Business
HighPeak Energy, Inc. Announces Second Quarter 2021 Results
FORT WORTH, Texas, Aug. 09, 2021 (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, Aug. 09, 2021 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the second quarter 2021. The Company completed its business combination on August 21, 2020 and consequently, the following operational and financial data refer to the three and six months ended June 30, 2021 (the “Successor period”) and the three and six months ended June 30, 2020 (the “Predecessor period”). Second Quarter 2021 Highlights Second quarter 2021 sales volumes of 8,783 barrels of oil equivalent per day (“Boe/d”), 96% liquids, representing an increase of 66% compared with first quarter 2021.EBITDAX (a non-GAAP measure as defined and reconciled below) of $38.4 million, an increase of 91% quarter over quarter.Second quarter 2021 unhedged realized price of $60.40 per Boe and realized cash operating margin of $51.35 per Boe.Drilled eight (8) wells and completed ten (10) operated wells plus placed two (2) wells on production on our Signal Peak acreage position.Began recycling produced fluids in the second quarter.Signed a contract with Priority Power Management, LLC (“Priority Power”) to develop an electric high-voltage (“EHV”) substation, medium voltage distribution systems and a 13-megawatt direct current solar photovoltaic facility.Entered into multiple bolt-on acquisition agreements during the 2021 third quarter.Initiated a $0.025 per share quarterly dividend and paid a special dividend of $0.075 per share in July 2021.Amended the Revolving Credit Facility to increase the borrowing base and the elected commitments to $125 million.Ended second quarter 2021 with a revolving credit facility balance of $14.0 million and a $12.8 million cash balance.Continue to realize peer leading operated all-in drill, complete, equip, and facility well costs of approximately $505 per lateral foot in our Flat Top operating area. HighPeak Chairman and Chief Executive Officer, Jack Hightower, said, “The second quarter proved to be another successful quarter for HighPeak as evidenced by our positive well results, continued capital efficiency and high operating margins. Our second quarter production increased as expected and our EBITDAX was up over 90% from the first quarter. HighPeak’s production stream of 90% oil and 96% liquids continues to differentiate us from our peers...