Highpeak Energy, Inc. · NASDAQ:HPK
Highpeak Energy — Q2 2026 Earnings Presentation
17 slides from Highpeak Energy's earnings presentation, Aug 11, 2026
Slide 1: Investor Presentation August 2026
INVESTOR PRESENTATION AUGUST 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: Q2 2026 Key Results
Q2 2026 Key Results Avg. Production Unit LOE1 Capex Spend 45.3 MBoe/d $7.92/Boe $107.5 MM Accelerated frac activity in Q2. Highest 7% above midpoint of guidance range 9% below midpoint of guidance range planned quarterly spend rate in 2026. EBITDAX2 Free Cash Flow2 $147.6 MM $37.6 MM 1) LOE includin
Slide 5: 1H'26 Development Activity Summary
1H’26 Development Activity Summary Q1 2026 Q2 2026 Planned Actual Completed Drilled Ahead of Schedule HighPeak pulled forward the completion of 4 wells into the 2nd quarter due to favorable pricing and simul-frac crew availability. Accelerated activity creates increased optionality if market conditi
Slide 6: Plan versus Performance
Plan versus Performance Operational Performance: Well Counts Financial Performance: Capex Spend (Actual vs. Guidance) (Actual vs. Guidance, in millions) On budget for activity performed 37 33 29 $255-$285 24 20 17 $186 69% 16 8 of Mid- 8 point 12 9 8 Drilled Completed Turned In Line Capital Expendit
Slide 7: Base Production Optimization
Base Production Optimization Workover Candidate Identification Opportunistic Deployment High-Margin Production Systematic screening to isolate Rapid deployment of workover rigs Workovers leverage existing wells underperforming wells with higher during favorable commodity price and infrastructure to
Slide 8: Staying Steady in a Volatile Market
Staying Steady in a Volatile Market Capital allocation decisions based on long-term outlook Increase in long term strip pricing is constructive but does not change fundamental development strategy Higher pricing increases free PRE WAR STRIP PRICE cash flow and accelerates de- leveraging timeframe 1)
Slide 9: Commodity Market Exposure
Commodity Market Exposure Increasing Market Exposure 35 Q2 had the highest overall crude volumes hedged and the lowest average hedged price per barrel. Moving forward, HighPeak is projected to have more barrels exposed to spot prices. 30 Oil Guidance1 Barrels per day (thousands) Additional Derivativ
Slide 10: 1H 2026 Scorecard
1H 2026 Scorecard All Metrics At or Above Target • OUTPERFORMING GUIDANCE WHILE MAINTAINING RIGOROUS COST & CAPITAL DISCIPLINE Metric 2026 Guide 1H’26 Actual Performance Average Daily Production (MBoe/d) 41 – 44 45.5 Above top end Operated Wells Drilled 28 - 30 17 Ahead of pace Operated Wells TIL’d
Slide 11: 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 12: Appendix
HIGHPEAK ENERGY, INC. Appendix 12
Slide 13: HighPeak Well Activity
HighPeak Well Activity Rig Released In Progress Turned in Line Wells 2Q26 FY26 As of 6/30/2026 2Q26 FY26 Gross Net Gross Net Gross Net Gross Net Gross Net OP 8 7.7 17 16.6 OP 21 20.4 OP 8 8.0 20 19.6 Non-Op 0 0.0 0 0.0 Non-Op 0 0.0 Non-Op 0 0.0 0 0.0 Total 8 7.7 17 16.6 Total 21 20.4 Total 8 8.0 20
Slide 14: 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 3Q26 – 4Q26 Avg. Oil Hedged 16.9 MBo/d 3Q26 – 4Q26 Avg. Gas Hedged ~59% of 2H26(1) Oil Volumes are Hedged 30,000 MMBtu/d ~74% of 2H26(1) Gas Volumes are Hedged Not
Slide 15: Hedge Summary
Hedge Summary Index Hedges Oil Gas Swaps Collars Swaps Volume (Mbbl) Price Volume (Mbbl) Price Low Price High Volume (Bbtu) Price 3Q 2026 460.0 $63.45 1,196.0 $61.38 $69.39 2,760 $4.300 4Q 2026 460.0 $63.45 993.6 $61.67 $68.52 2,760 $4.300 2026 Total 920.0 $63.45 2,190 $61.51 $69.00 5,520 $4.300 1Q
Slide 16: Q2 2026 Summary
Q2 2026 Summary Production 2Q’26 Earnings 2Q’26 Total sales volumes (MBoe) 4,121 Net Income ($MM) $82.3 Total daily sales volumes (MBoe/d) 45.3 Income Per Diluted Share $0.59 Oil percentage 64% EBITDAX ($MM) $147.6 Liquids percentage 83% EBITDAX Per Diluted Share $1.06 Realized Pricing Free Cash Flo
Slide 17: Non-GAAP Financial Measures Reconciliations
Non-GAAP Financial Measures Reconciliations Reconciliation of Net Income to EBITDAX • (in thousands) Q1'26 Q2'26 1H'26 Net (loss) income ($127,448) $82,275 ($45,173) Interest expense 35,038 35,978 71,016 Interest and other income (949) (1,032) (1,981) Income tax (benefit) expense (27,651) 16,448 (11