Highpeak Energy, Inc. · NASDAQ:HPK
Highpeak Energy — Q1 2026 Earnings Presentation
18 slides from Highpeak Energy's earnings presentation, May 7, 2026
Slide 1: Investor Presentation May 2026
INVESTOR PRESENTATION MAY 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 adjusted net income, EBITDAX and adjusted EBITDAX, free cash flow before changes in working capital associated with oil and gas property additions, free cash flow, discretion
Slide 4: Q1 2026 Results
Q1 2026 Results Avg. Production Unit LOE1 Capex Spend2 45.6 MBoe/d $7.19/Boe $78.4 MM Exceeded top end of guidance range 22% sequential cost reduction In line with 1H’26 development plan Metric Q4 2025 Actual Q1 2026 Actual 2026 Guidance Average Daily Production (MBoe/d) 43.7 45.6 41 - 44 Average Da
Slide 5: Operating Cost Performance
Operating Cost Performance Q1 Unit LOE Q1 Unit LOE compared to Q/Q (%) 2026 Guidance1 17% 22% Reduction Reduction Q1 Results Key Drivers • Continued optimization of chemical program • More efficient use of field gas • Increased electrification across field operations 1) 2026E unit LOE assumes midpoi
Slide 6: Focusing on Q1 Results Leads to Capital Discipline and Efficiency
Capital Discipline and Efficiency Focusing on Q1 Results • Strict cost discipline • Operational efficiencies • Steady execution Leads to • Lower capital intensity • Higher corporate efficiency • Sustained FCF generation 6
Slide 7: Base Optimization – Workover Program Realization
Base Optimization – Workover Program Realization Barrels of Oil Per Day Balanced Operational Success: 2,600 Positive results seen from systematic base asset optimization 1,600 Capital Efficiency Focus: Investing in optimization generates incremental volumes and cash-flow with lower capital intensity
Slide 8: Staying Steady in a Volatile Market
Staying Steady in a Volatile Market Q1 only included ~1 month of elevated pricing Capital allocation decisions based on long-term outlook A +$12/Bbl increase is constructive but does not ~$12/Bbl change fundamental increase in strategy strip prices Incremental free cash flow accelerates de-leveragin
Slide 9: Commodity Market Exposure
Commodity Market Exposure Upside Exposure Q1 MBoe/d = 45.6 45 BOE Guidance1 HighPeak maintains ~40% avg. exposure to spot oil prices, allowing for cash flow 40 expansion if WTI remains elevated 35 Barrels per day (thousands) Q1 MBo/d = 30.8 30 Oil Guidance1 Downside Protection 25 Oil Barrels at Mark
Slide 10: 2026 Company Objectives
2026 Company Objectives Financial Resilience Asset Integrity Corporate Efficiency Market Realization Maintain liquidity buffer Optimize development Prioritize value realization Enhance long-term NAV per through volatility over volume growth share Delineate and increase Increase sustained
Slide 11: Appendix
HIGHPEAK ENERGY, INC. Appendix 11
Slide 12: HighPeak Well Activity
HighPeak Well Activity Rig Released In Progress Turned in Line Wells 1Q26 FY26 As of 3/31/2026 1Q26 FY26 Gross Net Gross Net Gross Net Gross Net Gross Net OP 9 8.9 9 8.9 OP 18 17.8 OP 12 12.0 12 12.0 Non-Op 0 0.0 0 0.0 Non-Op 0 0.0 Non-Op 0 0.0 0 0.0 Total 9 8.9 9 8.9 Total 18 17.8 Total 12 12.0 12
Slide 13: 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 14: Delineation → Core: High-Margin Core, Significant Upside
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 15: Updated Hedge Profile
Updated Hedge Profile Swaps Collars HighPeak’s hedging policy is focused on protecting cash flows to fund debt payments and capital budget Q2-Q4’26 Avg. Oil Hedged 18.0 MBo/d Q2-Q4’26 Avg. Gas Hedged 30,000 MMBtu/d Note: Hedges as of 5/4/26. 15
Slide 16: 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 2Q 2026 910.0 $64.91 1,123.9 $59.87 $66.82 2,730 $4.30 1,639 $1.25 1,977 $4.37 3Q 2026 460.0 $63.45 1,104
Slide 17: Q1 2026 Summary
Q1 2026 Summary Production 1Q’26 Earnings 1Q’26 Total sales volumes (MBoe) 4,106.6 Net (Loss) Income ($MM) ($127.4) Total daily sales volumes (MBoe/d) 45.6 Income (Loss) Per Diluted Share ($1.02) Oil percentage 68% EBITDAX ($MM) $133.5 Liquids percentage 84% EBITDAX Per Diluted Share $0.96 Realized
Slide 18: Non-GAAP Financial Measures Reconciliations
Non-GAAP Financial Measures Reconciliations Reconciliation of Net Loss to EBITDAX • Reconciliation of Net Loss to Adjusted Net Loss • (in thousands) Quarters Ended (in thousands, except per share data) Quarter Ended March 31, 2026 Q1'26 Q4'25 Net loss ($127,448) (25,213) Amounts per Amounts Interest