HighPeak Energy, Inc 10-Q for FY2025 Q3

HighPeak Energy, Inc. (HPK)

10-Q 2025-11-05 For: 2025-09-30

Added on April 11, 2026

About this 10-Q

HighPeak Energy, Inc filed this 10-Q on November 5, 2025, covering the quarter ended September 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended September 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $188.86M; down 30.5% from $271.58M a year earlier
Net loss: $18.34M; compared with net income of $49.93M a year earlier
Diluted EPS: -$0.15; compared with $0.35 a year earlier

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Delaware	84-3533602
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

421 W. 3rd St., Suite 1000	76102
Fort Worth, Texas	(Zip Code)
(Address of principal executive offices and zip code)

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☒

		Page
Definitions of Certain Terms and Conventions Used Herein		1
Cautionary Statement Concerning Forward-Looking Statements		5
PART I. FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	6
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements of Operations	7
	Condensed Consolidated Statements of Changes in Stockholders’ Equity	8
	Condensed Consolidated Statements of Cash Flows	9
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	41
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 5.	Other Information	47
Item 6.	Exhibits	48
Signatures		49

	•	“*3-D seismic*” means three-dimensional seismic data which is geophysical data that depicts the subsurface strata in three dimensions. 3-D seismic data typically provides a more detailed and accurate interpretation of the subsurface strata than two-dimensional data.
	•	“*ASC*” means Accounting Standards Codification.
	•	“*ASU*” means Accounting Standards Update.
	•	“*Basin*” means a large natural depression on the earth’s surface in which sediments generally brought by water accumulate.
	•	“*Bbl*” means a standard barrel containing 42 United States gallons.
	•	“*Bcf*” means one billion cubic feet.
	•	“*Boe*” means a barrel of crude oil equivalent and is a standard convention used to express crude oil and natural gas volumes on a comparable crude oil equivalent basis. Natural gas equivalents are determined under the relative energy content method by using the ratio of six thousand cubic feet of natural gas to one Bbl of crude oil or NGL.
	•	“*Boepd*” means Boe per day.
	•	“*Bopd*” means one barrel of crude oil per day.
	•	“*Btu*” means British thermal unit, which is a measure of the amount of energy required to raise the temperature of one pound of water one degree Fahrenheit.
	•	“*Collateral Agency Agreement*” means the Company’s Collateral Agency Agreement, dated as of September 12, 2023, by and among HighPeak Energy, Inc., Texas Capital Bank, as collateral agent, Chambers Energy Management, LP, as term representative, Mercuria Energy Trading SA, as first-out representative prior to giving effect to that certain Collateral Agency Joinder – Additional First-Out Debt, dated as of November 1, 2023, and Fifth Third Bank, National Association as first-out representative after giving effect to that certain Collateral Agency Joinder – Additional First-Out Debt, dated as of November 1, 2023.
	•	“*common stock” or “HighPeak Energy common stock*” means the Company’s common stock, par value $0.0001 per share.
	•	“*Completion*” The process of treating a drilled well followed by the installation of permanent equipment for the production of crude oil and natural gas, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.
	•	“*Credit Agreement*” means the Term Loan Credit Agreement and the Senior Credit Facility Agreement.
	•	“*DD&A*” means depletion, depreciation and amortization.
	•	“*Development costs*” Costs incurred to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing the crude oil and natural gas. For a complete definition of development costs, refer to the SEC’s Regulation S-X, Rule 4-10(a)(7).
	•	“*Development project*” A development project is the means by which petroleum resources are brought to the status of economically producible. As examples, the development of a single reservoir or field, an incremental development in a producing field or the integrated development of a group of several fields and associated facilities with a common ownership may constitute a development project.
	•	“*Development well*” A well drilled within the proved area of a crude oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive.
	•	“*Differential*” An adjustment to the price of crude oil, NGL or natural gas from an established spot market price to reflect differences in the quality and/or location of crude oil, NGL or natural gas.
	•	“*Dry hole” or “dry well*” A well found to be incapable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of such production exceed production expenses and taxes.
	•	“*Economically producible*” The term economically producible, as it relates to a resource, means a resource which generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation.
	•	“*EUR” or “Estimated ultimate recovery*” The sum of reserves remaining as of a given date and cumulative production as of that date.
	•	“*Exploratory well*” An exploratory well is a well drilled to find a new field, to find a new reservoir in a field previously found to be productive of crude oil or natural gas in another reservoir. Generally, an exploratory well is any well that is not a development well, an extension well, a service well or a stratigraphic test well as those items are defined by the SEC.

	•	“*Extension well*” An extension well is a well drilled to extend the limits of a known reservoir.
	•	“*FASB*” Financial Accounting Standards Board.
	•	“*Field*” An area consisting of a single reservoir or multiple reservoirs all grouped on, or related to, the same individual geological structural feature or stratigraphic condition. The field name refers to the surface area, although it may refer to both the surface and the underground productive formations.
	•	“*First Facility Amendment*” means the First Amendment to Senior Credit Facility Agreement, dated March 29, 2024, by and among HighPeak Energy, Inc., as borrower, Fifth Third Bank, National Association, as administrative agent, the guarantors party thereto and the lenders party thereto.
	•	“*First Term Loan Amendment*” means the First Amendment to Term Loan Credit Agreement, dated August 1, 2025, by and among HighPeak Energy, Inc., as borrower, Texas Capital Bank, as administrative agent, Chambers Energy Management, LP, as collateral agent, and the lenders from time-to-time party thereto.
	•	“*Formation*” A layer of rock which has distinct characteristics that differs from nearby rocks.
	•	“*GAAP*” means accounting principles generally accepted in the United States of America.
	•	“*Gross wells*” means the total wells in which a working interest is owned.
	•	“*Held by production*” Acreage covered by a mineral lease that perpetuates a company’s right to operate a property as long as the property produces a minimum paying quantity of crude oil or natural gas.
	•	“HH” means Henry Hub, a distribution hub in Louisiana that serves as the delivery location for natural gas futures contracts on the NYMEX.
	•	“*HighPeak Energy” or the “Company*” means HighPeak Energy, Inc. and its subsidiaries.
	•	“*HighPeak I*” means HighPeak Energy, LP, a Delaware limited partnership, and a wholly owned subsidiary of HighPeak Energy Partners, LP, a Delaware limited partnership.
	•	“*HighPeak II*” means HighPeak Energy II, LP, a Delaware limited partnership, and a wholly owned subsidiary of HighPeak Energy Partners II, LP, a Delaware limited partnership.
	•	“*Horizontal drilling*” A drilling technique used in certain formations where a well is drilled vertically to a certain depth and then drilled at a right angle within a specified interval.
	•	“*HPK Contributors*” means HighPeak I, HighPeak II and HPK GP.
	•	“*HPK GP*” means HighPeak Energy, LLC, a Delaware limited liability company.
	•	“*Hydraulic fracturing*” is the technique of stimulating the production of hydrocarbons from tight formations. The Company routinely utilizes hydraulic fracturing techniques in its drilling and completion programs. The process involves the injection of water, sand, and chemicals under pressure into the formation to fracture the surrounding rock and stimulate production.
	•	“*Lease operating expenses*” The expenses of lifting crude oil or natural gas from a producing formation to the surface, constituting part of the current operating expenses of a working interest including labor, superintendence, supplies, repairs, short-lived assets, maintenance, allocated overhead costs, workover, marketing and transportation costs, insurance and other expenses incidental to production, but excluding lease acquisition or drilling or completion expenses.
	•	“*MBbl*” means one thousand Bbls.
	•	“*MBoe*” means one thousand Boes.
	•	“*Mcf*” means one thousand cubic feet and is a measure of natural gas volume.
	•	“*MMBbl*” means one million Bbls.
	•	“*MMBtu*” means one million Btus.
	•	“*MMcf*” means one million cubic feet and is a measure of natural gas volume.
	•	“*Net acres*” The percentage of total acres an owner has out of a particular number of gross acres or a specified tract. As an example. an owner who has 50% interest in 100 gross acres owns 50 net acres.
	•	“*Net production*” Production that is owned by us, less royalties and production due others.
	•	“*NGL*” means natural gas liquids, which are the heavier hydrocarbon liquids that are separated from the natural gas stream; such liquids include ethane, propane, isobutane, normal butane and gasoline.
	•	“*NYMEX*” means the New York Mercantile Exchange.
	•	“*OPEC*” means the Organization of Petroleum Exporting Countries.
	•	“*Operator*” The individual or company responsible for the exploration and/or production of a crude oil or natural gas well or lease.
	•	“*Plugging*” A downhole tool that is set inside the casing to isolate the lower part of the wellbore.
	•	“*Pooling*” The bringing together of small tracts or fractional mineral interests in one or more tracts to form a drilling and production unit for a well under applicable spacing rules.
	•	“*Principal Stockholder Group*” means HighPeak Pure Acquisition, LLC, a Delaware limited liability company, and a wholly owned subsidiary of HighPeak Energy, LP and the HPK Contributors and each of their respective affiliates and certain permitted transferees, collectively.
	•	“*Production costs*” Costs incurred to operate and maintain wells and related equipment and facilities, including depreciation and applicable operating costs of support equipment and facilities and other costs of operating and maintaining those wells and related equipment and facilities. For a complete definition of production costs, refer to the SEC’s Regulation S-X, Rule 4-10(a)(20).
	•	“*Productive well*” A well that is found to be capable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of the production exceed production expenses and taxes.

	•	“*Proration unit*” A unit that can be effectively and efficiently drained by one well, as allocated by a governmental agency having regulatory jurisdiction.
	•	“*Prospect*” A specific geographic area which, based on supporting geological, geophysical or other data and also preliminary economic analysis using reasonably anticipated prices and costs, is deemed to have potential for the discovery of commercial hydrocarbons.
	•	“*Proved developed nonproducing reserves” or “PDNP*” means proved reserves that are developed nonproducing reserves.
	•	“*Proved developed producing reserves” or “PDP*” means proved reserves that are developed producing reserves.
	•	“*Proved developed reserves*” means proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods and can be expected to be recovered through extraction technology installed and operational at the time of the reserve estimate and can be subdivided into PDP and PDNP reserves.
	•	“*Proved reserves*” Those quantities of crude oil and natural gas, which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations – prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.
		(i) The area of the reservoir considered as proved includes: (A) the area identified by drilling and limited by fluid contacts, if any, and (B) adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible crude oil or natural gas on the basis of available geoscience and engineering data.
		(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons as seen in a well penetration unless geoscience, engineering or performance data and reliable technology establishes a lower contact with reasonable certainty.
		(iii) Where direct observation from well penetrations has defined a highest known crude oil elevation and the potential exists for an associated natural gas cap, proved crude oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering or performance data and reliable technology establish the higher contact with reasonable certainty.
		(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when: (A) successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (B) the project has been approved for development by all necessary parties and entities, including governmental entities.
		(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.
	•	“*Proved undeveloped reserves” or “PUD*” means proved reserves that are expected to be recovered from new wells on undrilled acreage or from existing wells where a relatively major expenditure is required for completion. Undrilled locations can be classified as PUDs only if a development plan has been adopted indicating that such locations are scheduled to be drilled within five (5) years, unless specific circumstances justify a longer time.
	•	“*PV-10*” When used with respect to crude oil and natural gas reserves, PV-10 means the estimated future gross revenue to be generated from the production of proved reserves, net of estimated production and future development and abandonment costs, using prices and costs in effect at the determination date, before income taxes, and without giving effect to non-property related expenses, discounted to a present value using an annual discount rate of 10%. PV-10 is not a financial measure calculated in accordance with GAAP and generally differs from standardized measure, the most directly comparable GAAP financial measure, because it does not include the effects of income taxes on future net revenues. Neither PV-10 nor standardized measure represents an estimate of the fair market value of our crude oil and natural gas properties. We and others in the industry use PV-10 as a measure to compare the relative size and value of proved reserves held by companies without regard to the specific tax characteristics of such entities.
	•	“*Realized price*” The cash market price less all expected quality, transportation and demand adjustments.
	•	“*Recompletion*” The process of re-entering an existing wellbore that is either producing or not producing and completing new reservoirs or enhancing existing reservoirs in an attempt to establish or increase existing production.
	•	“*Reserves*” Reserves are estimated remaining quantities of crude oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering crude oil and natural gas or related substances to market, and all permits and financing required to implement the project.
	•	“*Reservoir*” A porous and permeable underground formation containing a natural accumulation of producible crude oil and/or natural gas that is confined by impermeable rock or water barriers and is separate from other reservoirs.

	•	“*Resources*” Quantities of crude oil and natural gas estimated to exist in naturally occurring accumulations. A portion of the resources may be estimated to be recoverable, and another portion may be considered unrecoverable. Resources include both discovered and undiscovered accumulations.
	•	“*Royalty*” An interest in a crude oil and natural gas lease that gives the owner the right to receive a portion of the production from the leased acreage (or of the proceeds from the sale thereof) but does not require the owner to pay any portion of the production or development costs on the leased acreage. Royalties may be either landowner’s royalties, which are reserved by the owner of the leased acreage at the time the lease is granted, or overriding royalties, which are usually reserved by an owner of the leasehold in connection with a transfer to a subsequent owner.
	•	“*SEC*” means the United States Securities and Exchange Commission.
	•	“*Second Facility Amendment*” means the Second Amendment to Senior Credit Facility Agreement, dated August 1, 2025, by and among HighPeak Energy, Inc., as borrower, Fifth Third Bank, National Association, as administrative agent, the guarantors party thereto and the lenders party thereto.
	•	“*Senior Credit Facility Agreement*” means the Company’s Credit Agreement, dated as of November 1, 2023, among HighPeak Energy, Inc., as Borrower, Fifth Third Bank, National Association, as administrative agent and collateral agent, and the lenders party thereto.
	•	“*Service well*” A well drilled or completed for the purpose of supporting production in an existing field. Specific purposes of service wells include natural gas injection, water injection, steam injection, air injection, salt-water disposal, water supply for injection, observation, or injection for in-situ combustion.
	•	“*Spacing*” The distance between wells producing from the same reservoir. Spacing is often expressed in terms of acres, e.g., 100-acre spacing, the distance between horizontal wellbores, e.g., 880-foot spacing or the number of wells per section, e.g., 6-well spacing. It is often established by regulatory agencies and/or the operator to optimize recovery of hydrocarbons.
	•	“*Spot market price*” The cash market price without reduction for expected quality, transportation and demand adjustments.
	•	“*Standardized measure*” The present value (discounted at an annual rate of 10 percent) of estimated future net revenues to be generated from the production of proved reserves net of estimated income taxes associated with such net revenues, as determined in accordance with FASB guidelines as well as the rules and regulations of the SEC, without giving effect to non-property related expenses such as indirect general and administrative expenses, and debt service or to DD&A. Standardized measure does not give effect to derivative transactions.
	•	“*Stratigraphic test well*” A drilling effort, geologically directed, to obtain information pertaining to a specific geologic condition. Such wells customarily are drilled without the intent of being completed for hydrocarbon production. The classification also includes tests identified as core tests and all types of expendable holes related to hydrocarbon exploration. Stratigraphic tests are classified as “exploratory type” if not drilled in a known area or “development type” if drilled in a known area.
	•	“*Term Loan Credit Agreement*” means the Company’s Term Loan Credit Agreement, dated as of September 12, 2023, by and between HighPeak Energy, Inc., as borrower, Texas Capital Bank, as administrative agent, Chambers Energy Management, LP, as collateral agent, and the lenders from time-to-time party thereto.
	•	“*Undeveloped acreage*” Lease acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of crude oil and natural gas regardless of whether such acreage contains proved reserves.
	•	“*Unit*” The joining of all or substantially all interests in a reservoir or field, rather than a single tract, to provide for development and operation without regard to separate property interests. Also, the area covered by a unitization agreement.
	•	“*U.S.*” means the United States.
	•	“*Warrants*” means warrants to purchase one share of HighPeak Energy common stock at a price of $11.50 per share, which expired on August 21, 2025.
	•	“*Wellbore*” The hole drilled by the bit that is equipped for crude oil and natural gas production on a completed well. Also called well or borehole.
	•	“*Working interes*t” The right granted to the lessee of a property to explore for and to produce and own crude oil, natural gas or other minerals. The working interest owners bear the exploration, development and operating costs on either a cash, penalty or carried basis.
	•	“*Workover*” Operations on a producing well to restore or increase production.
	•	“*WTI*” means West Texas Intermediate, a light sweet blend of crude oil produced from fields in western Texas and is a grade of crude oil used as a benchmark in crude oil pricing.
	•	With respect to information on the working interest in wells and acreage, “*net” wells and acres are determined by multiplying “gross*” wells and acres by the Company’s working interest in such wells or acres. Unless otherwise specified, wells and acreage statistics quoted herein represent gross wells or acres.
	•	All currency amounts are expressed in U.S. dollars.

	●	the supply and demand for and market prices of crude oil, NGL, natural gas and other products or services, and the associated impact of our hedging policies relating thereto;
	●	inflation rates, the impacts of associated monetary policy responses, including increased or decreased interest rates and resulting pressures on economic growth, U.S. trade policy and the imposition of and changes to tariffs;
	●	political instability or armed conflict in crude oil or natural gas producing regions, such as the ongoing war between Russia and Ukraine and conflicts in the Middle East;
	●	volatility in the political, legal and regulatory environments, including the effects of a prolonged U.S. government shutdown;
	●	political and regulatory uncertainties;
	●	our liquidity, cash flow and access to capital;
	●	the availability of capital resources;
	●	our ability to refinance or pay, when due, the principal of, interest or other amounts due in respect of our indebtedness;
	●	production and reserve levels;
	●	drilling and completion risks;
	●	economic and competitive conditions;
	●	the impacts of revising our drilling plan during the year transitioning to an increased or decreased rig count from time to time;
	●	severe weather conditions;
	●	epidemics or pandemics, including the effects of related public health concerns and the impact of continued actions taken by governmental authorities and other third parties in response to pandemics and their impact on commodity prices, supply and demand considerations, and storage capacity;
	●	the availability of goods and services and supply chain issues;
	●	regulatory and related policy actions intended by federal, state and/or local governments to reduce fossil fuel use and associated carbon emissions, to drive the substitution of renewable forms of energy for crude oil and natural gas, which may over time reduce demand for crude oil, NGL and natural gas, including as a result of the Inflation Reduction Act of 2022 (“IRA 2022”) or otherwise;
	●	our ability to predict and manage the effects of actions of OPEC and its non-OPEC allies, known collectively as OPEC+, and agreements to set and maintain production levels;
	●	recent management changes;
	●	cyber-attacks;
	●	occurrence of property acquisitions or divestitures;
	●	the integration of acquisitions;
	●	capital markets and our ability to access such markets on attractive terms or at all, and related risks such as general credit, liquidity, market and interest-rate risks;
	●	the results of our ongoing strategic alternatives process; and
	●	other factors disclosed under “Part I, Items 1 and 2. Business and Properties,” “Part I, Item 1A. Risk Factors,” “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk,” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 10, 2025 (“Annual Report”) and under “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Part II, Item 1A. Risk Factors” and “Part I, Item 3. Quantitative and Qualitative Disclosures about Market Risk,” included in each of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed with the SEC on May 12, 2025, Form 10-Q for the quarter ended June 30, 2025 filed with the SEC on August 11, 2025 and this Quarterly Report.

	September 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	164,913		$	86,649
Accounts receivable		54,556			85,242
Derivative instruments		17,335			7,582
Inventory		9,906			10,952
Prepaid expenses		4,628			4,587
Total current assets		251,338			195,012
Crude oil and natural gas properties, using the successful efforts method of accounting:
Proved properties		4,358,116			3,959,545
Unproved properties		67,887			70,868
Accumulated depletion, depreciation and amortization		(1,495,689	)		(1,184,684	)
Total crude oil and natural gas properties, net		2,930,314			2,845,729
Other property and equipment, net		3,052			3,201
Derivative instruments		3,083			—
Other noncurrent assets		16,975			19,346
Total assets	$	3,204,762		$	3,063,288
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt	$	30,000		$	120,000
Accounts payable – trade		44,623			74,011
Revenues and royalties payable		29,966			26,838
Other accrued liabilities		24,057			22,196
Accrued capital expenditures		23,162			35,170
Operating leases		885			719
Derivative instruments		—			5,380
Advances from joint interest owners		—			316
Total current liabilities		152,693			284,630
Noncurrent liabilities:
Long-term debt, net		1,162,300			928,384
Deferred income taxes		246,469			232,398
Asset retirement obligations		15,699			14,750
Derivative instruments		772			—
Operating leases		327			670
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding at September 30, 2025 and December 31, 2024		—			—
Common stock, $0.0001 par value, 600,000,000 shares authorized, 125,587,093 and 126,067,436 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively		13			13
Additional paid-in capital		1,163,203			1,166,609
Retained earnings		463,286			435,834
Total stockholders’ equity		1,626,502			1,602,456
Total liabilities and stockholders’ equity	$	3,204,762		$	3,063,288

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Operating revenues:
Crude oil sales	$	190,773		$	270,636		$	633,920		$	827,595
NGL and natural gas sales		(1,911	)		942			12,790			7,013
Total operating revenues		188,862			271,578			646,710			834,608
Operating costs and expenses:
Crude oil and natural gas production		33,312			35,413			102,600			98,482
Production and ad valorem taxes		10,016			15,412			37,559			46,410
Exploration and abandonments		2,278			362			3,651			1,027
Depletion, depreciation and amortization		100,636			136,578			311,187			395,121
Accretion of discount		285			241			785			722
General and administrative		9,329			4,971			21,345			14,391
Stock-based compensation		177			3,753			442			11,326
Total operating costs and expenses		156,033			196,730			477,569			567,479
Other expense		222			1,404			2,711			3,405
Income from operations		32,607			73,444			166,430			263,724
Interest and other income		1,165			2,172			2,336			6,964
Interest expense		(37,150	)		(42,579	)		(110,550	)		(129,204	)
Gain (loss) on derivative instruments, net		6,913			32,334			25,432			(23,411	)
Loss on extinguishment of debt		(25,437	)		—			(25,437	)		—
(Loss) income before income taxes		(21,902	)		65,371			58,211			118,073
Provision for income taxes		(3,567	)		15,438			14,035			31,985
Net (loss) income	$	(18,335	)	$	49,933		$	44,176		$	86,088
(Loss) earnings per share:
Basic net (loss) income	$	(0.15	)	$	0.36		$	0.32		$	0.62
Diluted net (loss) income	$	(0.15	)	$	0.35		$	0.32		$	0.60

Weighted average shares outstanding:
Basic		124,807			124,988			124,807			125,595
Diluted		124,807			129,094			125,587			129,581

Dividends declared per share	$	0.04		$	0.04		$	0.12		$	0.12

Three and Nine Months Ended September 30, 2025
	Shares Outstanding			Common Stock		Additional Paid-in- Capital			Retained Earnings			Total Stockholders' Equity
Balance, December 31, 2024		126,067		$	13	$	1,166,609		$	435,834		$	1,602,456
Dividends declared ($0.04 per share)		—			—		—			(5,043	)		(5,043	)
Dividend equivalents declared on outstanding stock options ($0.04 per share)		—			—		—			(531	)		(531	)
Stock-based compensation costs:
Compensation costs included in net income		—			—		177			—			177
Net income		—			—		—			36,335			36,335
Balance, March 31, 2025		126,067			13		1,166,786			466,595			1,633,394
Dividends declared ($0.04 per share)		—			—		—			(5,042	)		(5,042	)
Dividend equivalents declared on outstanding stock options ($0.04 per share)		—			—		—			(531	)		(531	)
Exercise of warrants		—			—		1			—			1
Stock-based compensation costs:
Restricted shares issued to outside directors		65			—		—			—			—
Compensation costs included in net income		—			—		88			—			88
Net income		—			—		—			26,176			26,176
Balance, June 30, 2025		126,132			13		1,166,875			487,198			1,654,086
Dividends declared ($0.04 per share)		—			—		—			(5,046	)		(5,046	)
Dividend equivalents declared on outstanding stock options ($0.04 per share)		—			—		—			(531	)		(531	)
Stock-based compensation costs:
Compensation costs included in net income		—			—		177			—			177
Cash paid for tax withholding on vested equity awards		(545	)		—		(3,849	)		—			(3,849	)
Net loss		—			—		—			(18,335	)		(18,335	)
Balance, September 30, 2025		125,587		$	13	$	1,163,203		$	463,286		$	1,626,502

	September 30, 2025		December 31, 2024
Land	$	1,869	$	1,869
Transportation equipment		464		620
Buildings		506		516
Leasehold improvements		182		193
Field equipment		31		2
Furniture and fixtures		—		1
Total other property and equipment, net	$	3,052	$	3,201

	As of September 30, 2025
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Commodity price derivatives – current	$	—	$	17,335	$	—	$	17,335
Commodity price derivatives – noncurrent		—		3,083		—		3,083
Total assets		—		20,418		—		20,418
Liabilities:
Commodity price derivatives – current		—		—		—		—
Commodity price derivatives – noncurrent		—		772		—		772
Total liabilities		—		772		—		772
Total recurring fair value measurements, net	$	—	$	19,646	$	—	$	19,646

	As of December 31, 2024
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Commodity price derivatives – current	$	—	$	7,582	$	—	$	7,582
Liabilities:
Commodity price derivatives – current		—		5,380		—		5,380
Total recurring fair value measurements, net	$	—	$	2,202	$	—	$	2,202

Settlement Month	Settlement Year	Type of Contract	Bbls Per Day		Index	Swap Price per Bbl		Costless Collar Floor Price per Bbl		Costless Collar Ceiling Price per Bbl
Crude Oil:
Oct – Dec	2025	Swap		1,800	WTI Cushing	$	63.77	$	—	$	—
Oct – Dec	2025	Basis Swap		20,000	Argus WTI Cushing	$	0.97	$	—	$	—
Oct – Dec	2025	Costless Collar		15,850	WTI Cushing	$	—	$	60.53	$	69.65
Jan – Mar	2026	Swap		2,000	WTI Cushing	$	63.14	$	—	$	—
Jan – Mar	2026	Costless Collar		14,350	WTI Cushing	$	—	$	60.58	$	69.92
Apr – Jun	2026	Swap		1,000	WTI Cushing	$	63.25	$	—	$	—
Apr – Jun	2026	Costless Collar		12,350	WTI Cushing	$	—	$	59.87	$	66.82
Jul – Sep	2026	Swap		1,000	WTI Cushing	$	63.25	$	—	$	—
Jul – Sep	2026	Costless Collar		12,000	WTI Cushing	$	—	$	59.83	$	66.84
Oct – Dec	2026	Swap		1,000	WTI Cushing	$	63.25	$	—	$	—
Oct – Dec	2026	Costless Collar		9,800	WTI Cushing	$	—	$	59.80	$	65.31
Jan – Mar	2027	Swap		1,000	WTI Cushing	$	63.25	$	—	$	—
Jan – Mar	2027	Costless Collar		8,900	WTI Cushing	$	—	$	59.78	$	65.24

	Stock Options			Average Exercise Price		Remaining Term in Years		Intrinsic Value (in thousands)
Outstanding at December 31, 2023		13,449,061		$	11.95		6.3	$	47,672
Forfeitures		(4,999	)	$	26.44
Outstanding at December 31, 2024		13,444,062		$	11.95		5.3	$	53,093
Forfeitures		(739,168	)	$	24.99
Outstanding at September 30, 2025		12,704,894		$	11.19		4.5	$	—

Vested at December 31, 2024		13,444,062		$	11.95		5.3	$	53,093
Exercisable at December 31, 2024		11,495,062		$	12.19		5.9	$	44,907

Vested at September 30, 2025		12,704,894		$	11.19		4.5	$	—
Exercisable at September 30, 2025		10,755,894		$	11.31		5.1	$	—

Settlement Month	Settlement Year	Type of Contract	MMBtu Per Day		Index	Price per MMBtu
Natural Gas:
Oct – Dec	2025	Swap		30,000	HH	$	4.43
Jan – Mar	2026	Swap		30,000	HH	$	4.39
Apr – Jun	2026	Swap		30,000	HH	$	4.30
Jul – Sep	2026	Swap		30,000	HH	$	4.30
Oct – Dec	2026	Swap		30,000	HH	$	4.30
Jan – Mar	2027	Swap		19,667	HH	$	4.30

	As of September 30, 2025
Fifth Third Bank, National Association	$	16,296
Macquarie Bank Limited		2,675
Mercuria Energy Trading SA		605
J. Aron & Company LLC		70
	$	19,646

	Nine Months Ended September 30, 2025
Beginning capitalized exploratory/extension well costs	$	33,619
Additions to exploratory/extension well costs		101,850
Reclassification to proved properties		(105,216	)
Exploratory/extension well costs charged to exploration and abandonment expense		—
Ending capitalized exploratory/extension well costs	$	30,253

	September 30, 2025			December 31, 2024
Term Loan Credit Agreement due 2028	$	1,200,000		$	1,080,000
Senior Credit Facility Agreement due 2028		—			—
Debt issuance costs, net (a)		(7,700	)		(14,419	)
Discounts, net (b)		—			(17,197	)
Total debt		1,192,300			1,048,384
Less current maturities of long-term debt		(30,000	)		(120,000	)
Long-term debt, net	$	1,162,300		$	928,384

	Nine Months Ended September 30, 2025
Beginning asset retirement obligations	$	14,750
Liabilities incurred from new wells		671
Liabilities settled and divested		(507	)
Accretion of discount		785
Ending asset retirement obligations	$	15,699

	September 30, 2025			December 31, 2024
Approved and authorized shares		16,326,322			16,414,015
Shares subject to awards issued under plan		(15,134,295	)		(15,808,671	)
Shares available for future grant		1,192,027			605,344

	September 30, 2025
Remainder of 2025	$	247
2026		888
2027		118
		31
Total		1,284
Less present value discount		(72	)
Present value of lease liabilities	$	1,212

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Provision for income taxes at U.S. federal statutory rate	$	(4,600	)	$	13,728		$	12,224		$	24,795
Limited tax benefit due to compensation limitations		1,054			861			1,050			5,297
State deferred income taxes		257			709			1,025			1,604
Other, net		(278	)		140			(264	)		289
Provision for income taxes	$	(3,567	)	$	15,438		$	14,035		$	31,985
Effective income tax rate		16.3	%		23.6	%		24.1	%		27.1	%

	September 30, 2025			December 31, 2024
Deferred tax assets:
Interest expense limitations	$	89,893		$	73,013
Net operating loss carryforwards		24,980			13,089
Stock-based compensation		3,285			3,351
Other		246			35
Less: Valuation allowance		—			—
Deferred tax assets		118,404			89,488
Deferred tax liabilities:
Crude oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes		(360,631	)		(321,411	)
Unrecognized derivative gains, net		(4,242	)		(475	)
Deferred tax liabilities		(364,873	)		(321,886	)
Net deferred tax liabilities	$	(246,469	)	$	(232,398	)

	Nine Months Ended September 30, 2025
Crude Oil (Bbls)		34,552
NGL (Bbls)		7,824
Natural Gas (Mcf)		44,862
Total (Boe)		49,853

	Nine Months Ended September 30, 2025
Unproved property acquisition costs	$	4,475
Proved acquisition costs		—
Total acquisitions		4,475
Development costs		290,049
Exploration costs		101,850
Total finding and development costs		396,374
Asset retirement obligations		2,747
Total costs incurred	$	399,121

	Drilled				Completed
	Gross		Net		Gross		Net
Flat Top area		33		32.8		36		35.7
Signal Peak area		2		2.0		—		—
Total		35		34.8		36		35.7

Period	Total Number of Shares Purchased⁽¹⁾		Average Price Paid Per Share⁽²⁾		Total Number of Shares Purchased as Part of Publicly Announced Plan		Approximate Dollar Value of Shares that May Yet to Be Purchased Under the Plan⁽³⁾⁽⁴⁾
($ in thousands, except per share amounts and shares)
July 1, 2025 - July 31, 2025		—	$	—		—	$	39,907
August 1, 2025 - August 31, 2025		—	$	—		—	$	39,907
September 1, 2025 - September 30, 2025		545,195	$	7.06		—	$	39,907
Total		545,195	$	7.06		—

Exhibit Number	Description

3.1	Second Amended & Restated Certificate of Incorporation of HighPeak Energy, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-39464) filed with the SEC on June 2, 2023).

3.2	Amended and Restated Bylaws of HighPeak Energy, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-39464) filed with the SEC on November 9, 2020).

4.1	Registration Rights Agreement, dated as of August 21, 2020, by and among HighPeak Energy, Inc., HighPeak Pure Acquisition, LLC, HighPeak Energy, LP, HighPeak Energy II, LP, HighPeak Energy III, LP and certain other security holders named therein (incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K (File No. 001-39464) filed with the SEC on August 27, 2020).

4.2	Stockholders’ Agreement, dated as of August 21, 2020, by and among HighPeak Energy, Inc., HighPeak Pure Acquisition, LLC, HighPeak Energy, LP, HighPeak Energy II, LP, HighPeak Energy III, LP, Jack Hightower and certain directors of Pure Acquisition Corp. (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K (File No. 001-39464) filed with the SEC on August 27, 2020).

4.3	Amendment and Assignment to Warrant Agreement, dated as of August 21, 2020, by and among Pure Acquisition Corp., Continental Stock Transfer & Trust Company and HighPeak Energy, Inc. (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No. 001-39464) filed with the SEC on August 27, 2020).

10.1	Second Amendment to Revolving Credit Agreement, dated August 1, 2025, by and among HighPeak Energy, Inc., as borrower, Fifth Third Bank, National Association, as administrative agent, the guarantors party thereto and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-39464) filed with the SEC on August 4, 2025).

10.2	Master Assignment and First Amendment to Credit Agreement, dated August 1, 2025, by and among HighPeak Energy, Inc., as borrower, the guarantors party thereto, Texas Capital Bank, as administrative agent, Chambers Energy Management, LP, as collateral agent, and the lenders party thereto (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 001-39464) filed with the SEC on August 4, 2025).

10.3	HighPeak Energy, Inc. Change in Control Plan and Summary Plan Description (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-39464) filed with the SEC on September 15, 2025).

10.4†	Separation Agreement and General Release of Claims by and between the Company and Jack Hightower, effective September 15, 2025 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 001-39464) filed with the SEC on September 16, 2025).

31.1*	Certification of the Company’s Chief Executive Officer Pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C. Section 7241).

31.2*	Certification of the Company’s Chief Financial Officer Pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C. Section 7241).

32.1**	Certification of the Company’s Chief Executive Officer Pursuant to Section 906 of the Sarbanes Oxley Act of 2002 (18 U.S.C. Section 1350).

32.2**	Certification of the Company’s Chief Financial Officer Pursuant to Section 906 of the Sarbanes Oxley Act of 2002 (18 U.S.C. Section 1350).

101.INS**	Inline XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tabs are embedded within the Inline XBRL document

101.SCH**	Inline XBRL Taxonomy Extension Schema Document

101.CAL**	Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**	Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**	Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE**	Inline XBRL Taxonomy Extension Presentation Linkbase Document

104*	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

	HIGHPEAK ENERGY, INC.

November 5, 2025	By:	/s/ Steven Tholen
		Steven Tholen
		Chief Financial Officer

November 5, 2025	By:	/s/ Keith Forbes
		Keith Forbes
		Vice President and Chief Accounting Officer

	/s/ Michael Hollis
	Michael Hollis
	President and Chief Executive Officer
	Date: November 5, 2025