Highpeak Energy, Inc. · NASDAQ:HPK
Highpeak Energy — Investor Presentation (January 2023)
18 slides from Highpeak Energy's investor presentation, Jan 23, 2023
Slide 1: HighPeak Energy Investor Presentation January 2023
rT HIGH a See wall Ae HighPeak Energy }4 Investor Presentation January 2023
Slide 2: Disclaimer
Disclaimer rA~N HIGHPEAK
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont'd) @nicHpeak ‘ia fateuneemysocase-Sur oweemanu nr AAO aren mca ten oi an aca cer ePaper ON emmennioccny Sonica racer penn geri engraver atte inamtan aoa ipeeeeeewwerar ea Neat aareeconge ipapenered epson emataty dpa apatoy spon coy ent eae asec ny Streit cnbenattndaanesnayRttancaaee
Slide 4: HighPeak Overview
HighPeak Overview @nicHPeak Norther Midland Basin Pure-PlayCapitalied For Profitable Oi Weighted Value Creation pcs KeyHighlights ‘Activity Increasing Near HighPeak’s Position + "110,000 net aeres(*€0k Fat Top, "30k Signal Peak!) sant + “SORHBR, “Som opted, “12.007 average lteraegth 2 omg + pwerage
Slide 5: Differentiated Growth Story Now Shifting to FCF Harvest
Differentiated Growth Story Now Shifting to FCF Harvest rA~N HIGHPEAK Value Creation Over Time Tm Estate Production (8/4 Rican emoos HighPeak grew production organically by ~20,000 boepd in 2022, independent of acquisitions. This demonstrates high rock quality and positions the company for optimal f
Slide 6: HighPeak Has Peer Leading Margins
@nHicHPeak HighPeak Has Peer Leading Margins le" 37% higher vs ng GBA $7204 (03722 margin excl Unhedged EBITDAX Margins for the 3 Months Ended 9/30/22 ($/806)"” Taner t 4 realed | | aBprce | ol ax sm ox * 9% Sm =o 2% Stiquids 93% sm eK 79% 79% 59% 2% 18 60%
Slide 7: Q3 2022 Costs Per BOE
Q3 2022 Costs Per BOE rA~N HIGHPEAK ‘Total Cash Costs for the 3 months Ended 9/30/22 ($/Boe)" 1 Factors leading to decrease in LOE: (sh GBA Expenses Productionand AdValorem Taxes inom, Continued generator removal ~ Dilution of fixed costsas production scales ~ Infrastructure bulldout i Signal Peak ~
Slide 8: ESG — Designed with the Environment in Mind
ESG — Designed with the Environment in Mind @nhicwi Fluid Sand Infrastructure Energy Savings ‘SWOs with he vole ow Our ESG initiatives are environmentally and fiscally rewarding to stakeholders
Slide 9: HighPeak Exhibiting Leading Results in Howard and South Borden Counties
HighPeak Exhibiting Leading Results in Howard and South Borden Counties vrAN HIGHPEAK il EUR Distribution pa Enverus Relative to HPK Results East Howard & South Borden Oil EUR Distribution Delineation and Laterals to Date 180 Flat Top West Howard & South Borden OIIEUR Distribution 2 FH
Slide 10: Enhancing Well Results Across Multiple Benches
Enhancing Well Results Across Multiple Benches @nicHpeak 1 Continue to demonstrate consistent well results as we have expanded Improving Well Performance Year Over Year development across the acreage position and formations = 2020 2021 —=2022 1 2022 wells outpacing 2021'simprovements over 2020, = 20
Slide 11: HighPeak's Position Poised For Optimal Development
HighPeak’s Position Poised For Optimal Development @nicHpeak Optimal Acreage To Maximize Deep Inventory Development HighPeak Poised for Optimal Development on Proven inventory 188% of HPK acreage has 6 or less wells/DSU makingit one of the least densely populated acreage of any mid-cap Permian publi
Slide 12: Substantial Inventory
Substantial Inventory”) vrAN HIGHPEAK Results Orven By Excellent Reserv Peformance Across Muiple Targets e Fatt Signal Peak lvantory Details Primary Upside | Primary Upside | Primary Upside | All = Approximately 1,300 delineated primary locations eaneeenter) sa baad Base Mat from current producing i
Slide 13: HighPeak Inventory Analysis
HighPeak Inventory Analysis, Flot WT $90/54 Remaining Locations VAN HIGH Net Remaining Resource(Mmboe) w Flat Top Flat Top 0 EEE Peak sw Signal Peak sox fh 10. H i Fon $m ta 8 x oo | ox a ] L a rotons toc en s es ae 3
Slide 14: Well Capitalized and Entering Projected FCF Growth Mode
Well Capitalized and Entering Projected FCF Growth Mode No External Capital Expected tobe Required to Meet Gout Plan) 3°22 Highlights! RBL Capacity Liquidity $395mm $425mm Q3'22 Leverage” Est. YE'23 Leverage!) 0.8x 0.6x Fully Allocated, High Quality RBL with Consistent Lender Support @vnicHpeak FCF
Slide 15: We Believe HighPeak is Currently Undervalued
sons We Believe HighPeak is Currently Undervalued Ba HIGHPEAK “110,000 net acres in two highly contiguous blocks in the Midland Basin'® 2,500 total gross locations with an average primary portfolio return of 95%") Primary delineated inventory of ~1,300 locations for a > 14-year inventory life at 4-r
Slide 16: HighPeak Energy, Inc. Appendix
Slide 17: 2023 and 2024 Development Outlook
2023 and 2024 Development Outlook @HIGHPEAK Production (Mboe/d) 2023 2024 \verage production rate 47-53 70-76 [Exit production rate, 58-66 72-80 opex Sm) 2023 2028 ross Operated Wells TL 135-145 105-110 {capital expenditures D,C.ERF $1,100-$1,200 '$850-$900 [Capital Expenditures, Infra/Land / Other
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation @nicHPeak Reconciliation of Net income to EBITDAX Unhedged Cash Operating Margin Reconciliation in thowsand & oe: or. (in thousand ee i a Ended tried | ended i J Ended ‘31-0602, shne22 sosept2 nce was | ies | srs] —_siorsoe jaeeeenl ens fe Smee ewes enone a ast, a TO Tae] a |
HighPeak Energy — Investor Presentation (January 2023) on 6ix