Highpeak Energy, Inc. · NASDAQ:HPK
Highpeak Energy — Q3 2025 Earnings Presentation
19 slides from Highpeak Energy's earnings presentation, Nov 6, 2025
Slide 1: Investor Presentation November 2025
INVESTOR PRESENTATION NOVEMBER 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: Third Quarter Highlights
Third Quarter Highlights • Consistent production, 1 rig running throughout the quarter 48 MBoe/D $140 MM EBITDAX(1) Capital expenditures down 30%+ from Q2 $86.6 MM(2) 6 Drills, 9 TILs, 19 WIPs LOE consistent with 1H’25 $6.57/Boe(3) Extended debt maturities and increased liquidity >$170 MM in
Slide 5: Looking Forward
LOOKING FORWARD 5
Slide 6: Continued Focus
Reflect on Five Year Public Performance Public company scorecard(1) Assembled quality acreage with high oil cut, strong IRRs, Strength Continued Focus including long runway of valuable inventory Developed lean cost structure and competitive drilling economics Strength Optimized large contiguous acre
Slide 7: Same Asset, Different Strategy
Same Asset, Different Strategy How are we changing? Align Governance Aligned, Accountable, Transparent Use Sound Business Principles Operational and Financial Discipline Build Market Confidence Long-Term Outlook, Interactive, No Quick Fixes 7
Slide 8: Align Corporate Governance
Align Corporate Governance Board of Directors Management Shareholders Oversight & Guidance Direction & Execution Accountability • Independent Chairman and • New Chief Executive Officer • Share distribution plan Board of Directors • Re-energized team • HighPeak Energy Partners II – • Independent Audi
Slide 9: Use Sound Business Principles
Use Sound Business Principles BEAR CASE BASE CASE BULL CASE <$60 Bbl $60 - $70 Bbl $70+ Bbl Free cash flow, Free cash flow and debt Focus Operate within cash flow paydown debt paydown and production growth <2 Rigs 2 Rigs ≥2 Rigs Capex Minimal production decline Maintain production volumes Moderate p
Slide 10: Build Market Confidence - What We've Heard in the Past
Build Market Confidence - What We’ve Heard in the Past “HighPeak is a controlled company – there is no oversight” “The Company has no float” “Can’t trust management” “They have GOR issues” “Eastern Midland Basin is unproven” “HighPeak is over levered” “Their cost of capital is not sustainable” “High
Slide 11: Build Market Confidence – Action Items
Build Market Confidence – Action Items Issue Action Eastern Midland Basin >350 HPK horizontal wells – redefining 3rd party views GOR Issues Positive ESG development – not reservoir degradation Leverage/Cost of Capital FCF and debt paydown focus moving forward Management Consistency Initiate performa
Slide 12: Appendix
HIGHPEAK ENERGY, INC. Appendix 12
Slide 13: Second Successful Simul-Frac Completion
Second Successful Simul-Frac Completion Simul-Frac Details • • Tami Jo Hill / Shafer – 6 well Pad Pad: Tami Jo Hill / Shafer Units – 6 well pad – 15,000’ Avg. lateral length Complete 19 - 23 frac stages per day – ~4,725 feet of lateral per day – 11,340,000 lbs. of proppant per day – 180,000 bbls
Slide 14: HighPeak Well Activity
HighPeak Well Activity Rig Released In Progress Turned in Line Wells 3Q25 YTD As of 9/30/2025 3Q25 YTD Gross Net Gross Net Gross Net Gross Net Gross Net OP 6 6.0 35 34.8 OP 19 19.0 OP 9 8.9 36 35.7 Non-Op 0 0.0 0 0.0 Non-Op 0 0.0 Non-Op 0 0.0 0 0.0 Total 6 6.0 35 34.8 Total 19 19.0 Total 9 14.0 36 3
Slide 15: Capitalization and Debt Maturity
Capitalization and Debt Maturity Capitalization as of 9/30/25 (in $MM) Debt Maturity ($MM) • Cash & Cash Equivalents $165 RBL Revolver 0 Term Loan 1,200 Total Debt $1,200 Total Net Debt $1,035 Market Capitalization(1) 839 Total Enterprise Value $1,874 Liquidity RBL Availability(2) $100 Less: Drawn A
Slide 16: 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 4Q25 Avg. Oil Hedged 17.7 MBO/d 4Q25 Avg. Gas Hedged 30,000 MMBtu/d Note: Hedges as of 11/3/25. 16
Slide 17: Hedge Summary
Hedge Summary Oil Gas Swaps Collars Swaps Mid-Cush Basis Volume (Mbbl) Price Volume (Mbbl) Price Low Price High Volume (BBtu) Price Vol (Mbbl) Price Q4 25 166 $ 63.77 1,458 $ 60.53 $ 69.65 2,760 $ 4.43 1,840 $ 0.97 2025 Total 166 $ 63.77 1,458 $ 60.53 $ 69.65 2,760 $ 4.43 1,840 - Q1 26 180 $ 63.14 1
Slide 18: Q3 2025 Summary
Q3 2025 Summary Production 3Q’25 Earnings 3Q’25 Total sales volumes (MBoe) 4,401.2 Net Loss ($MM) ($18.3) Total daily sales volumes (MBoe/d) 47.8 Loss Per Diluted Share ($0.15) Oil percentage 66% EBITDAX ($MM) $139.9 EBITDAX Per Diluted Share $1.01 Liquids percentage 83% Adjusted Net Income ($MM) $3
Slide 19: Non-GAAP Financial Measures Reconciliations
Non-GAAP Financial Measures Reconciliations Reconciliation of Net (Loss) Income to EBITDAX • Adjusted Net Income Reconciliation (in thousands) Quarters Ended Q3’25 Q3’25 ($MM) ($/Diluted Share) Q3'25 Q2'25 Q1'25 Net Loss $(18.3) $(0.15) Net (loss) income ($18,335) $26,176 $36,335 Noncash derivative