Highpeak Energy, Inc. (HPK): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'exploration énergétique, Highpeak Energy, Inc. (HPK) apparaît comme une puissance stratégique dans le bassin du Permien, révolutionnant la production de pétrole et de gaz grâce à un modèle commercial innovant qui équilibre les prouesses technologiques, les partenariats stratégiques et le sens financier. En tirant parti des techniques de forage de pointe, en optimisant des portefeuilles d'actifs et en maintenant une approche axée sur le laser pour les opérations efficaces, Highpeak Energy s'est positionné comme un acteur formidable dans le paysage de l'énergie compétitive, promettant des rendements robustes et un développement durable qui captise à la fois les investisseurs et les industrie observateurs.

Highpeak Energy, Inc. (HPK) - Modèle d'entreprise: partenariats clés

Coentreprise avec Colgate Energy

En octobre 2022, Highpeak Energy a terminé une fusion avec Colgate Energy Partners III, LLC évaluée à environ 6,0 milliards de dollars. La transaction impliquée:

• Environ 30 000 acres nets dans le bassin du Permien
• Production de 38 000 barils d'huile équivalent par jour (BOE / jour)
• Des réserves prouvées estimées de 262 millions de BOE

Partenariats stratégiques avec les fournisseurs de services pétroliers

Fournisseur de services	Type de service	Détails du contrat
Schlumberger	Services de forage et d'achèvement	Contrat pluriannuel pour les opérations du bassin du Permien
Halliburton	Fracturation hydraulique	Contrat de service à long terme pour les compléments de puits horizontaux

Collaborations de transport intermédiaire

Highpeak Energy a établi des partenariats avec des sociétés intermédiaires pour:

• Transport de pétrole brut
• Rassemblement et traitement du gaz naturel
• Gestion de l'eau produite

Partenariats financiers

Institution financière	Type de partenariat	Montant de la facilité de crédit
JPMorgan Chase	Facilité de crédit renouvelable	500 millions de dollars
Wells Fargo	Prêts basés sur la réserve	350 millions de dollars

Highpeak Energy, Inc. (HPK) - Modèle d'entreprise: activités clés

Exploration et production de pétrole et de gaz naturel

Depuis le quatrième trimestre 2023, une énergie élevée a signalé une production totale de 44 800 barils d'équivalent de pétrole par jour (BOE / D). La panne de production comprend:

Type de production	Volume	Pourcentage
Huile brute	26 800 BOE / J	59.8%
Gaz naturel	18 000 BOE / D	40.2%

Forage horizontal dans le bassin du Permien

Les opérations de forage de HighPeak Energy sont concentrées dans le bassin de Midland du bassin du Permien. Les statistiques de forage clés comprennent:

• Puits horizontaux opérés: 133 puits nets
• Longueur latérale moyenne: 10 500 pieds
• Coût de forage par puits: environ 8,5 millions de dollars

Acquisition d'actifs et optimisation du portefeuille

En 2023, Highpeak Energy a achevé les acquisitions de actifs stratégiques:

Détails d'acquisition	Valeur	Superficie
Acquisition du bassin du Permien	525 millions de dollars	22 000 acres nets

Gestion des réservoirs et techniques de récupération améliorées

HighPeak Energy met en œuvre des stratégies avancées de gestion des réservoirs:

• Taux de récupération des inondations de l'eau: 15-20%
• Investissement amélioré de récupération de pétrole: 45 millions de dollars en 2023
• Récupération ultime estimée (EUR) par puits: 750 000 BOE

Highpeak Energy, Inc. (HPK) - Modèle d'entreprise: Ressources clés

Superficie importante dans le bassin du Permien

Depuis le quatrième trimestre 2023, HighPeak Energy tient environ 41 700 acres nets dans la région du bassin de Midland du bassin du Permien.

Emplacement	Acres nets	Réserves estimées
Bassin de Midland	41,700	Environ 330 millions de BOE

Technologies de forage et d'extraction avancées

L'énergie Highpeak utilise des technologies de forage modernes avec les spécifications suivantes:

• Techniques de forage horizontal
• Fracturation hydraulique à plusieurs étapes
• Imagerie sismique 3D avancée

Équipe de gestion expérimentée

Position	Nom	Années d'expérience dans l'industrie
PDG	Jack Hightower	Plus de 30 ans
Directeur financier	Ryan Humpes	Plus de 20 ans

Capitaux financiers et de crédit financiers solides

Ressources financières au quatrième trimestre 2023:

• Actifs totaux: 1,2 milliard de dollars
• Facilité de crédit: 500 millions de dollars
• Equivalents en espèces et en espèces: 78,3 millions de dollars

Métrique financière	Montant
Dette totale	350 millions de dollars
Fonds de roulement	128,5 millions de dollars

Highpeak Energy, Inc. (HPK) - Modèle d'entreprise: propositions de valeur

Production de pétrole et de gaz à faible coût de haute qualité

Depuis le quatrième trimestre 2023, HighPeak Energy a rapporté:

Métrique de production	Valeur
Production totale	52 700 barils d'huile équivalent par jour (BOE / D)
Production de pétrole	45 200 barils par jour
Coût de production	6,57 $ par Boe

Concentrez-vous sur des stratégies opérationnelles efficaces

Mesures d'efficacité opérationnelle pour 2023:

• Dépenses d'exploitation de location: 3,86 $ par BOE
• Frais généraux et administratifs: 1,71 $ par BOE
• Dépenses en capital: 396,4 millions de dollars

Développement d'énergie durable et responsable

Performance environnementale	Métrique
Intensité des émissions de méthane	0,11 tonnes métriques CO2E pour mille boe
Réduction des lacunes	Moins de 1% de la production totale

Retour sur investissement fort pour les actionnaires

Points forts de la performance financière pour 2023:

• Revenus: 1,24 milliard de dollars
• Revenu net: 363,2 millions de dollars
• Flux de trésorerie disponibles: 280,6 millions de dollars
• Dividende par action: 0,50 $ trimestriel

Highpeak Energy, Inc. (HPK) - Modèle d'entreprise: relations avec les clients

Contrats d'approvisionnement à long terme avec des acheteurs d'énergie

L'énergie Highpeak maintient des contrats d'approvisionnement à long terme stratégiques avec plusieurs acheteurs d'énergie dans le bassin du Permien. Au quatrième trimestre 2023, la société a rapporté:

Type de contrat	Volume annuel	Durée du contrat
Approvisionnement en pétrole brut	45 000 barils par jour	3-5 ans
Approvisionnement en gaz naturel	150 millions de pieds cubes par jour	2-4 ans

Ventes directes vers les raffineries et les commerçants d'énergie

Les canaux de vente directs comprennent:

• Top 5 des clients de la raffinerie au Texas et au Nouveau-Mexique
• Traders d'énergie du marché au comptant
• Sociétés d'énergie au milieu

Répartition des revenus des ventes pour 2023:

Segment de clientèle	Revenu	Pourcentage
Raffineries	412 millions de dollars	62%
Commerçants d'énergie	218 millions de dollars	33%
Autres clients	30 millions de dollars	5%

Communication transparente avec les investisseurs

Métriques des relations avec les investisseurs pour 2023:

• Répédances trimestrielles: 4 par an
• Présentations des investisseurs: 8 événements
• Fréquence de communication des actionnaires: mises à jour mensuelles

Engagement envers l'excellence environnementale et opérationnelle

Indicateurs de performance environnementale:

Métrique	Performance de 2023	Amélioration
Réduction des émissions de méthane	Réduction de 22%	À partir de la ligne de base de 2022
Taux de recyclage de l'eau	75%	Augmenté à 62% en 2022

Highpeak Energy, Inc. (HPK) - Modèle d'entreprise: canaux

Ventes directes vers les marchés de l'énergie

Les canaux de vente directs de Highpeak Energy en 2023 se sont concentrés sur les opérations du bassin du Permien avec les mesures clés suivantes:

Canal de vente	Volume (BOE / D)	Impact sur les revenus
Ventes directes du pétrole brut	22 500 barils par jour	765 millions de dollars de revenus annuels
Ventes directes au gaz naturel	132 millions de pieds cubes par jour	189 millions de dollars de revenus annuels

Plateformes de trading de matières premières

Les plates-formes de trading utilisées par l'énergie à hautspons comprennent:

• CME NyMEx Futures Exchange
• Échange intercontinental (glace)
• Plateforme de trading de terminal Bloomberg

Communications des relations avec les investisseurs

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	Plus de 250 investisseurs institutionnels
Réunion des actionnaires annuelle	1 fois par an	Environ 175 actionnaires

Plateformes numériques pour l'engagement des investisseurs et des parties prenantes

Métriques d'engagement numérique pour 2023:

• Visiteurs du site Web de l'entreprise: 47 500 par mois
• Portail des relations avec les investisseurs: 22 300 visiteurs uniques trimestriels
• LinkedIn adepte: 3,750
• Twitter abonnés: 2 100

Highpeak Energy, Inc. (HPK) - Modèle d'entreprise: segments de clientèle

Raffineries de pétrole

Au quatrième trimestre 2023, l'énergie à haute époque fournit environ 15 000 barils de pétrole brut par jour aux raffineries de pétrole dans la région du bassin du Permien.

Type de raffinerie	Approvisionnement en pétrole annuel (barils)	Focus géographique
REFIGIERIES INTERMÉDIAIRES DE WEST TEXAS (WTI)	5,475,000	Bassin permien
Raffineries indépendantes régionales	3,650,000	Texas et au Nouveau-Mexique

Sociétés de commerce d'énergie

L'énergie élevée se négocie environ 20 000 MMBTU de gaz naturel par le biais de plates-formes de trading d'énergie.

• Volume quotidien de trading au gaz naturel: 20 000 MMBTU
• Revenus commerciaux annuels: 42,6 millions de dollars en 2023
• Plateformes de trading primaires: groupe CME, échange intercontinental

Consommateurs d'énergie industrielle

Les clients industriels consomment environ 25% de la production totale de production de Highpeak Energy.

Secteur de l'industrie	Consommation d'énergie annuelle	Type de contrat
Fabrication	3,2 millions de MMBTU	Contrat d'approvisionnement à long terme
Traitement chimique	2,8 millions de MMBTU	Contrat à prix fixe

Investisseurs institutionnels et individuels

Au 31 décembre 2023, la capitalisation boursière de Highpeak Energy était de 1,2 milliard de dollars.

• Propriété totale institutionnelle: 68,3%
• Nombre d'investisseurs institutionnels: 127
• Les plus grands actionnaires institutionnels:
  • Groupe Vanguard: 12,4%
  • BlackRock: 9,7%
  • State Street Corporation: 6,2%

Highpeak Energy, Inc. (HPK) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

Pour l'exercice 2023, Highpeak Energy a déclaré des frais d'exploration totaux de 12,4 millions de dollars. Les coûts liés au forage étaient d'environ 87,6 millions de dollars.

Catégorie de dépenses	Montant ($)
Coûts d'enquête sismique	3,2 millions
Coûts d'exploration bien	9,2 millions

Investissements d'équipement et de technologie

Les dépenses en capital pour 2023 ont totalisé 415,7 millions de dollars, avec des allocations spécifiques comme suit:

• Équipement de forage: 187,3 millions de dollars
• Technologie de production: 92,5 millions de dollars
• Développement des infrastructures: 135,9 millions de dollars

Coûts opérationnels et d'entretien

Catégorie de coûts	Dépenses annuelles ($)
Opérations sur le terrain	64,3 millions
Entretien de l'équipement	22,7 millions
Soutien de la main-d'œuvre	38,5 millions

Surfes générales générales et administratives

Les frais généraux et administratifs pour 2023 étaient de 45,2 millions de dollars, ventilés comme suit:

• Salaires et avantages sociaux: 28,6 millions de dollars
• Frais d'administration des entreprises: 11,3 millions de dollars
• Services professionnels: 5,3 millions de dollars

Structure totale des coûts pour 2023: 560,2 millions de dollars

Highpeak Energy, Inc. (HPK) - Modèle d'entreprise: Strots de revenus

Ventes de pétrole brut

Pour l'exercice 2023, Highpeak Energy a signalé une production de pétrole brut de 24 427 barils par jour. Le prix moyen réalisé du pétrole brut était de 71,52 $ le baril. Le chiffre d'affaires total du pétrole brut pour 2023 était d'environ 637,4 millions de dollars.

Métrique de production	Valeur
Production quotidienne de pétrole	24 427 barils
Prix ​​du pétrole moyen	71,52 $ par baril
Revenus pétroliers annuels	637,4 millions de dollars

Revenus de production de gaz naturel

L'énergie à haute époque a produit 85,1 millions de pieds cubes de gaz naturel par jour en 2023. Le prix moyen du gaz naturel était de 2,61 $ par million de pieds cubes. Le chiffre d'affaires total du gaz naturel a atteint 303,2 millions de dollars pour l'année.

Métrique du gaz naturel	Valeur
Production quotidienne de gaz	85,1 millions de pieds cubes
Prix ​​du gaz moyen	2,61 $ par million de pieds cubes
Revenus de gaz annuels	303,2 millions de dollars

Hedging and Derivative Financial Instruments

L'énergie Highpeak a utilisé des dérivés financiers pour gérer le risque de prix. Le gain de haies pour 2023 était de 47,6 millions de dollars. Les instruments dérivés couvraient environ 70% des volumes de production.

• Gain total des haies: 47,6 millions de dollars
• Couverture de production couverte: 70%
• Instruments dérivés: contrats à terme sur le pétrole et le gaz

Vente potentielle des actifs ou revenu de coentreprise

En 2023, Highpeak Energy a achevé une coentreprise avec la production de West Texas, générant 112,5 millions de dollars en produit de transaction. Les ventes potentielles supplémentaires potentielles étaient estimées à 75,3 millions de dollars.

Type de transaction	Valeur
Transaction de coentreprise	112,5 millions de dollars
Estimation potentielle de vente d'actifs	75,3 millions de dollars

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.