Highpeak Energy, Inc. · NASDAQ:HPK
Highpeak Energy — Q4 2025 Earnings Presentation
21 slides from Highpeak Energy's earnings presentation, Mar 12, 2026
Slide 1: Investor Presentation March 2026
INVESTOR PRESENTATION MARCH 2026 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: 2026 Objectives
2026 Objectives Staying Steady in a Dynamic Market • Strengthen Balance Sheet Preserve Premium Inventory ✓ Increase sustained free cash ✓ Optimize development flow generation ✓ Delineate additional t Pr ✓ Pay down debt ec ty Loc premium inventory es tions i Liq rot id erv a P u e Ef p Create Lasting
Slide 5: HighPeak's Components of Value
HighPeak’s Components of Value Value recognized in Current Market Value today’s market HPK trading at ~Proved Developed PV101 Production ~200 PUDs in core WA & LS PUDs Proven locations easily converted to PDP Long-term value WA & LS Inventory >400 additional low-cost, high value WA & LS locations po
Slide 6: Flat Top Development Update
Flat Top Development Update 1 3 Middle Spraberry Expansion – HPK and offset operator have 9 1 successful producers North Borden – 2026 Plan: HPK and offset operator – ~30K acres acquired in late ’24/early ‘25 3 continuing delineation efforts – 14 PDP wells in LS and WA performing in including ~6 wel
Slide 7: Signal Peak Development Update
Signal Peak Development Update 5 wells avg. Yr 1 cum. of 185 1 MBo Core Signal Peak – Premium zones – LS and WA – 2026 Plan: Continued development 1 leveraging existing infrastructure 1 WA well YR 1 cum. of 2 150 MBo Signal Peak upside – Wolfcamp D – Multi-bench inventory 2 with demonstrated results
Slide 8: 30+ Rig-Years of Low Cost, High ROR Inventory
30+ Rig-Years of Low Cost, High ROR Inventory >2,600 drilling locations across stacked Spraberry and Wolfcamp benches TARGET ZONE LOCATIONS1 RIG-YEARS2 M. SPRABERRY Delineation → Core 302 10+ Continue delineation of MS zone Initial results compete with Core zones L. SPRABERRY 325 11+ High-Margin Cor
Slide 9: 2026 Guidance
2026 Guidance 2026 Forecast1 Total Production (MBoe/d) 41 – 44 Activity 1 1 29 37 (~67% oil) Avg. Frac Operated Operated Avg. Rigs Crews Drilled TILs Total Capital Expenditures2 $255 – $285mm Operated DCE&F $230 - $240mm (~$550/ft) Unit $8.70 $4.38 $1.63 Measures LOE GP&T G&A ($/Boe) (including Work
Slide 10: Free Cash Flow First, Growth When Appropriate
Free Cash Flow First, Growth When Appropriate Positioning for Value Creation in a Volatile Oil Price Environment • Annual Capex ($MM) vs Average Daily Production (Boe/D) $1,200,000 60,000 $1,000,000 50,000 FCF Generation1 $800,000 40,000 Flat Production $600,000 30,000 Lower Capex $400,000 20,000 Mo
Slide 11: Balancing Investment Optionality to Maximize ROI
Balancing Investment Optionality to Maximize ROI Optimize Existing Production Convert Locations to Production • Less capital intensive • Increases overall production capacity • Faster return on investment • More capital intensive • Extends field life • Long-term asset development 10% >3% 65% 47% Hig
Slide 12: HighPeak's Philosophy
HighPeak’s Philosophy We must build a business that is durable through the cycle. This begins with strengthening our financial foundation. HighPeak is committed to developing our multiple decades of high-return inventory at the appropriate cadence – one that reflects sustained market conditions, cap
Slide 13: Appendix
HIGHPEAK ENERGY, INC. Appendix 13
Slide 14: HighPeak Well Activity
HighPeak Well Activity Rig Released In Progress Turned in Line Wells 4Q25 FY25 As of 12/31/2025 4Q25 FY25 Gross Net Gross Net Gross Net Gross Net Gross Net OP 15 15.0 50 49.8 OP 23 23.0 OP 13 13.0 49 48.7 Non-Op 0 0.0 0 0.0 Non-Op 0 0.0 Non-Op 0 0.0 0 0.0 Total 15 15.0 50 49.8 Total 23 23.0 Total 13
Slide 15: Capitalization and Debt Maturity
Capitalization and Debt Maturity Capitalization as of 12/31/25 (in $MM) Debt Maturity ($MM) • Cash & Cash Equivalents $162 RBL Revolver 0 Term Loan $1,200 Total Debt $1,200 Total Net Debt $1,038 Market Capitalization(1) $708 Total Enterprise Value $1,746 Liquidity: RBL Availability(2) $100 Less: Dra
Slide 16: 2026 Guidance
2026 Guidance 2026 Capex budget approx. 50% lower than 2025 • Development Program and Capex Development Program Details • Average Rigs 1 ◼ Focused capital program on co-development of delineated, Average Frac Crews 1 high-return Wolfcamp A and Lower Spraberry zones Operated Wells Drilled 28 - 30 Ope
Slide 17: Net Proved Reserves
Net Proved Reserves • Year-End 2025 Proved Reserves(1) Net Proved Reserves Oil Gas NGL Total % of % PV-10 Reserve Category (MMBbl) (Bcf) (MMBbl) (MMBoe) Total Liquids ($MM) Proved Developed Producing (PDP) 49.5 114.2 19.8 88.4 51% 78% $1,356 Proved Developed Non-Producing (PDNP) 5.6 6.3 1.1 7.7 4% 8
Slide 18: Updated Hedge Profile
Updated Hedge Profile Swaps Collars HighPeak’s hedging policy is focused on protecting cash flows to fund debt payments and capex budget 2026 Avg. Oil Hedged 18.4 MBo/d 2026 Avg. Gas Hedged 30,384 MMBtu/d Note: Hedges as of 3/10/26. 18
Slide 19: Hedge Summary
Hedge Summary Oil Gas Swaps Collars Swaps Mid-Cush Basis Swaps NYMEX Roll Swaps Volume (Mbbl) Price Volume (Mbbl) Price Low Price High Volume (Bbtu) Price Volume (Mbbl) Price Volume (Mbbl) Price 1Q 2026 462.5 $62.54 1,291.5 $60.58 $69.92 2,840 $4.53 62 $0.92 2Q 2026 910.0 $64.91 1,123.9 $59.87 $66.8
Slide 20: Summary
Summary Production 4Q’25 FY’25 Earnings 4Q’25 FY’25 Total sales volumes (MBoe) 4,018.5 17,628.4 Net (Loss) Income ($MM) ($25.2) $19.0 Total daily sales volumes (MBoe/d) 43.7 48.3 (Loss) Income Per Diluted Share ($0.21) $0.14 Oil percentage 64% 68% EBITDAX ($MM) $113.9 $607.1 EBITDAX Per Diluted Shar
Slide 21: Non-GAAP Financial Measures Reconciliations
Non-GAAP Financial Measures Reconciliations Reconciliation of Net (Loss) Income to EBITDAX • Net Debt (in thousands) Year Ended Quarters Ended ($MM) As of 2025 Q4'25 Q3'25 Q2'25 Q1'25 31-Dec-25 Net (loss) income $18,963 ($25,213) ($18,335) $26,176 $36,335 Long-term debt $1,200 Cash and cash equivale