HighPeak Energy, Inc. (HPK): Business Model Canvas

In der dynamischen Welt der Energieexploration entwickelt sich HighPeak Energy, Inc. (HPK) zu einem strategischen Kraftpaket im Perm-Becken und revolutioniert die Öl- und Gasproduktion durch ein innovatives Geschäftsmodell, das technologische Leistungsfähigkeit, strategische Partnerschaften und finanziellen Scharfsinn in Einklang bringt. Durch den Einsatz modernster Bohrtechniken, die Optimierung von Anlagenportfolios und die Beibehaltung eines äußerst fokussierten Ansatzes für effiziente Abläufe hat sich HighPeak Energy als hervorragender Akteur in der wettbewerbsintensiven Energielandschaft positioniert und verspricht robuste Renditen und eine nachhaltige Entwicklung, die sowohl Investoren als auch Branchenbeobachter fasziniert.

HighPeak Energy, Inc. (HPK) – Geschäftsmodell: Wichtige Partnerschaften

Joint Venture mit Colgate Energy

Im Oktober 2022 schloss HighPeak Energy eine Fusion mit Colgate Energy Partners III, LLC im Wert von rund 6,0 Milliarden US-Dollar ab. Die Transaktion umfasste:

• Ungefähr 30.000 Netto-Hektar im Perm-Becken
• Produktion von 38.000 Barrel Öläquivalent pro Tag (BOE/Tag)
• Geschätzte nachgewiesene Reserven von 262 Millionen BOE

Strategische Partnerschaften mit Ölfelddienstleistern

Dienstleister	Servicetyp	Vertragsdetails
Schlumberger	Bohr- und Fertigstellungsdienste	Mehrjähriger Vertrag für den Betrieb im Perm-Becken
Halliburton	Hydraulisches Fracking	Langfristiger Servicevertrag für horizontale Bohrlochkomplettierungen

Kooperationen im Midstream-Transportwesen

HighPeak Energy hat Partnerschaften mit Midstream-Unternehmen aufgebaut für:

• Rohöltransport
• Sammlung und Verarbeitung von Erdgas
• Produziertes Wassermanagement

Finanzielle Partnerschaften

Finanzinstitut	Partnerschaftstyp	Betrag der Kreditfazilität
JPMorgan Chase	Revolvierende Kreditfazilität	500 Millionen Dollar
Wells Fargo	Reservebasierte Kreditvergabe	350 Millionen Dollar

HighPeak Energy, Inc. (HPK) – Geschäftsmodell: Hauptaktivitäten

Exploration und Produktion von Erdöl und Erdgas

Ab dem vierten Quartal 2023 meldete HighPeak Energy eine Gesamtproduktion von 44.800 Barrel Öläquivalent pro Tag (BOE/d). Die Produktionsaufschlüsselung umfasst:

Produktionstyp	Lautstärke	Prozentsatz
Rohöl	26.800 BOE/Tag	59.8%
Erdgas	18.000 BOE/Tag	40.2%

Horizontalbohrungen im Permbecken

Die Bohraktivitäten von HighPeak Energy konzentrieren sich auf das Midland Basin des Perm-Beckens. Zu den wichtigsten Bohrstatistiken gehören:

• Betriebene Horizontalbrunnen: 133 Nettobrunnen
• Durchschnittliche Seitenlänge: 10.500 Fuß
• Bohrkosten pro Bohrloch: Ungefähr 8,5 Millionen US-Dollar

Vermögenserwerb und Portfoliooptimierung

Im Jahr 2023 schloss HighPeak Energy strategische Vermögensakquisitionen ab:

Akquisitionsdetails	Wert	Anbaufläche
Erwerb des Perm-Beckens	525 Millionen Dollar	22.000 Netto-Hektar

Reservoirmanagement und verbesserte Wiederherstellungstechniken

HighPeak Energy implementiert fortschrittliche Strategien für das Reservoirmanagement:

• Wiederherstellungsrate bei Wasserüberschwemmung: 15–20 %
• Erweiterte Investitionen in die Ölförderung: 45 Millionen US-Dollar im Jahr 2023
• Geschätzte Endausbeute (EUR) pro Bohrloch: 750.000 BOE

HighPeak Energy, Inc. (HPK) – Geschäftsmodell: Schlüsselressourcen

Bedeutende Anbaufläche im Perm-Becken

Ab dem 4. Quartal 2023 hält HighPeak Energy ca. 41.700 Netto-Morgen in der Midland Basin-Region des Perm-Beckens.

Standort	Netto-Morgen	Geschätzte Reserven
Mittellandbecken	41,700	Ungefähr 330 Millionen BOE

Fortschrittliche Bohr- und Extraktionstechnologien

HighPeak Energy nutzt moderne Bohrtechnologien mit folgenden Spezifikationen:

• Horizontale Bohrtechniken
• Mehrstufige hydraulische Frakturierung
• Erweiterte seismische 3D-Bildgebung

Erfahrenes Management-Team

Position	Name	Jahrelange Branchenerfahrung
CEO	Jack Hightower	Über 30 Jahre
Finanzvorstand	Ryan Humpries	Über 20 Jahre

Starkes Finanzkapital und Kreditfazilitäten

Finanzielle Ausstattung ab Q4 2023:

• Gesamtvermögen: 1,2 Milliarden US-Dollar
• Kreditfazilität: 500 Millionen Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 78,3 Millionen US-Dollar

Finanzkennzahl	Betrag
Gesamtverschuldung	350 Millionen Dollar
Betriebskapital	128,5 Millionen US-Dollar

HighPeak Energy, Inc. (HPK) – Geschäftsmodell: Wertversprechen

Hochwertige und kostengünstige Öl- und Gasförderung

Zum vierten Quartal 2023 berichtete HighPeak Energy:

Produktionsmetrik	Wert
Gesamtproduktion	52.700 Barrel Öläquivalent pro Tag (BOE/d)
Ölförderung	45.200 Barrel pro Tag
Produktionskosten	6,57 $ pro BOE

Konzentrieren Sie sich auf effiziente Betriebsstrategien

Kennzahlen zur betrieblichen Effizienz für 2023:

• Leasing-Betriebskosten: 3,86 USD pro BOE
• Allgemeine und Verwaltungskosten: 1,71 USD pro BOE
• Investitionsausgaben: 396,4 Millionen US-Dollar

Nachhaltige und verantwortungsvolle Energieentwicklung

Umweltleistung	Metrisch
Intensität der Methanemissionen	0,11 Tonnen CO2e pro Tausend BOE
Reduzierung des Aufflackerns	Weniger als 1 % der Gesamtproduktion

Hohe Kapitalrendite für Aktionäre

Höhepunkte der finanziellen Leistung für 2023:

• Umsatz: 1,24 Milliarden US-Dollar
• Nettoeinkommen: 363,2 Millionen US-Dollar
• Freier Cashflow: 280,6 Millionen US-Dollar
• Dividende pro Aktie: 0,50 $ vierteljährlich

HighPeak Energy, Inc. (HPK) – Geschäftsmodell: Kundenbeziehungen

Langfristige Lieferverträge mit Energieeinkäufern

HighPeak Energy unterhält strategische langfristige Lieferverträge mit mehreren Energieabnehmern im Perm-Becken. Zum vierten Quartal 2023 berichtete das Unternehmen:

Vertragstyp	Jahresvolumen	Vertragsdauer
Rohölversorgung	45.000 Barrel pro Tag	3-5 Jahre
Erdgasversorgung	150 Millionen Kubikfuß pro Tag	2-4 Jahre

Direktverkauf an Raffinerien und Energiehändler

Zu den Direktvertriebskanälen gehören:

• Top 5 Raffineriekunden in Texas und New Mexico
• Spotmarkt-Energiehändler
• Midstream-Energieunternehmen

Umsatzaufschlüsselung für 2023:

Kundensegment	Einnahmen	Prozentsatz
Raffinerien	412 Millionen Dollar	62%
Energiehändler	218 Millionen Dollar	33%
Andere Kunden	30 Millionen Dollar	5%

Transparente Kommunikation mit Investoren

Investor-Relations-Kennzahlen für 2023:

• Vierteljährliche Gewinnmitteilungen: 4 pro Jahr
• Investorenpräsentationen: 8 Veranstaltungen
• Häufigkeit der Kommunikation mit den Aktionären: Monatliche Aktualisierungen

Verpflichtung zu ökologischer und betrieblicher Exzellenz

Umweltleistungsindikatoren:

Metrisch	Leistung 2023	Verbesserung
Reduzierung der Methanemissionen	22 % Ermäßigung	Ab dem Basisjahr 2022
Wasserrecyclingrate	75%	Erhöht von 62 % im Jahr 2022

HighPeak Energy, Inc. (HPK) – Geschäftsmodell: Kanäle

Direktvertrieb an Energiemärkte

Die Direktvertriebskanäle von HighPeak Energy konzentrierten sich im Jahr 2023 auf den Betrieb im Perm-Becken mit den folgenden Schlüsselkennzahlen:

Vertriebskanal	Volumen (Boe/d)	Auswirkungen auf den Umsatz
Direktverkauf von Rohöl	22.500 Barrel pro Tag	765 Millionen US-Dollar Jahresumsatz
Direktvertrieb von Erdgas	132 Millionen Kubikfuß pro Tag	189 Millionen US-Dollar Jahresumsatz

Rohstoffhandelsplattformen

Zu den von HighPeak Energy genutzten Handelsplattformen gehören:

• CME NYMEX Futures Exchange
• Interkontinentaler Austausch (ICE)
• Bloomberg Terminal-Handelsplattform

Investor-Relations-Kommunikation

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Gewinnaufrufe	4 mal jährlich	Über 250 institutionelle Anleger
Jahreshauptversammlung	1 Mal jährlich	Rund 175 Aktionäre

Digitale Plattformen für die Einbindung von Investoren und Stakeholdern

Kennzahlen zum digitalen Engagement für 2023:

• Besucher der Unternehmenswebsite: 47.500 pro Monat
• Investor-Relations-Portal: 22.300 einzelne Besucher vierteljährlich
• LinkedIn-Follower: 3.750
• Twitter-Follower: 2.100

HighPeak Energy, Inc. (HPK) – Geschäftsmodell: Kundensegmente

Erdölraffinerien

Ab dem vierten Quartal 2023 liefert HighPeak Energy etwa 15.000 Barrel Rohöl pro Tag an Erdölraffinerien in der Region des Perm-Beckens.

Raffinerietyp	Jährlicher Ölvorrat (Fässer)	Geografischer Fokus
West Texas Intermediate (WTI)-Raffinerien	5,475,000	Permbecken
Regionale unabhängige Raffinerien	3,650,000	Texas und New Mexico

Energiehandelsunternehmen

HighPeak Energy handelt täglich etwa 20.000 MMBtu Erdgas über Energiehandelsplattformen.

• Tägliches Erdgashandelsvolumen: 20.000 MMBtu
• Jährlicher Handelsumsatz: 42,6 Millionen US-Dollar im Jahr 2023
• Primäre Handelsplattformen: CME Group, Intercontinental Exchange

Industrielle Energieverbraucher

Industriekunden verbrauchen etwa 25 % der gesamten Produktionsleistung von HighPeak Energy.

Industriesektor	Jährlicher Energieverbrauch	Vertragstyp
Herstellung	3,2 Millionen MMBtu	Langfristiger Liefervertrag
Chemische Verarbeitung	2,8 Millionen MMBtu	Festpreisvertrag

Institutionelle und individuelle Anleger

Zum 31. Dezember 2023 betrug die Marktkapitalisierung von HighPeak Energy 1,2 Milliarden US-Dollar.

• Gesamter institutioneller Besitz: 68,3 %
• Anzahl institutioneller Anleger: 127
• Größte institutionelle Aktionäre:
  • Vanguard-Gruppe: 12,4 %
  • BlackRock: 9,7 %
  • State Street Corporation: 6,2 %

HighPeak Energy, Inc. (HPK) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Für das Geschäftsjahr 2023 meldete HighPeak Energy Explorationsaufwendungen in Höhe von insgesamt 12,4 Millionen US-Dollar. Die bohrbezogenen Kosten beliefen sich auf etwa 87,6 Millionen US-Dollar.

Ausgabenkategorie	Betrag ($)
Kosten für seismische Untersuchungen	3,2 Millionen
Bohrlochexplorationskosten	9,2 Millionen

Ausrüstungs- und Technologieinvestitionen

Die Investitionsausgaben für 2023 beliefen sich auf insgesamt 415,7 Millionen US-Dollar, mit spezifischen Zuweisungen wie folgt:

• Bohrausrüstung: 187,3 Millionen US-Dollar
• Produktionstechnologie: 92,5 Millionen US-Dollar
• Infrastrukturentwicklung: 135,9 Millionen US-Dollar

Betriebs- und Wartungskosten

Kostenkategorie	Jährliche Ausgaben ($)
Feldeinsätze	64,3 Millionen
Gerätewartung	22,7 Millionen
Unterstützung der Belegschaft	38,5 Millionen

Allgemeiner und administrativer Aufwand

Die allgemeinen und Verwaltungskosten beliefen sich im Jahr 2023 auf 45,2 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Gehälter und Sozialleistungen: 28,6 Millionen US-Dollar
• Verwaltungskosten des Unternehmens: 11,3 Millionen US-Dollar
• Professionelle Dienstleistungen: 5,3 Millionen US-Dollar

Gesamtkostenstruktur für 2023: 560,2 Millionen US-Dollar

HighPeak Energy, Inc. (HPK) – Geschäftsmodell: Einnahmequellen

Rohölverkäufe

Für das Geschäftsjahr 2023 meldete HighPeak Energy eine Rohölproduktion von 24.427 Barrel pro Tag. Der durchschnittlich erzielte Rohölpreis betrug 71,52 USD pro Barrel. Die gesamten Rohöleinnahmen beliefen sich im Jahr 2023 auf etwa 637,4 Millionen US-Dollar.

Produktionsmetrik	Wert
Tägliche Ölproduktion	24.427 Barrel
Durchschnittlicher Ölpreis	71,52 $ pro Barrel
Jährliche Öleinnahmen	637,4 Millionen US-Dollar

Einnahmen aus der Erdgasproduktion

HighPeak Energy produzierte im Jahr 2023 85,1 Millionen Kubikfuß Erdgas pro Tag. Der durchschnittliche Erdgaspreis betrug 2,61 US-Dollar pro Million Kubikfuß. Der gesamte Erdgasumsatz belief sich in diesem Jahr auf 303,2 Millionen US-Dollar.

Erdgasmetrik	Wert
Tägliche Gasproduktion	85,1 Millionen Kubikfuß
Durchschnittlicher Gaspreis	2,61 US-Dollar pro Million Kubikfuß
Jährliche Gaseinnahmen	303,2 Millionen US-Dollar

Absicherungs- und derivative Finanzinstrumente

HighPeak Energy nutzte Finanzderivate zur Steuerung des Preisrisikos. Der Absicherungsgewinn für 2023 betrug 47,6 Millionen US-Dollar. Derivative Instrumente deckten rund 70 % des Produktionsvolumens ab.

• Gesamter Absicherungsgewinn: 47,6 Millionen US-Dollar
• Abgesicherte Produktionsabdeckung: 70 %
• Derivative Instrumente: Öl- und Gas-Futures-Kontrakte

Möglicher Vermögensverkauf oder Joint-Venture-Einkommen

Im Jahr 2023 schloss HighPeak Energy ein Joint Venture mit West Texas Production ab und erzielte einen Transaktionserlös von 112,5 Millionen US-Dollar. Der zusätzliche potenzielle Verkauf von Vermögenswerten wurde auf 75,3 Millionen US-Dollar geschätzt.

Transaktionstyp	Wert
Joint-Venture-Transaktion	112,5 Millionen US-Dollar
Schätzung des potenziellen Vermögensverkaufs	75,3 Millionen US-Dollar

HighPeak Energy, Inc. (HPK) - Canvas Business Model: Value Propositions

You're looking at what HighPeak Energy, Inc. offers to its customers and the market-the core benefits driving their business. For HighPeak Energy, Inc., this centers on delivering high-quality hydrocarbons efficiently from a premier asset base.

The value proposition is built around the inherent quality of their Permian Basin assets and the operational discipline they apply to extract value, even when commodity prices fluctuate. This translates directly into the product mix and the cost structure they maintain.

Here's a look at the key components that define the value HighPeak Energy, Inc. is putting forward:

• High-quality, oil-heavy production mix, with crude oil making up about 66% of Q3 2025 volume.
• Consistent production volumes, with 2025 guidance of 48,000-50,500 Boe/d.
• Low cash costs per Boe, with Q2 2025 cash costs at $11.69 per Boe.
• Long-term, high-return inventory from deep drilling locations in the core Permian.

The focus on an oil-heavy mix is a deliberate value driver, as crude oil often commands a premium price realization compared to gas. For instance, in Q3 2025, crude oil realized prices were $65.63 per Bbl, versus natural gas at $1.07 per Mcf. The company is actively managing this mix, noting that its oil percentage should trend closer to 70% in the future, depending on new wells coming online.

You can see how the production and cost metrics stack up for the recent quarters:

Metric	Q2 2025 Result	Q3 2025 Result
Average Daily Sales Volume (MBoe/d)	48.6	47.8
Total Cash Costs per Boe	$11.69	$11.97
Lease Operating Expenses (LOE) per Boe (Excl. Workovers)	$6.55	$6.57
Crude Oil Cut in Volume	70%	66%

That low cash cost structure is key to resilience. For Q2 2025, the $11.69 per Boe total cash cost broke down into specific components, showing where they control spending:

• Lease operating expenses: $6.55 per Boe.
• Workover expenses: $1.06 per Boe.
• Production and ad valorem taxes: $2.80 per Boe.
• General and Administrative (G&A) expenses: $1.28 per Boe.

The long-term inventory quality is supported by performance data from specific zones. For example, their Middle Spraberry wells have demonstrated breakeven points in the low to mid $40/bbl range. That's the kind of long-term, high-return potential that underpins the value proposition, suggesting profitability even in leaner commodity price environments. Finance: draft 13-week cash view by Friday.

HighPeak Energy, Inc. (HPK) - Canvas Business Model: Customer Relationships

When you look at HighPeak Energy, Inc. (HPK), the customer relationship side is heavily weighted toward large-scale commodity transactions and direct engagement with the capital markets. It's not about a million small retail sales; it's about securing the output from your assets with major buyers and keeping your institutional backers informed.

Transactional, high-volume contracts with major purchasers.

Your core customer relationships here are built on the physical movement of hydrocarbons. We see this reflected in the production figures, which represent the volume underpinning those sales agreements. For instance, in the third quarter of 2025, HighPeak Energy, Inc. (HPK) reported average daily sales volumes of approximately 47.8 thousand barrels of crude oil equivalent per day (MBoe/d). That's a substantial, consistent volume that requires firm, transactional contracts with refiners or marketers.

To manage the price risk inherent in these large-volume sales, HighPeak Energy, Inc. (HPK) actively uses derivatives, which are essentially contracts to lock in future prices. As of the second quarter of 2025, the company had hedged a significant portion of its production for the next 18 months. Furthermore, they extended this protection by entering into additional crude oil derivative contracts covering a significant portion of forecasted production through March 2027. This hedging strategy is a key part of the relationship, as it provides revenue predictability to their counterparties.

Here's a quick look at the recent operational scale that drives these transactional relationships:

Period	Average Daily Sales Volume (MBoe/d)	Crude Oil Percentage	Liquids Percentage
Q3 2025	47.8	66%	83%
Q2 2025	48.6	70%	85%
Q1 2025	53.1	72%	86%

Direct communication with institutional investors via quarterly earnings calls.

For the financial customers-the shareholders and analysts-the relationship is maintained through a structured, direct cadence. HighPeak Energy, Inc. (HPK) uses formal quarterly earnings calls to deliver performance updates and strategic direction. For example, the Third Quarter 2025 results were released on November 5, 2025, followed by the earnings call on November 6, 2025, at 11:00 a.m. Central Time. This direct line of communication is crucial, especially following significant events like the CEO transition announced in September 2025.

You can track the consistency of this engagement:

• Q3 2025 Earnings Call: November 6, 2025.
• Q2 2025 Earnings Call: August 12, 2025.
• Q1 2025 Earnings Call: May 13, 2025.

These events, along with the release of materials like the Q3 2025 Investor Presentation on November 6, 2025, serve as the primary touchpoints for the investment community.

Maintaining financial flexibility to support shareholder value (e.g., $0.04 quarterly dividend).

A tangible demonstration of HighPeak Energy, Inc. (HPK)'s commitment to its shareholders is the consistent dividend policy, which helps anchor the relationship with long-term holders. The company has maintained a regular quarterly payout. Following the Q3 2025 results, the Board approved a quarterly dividend of $0.04 per share, payable on December 23, 2025, to shareholders of record on December 1, 2025. This keeps the annual dividend at $0.16 per share.

This dividend commitment is backed by efforts to secure financial footing. The total dividends paid to stockholders during the second quarter of 2025 amounted to approximately $5.0 million. Furthermore, management has actively worked to ensure the financial flexibility to sustain this, including amending the Term Loan Credit Agreement to extend maturity dates to September 2028 and increasing liquidity by up to $1.2 billion. This action directly supports the ability to maintain shareholder returns like that $0.04 quarterly distribution.

Finance: draft 13-week cash view by Friday.

HighPeak Energy, Inc. (HPK) - Canvas Business Model: Channels

The movement of HighPeak Energy, Inc. (HPK)'s produced commodities-crude oil, NGLs, and natural gas-to market relies on a mix of direct agreements and established midstream infrastructure.

Direct sales contracts to major petroleum refineries in the Permian Basin region.

HighPeak Energy, Inc. (HPK) sells its crude oil, NGLs, and natural gas to various customers on a competitive pricing basis, utilizing both intrastate and interstate markets. In September 2024, HighPeak Energy, Inc. (HPK) entered into an amended and restated crude oil marketing contract with DeleN as the purchaser.

The sales volume profile for 2025 shows the relative mix being channeled:

• Q1 2025 average daily sales volumes were 53.1 thousand barrels of crude oil equivalent per day (MBoe/d).
• Q1 2025 crude oil sales averaged 38,222 Bbls/day.
• Q2 2025 average sales volumes were 48.6 MBoe/d, with crude oil comprising approximately 70% of that volume.
• Q3 2025 average sales volumes were 47.8 MBoe/d, with oil sales volumes at 31,594 barrels per day, representing an oil cut of 66%.
• The 2025 production guidance range was set between 48,000 - 50,500 Boe/d.

Pipeline and trucking infrastructure for transporting crude oil and NGLs.

Physical movement requires access to midstream systems, and capacity constraints in these facilities can impact HighPeak Energy, Inc. (HPK)'s ability to deliver product. The company's capital plan included specific spending for infrastructure development.

Key infrastructure capital allocation figures for 2025 include:

• Total 2025 Capital Expenditures guidance range of $448 - $490 million.
• Guidance for One-Time Infrastructure Projects was set at $33 - $35 million.
• The majority of 2025 infrastructure capital expenditures (capex) were weighted toward the first quarter, with Q1 2025 infrastructure capex being $179.8 million of the total Q1 capex.

For transportation and gathering, in September 2024, DKL Permian Gathering, LLC ("DKL") was named as the gatherer and transporter in an amended crude oil marketing contract.

Third-party natural gas processors and gatherers for market access.

HighPeak Energy, Inc. (HPK)'s natural gas production is gathered by third-party processors primarily to extract NGLs. The resulting residue natural gas and extracted liquids are then sold to various markets. The company has noted that increased sales volumes of natural gas and NGLs in Q3 2025 were attributed to the resolution of prior gas takeaway issues.

The process involves agreements with midstream companies for natural gas processing, NGL transportation, and produced water disposal, some of which require HighPeak Energy, Inc. (HPK) to meet minimum volume commitments.

Commodity exchanges (CME NYMEX, ICE) for derivative trading.

HighPeak Energy, Inc. (HPK) uses derivative instruments, based on prices from the New York Mercantile Exchange (NYMEX), to manage commodity price risk. Crude oil hedges use WTI Cushing pricing, and natural gas hedges use Henry Hub (HH) pricing. The company entered into additional crude oil derivative contracts subsequent to Q2 2025, covering a significant portion of forecasted production through March 2027.

Selected derivative positions as of March 31, 2025, for the second quarter of 2025:

Commodity	Settlement Month	Type of Contract	Bbls/MMBtu Per Day	Index Price per Unit	Ceiling Price per Unit
Crude Oil	Apr - Jun 2025	Swap	5,500 Bbls	WTI Cushing $76.37 /Bbl	$-
Crude Oil	Apr - Jun 2025	Collar	7,989 Bbls	WTI Cushing $- /Bbl	$88.55 /Bbl
Natural Gas	Apr - Jun 2025	Swap	30,000 MMBtu	HH $4.43 /MMBtu	N/A

For natural gas, HighPeak Energy, Inc. (HPK) had outstanding swaps in April 2025 for 30,000 MMBtu per day for the period of April - June 2025 at a weighted average price of $4.43 per MMBtu HH.

HighPeak Energy, Inc. (HPK) - Canvas Business Model: Customer Segments

You're looking at the core buyers for HighPeak Energy, Inc. (HPK) as of their late 2025 reporting, which centers on their Midland Basin production. The customer base is segmented by the commodity they are taking off the wellhead, and, importantly, by those providing capital.

Petroleum refineries requiring West Texas Intermediate (WTI) crude oil

Refineries are your primary off-takers for the crude oil component of HighPeak Energy's output. The company's production mix in the third quarter of 2025 clearly shows the importance of this segment, even as the mix shifted slightly.

For the quarter ended September 30, 2025, HighPeak Energy's sales volumes averaged 47.8 thousand barrels of crude oil equivalent per day (MBoe/d). The crude oil portion made up approximately 66% of those sales volumes. Honestly, this means the demand from refiners dictates a huge chunk of their near-term revenue stability.

Metric	Value (Q3 2025)
Average Daily Oil Sales Volume	31,594 barrels per day
Crude Oil Sales Volume Percentage	66% of total sales volumes
Average Realized Price (Crude Oil per Bbl, excluding derivatives)	$65.63
Total Debt (as of September 30, 2025)	$1.2 billion

The company's derivative strategy also directly impacts the effective price refineries pay or that HighPeak Energy realizes, as contracts are based on the NYMEX WTI Cushing pricing.

Energy trading companies purchasing natural gas and Natural Gas Liquids (NGLs)

Trading desks and processors buy the balance of the production-natural gas and Natural Gas Liquids (NGLs). HighPeak Energy noted that sales volumes for natural gas and NGLs increased by about a combined 10% quarter-over-quarter in Q3 2025, suggesting improving takeaway capacity for these products.

The liquids portion of the sales volumes, which includes NGLs, accounted for 83% of the total sales in Q3 2025. This segment is crucial for balancing the overall production profile.

• Average Realized Price for NGL per Barrel (Q3 2025): $17.40
• Average Realized Price for Natural Gas per Mcf (Q3 2025): $1.07
• Total Realized Price per Boe (Excluding Derivatives, Q3 2025): $42.91
• EBITDAX (Q3 2025): $139.9 million

The overall realized price per Boe, when not factoring in hedging effects, was $42.91 for the third quarter. That's the raw value these commodity buyers are dealing with.

Institutional and retail investors seeking exposure to a pure-play Midland Basin operator

This segment isn't buying barrels; they are buying equity in HighPeak Energy, Inc. (HPK). The company's recent strategic pivot, focusing on financial discipline after reporting a net loss of $18.3 million in Q3 2025, directly targets investor sentiment. The Board declared a quarterly dividend of $0.04 per common share payable in December 2025, a move intended to reassure this customer base.

The capital structure as of September 30, 2025, shows a net debt position of $1.035 billion against cash of $165 million. This debt load is a key factor for any investor assessing the stock.

Investor Metric (Late 2025)	Value
Market Capitalization	$864.04M
Institutions Ownership	21.01%
Insiders Ownership	85.28%
Short Percent	4.35%

You can see the insiders defintely have a large stake, which is something to note when evaluating governance. Finance: draft 13-week cash view by Friday.

HighPeak Energy, Inc. (HPK) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive HighPeak Energy, Inc.'s operations as of late 2025. It's a capital-heavy business, and managing that outlay is key to survival.

The cost structure is heavily weighted toward getting the product out of the ground. Drilling and completion (D&C) is the primary drain on capital. While the cumulative figure through Q3 2025 isn't explicitly stated as $391.8 million in the latest reports, we can see the quarterly spend reflecting this intensity:

Metric	Q3 2025 Amount	Q2 2025 Amount
Capital Expenditures (Excluding Acquisitions)	$86.6 million	$125.4 million
Change from Previous Quarter	Decrease of 31%	Decrease of over 30% from Q1 2025

This shows a deliberate pull-back in capital deployment during Q3 2025, with management pacing activity to market conditions.

Day-to-day production costs, known as Lease Operating Expenses (LOE), show a tight grip on variable costs. You saw this focus on efficiency:

• Lease Operating Expenses (LOE) averaged $6.55 per Boe in Q2 2025.
• LOE for Q3 2025 was $6.57 per Boe, excluding workover expenses, keeping it consistent with the first half of 2025.
• Simul-frac completion technique delivered cost savings of over $400,000 per well compared to the traditional zipper frac.

Interest expense is a major component due to the significant leverage. HighPeak Energy, Inc. upsized borrowings under its Term Loan to $1.2 billion in August 2025, and total debt on the balance sheet as of September 2025 was reported at $1.19 Billion USD. This high debt level remains a primary focus for improvement, as noted by the new CEO.

General and administrative (G&A) expenses reflect the overhead required to run the company, including one-time hits. For the third quarter of 2025, G&A expenses were $2.12 per Boe. This figure was higher than the prior quarter, primarily due to specific costs:

• Legal costs.
• Severance costs related to the retirement of the former Chairman and CEO.

Finance: draft 13-week cash view by Friday.

HighPeak Energy, Inc. (HPK) - Canvas Business Model: Revenue Streams

You're looking at the core ways HighPeak Energy, Inc. (HPK) brings in cash, and honestly, it's almost entirely about what comes out of the ground right now. The revenue structure is heavily weighted toward commodity sales, which means their top line is directly tied to the volatile prices of oil and gas.

Crude oil sales, which is the overwhelmingly dominant revenue source.

Crude oil is the engine here. For the first quarter of 2025, crude oil sales alone accounted for a massive portion of the total operating revenues. To be fair, this dominance is expected to continue as liquids make up the bulk of their production mix. For example, in Q1 2025, crude oil sales hit $246,424 thousand, compared to just $11,024 thousand for NGL and natural gas sales combined. Also, in Q3 2025, sales volumes consisted of approximately 66% crude oil and 83% liquids.

Here's a quick look at the revenue breakdown from the start of 2025:

Revenue Component (Q1 2025, in thousands)	Amount
Crude oil sales	$246,424
NGL and natural gas sales	$11,024
Total operating revenues	$257,448

Natural Gas Liquids (NGL) and residue natural gas sales.

While secondary, NGL and natural gas sales provide important diversification. You see the realized prices fluctuate quite a bit, which is why hedging becomes so critical. For instance, the average realized price for natural gas, excluding derivatives, in Q1 2025 was $2.34 per Mcf, but by Q3 2025, that price had dropped to $1.92 per Mcf. Still, the volume of NGLs sold increased from 5,147 Bbls per day in Q1 2024 to 7,724 Bbls per day in Q1 2025.

Realized gains from commodity derivative contracts, like gas hedged at $4.43 per MMBtu.

HighPeak Energy, Inc. (HPK) actively manages price risk, so derivative contracts are a key part of the revenue picture, smoothing out volatility. You definitely want to track the impact of these hedges. Specifically, the company entered into natural gas derivative instruments, setting HH fixed price swaps at $4.43 per MMBtu for 30,000 MMBtu per day covering the period from March 2025 through February 2026. The impact shows up in the realized prices; for example, the overall realized price per Boe in Q2 2025 was $46.94 per Boe including derivatives, versus $45.27 per Boe excluding them.

When looking at the full-year 2025 analyst consensus, the latest available analyst projection points toward revenues of US$818.1m in 2026, based on three analysts covering HighPeak Energy, Inc. (HPK) as of November 8, 2025. What this estimate hides is the exact 2025 projection you were looking for, but the Q3 2025 actual revenue was US$189m, falling short of expectations for that period. You should keep an eye on the next update for a clearer 2025 picture.

Finance: draft 13-week cash view by Friday.