Highpeak Energy, Inc. · NASDAQ:HPK
Highpeak Energy — Q2 2025 Earnings Presentation
17 slides from Highpeak Energy's earnings presentation, Aug 12, 2025
Slide 1: Investor Presentation August 2025
INVESTOR PRESENTATION AUGUST 2025 1
Slide 2: Disclaimer
Disclaimer FORWARD-LOOKING STATEMENTS • The information in this presentation and in any oral statements made in connection herewith contains forward-looking statements that involve risks and uncertainties. When used in connection with this document, the words “believes,” “plans,” “expects,” “anticip
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) USE OF NON-GAAP FINANCIAL MEASURES • This presentation may include non-GAAP financial measures, including EBITDAX and adjusted EBITDAX, free cash flow, unlevered free cash flow, EBITDAX per Boe and unhedged EBITDAX per Boe, and PV-10. HighPeak believes these non-GAAP measures are
Slide 4: Company Overview: Midland Basin Pure Play
Company Overview Midland Basin Pure Play • 48.6 MBoe/D $156 MM Q2 Production Q2 EBITDAX1 MIDLAND BASIN >143,000 >1,000 $33.58 Net Acres Sub $50 Breakeven Q2 Unhedged Locations EBITDAX/BOE (1) EBITDAX is a non-GAAP financial measure. See appendix for reconciliation. 4 •
Slide 5: Solidified Credit Profile
Solidified Credit Profile Pro Forma Capitalization as of 6/30/25 (in $MM) (1) Pro Forma Debt Maturity ($MM) • Cash & Cash Equivalents $168 RBL Revolver 0 Term Loan (due Sept/28) 1,200 Total Debt $1,200 Total Net Debt $1,032 Market Capitalization(2) 1,257 Total Enterprise Value $2,289 Financial Stati
Slide 6: Term Loan and RCF Extension Key Benefits
Term Loan and RCF Extension Key Benefits Extended Term Loan and Revolving Credit Facility maturities to September 2028 Upsized Term Loan to $1.2 billion, providing additional liquidity Deferred Term Loan amortization payments for 4 quarters, until September 2026 Term Loan call protection is unchange
Slide 7: Updated Hedge Profile
Updated Hedge Profile Swaps Puts Collars HighPeak’s hedging policy is focused on protecting cash flows to fund debt payments and capex budget 3Q25 – 4Q25 Avg. Oil Hedged 18.3 MBO/d 3Q25 – 4Q25 Avg. Gas Hedged ~53% of 2H25(1) Oil Volumes are Hedged 30,000 MMBtu/d ~89% of 2H25(1) Gas Volumes are Hedge
Slide 8: Go Forward 2025 Development Plan
Go Forward 2025 Development Plan Staying Flexible in a Dynamic Market Environment • Capital Expenditures by Month HPK has the flexibility to continue running only Quarterly Capital Expenditures one rig if economic conditions warrant Rig Plan J F M Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 A M J J A
Slide 9: Completion Efficiencies
Completion Efficiencies Lorin Pad Simulfrac - May’25 80,000 HP Completed 4,500 ft/day 80% Recycled fluids Saved ~$400,000 per well Completion 3-5% Costs Simulfrac 10% Savings ~1/3 of remaining completions in 2H25 expected to be simulfrac’d 9
Slide 10: Operational Highlights
Operational Highlights Middle Spraberry Solar Savings • 1st well produced cumulative oil 170 MBbl in <1 year (June-Dec 24) • 2nd well continuing to ramp up $ Savings $809,487 with cumulative oil >50 MBbl • Positive step towards delineating 4,616 CO2 Reduction 200+ MS locations metric tons New Connec
Slide 11: Positioned for Value Creation
Positioned for Value Creation • ✓ Large contiguous acreage position with oil-weighted, multi-zone inventory >143,000 net acres >1,000 sub $50/Bbl ✓ Long runway of high-value inventory relative to peers break-even in primary zones1 $33.58/BOE ✓ Peer leading margins driven by operational efficiency an
Slide 12: Appendix
HIGHPEAK ENERGY, INC. Appendix 12
Slide 13: HighPeak Well Activity
HighPeak Well Activity Rig Released In Progress Turned in Line Wells 2Q25 YTD As of 6/30/2025 2Q25 YTD Gross Net Gross Net Gross Net Gross Net Gross Net OP 13 13.0 29 29.0 OP 20 20.0 OP 14 14.0 27 26.8 Non-Op 0 0.0 0 0.0 Non-Op 0 0.0 Non-Op 0 0.0 0 0.0 Total 13 13.0 29 29.0 Total 20 20.0 Total 14 14
Slide 14: Hedge Summary
Hedge Summary Oil Gas Swaps Puts Collars Swaps Premiums Volume (Mbbl) Price Volume (Mbbl) Price Volume (Mbbl) Price Low Price High Volume (BBtu) Price Puts Collars Q1 25 - - - - Q2 25 - - - - Q3 25 276 $ 75.85 828 $ 65.78 644 $ 65.00 $ 90.08 2,760 $ 4.43 $ 5.00 $ 2.28 Q4 25 166 $ 63.77 1,458 $ 60.53
Slide 15: Q2 2025 Summary
Q2 2025 Summary Production 2Q’25 Earnings 2Q’25 Total sales volumes (MBoe) 4,427.1 Net Income ($MM) $26.2 Total daily sales volumes (MBoe/d) 48.6 Earnings Per Diluted Share $0.19 Oil percentage 70% EBITDAX ($MM) $156.0 EBITDAX Per Diluted Share $1.12 Liquids percentage 85% Adjusted Net Income ($MM)
Slide 16: Non-GAAP Financial Measures Reconciliations
Non-GAAP Financial Measures Reconciliations Reconciliation of Net Income to EBITDAX • (in thousands) Quarters Ended Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Net income $26,176 $36,335 $8,981 $49,933 $29,717 $6,438 Interest expense $36,412 $36,988 $39,508 $42,579 $42,991 $43,634 Interest and other income
Slide 17: Non-GAAP Financial Measures Reconciliations
Non-GAAP Financial Measures Reconciliations Net Debt Adjusted Net Income Reconciliation 1 ($mm) As of Pro Forma Q2’25 Q2’25 ($/Diluted ($mm) Share) 30-Jun-25 30-Jun-25 Net Income $ 26.2 $ 0.19 Long-term debt $1,050 $1,200 Noncash derivative gain, net (19.0) (0.14) Cash and cash equivalents (22) (168