Key Highlights

  • Total operating revenues were USD 256.8 million, compared with USD 208.7 million.
  • Average realized price per Boe increased 33%.
  • Average daily sales volumes decreased 8%.
  • The company described a plan to repay USD 1.17 billion under its term loan.

HighPeak Energy, Inc. (NASDAQ:HPK) reported third quarter 2026 total operating revenues of USD 256.8 million, compared with USD 208.7 million in the third quarter of 2025. Reported EPS was USD 0.32 and revenue was USD 256.82 million, compared with estimates of EPS of USD 0.07 and revenue of USD 241.27 million.

The company attributed the increase to a 33% increase in average realized price per Boe, partially offset by an 8% decrease in average daily sales volumes, primarily as a result of reduced development activity and natural decline. The filing shows a USD 69.3 million revenue change from prices, partly offset by a USD 21.3 million change from volumes.

Nine Month Revenue

For the nine months ended September 30, 2026, total operating revenues were USD 745.1 million, compared with USD 697.5 million. The company tied the increase to an 18% increase in average realized price per Boe, partially offset by a 10% decrease in average daily sales volumes, again citing reduced development activity and natural decline. The nine month revenue change from prices was USD 127.5 million, and the change from volumes was a decrease of USD 79.9 million.

Production and ad valorem taxes increased in both periods, which the company attributed primarily to the 23% and 7% increases in operating revenues for the three and nine months, respectively.

Debt and Financing Plan

The filing describes a transaction referred to as the Investment, together with initial borrowings under a new RBL Facility and available cash, that is intended to allow the company to repay the USD 1.17 billion outstanding under the Term Loan Credit Agreement in full.

On August 1, 2025, the company entered the First Term Loan Amendment, which extended the Maturity dates two years to September 2028, upsized the Term Loan Credit Agreement to USD 1.2 billion and deferred quarterly amortization payments of USD 30.0 million for one year, so that they begin again in September 2026.

The filing also outlines Dividend terms for the new instrument. Through the second anniversary of closing, the rate is 6.0% per annum in cash or 7.5% per annum in kind. From the second to the fifth anniversary, the rate is 7.5% per annum in cash or 9.0% per annum in kind. The company may redeem only on or after the third anniversary of closing, and only at a cash price that, together with cash dividends paid, would give holders a 10.0% internal rate of return.

Market Risk Disclosures

As of September 30, 2026, a USD 1.00 increase or decrease in the forward curves for Crude Oil derivative instruments would have decreased or increased net derivative positions by approximately USD 7.5 million. A USD 0.10 change in Natural Gas forward curves would have changed net derivative positions by approximately USD 1.6 million. A 1% increase in interest rates on outstanding Debt as of September 30, 2026 would have resulted in an annual increase in interest expense of approximately USD 11.7 million.

Prices, Volumes and the Term Loan

HighPeak's revenue of USD 256.8 million reflects a 33% higher realized price per Boe and 8% lower average daily sales volumes. The filing covers the term loan balance, the Amortization Schedule resuming in September 2026, the plan to repay USD 1.17 billion and the terms of the new financing instrument.