HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK)
today announced financial and operating results for the second
quarter 2022 and provided current operational updates.
Second Quarter 2022 and Current
Highlights
- HighPeak legacy second quarter 2022
net sales volumes averaged 21,995 barrels of oil equivalent per day
(“Boe/d”), an increase of 83% compared with first quarter 2022,
consisting of 86% crude oil and 95% liquids. Company pro forma net
production, inclusive of the Hannathon acquisition, averaged
approximately 25,400 Boe/d during the second quarter 2022.
- The Company completed an accretive
acquisition of approximately 18,600 net acres from Hannathon
Petroleum, LLC (“Hannathon”) late in the second quarter 2022. The
acquired acreage is largely contiguous to the Company’s existing
Signal Peak area and includes significant existing production, cash
flow and operational infrastructure.
- EBITDAX (a non-GAAP financial
measure as defined and reconciled below) associated with legacy
HighPeak second quarter 2022 sales volumes was $135.4 million, an
increase of 165% compared with first quarter 2022. The cash flow
associated with the acquired Hannathon production from the
effective date through the closing date was recognized as a
reduction to the purchase price and did not contribute to second
quarter 2022 results. On a pro forma basis, inclusive of the
Hannathon acquisition, second quarter 2022 Company EBITDAX would
have been approximately $155 million.
- As a result of the Company’s recent
acquisitions and successful leasing campaign, the Company had more
than 97,000 net acres as of June 30, 2022, an increase of
approximately 54% compared with year-end 2021.
- Increased the Company’s Revolving
Credit Facility borrowing base and aggregate elected commitments
from $138.8 million to $400.0 million and added three banks to the
bank syndicate.
- Second quarter 2022 realized price
of $100.63 per Boe and realized cash operating margin of $87.20 per
Boe, or approximately 87% of the realized price, excluding the
effects of derivatives.
- HighPeak averaged four (4) drilling
rigs throughout the second quarter 2022, added a fifth rig in June
2022 and elected to continue Hannathon’s one rig drilling program
upon closing the acquisition. The Company plans to maintain the
current six (6) rig drilling program and average approximately
three (3) frac fleets throughout the remainder of 2022.
- HighPeak had 52 gross (46.8 net)
horizontal wells in various stages of drilling and completion plus
two salt-water disposal wells in progress at the end of the second
quarter.
HighPeak CEO, Jack Hightower said “We continued
to execute on our growth strategy as evidenced by our significant
production and EBITDA increase in the second quarter. Legacy
HighPeak oil production was up roughly 88% and EBITDA increased
165% quarter over quarter.
Mr. Hightower, continued, “We are just now
starting to realize the impact of our decision to increase drilling
activity at the first of the year. Our production rates are
expected to continue to increase throughout the remainder of the
year and into 2023 as we continue to reap the benefits of adding to
our rig count several months ago. With that said, we will focus on
efficient drilling through larger extended-reach multi-well pads,
while maintaining flexibility in our capital program to react as
warranted to sustained market conditions. We expect to be one of
the only public companies generating meaningful free cash flow
while significantly increasing production in 2023.”
Recent Acquisitions
On June 27, 2022, the Company completed the
previously announced acquisition from Hannathon and other
non-operated working interest owners to acquire their Howard County
assets, consisting of approximately 18,600 net acres predominantly
contiguous with the Company’s Signal Peak area, substantial
existing production and cash flow, for total consideration of
$335.5 million, including customary closing adjustments and closing
costs, consisting of $238.3 million in cash and 3.52 million shares
of HighPeak’s common stock valued at $97.2 million on the date of
closing. 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 top tier drilling locations and an acreage
footprint which is 68% held by production and provides for capital
efficient, long lateral development with about 90% of the inventory
supporting lateral lengths of 10,000 feet or greater. The assets
were acquired at roughly 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 was
funded with cash on hand and borrowings under the Company’s
recently increased Revolving Credit Facility.
During the first half of 2022, the Company
completed multiple acquisitions contiguous to its Flat Top
operating area which, in aggregate, have added over 14,000 net
acres. The acquired properties provide high-margin oil production,
a significant number of upside drilling locations and robust
in-field infrastructure consisting of a salt-water disposal system,
produced fluid gathering pipelines and substantial non-potable
water sourcing capacity.
Since year-end 2021, the Company’s net acreage
position has increased by approximately 54% building from 63,000
net acres to over 97,000 net acres as of June 30, 2022.
Second Quarter Operational
Update
The Company’s net sales volumes, excluding the
acquired Hannathon production, during the second quarter 2022
averaged 21,995 Boe/d, consisting of approximately 86% oil and 95%
liquids. Second quarter production increased 83% compared with the
first quarter with oil production up about 88% compared with the
first quarter. Production volumes from the Hannathon acquisition
will be included in the Company’s financials beginning in the third
quarter 2022.
During the second quarter of 2022, the Company
drilled 29 gross (27.0 net) operated horizontal wells and one
salt-water disposal well utilizing approximately four drilling rigs
for most of the quarter, adding a fifth rig in June 2022 and a
sixth rig upon closing the Hannathon acquisition at the end of June
2022. Also, the Company completed 27 gross (22.8 net) horizontal
wells during the second quarter of 2022. At June 30, 2022, the
Company was in various stages of completion on 41 gross (35.8 net)
horizontal wells, finishing one SWD well and was in the process of
drilling 11 gross (11.0 net) horizontal wells and one salt-water
disposal well.
The HighPeak 60MW electric high-voltage
substation was commissioned in May 2022 and as a result the Company
is in the process of removing rental generators, reducing both the
Company’s lease operating expenses and its carbon emissions. To
date, the Company has removed approximately 70% of the rental
generators in its Flat Top operating area. The electrification of
the substation also enabled HighPeak to power its first drilling
rig with highline power in Flat Top, reducing both drilling costs
and fuel consumption. The Company’s contracted local sand project
became operational in June 2022 and is anticipated to significantly
reduce well completion costs and improve completion efficiencies.
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 continue to be thematic, 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, the use of cost
saving non-potable water and recycled fluids for our Flat Top frac
operations and the commissioning of our electrical substation.”
Mr. Hollis further commented, “The HighPeak
substation has enabled us to begin removing rental generators which
is estimated to reduce lease operating expenses throughout the
year, further expanding our industry leading margins while greatly
reducing our carbon footprint. We started powering one of our
drilling rigs with highline power, saving roughly $90,000 per well
at today’s diesel costs. The use of local wet sand is decreasing
capital costs per well while also reducing emissions associated
with trucking and drying the sand. When fully utilized, wet sand
will save approximately $300,000 per well.”
Second Quarter 2022 Financial
Results
HighPeak reported net income of $77.6 million
for the second quarter of 2022, or net income of $0.64 per diluted
share. Excluding the effects of derivatives and the deferred
tax effect thereon (as reconciled below), the Company’s 2022 second
quarter net income increased approximately 150% to $87.0 million,
or $0.78 per diluted share, compared with $35.9 million, or $0.32
per diluted share, for the first quarter. EBITDAX was $135.4
million, or $1.22 per diluted share, an increase of 165% quarter
over quarter. Second quarter EBITDAX was impacted by $37.1
million in derivative settlements.
Second quarter 2022 average realized prices were
$111.26 per barrel of crude oil, $47.29 per barrel of natural gas
liquids and $6.02 per Mcf of natural gas, resulting in an overall
realized price of $100.63 per Boe, or 93% of the weighted average
of NYMEX crude oil prices, excluding the effects of
derivatives. HighPeak’s cash costs for the second quarter were
$14.45 per Boe including lease operating expenses of $8.29 per Boe,
production and ad valorem taxes of $5.15 per Boe and cash G&A
expenses of $1.01 per Boe. The Company’s unhedged cash margin
was $86.18 per Boe, or 79% of the weighted average of NYMEX crude
oil prices for the quarter.
HighPeak’s second quarter 2022 capital
expenditures to drill, complete, equip, provide facilities and to
build water and power infrastructure were approximately $238.1
million. In addition, the Company incurred capital
expenditures of approximately $352.5 million for crude oil and
natural gas property acquisitions, $108.4 million of which was
non-cash with the issuance of 3,893,634 shares of HighPeak common
stock.
At June 30, 2022, the Company had $285.0 million
in outstanding borrowings under its Revolving Credit Facility,
$225.0 million in long-term notes outstanding and $22.4 million of
cash on hand. In June 2022, simultaneously with the closing
of the Hannathon acquisition, the Company entered into an amendment
of its Revolving Credit Facility and increased the borrowing base
and bank commitments to $400.0 million and added three banks to the
bank group.
Hedging Update
As of June 30, 2022, the Company hedged 1.99
million barrels of its remaining 2022 crude oil production at an
average swap price of $87.53 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
(“NYMEX”) for West Texas Intermediate pricing. The Company also
hedged 920,000 MMBtu of its remaining 2022 natural gas production
and 450,000 MMBtu of its 2023 natural gas production at an average
price of $9.00 per MMBtu. The Company’s natural gas derivative
contracts are based on reported settlement prices on the NYMEX for
Henry Hub pricing.
Dividend
In January and April 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 and $2.6 million in
dividends paid to stockholders on February 25, 2022 and May 25,
2022, respectively. In addition, in July 2022, the Company’s Board
of Directors declared a quarterly dividend of $0.025 per share
which will result in a total of $2.7 million in dividends paid on
August 25, 2022 to stockholders of record on August 1,
2022.
Conference Call
HighPeak Energy will host a conference call and
webcast on Tuesday, August 9, 2022 at 10:00 a.m. Central Time for
investors and analysts to discuss its second quarter 2022 financial
results and operational highlights. 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.
Conference Participation
The Company will participate in virtual investor
meetings during the upcoming Seaport Research Partners Annual
Summer Investor Conference beginning on August 23, 2022.
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)
| |
|
|
|
|
|
| |
June 30, 2022 |
|
March 31, 2022 |
|
December 31, 2021 |
|
Cash and cash equivalents |
$ |
22,417 |
|
|
$ |
35,850 |
|
|
$ |
34,869 |
|
| Other current assets |
|
123,566 |
|
|
|
65,283 |
|
|
|
52,085 |
|
| Crude oil and natural gas
properties, net |
|
1,596,082 |
|
|
|
1,037,433 |
|
|
|
725,615 |
|
| Other noncurrent assets |
|
6,707 |
|
|
|
6,152 |
|
|
|
6,391 |
|
| Total
assets |
$ |
1,748,772 |
|
|
$ |
1,144,718 |
|
|
$ |
818,960 |
|
| |
|
|
|
|
|
|
|
|
| Current liabilities |
$ |
272,119 |
|
|
$ |
179,646 |
|
|
$ |
103,000 |
|
| Long-term debt, net |
|
488,532 |
|
|
|
203,197 |
|
|
|
97,929 |
|
| Other long-term
liabilities |
|
87,733 |
|
|
|
67,994 |
|
|
|
64,968 |
|
| |
|
|
|
|
|
|
|
|
| Stockholders' equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
11 |
|
|
|
10 |
|
|
|
10 |
|
|
Additional paid-in capital |
|
909,325 |
|
|
|
777,501 |
|
|
|
617,489 |
|
|
Accumulated deficit |
|
(8,948 |
) |
|
|
(83,630 |
) |
|
|
(64,436 |
) |
|
Total stockholders' equity |
|
900,388 |
|
|
|
693,881 |
|
|
|
553,063 |
|
| Total liabilities and
stockholders' equity |
$ |
1,748,772 |
|
|
$ |
1,144,718 |
|
|
$ |
818,960 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
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, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| Operating
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil sales |
$ |
190,926 |
|
|
$ |
46,985 |
|
|
$ |
277,864 |
|
|
$ |
71,855 |
|
|
Natural gas and NGL sales |
|
10,502 |
|
|
|
1,285 |
|
|
|
15,793 |
|
|
|
2,132 |
|
|
Total operating revenues |
|
201,428 |
|
|
|
48,270 |
|
|
|
293,657 |
|
|
|
73,987 |
|
| Operating Costs and
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil and natural gas production |
|
16,595 |
|
|
|
4,692 |
|
|
|
26,041 |
|
|
|
6,919 |
|
|
Production and ad valorem taxes |
|
10,301 |
|
|
|
2,543 |
|
|
|
15,307 |
|
|
|
4,207 |
|
|
Exploration and abandonments |
|
184 |
|
|
|
463 |
|
|
|
393 |
|
|
|
654 |
|
|
Depletion, depreciation and amortization |
|
34,883 |
|
|
|
16,857 |
|
|
|
51,907 |
|
|
|
29,820 |
|
|
Accretion of discount |
|
66 |
|
|
|
37 |
|
|
|
120 |
|
|
|
72 |
|
|
General and administrative |
|
2,016 |
|
|
|
1,617 |
|
|
|
3,956 |
|
|
|
3,376 |
|
|
Stock-based compensation |
|
14,579 |
|
|
|
1,023 |
|
|
|
18,555 |
|
|
|
1,989 |
|
|
Total operating costs and expenses |
|
78,624 |
|
|
|
27,232 |
|
|
|
116,279 |
|
|
|
47,037 |
|
| Income from
operations |
|
122,804 |
|
|
|
21,038 |
|
|
|
177,378 |
|
|
|
26,950 |
|
|
Interest and other income |
|
2 |
|
|
|
— |
|
|
|
252 |
|
|
|
1 |
|
|
Interest expense |
|
(9,282 |
) |
|
|
(152 |
) |
|
|
(14,534 |
) |
|
|
(206 |
) |
|
Derivative loss, net |
|
(11,891 |
) |
|
|
(13,596 |
) |
|
|
(78,285 |
) |
|
|
(13,596 |
) |
|
Other expense |
|
— |
|
|
|
(127 |
) |
|
|
— |
|
|
|
(127 |
) |
| Income before income
taxes |
|
101,633 |
|
|
|
7,163 |
|
|
|
84,811 |
|
|
|
13,022 |
|
|
Income tax expense |
|
24,072 |
|
|
|
1,420 |
|
|
|
23,760 |
|
|
|
2,535 |
|
| Net
income |
$ |
77,561 |
|
|
$ |
5,743 |
|
|
$ |
61,051 |
|
|
$ |
10,487 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income |
$ |
0.69 |
|
|
$ |
0.06 |
|
|
$ |
0.56 |
|
|
$ |
0.11 |
|
|
Diluted net income |
$ |
0.64 |
|
|
$ |
0.06 |
|
|
$ |
0.52 |
|
|
$ |
0.10 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
103,178 |
|
|
|
92,676 |
|
|
|
99,530 |
|
|
|
92,634 |
|
|
Diluted |
|
111,228 |
|
|
|
92,676 |
|
|
|
106,843 |
|
|
|
92,830 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Dividends declared per
share |
$ |
0.025 |
|
|
$ |
— |
|
|
$ |
0.050 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HighPeak Energy,
Inc.Unaudited Condensed Consolidated Statements of
Cash Flows(in thousands)
|
|
|
|
|
|
|
| |
Six Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
| CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net income |
$ |
61,051 |
|
|
$ |
10,487 |
|
|
Adjustments to reconcile net income to net cash provided by
operations: |
|
|
|
|
|
|
Exploration and abandonment expense |
|
32 |
|
|
|
369 |
|
|
Depletion, depreciation and amortization expense |
|
51,907 |
|
|
|
29,820 |
|
|
Accretion expense |
|
120 |
|
|
|
72 |
|
|
Stock based compensation expense |
|
18,555 |
|
|
|
1,989 |
|
|
Amortization of debt issuance costs |
|
1,781 |
|
|
|
77 |
|
|
Amortization of original issue discount on senior notes |
|
2,741 |
|
|
|
— |
|
|
Derivative-related activity |
|
16,442 |
|
|
|
12,558 |
|
|
Deferred income taxes |
|
23,760 |
|
|
|
2,535 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
(50,857 |
) |
|
|
(16,064 |
) |
|
Prepaid expenses, inventory and other assets |
|
(2,571 |
) |
|
|
(366 |
) |
|
Accounts payable, accrued liabilities and other current
liabilities |
|
25,225 |
|
|
|
5,803 |
|
|
Net cash provided by operating activities |
|
148,186 |
|
|
|
47,280 |
|
| CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
Additions to crude oil and natural gas properties |
|
(403,177 |
) |
|
|
(89,959 |
) |
|
Changes in working capital associated with crude oil and natural
gas property additions |
|
105,476 |
|
|
|
15,223 |
|
|
Acquisitions of crude oil and natural gas properties |
|
(250,448 |
) |
|
|
(2,070 |
) |
|
Other property additions |
|
(996 |
) |
|
|
(61 |
) |
|
Net cash used in investing activities |
|
(549,145 |
) |
|
|
(76,867 |
) |
| CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
Proceeds from issuance of senior unsecured notes, net of
discount |
|
210,179 |
|
|
|
— |
|
|
Borrowings under revolving credit facility |
|
380,000 |
|
|
|
14,000 |
|
|
Repayments under revolving credit facility |
|
(195,000 |
) |
|
|
— |
|
|
Debt issuance costs |
|
(9,098 |
) |
|
|
(1,759 |
) |
|
Proceeds from exercises of warrants |
|
7,750 |
|
|
|
5,466 |
|
|
Proceeds from subscription receivable from exercise of
warrants |
|
— |
|
|
|
3,596 |
|
|
Proceeds from exercises of stock options |
|
120 |
|
|
|
1,574 |
|
|
Dividends paid |
|
(4,959 |
) |
|
|
— |
|
|
Dividend equivalents paid |
|
(427 |
) |
|
|
— |
|
|
Stock offering costs |
|
(58 |
) |
|
|
— |
|
|
Net cash provided by financing activities |
|
388,507 |
|
|
|
22,877 |
|
|
Net increase (decrease) in cash and cash equivalents |
|
(12,452 |
) |
|
|
(6,710 |
) |
| Cash and cash equivalents,
beginning of period |
|
34,869 |
|
|
|
19,552 |
|
| Cash and cash equivalents, end
of period |
$ |
22,417 |
|
|
$ |
12,842 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
HighPeak Energy,
Inc.Unaudited Summary Operating
Highlights
|
|
|
|
|
|
|
| |
Three Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
| Sales
Volumes: |
|
|
|
|
|
|
Crude oil (Bbls) |
|
1,716,084 |
|
|
|
723,584 |
|
| NGLs (Bbls) |
|
176,438 |
|
|
|
45,712 |
|
| Natural gas (Mcf) |
|
654,299 |
|
|
|
179,503 |
|
|
Total (Boe) |
|
2,001,572 |
|
|
|
799,213 |
|
| |
|
|
|
|
|
| Daily Sales
Volumes: |
|
|
|
|
|
| Crude oil (Bbls/d) |
|
18,858 |
|
|
|
7,951 |
|
| NGLs (Bbls/d) |
|
1,939 |
|
|
|
502 |
|
| Natural gas (Mcf/d) |
|
7,190 |
|
|
|
1,973 |
|
|
Total (Boe/d) |
|
21,995 |
|
|
|
8,783 |
|
| |
|
|
|
|
|
| Revenues (in
thousands): |
|
|
|
|
|
| Crude oil sales |
$ |
190,926 |
|
|
$ |
46,985 |
|
| Crude oil derivative
settlements |
|
(37,082 |
) |
|
|
(1,038 |
) |
| NGL and natural gas sales |
|
10,502 |
|
|
|
1,285 |
|
|
Total Revenues, including derivative settlements |
$ |
164,346 |
|
|
$ |
47,232 |
|
| |
|
|
|
|
|
| Average sales
prices: |
|
|
|
|
|
| Crude oil (per Bbl) |
$ |
111.26 |
|
|
$ |
64.93 |
|
| Crude oil derivative
settlements (per Bbl) |
|
(21.61 |
) |
|
|
(1.43 |
) |
| NGL (per Bbl) |
|
47.29 |
|
|
|
26.77 |
|
| Natural gas (per Mcf) |
|
6.02 |
|
|
|
2.81 |
|
|
Total, including derivative contract settlements (per Boe) |
$ |
82.11 |
|
|
$ |
59.10 |
|
| |
|
|
|
|
|
| Weighted Average NYMEX
WTI ($/Bbl) |
$ |
108.77 |
|
|
$ |
65.91 |
|
| Weighted Average NYMEX
Henry Hub ($/Mcf) |
|
6.99 |
|
|
|
2.87 |
|
| Realization to
benchmark |
|
|
|
|
|
| Crude oil (per Bbl) |
|
102 |
% |
|
|
99 |
% |
| Natural gas (per Mcf) |
|
86 |
% |
|
|
98 |
% |
|
|
|
|
|
|
|
| Operating Costs and
Expenses (in thousands): |
|
|
|
|
|
| Lease operating expenses |
$ |
16,595 |
|
|
$ |
4,692 |
|
| Production and ad valorem
taxes |
|
10,301 |
|
|
|
2,543 |
|
| General and administrative
expenses |
|
2,016 |
|
|
|
1,617 |
|
| Depletion, depreciation and
amortization |
|
34,883 |
|
|
|
16,857 |
|
| |
|
|
|
|
|
| Operating costs per
Boe: |
|
|
|
|
|
| Lease operating expenses |
$ |
8.29 |
|
|
$ |
5.87 |
|
| Production and ad valorem
taxes |
|
5.15 |
|
|
|
3.18 |
|
| General and administrative
expenses |
|
1.01 |
|
|
|
2.02 |
|
| Depletion, depreciation and
amortization |
|
17.43 |
|
|
|
21.09 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
HighPeak Energy,
Inc.Unaudited Summary Operating
Highlights
|
|
|
|
|
|
|
| |
Six Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
| Sales
Volumes: |
|
|
|
|
|
|
Crude oil (Bbls) |
|
2,620,296 |
|
|
|
1,149,764 |
|
| NGLs (Bbls) |
|
284,250 |
|
|
|
72,161 |
|
| Natural gas (Mcf) |
|
1,090,181 |
|
|
|
320,594 |
|
|
Total (Boe) |
|
3,086,243 |
|
|
|
1,275,357 |
|
| |
|
|
|
|
|
| Daily Sales
Volumes: |
|
|
|
|
|
| Crude oil (Bbls/d) |
|
14,477 |
|
|
|
6,352 |
|
| NGLs (Bbls/d) |
|
1,570 |
|
|
|
399 |
|
| Natural gas (Mcf/d) |
|
6,023 |
|
|
|
1,771 |
|
|
Total (Boe/d) |
|
17,051 |
|
|
|
7,046 |
|
| |
|
|
|
|
|
| Revenues (in
thousands): |
|
|
|
|
|
| Crude oil sales |
$ |
277,864 |
|
|
$ |
71,855 |
|
| Crude oil derivative
settlements |
|
(61,843 |
) |
|
|
(1,038 |
) |
| NGL and natural gas sales |
|
15,793 |
|
|
|
2,132 |
|
|
Total Revenues, including derivative settlements |
$ |
231,814 |
|
|
$ |
72,949 |
|
| |
|
|
|
|
|
| Average sales
prices: |
|
|
|
|
|
| Crude oil (per Bbl) |
$ |
106.04 |
|
|
$ |
62.50 |
|
| Crude oil derivative
settlements (per Bbl) |
|
(23.60 |
) |
|
|
(0.90 |
) |
| NGL (per Bbl) |
|
45.03 |
|
|
|
27.16 |
|
| Natural gas (per Mcf) |
|
5.28 |
|
|
|
2.55 |
|
|
Total, including derivative contract settlements (per Boe) |
$ |
75.11 |
|
|
$ |
57.20 |
|
| |
|
|
|
|
|
| Weighted Average NYMEX
WTI ($/Bbl) |
$ |
103.93 |
|
|
$ |
63.26 |
|
| Weighted Average NYMEX
Henry Hub ($/Mcf) |
|
6.15 |
|
|
|
2.80 |
|
| Realization to
benchmark |
|
|
|
|
|
| Crude oil (per Bbl) |
|
102 |
% |
|
|
99 |
% |
| Natural gas (per Mcf) |
|
86 |
% |
|
|
91 |
% |
|
|
|
|
|
|
|
| Operating Costs and
Expenses (in thousands): |
|
|
|
|
|
| Lease operating expenses |
$ |
26,041 |
|
|
$ |
6,919 |
|
| Production and ad valorem
taxes |
|
15,307 |
|
|
|
4,207 |
|
| General and administrative
expenses |
|
3,956 |
|
|
|
3,376 |
|
| Depletion, depreciation and
amortization |
|
51,907 |
|
|
|
29,820 |
|
| |
|
|
|
|
|
| Operating costs per
Boe: |
|
|
|
|
|
| Lease operating expenses |
$ |
8.44 |
|
|
$ |
5.43 |
|
| Production and ad valorem
taxes |
|
4.96 |
|
|
|
3.30 |
|
| General and administrative
expenses |
|
1.28 |
|
|
|
2.65 |
|
| Depletion, depreciation and
amortization |
|
16.82 |
|
|
|
23.38 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
HighPeak Energy,
Inc.Unaudited Reconciliation of Net Income to
EBITDAX(in thousands)
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
2021 |
|
2022 |
|
|
2021 |
|
|
Net income |
$ |
77,561 |
|
|
$ |
5,743 |
|
$ |
61,051 |
|
|
$ |
10,487 |
|
| Interest expense |
|
9,282 |
|
|
|
152 |
|
|
14,534 |
|
|
|
206 |
|
| Interest and other income |
|
(2 |
) |
|
|
— |
|
|
(252 |
) |
|
|
(1 |
) |
| Income tax expense |
|
24,072 |
|
|
|
1,420 |
|
|
23,760 |
|
|
|
2,535 |
|
| Depletion, depreciation and
amortization |
|
34,883 |
|
|
|
16,857 |
|
|
51,907 |
|
|
|
29,820 |
|
| Accretion of discount |
|
66 |
|
|
|
37 |
|
|
120 |
|
|
|
72 |
|
| Exploration and abandonment
expense |
|
184 |
|
|
|
463 |
|
|
393 |
|
|
|
654 |
|
| Stock-based compensation |
|
14,579 |
|
|
|
1,023 |
|
|
18,555 |
|
|
|
1,989 |
|
| Derivative-related noncash
activity |
|
(25,191 |
) |
|
|
12,558 |
|
|
16,442 |
|
|
|
12,558 |
|
| |
|
— |
|
|
|
127 |
|
|
— |
|
|
|
127 |
|
| EBITDAX |
$ |
135,434 |
|
|
$ |
38,380 |
|
$ |
186,510 |
|
|
$ |
58,447 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
HighPeak Energy,
Inc.Unaudited Net Income Excluding the Effects of
Derivatives(In thousands)
|
|
|
|
|
|
|
|
|
|
| |
As ReportedThree Months EndedJune 30, 2022 |
|
Effect of Derivatives |
|
Three Months EndedJune 30, 2022Excluding the Effectsof
Derivatives |
| Income before income
taxes |
$ |
101,633 |
|
$ |
11,891 |
|
$ |
113,524 |
|
Income tax expense |
|
24,072 |
|
|
2,497 |
|
|
26,569 |
| Net
income |
$ |
77,561 |
|
$ |
9,394 |
|
$ |
86,955 |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
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
