Highpeak Energy, Inc. (HPK): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da exploração energética, a Highpeak Energy, Inc. (HPK) surge como uma potência estratégica na bacia do Permiano, revolucionando a produção de petróleo e gás por meio de um modelo de negócios inovador que equilibra proezas tecnológicas, parcerias estratégicas e perspicácia financeira. Ao alavancar técnicas de perfuração de ponta, otimizar as portfólios de ativos e manter uma abordagem focada em laser para operações eficientes, a Highpeak Energy se posicionou como um participante formidável no cenário de energia competitivo, prometendo retornos robustos e desenvolvimento sustentável que cative investidores e indústria observadores.

Highpeak Energy, Inc. (HPK) - Modelo de negócios: Parcerias -chave

Joint venture com energia Colgate

Em outubro de 2022, a Highpeak Energy concluiu uma fusão com a Colgate Energy Partners III, LLC, avaliada em aproximadamente US $ 6,0 bilhões. A transação envolvida:

• Aproximadamente 30.000 acres líquidos na bacia do Permiano
• Produção de 38.000 barris de petróleo equivalente por dia (BoE/dia)
• Reservas estimadas comprovadas de 262 milhões de boe

Parcerias estratégicas com provedores de serviços de campo petrolífero

Provedor de serviços	Tipo de serviço	Detalhes do contrato
Schlumberger	Serviços de perfuração e conclusão	Contrato de vários anos para operações da Bacia Permiana
Halliburton	Fraturamento hidráulico	Contrato de serviço de longo prazo para conclusões horizontais de poço

Colaborações de transporte no meio da corrente

A Highpeak Energy estabeleceu parcerias com empresas Midstream para:

• Transporte de petróleo bruto
• Coleta e processamento de gás natural
• Produzido gerenciamento de água

Parcerias financeiras

Instituição financeira	Tipo de parceria	Valor da linha de crédito
JPMorgan Chase	Linha de crédito rotativo	US $ 500 milhões
Wells Fargo	Empréstimos baseados em reserva	US $ 350 milhões

Highpeak Energy, Inc. (HPK) - Modelo de negócios: Atividades -chave

Exploração e produção de petróleo e gás natural

A partir do quarto trimestre de 2023, a Highpeak Energy relatou a produção total de 44.800 barris de petróleo equivalente por dia (BOE/D). O colapso da produção inclui:

Tipo de produção	Volume	Percentagem
Petróleo bruto	26.800 BOE/D.	59.8%
Gás natural	18.000 boe/d	40.2%

Perfuração horizontal na bacia do Permiano

As operações de perfuração da Highpeak Energy estão concentradas na bacia de Midland da bacia do Permiano. As principais estatísticas de perfuração incluem:

• Poços horizontais operados: 133 poços líquidos
• Comprimento lateral médio: 10.500 pés
• Custo de perfuração por poço: aproximadamente US $ 8,5 milhões

Aquisição de ativos e otimização de portfólio

Em 2023, a Highpeak Energy concluiu aquisições estratégicas de ativos:

Detalhes da aquisição	Valor	Cultura
Aquisição da bacia do Permiano	US $ 525 milhões	22.000 acres líquidos

Gerenciamento de reservatórios e técnicas de recuperação aprimoradas

Energia Highpeak implementa estratégias avançadas de gerenciamento de reservatórios:

• Taxa de recuperação de inundação de água: 15-20%
• Investimento aprimorado de recuperação de petróleo: US $ 45 milhões em 2023
• Recuperação final estimada (EUR) por poço: 750.000 Boe

Highpeak Energy, Inc. (HPK) - Modelo de negócios: Recursos -chave

Área de área significativa na bacia do Permiano

A partir do quarto trimestre 2023, a Highpeak Energy é Aproximadamente 41.700 acres líquidos na região da Bacia Midland, da Bacia do Permiano.

Localização	Líquido acres	Reservas estimadas
Bacia Midland	41,700	Aproximadamente 330 milhões de Boe

Tecnologias avançadas de perfuração e extração

A Highpeak Energy utiliza tecnologias modernas de perfuração com as seguintes especificações:

• Técnicas de perfuração horizontal
• Fraturamento hidráulico de vários estágios
• Imagem sísmica 3D avançada

Equipe de gerenciamento experiente

Posição	Nome	Anos de experiência no setor
CEO	Jack Hightower	Mais de 30 anos
Diretor Financeiro	Ryan Humpries	Mais de 20 anos

Capital financeiro e linhas de crédito fortes

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 1,2 bilhão
• Linha de crédito: US $ 500 milhões
• Caixa e equivalentes em dinheiro: US $ 78,3 milhões

Métrica financeira	Quantia
Dívida total	US $ 350 milhões
Capital de giro	US $ 128,5 milhões

Highpeak Energy, Inc. (HPK) - Modelo de negócios: proposições de valor

Produção de petróleo e gás de alta qualidade e baixo custo

A partir do quarto trimestre 2023, a Highpeak Energy relatou:

Métrica de produção	Valor
Produção total	52.700 barris de petróleo equivalente por dia (BOE/D)
Produção de petróleo	45.200 barris por dia
Custo de produção	US $ 6,57 por Boe

Concentre -se em estratégias operacionais eficientes

Métricas de eficiência operacional para 2023:

• Despesas operacionais de arrendamento: US $ 3,86 por Boe
• Despesas gerais e administrativas: US $ 1,71 por Boe
• Despesas de capital: US $ 396,4 milhões

Desenvolvimento Energético Sustentável e Responsável

Desempenho ambiental	Métrica
Intensidade de emissões de metano	0,11 toneladas métricas CO2E por mil boe
Redução de queima	Menos de 1% da produção total

Forte retorno do investimento para os acionistas

O desempenho financeiro destaca para 2023:

• Receita: US $ 1,24 bilhão
• Lucro líquido: US $ 363,2 milhões
• Fluxo de caixa livre: US $ 280,6 milhões
• Dividendo por ação: US $ 0,50 trimestral

Highpeak Energy, Inc. (HPK) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de fornecimento de longo prazo com compradores de energia

A Highpeak Energy mantém contratos estratégicos de fornecimento de longo prazo com vários compradores de energia na bacia do Permiano. A partir do quarto trimestre 2023, a empresa informou:

Tipo de contrato	Volume anual	Duração do contrato
Suprimento de petróleo bruto	45.000 barris por dia	3-5 anos
Suprimento de gás natural	150 milhões de pés cúbicos por dia	2-4 anos

Vendas diretas para refinarias e comerciantes de energia

Os canais de vendas diretos incluem:

• 5 principais clientes de refinaria no Texas e Novo México
• Spot Market Energy Traders
• Empresas de energia média

Repartição da receita de vendas para 2023:

Segmento de clientes	Receita	Percentagem
Refinarias	US $ 412 milhões	62%
Comerciantes de energia	US $ 218 milhões	33%
Outros clientes	US $ 30 milhões	5%

Comunicação transparente com investidores

Métricas de Relações com Investidores para 2023:

• Chamadas trimestrais de ganhos: 4 por ano
• Apresentações de investidores: 8 eventos
• Frequência de comunicação do acionista: atualizações mensais

Compromisso com a excelência ambiental e operacional

Indicadores de desempenho ambiental:

Métrica	2023 desempenho	Melhoria
Redução de emissões de metano	Redução de 22%	De 2022 linha de base
Taxa de reciclagem de água	75%	Aumentou de 62% em 2022

Highpeak Energy, Inc. (HPK) - Modelo de Negócios: Canais

Vendas diretas para mercados de energia

Os canais de vendas diretos da HighPeak Energy em 2023 focados nas operações da Bacia do Permiano com as seguintes métricas principais:

Canal de vendas	Volume (boe/d)	Impacto de receita
Vendas diretas de petróleo bruto	22.500 barris por dia	Receita anual de US $ 765 milhões
Vendas diretas de gás natural	132 milhões de pés cúbicos por dia	Receita anual de US $ 189 milhões

Plataformas de negociação de commodities

As plataformas de negociação utilizadas pela Highpeak Energy incluem:

• CME Nymex Futures Exchange
• Intercontinental Exchange (gelo)
• Plataforma de negociação do terminal da Bloomberg

Comunicações de Relações com Investidores

Canal de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes anualmente	Mais de 250 investidores institucionais
Reunião Anual dos Acionistas	1 tempo anualmente	Aproximadamente 175 acionistas

Plataformas digitais para engajamento de investidores e partes interessadas

Métricas de engajamento digital para 2023:

• Site corporativo Visitantes: 47.500 por mês
• Portal de relações com investidores: 22.300 visitantes únicos trimestralmente
• Seguidores do LinkedIn: 3.750
• Seguidores do Twitter: 2.100

Highpeak Energy, Inc. (HPK) - Modelo de negócios: segmentos de clientes

Refinarias de petróleo

A partir do quarto trimestre de 2023, a energia alta fornece aproximadamente 15.000 barris de petróleo bruto por dia a refinarias de petróleo na região da Bacia do Permiano.

Tipo de refinaria	Fornecimento anual de petróleo (barris)	Foco geográfico
Refinarias intermediárias do oeste do Texas (WTI)	5,475,000	Bacia do Permiano
Refinarias independentes regionais	3,650,000	Texas e Novo México

Empresas de comércio de energia

A Highpeak Energy negocia aproximadamente 20.000 MMBtu de gás natural diariamente através de plataformas de negociação de energia.

• Volume diário de negociação de gás natural: 20.000 MMBTU
• Receita de negociação anual: US $ 42,6 milhões em 2023
• Plataformas de negociação primárias: Grupo CME, Intercontinental Exchange

Consumidores de energia industrial

Os clientes industriais consomem aproximadamente 25% da produção total de produção da Highpeak Energy.

Setor da indústria	Consumo anual de energia	Tipo de contrato
Fabricação	3,2 milhões de MMBTU	Contrato de fornecimento de longo prazo
Processamento químico	2,8 milhões de MMBTU	Contrato de preço fixo

Investidores institucionais e individuais

Em 31 de dezembro de 2023, a capitalização de mercado da Highpeak Energy era de US $ 1,2 bilhão.

• Propriedade institucional total: 68,3%
• Número de investidores institucionais: 127
• Maiores acionistas institucionais:
  • Grupo Vanguard: 12,4%
  • BlackRock: 9,7%
  • State Street Corporation: 6,2%

Highpeak Energy, Inc. (HPK) - Modelo de negócios: estrutura de custos

Despesas de exploração e perfuração

Para o ano fiscal de 2023, a Highpeak Energy registrou despesas totais de exploração de US $ 12,4 milhões. Os custos relacionados à perfuração foram de aproximadamente US $ 87,6 milhões.

Categoria de despesa	Valor ($)
Custos de pesquisa sísmica	3,2 milhões
Bem custos de exploração	9,2 milhões

Investimentos de equipamentos e tecnologia

As despesas de capital para 2023 totalizaram US $ 415,7 milhões, com alocações específicas da seguinte forma:

• Equipamento de perfuração: US $ 187,3 milhões
• Tecnologia de produção: US $ 92,5 milhões
• Desenvolvimento de infraestrutura: US $ 135,9 milhões

Custos operacionais e de manutenção

Categoria de custo	Despesa anual ($)
Operações de campo	64,3 milhões
Manutenção do equipamento	22,7 milhões
Suporte da força de trabalho	38,5 milhões

Overhead geral e administrativo

As despesas gerais e administrativas de 2023 foram de US $ 45,2 milhões, divididas da seguinte forma:

• Salários e benefícios: US $ 28,6 milhões
• Despesas administrativas corporativas: US $ 11,3 milhões
• Serviços profissionais: US $ 5,3 milhões

Estrutura de custo total para 2023: US $ 560,2 milhões

Highpeak Energy, Inc. (HPK) - Modelo de negócios: fluxos de receita

Vendas de petróleo bruto

Para o ano fiscal de 2023, a Highpeak Energy relatou a produção de petróleo de 24.427 barris por dia. O preço médio realizado no petróleo foi de US $ 71,52 por barril. A receita total do petróleo em 2023 foi de aproximadamente US $ 637,4 milhões.

Métrica de produção	Valor
Produção diária de petróleo	24.427 barris
Preço médio do petróleo	US $ 71,52 por barril
Receita anual do petróleo	US $ 637,4 milhões

Receitas de produção de gás natural

A Highpeak Energy produziu 85,1 milhões de pés cúbicos de gás natural por dia em 2023. O preço médio do gás natural foi de US $ 2,61 por milhão de pés cúbicos. A receita total do gás natural atingiu US $ 303,2 milhões no ano.

Métrica de gás natural	Valor
Produção diária de gás	85,1 milhões de pés cúbicos
Preço médio do gás	US $ 2,61 por milhão de pés cúbicos
Receita anual de gás	US $ 303,2 milhões

Instrumentos financeiros de hedge e derivado

A Highpeak Energy utilizou derivados financeiros para gerenciar o risco de preços. O ganho de hedge para 2023 foi de US $ 47,6 milhões. Instrumentos derivativos abordaram aproximadamente 70% dos volumes de produção.

• Ganho total de hedge: US $ 47,6 milhões
• Cobertura de produção com cobertura: 70%
• Instrumentos derivativos: contratos futuros de petróleo e gás

Potencial venda de ativos ou renda de joint venture

Em 2023, a Highpeak Energy concluiu uma joint venture com a produção do oeste do Texas, gerando US $ 112,5 milhões em recursos da transação. As vendas adicionais de ativos foram estimadas em US $ 75,3 milhões.

Tipo de transação	Valor
Transação de joint venture	US $ 112,5 milhões
Estimativa de venda de ativos em potencial	US $ 75,3 milhões

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.