HighPeak Energy, Inc. Announces First Quarter 2026 Financial and Operating Results

About this update from Highpeak Energy, Inc.

FORT WORTH, Texas, May 06, 2026 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the quarter ended March 31, 2026. A statement from our President and CEO, Michael Hollis: The current geopolitical uncertainty and commodity price volatility has encouraged us to remain resolute in delivering on our 2026 core objectives of achieving financial resilience, continuing our maintenance capital program and prioritizing corporate efficiency. We are starting the year strong, with first quarter operating results outperforming guidance across the board, and I am proud of how our team executed in every area of the business. I would like to point out a few items: We plan to build on the momentum of the first quarter since these results reflect less than one month of elevated oil prices tied to the current situation in the Middle East. While the current situation has created what could become one of the most significant crude oil supply shocks the world has ever seen, HighPeak intends to use every dollar of incremental free cash flow the right way by strengthening our financial foundation. I am confident that the HighPeak team will continue to make steady progress in achieving our core objectives through pursuing a fiscally responsible and disciplined development plan. These stronger prices are helpful, but disciplined execution is what will create lasting value for our stakeholders. First Quarter 2026 Operational Update HighPeak’s sales volumes averaged 45.6 MBoe/d during the first quarter of 2026 consisting of approximately 68% crude oil and 84% liquids. The Company averaged one (1) drilling rig and (1) one frac crew throughout the first quarter, drilled 9 gross (8.9 net) horizontal wells and turned-in-line 12 gross (12.0 net) producing wells. On March 31, 2026, the Company had 18 gross (17.8 net) horizontal wells in progress, including 16 gross (15.9 net) horizontal wells in various stages of completion. The Company released a drilling rig in late January bringing us to one drilling rig and one frac crew that we plan to run for the majority of 2026. First Quarter 2026 Financial Results HighPeak reported a net loss of $127.4 million for the first quarter 2026, or $1.02 per diluted share, and EBITDAX (a non-GAAP financial measure defined and reconciled below) of $133.5 million, or $0...

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