Business
HighPeak Energy, Inc. Announces First Quarter 2024 Financial and Operating Results
FORT WORTH, Texas, May 08, 2024 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating
About this update from Highpeak Energy, Inc.
[{"type":"text","content":"FORT WORTH, Texas, May 08, 2024 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the quarter ended March 31, 2024. HighlightsFirst Quarter 2024 Sales volumes averaged 49,729 barrels of crude oil equivalent per day (“Boe/d”), consisting of 80% crude oil and 91% liquids, representing a 34% increase over first quarter 2023.Lease operating expenses, excluding expense workovers, were reduced for the fourth consecutive quarter to $6.30 per Boe, representing a 26% decrease from the first quarter 2023.Net income was $6.4 million, or $0.05 per diluted share, and EBITDAX (a non-GAAP financial measure defined and reconciled below) was $233.3 million, or $1.63 per diluted share. Adjusted net income (a non-GAAP financial measure defined and reconciled below) was $48.3 million, or $0.37 per diluted share.The Company generated free cash flow (a non-GAAP financial measure defined and reconciled below) of $48.0 million, an increase of 42% compared with the fourth quarter 2023.The Company utilized its free cash flow to reduce debt by $30 million, increase its quarterly dividend by 60% to $0.04 per share and to implement a share buyback plan whereby it repurchased over 565,000 shares during the first quarter. Recent Events On May 8, 2024, the Company’s Board of Directors declared a quarterly dividend of $0.04 per common share outstanding payable in June 2024. HighPeak Chairman and CEO, Jack Hightower, said, “We had a solid first quarter, delivering on our 2024 core values of operating with discipline, strengthening our balance sheet and maximizing value for our shareholders. HighPeak is in the optimal position – generating free cash flow from operations, possessing a valuable inventory comprising roughly 2,600 undrilled locations, of which over 1,100 have a breakeven of less than $50 per barrel, and being able to scale our drilling program as commodity prices dictate. This affords us a high degree of optionality as we continue to measure every strategic decision by the short and long-term return it provides our shareholders.” First Quarter 2024 Operational Update HighPeak’s sales volumes during the first quarter of 2024 averaged 49,729 Boe/d, a 34% increase over first quarter of 2023. First quarter sales volumes consisted of approximately 80% crude oil and 91%...