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HighPeak Energy

    HighPeak Energy

    Company Overview

    HighPeak Energy (HPK) is a Midland Basin-focused independent oil and gas exploration and production company that owns approximately 51,000 net acres in the eastern portion of Howard County, Texas. Year-end 2020 proved reserves were 22.5 MMBOE (84% oil/46% proved developed). The company commenced trading on the NASDAQ in August 2020 following the business combination of Pure Acquisition Corp., a special purpose acquisition vehicle, with HighPeak Energy, Inc. and certain affiliates of HighPeak Energy Partners, LP. Management has a long history building Permian Basin focused exploration and production companies and currently controls about 90% of the voting shares.

Analyst

Jeff Robertson
Managing Director

Recent Sector Insights

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
Bolt-On Acquisitions Build Howard County Scale
· Update Note · 12 May 2022

HighPeak announced an agreement to acquire the Howard County assets of Hannathon Petroleum LLC and other non-operating working interest owners in the Signal Peak area on April 27, 2022. HighPeak owns non-operated working interests in ~60% of the acreage to be acquired. Consideration consists of $...

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
Converting Growth into Value
· Update Note · 28 Mar 2022

HighPeak’s expected 2022 growth trajectory puts the company on pace to deliver significant EBITDAX and reserve value growth this year. Our EBITDAX estimates incorporating the midpoints of management’s FY22 and 2022 exit rate production guidance are ~$700 million and ~$1.1 billion, respectively.

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
FY22E Outlook Update
· Update Note · 24 Feb 2022

The midpoint of HighPeak’s updated FY22E outlook implies production remains on a steep growth trajectory. Management forecast average FY22E production in the 27.0-32.5 MBOE/d range and a 2022 exit rate in the 40.0-45.0 MBOE/d range. The exit-rate midpoint represents a near tripling from 4Q21 volu...

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
A Fireside Chat: Building Value at HighPeak
· Management Series · 06 Dec 2021

We hosted a Fireside Chat on Monday, November 22 with Jack Hightower and Mike Hollis of HighPeak Energy. Mr. Hightower is HighPeak’s Chairman and CEO, and Mr. Hollis is the company’s President.

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
Step-Change Growth Ahead
· Update Note · 17 Nov 2021

A planned four-rig development is expected to drive significant production and cash-flow growth through 2022. Management provided a preliminary 2022 plan with an annual production guidance range of 26 – 31 MBOE/d and a year-end 2022 exit rate in the 36 – 42 MBOE/d range on a capital budget of $64...

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
Fireside Chat Series with Jack Hightower, Chairman & CEO and Mike Hollis, President of HighPeak Energy on Monday, November 22 at 2 pm EST
· Fireside Chat Invitation · 16 Nov 2021

On Monday, November 22 at 2 pm EST, we will be hosting Jack Hightower, Chairman & CEO and Mike Hollis, President of HighPeak Energy for a fireside chat to discuss the company’s Midland Basin asset base and growth profile. The event is open to all.

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
Accelerating Howard County Development
· Update Note · 12 Aug 2021

2Q21 production averaged 8.8 MBOE/d, a 66% gain from 1Q21. Oil represented 91% of total volumes. EBITDAX was $38.4 million in 2Q21, a 91% gain from 1Q21.

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
1Q2 Results: Starting to Scale High-Margin Growth
· Update Note · 19 May 2021

Total 1Q21 production averaged 5,290 BOE/d (~90% oil), a 59% increase from 4Q20.

NATURAL RESOURCES
HighPeak Energy (NASDAQ: HPK)
Development Program Exposes Shareholders to Significant Upside
· Initiation Of Coverage Report · 14 Apr 2021

HighPeak Energy owns approximately 51,000 net (~59,000 gross) acres in the northern Midland Basin in Howard County, Texas. The company operates approximately 93% of its acreage and owns average 84% working interest in the operated acreage. The position consists of two contiguous blocks giving H...

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