |
$ |
179,646 |
|
|
$ |
103,000 |
|
| Long-term debt, net |
|
203,197 |
|
|
|
97,929 |
|
| Other long-term
liabilities |
|
67,994 |
|
|
|
64,968 |
|
| |
|
|
|
|
|
| Stockholders' equity |
|
|
|
|
|
|
Common stock |
|
10 |
|
|
|
10 |
|
|
Additional paid-in capital |
|
777,501 |
|
|
|
617,489 |
|
|
Accumulated deficit |
|
(83,630 |
) |
|
|
(64,436 |
) |
|
Total stockholders' equity |
|
693,881 |
|
|
|
553,063 |
|
| Total liabilities and
stockholders' equity |
$ |
1,144,718 |
|
|
$ |
818,960 |
|
HighPeak Energy,
Inc.Unaudited Condensed Consolidated Statements of
Operations(in thousands, except per share
data)
|
|
Three Months Ended March 31, |
|
|
2022 |
|
2021 |
| Operating
Revenues: |
|
|
|
|
|
|
Crude oil sales |
$ |
86,938 |
|
|
$ |
24,870 |
|
|
Natural gas and NGL sales |
|
5,291 |
|
|
|
847 |
|
|
Total operating revenues |
|
92,229 |
|
|
|
25,717 |
|
| Operating Costs and
Expenses: |
|
|
|
|
|
|
Crude oil and natural gas production |
|
9,446 |
|
|
|
2,227 |
|
|
Production and ad valorem taxes |
|
5,006 |
|
|
|
1,664 |
|
|
Exploration and abandonments |
|
209 |
|
|
|
191 |
|
|
Depletion, depreciation and amortization |
|
17,024 |
|
|
|
12,963 |
|
|
Accretion of discount |
|
54 |
|
|
|
35 |
|
|
General and administrative |
|
1,940 |
|
|
|
1,759 |
|
|
Stock-based compensation |
|
3,976 |
|
|
|
966 |
|
|
Total operating costs and expenses |
|
37,655 |
|
|
|
19,805 |
|
| Income from
operations |
|
54,574 |
|
|
|
5,912 |
|
|
Interest and other income |
|
250 |
|
|
|
1 |
|
|
Interest expense |
|
(5,252 |
) |
|
|
(54 |
) |
|
Derivative loss, net |
|
(66,394 |
) |
|
|
— |
|
| Income (loss) before
income taxes |
|
(16,822 |
) |
|
|
5,859 |
|
|
Income tax expense (benefit) |
|
(312 |
) |
|
|
1,115 |
|
| Net income
(loss) |
$ |
(16,510 |
) |
|
$ |
4,744 |
|
| |
|
|
|
|
|
| Earnings (loss) per
share: |
|
|
|
|
|
|
Basic net income (loss) |
$ |
(0.17 |
) |
|
$ |
0.05 |
|
|
Diluted net income (loss) |
$ |
(0.17 |
) |
|
$ |
0.05 |
|
| |
|
|
|
|
|
| Weighted average shares
outstanding: |
|
|
|
|
|
|
Basic |
|
95,841 |
|
|
|
92,592 |
|
|
Diluted |
|
95,841 |
|
|
|
93,996 |
|
| |
|
|
|
|
|
| Dividends declared per
share |
$ |
0.025 |
|
|
$ |
— |
|
HighPeak Energy,
Inc.Unaudited Condensed Consolidated Statements of
Cash Flows(in thousands)
| |
Three Months Ended March 31, |
|
|
2022 |
|
2021 |
| CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income (loss) |
$ |
(16,510 |
) |
|
$ |
4,744 |
|
|
Adjustments to reconcile net income (loss) to net cash provided by
operations: |
|
|
|
|
|
|
Exploration and abandonment expense |
|
32 |
|
|
|
49 |
|
|
Depletion, depreciation and amortization expense |
|
17,024 |
|
|
|
12,963 |
|
|
Accretion expense |
|
54 |
|
|
|
35 |
|
|
Stock based compensation expense |
|
3,976 |
|
|
|
966 |
|
|
Amortization of debt issuance costs |
|
645 |
|
|
|
29 |
|
|
Amortization of original issue discount on senior notes |
|
893 |
|
|
|
— |
|
|
Derivative-related activity |
|
41,633 |
|
|
|
— |
|
|
Deferred income taxes |
|
(312 |
) |
|
|
1,115 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
(6,789 |
) |
|
|
(9,193 |
) |
|
Prepaid expenses, inventory and other assets |
|
(941 |
) |
|
|
(12 |
) |
|
Accounts payable, accrued liabilities and other current
liabilities |
|
10,242 |
|
|
|
677 |
|
|
Net cash provided by operating activities |
|
49,947 |
|
|
|
11,373 |
|
| CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
Additions to crude oil and natural gas properties |
|
(165,099 |
) |
|
|
(44,875 |
) |
|
Changes in working capital associated with crude oil and natural
gas property additions |
|
20,644 |
|
|
|
13,263 |
|
|
Acquisitions of crude oil and natural gas properties |
|
(6,348 |
) |
|
|
(309 |
) |
|
Other property additions |
|
(96 |
) |
|
|
— |
|
|
Net cash used in investing activities |
|
(150,899 |
) |
|
|
(31,921 |
) |
| CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
Proceeds from issuance of senior unsecured notes, net of
discount |
|
210,179 |
|
|
|
— |
|
|
Repayments under revolving credit facility |
|
(115,000 |
) |
|
|
— |
|
|
Borrowings under revolving credit facility |
|
15,000 |
|
|
|
— |
|
|
Proceeds from exercises of warrants |
|
779 |
|
|
|
5,466 |
|
|
Proceeds from subscription receivable from exercise of
warrants |
|
- |
|
|
|
3,596 |
|
|
Proceeds from exercises of stock options |
|
75 |
|
|
|
1,574 |
|
|
Debt issuance costs |
|
(6,449 |
) |
|
|
(2 |
) |
|
Dividends paid |
|
(2,382 |
) |
|
|
— |
|
|
Dividend equivalents paid |
|
(214 |
) |
|
|
— |
|
|
Stock offering costs |
|
(55 |
) |
|
|
— |
|
|
Net cash provided by financing activities |
|
101,933 |
|
|
|
10,634 |
|
|
Net increase (decrease) in cash and cash equivalents |
|
981 |
|
|
|
(9,914 |
) |
| Cash and cash equivalents,
beginning of period |
|
34,869 |
|
|
|
19,552 |
|
| Cash and cash equivalents, end
of period |
$ |
35,850 |
|
|
$ |
9,638 |
|
HighPeak Energy,
Inc.Unaudited Summary Operating
Highlights
| |
Three Months Ended March 31, |
|
|
2022 |
|
2021 |
| Sales
Volumes: |
|
|
|
|
|
|
Crude oil (Bbls) |
|
904,212 |
|
|
|
426,180 |
|
| NGLs (Bbls) |
|
107,812 |
|
|
|
26,449 |
|
| Natural gas (Mcf) |
|
435,882 |
|
|
|
141,091 |
|
|
Total (Boe) |
|
1,084,671 |
|
|
|
476,144 |
|
| |
|
|
|
|
|
| Daily Sales
Volumes: |
|
|
|
|
|
| Crude oil (Bbls/d) |
|
10,047 |
|
|
|
4,735 |
|
| NGLs (Bbls/d) |
|
1,198 |
|
|
|
294 |
|
| Natural gas (Mcf/d) |
|
4,843 |
|
|
|
1,568 |
|
|
Total (Boe/d) |
|
12,052 |
|
|
|
5,290 |
|
| |
|
|
|
|
|
| Revenues (in
thousands): |
|
|
|
|
|
| Crude oil sales |
$ |
86,938 |
|
|
$ |
24,870 |
|
| Crude oil derivative
settlements |
|
(24,761 |
) |
|
|
— |
|
| NGL and natural gas sales |
|
5,291 |
|
|
|
847 |
|
|
Total Revenues, including derivative settlements |
$ |
67,468 |
|
|
$ |
25,717 |
|
| |
|
|
|
|
|
| Average sales
prices: |
|
|
|
|
|
| Crude oil (per Bbl) |
$ |
96.15 |
|
|
$ |
58.36 |
|
| Crude oil derivative
settlements (per Bbl) |
|
(27.38 |
) |
|
|
— |
|
| NGL (per Bbl) |
|
41.33 |
|
|
|
27.82 |
|
| Natural gas (per Mcf) |
|
4.16 |
|
|
|
2.23 |
|
|
Total, including derivative contract settlements (per Boe) |
$ |
62.20 |
|
|
$ |
54.01 |
|
| |
|
|
|
|
|
| Weighted Average NYMEX
WTI ($/Bbl) |
$ |
94.75 |
|
|
$ |
58.75 |
|
| Weighted Average NYMEX
Henry Hub ($/Mcf) |
|
4.89 |
|
|
|
2.73 |
|
| Realization to
benchmark |
|
|
|
|
|
| Crude oil (per Bbl) |
|
101 |
% |
|
|
99 |
% |
| Natural gas (per Mcf) |
|
85 |
% |
|
|
82 |
% |
|
|
|
|
|
|
|
| Operating Costs and
Expenses (in thousands): |
|
|
|
|
|
| Lease operating expenses |
$ |
9,446 |
|
|
$ |
2,227 |
|
| Production and ad valorem
taxes |
|
5,006 |
|
|
|
1,664 |
|
| General and administrative
expenses |
|
1,940 |
|
|
|
1,759 |
|
| Depletion, depreciation and
amortization |
|
17,024 |
|
|
|
12,963 |
|
| |
|
|
|
|
|
| Operating costs per
Boe: |
|
|
|
|
|
| Lease operating expenses |
$ |
8.71 |
|
|
$ |
4.68 |
|
| Production and ad valorem
taxes |
|
4.61 |
|
|
|
3.50 |
|
| General and administrative
expenses |
|
1.79 |
|
|
|
3.69 |
|
| Depletion, depreciation and
amortization |
|
15.69 |
|
|
|
27.22 |
|
HighPeak Energy,
Inc.Unaudited Reconciliation of Net Income (Loss)
to EBITDAX(in thousands)
|
|
Three Months Ended March 31, |
|
|
2022 |
|
2021 |
|
Net income (loss) |
$ |
(16,510 |
) |
|
$ |
4,744 |
|
| Interest expense |
|
5,252 |
|
|
|
54 |
|
| Interest and other income |
|
(250 |
) |
|
|
(1 |
) |
| Income tax expense
(benefit) |
|
(312 |
) |
|
|
1,115 |
|
| Depletion, depreciation and
amortization |
|
17,024 |
|
|
|
12,963 |
|
| Accretion of discount |
|
54 |
|
|
|
35 |
|
| Exploration and abandonment
expense |
|
209 |
|
|
|
191 |
|
| Stock-based compensation |
|
3,976 |
|
|
|
966 |
|
| Derivative related noncash
activity |
|
41,633 |
|
|
|
— |
|
| EBITDAX |
$ |
51,076 |
|
|
$ |
20,067 |
|
HighPeak Energy,
Inc.Unaudited Net Income Excluding the Effects of
Derivatives(In thousands)
| |
As Reported Three Months Ended March 31, 2022 |
|
Effect of Derivatives |
|
Three Months Ended March 31, 2022 Excluding the Effects of
Derivatives |
|
Income (loss) before income taxes |
$ |
(16,822 |
) |
|
$ |
66,394 |
|
|
$ |
49,572 |
|
|
Income tax expense (benefit) |
|
(312 |
) |
|
|
13,943 |
|
|
|
13,631 |
|
| Net income
(loss) |
$ |
(16,510 |
) |
|
$ |
52,451 |
|
|
$ |
35,941 |
|
Investor Contact:
Ryan HightowerVice President, Business
Development817.850.9204rhightower@highpeakenergy.com
Source: HighPeak Energy, Inc.
HighPeak Energy (NASDAQ:HPK)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
HighPeak Energy (NASDAQ:HPK)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
