HighPeak Energy (HPK) Q1 2026 earnings summary

Executive summary

• Q1 2026 operating results exceeded guidance, with production averaging 46,000 BOE/d, 7.5% above the guided midpoint and oil production up 10% sequentially.

• EBITDAX increased to $133.5 million in Q1 2026 from $113.9 million in Q4 2025.

• Net loss for Q1 2026 was $127.4 million, or $1.02 per diluted share; adjusted net loss was $2.7 million.

• Free cash flow before working capital changes was over $21 million, reversing a negative $42 million in Q4 2025.

• The company operates 98% of its net acreage, with 84% of sales volumes from liquids and 16% from natural gas for the quarter.

Financial highlights

• Lease operating expense per BOE was $6.53, 17% below guidance and 22% lower than Q4 2025.

• EBITDAX for Q1 2026 was $133.5 million, or $0.96 per diluted share.

• Realized oil price was $71.79/bbl; total realized price per Boe (excluding derivatives) was $52.57.

• Net debt as of March 31, 2026, was $1.1 billion; long-term debt was $1.19 billion.

• Net derivative loss was $157 million, with $17.4 million as actual cash loss; the rest was mark-to-market.

Outlook and guidance

• 2026 capex budget is $255–$285 million, about 50% lower than 2025, with 60% weighted to the first half.

• Full-year 2026 production guidance is 41,000–44,000 Boe/d, with 67–68% oil.

• Company plans to maintain one drilling rig and one frac crew for most of 2026, with flexibility to accelerate completions if prices justify.

• Exiting 2026 with 9–10 DUCs, setting up for a repeatable program in 2027.

• Management is maintaining flexibility in capital plans due to commodity price volatility and potential covenant compliance issues.