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1 INVESTOR PRESENTATION MARCH 2025
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2 •FORWARD-LOOKING STATEMENTS •The information in this presentation and in any oral statements made in connection herewith contains forward-looking statements that involve risks and uncertainties. When used in connection with this document, the words “believes,” “plans,” “expects,” “anticipates,” “forecasts,” “intends,” “projects,” “continue,” “may,” “will,” “could,” “should,” “future,” “potential,” “estimate” or the negative of such terms and similar expressions as they relate to HighPeak Energy, Inc. (“HighPeak Energy” or the “Company”) are intended to identify forward-looking statements, which are generally not historical in nature. The forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond the Company's control. For example, the Company’s review of strategic alternatives may not result in a sale of the Company, a recommendation that a transaction occur or result in a completed transaction, and any transaction that occurs may not increase shareholder value, in each case as a result of such risks and uncertainties. •These risks and uncertainties include, among other things, the results of the strategic review being undertaken by the Company’s Board and the interest of prospective counterparties, the Company’s ability to realize the results contemplated by its 2025 guidance , volatility of commodity prices, political instability or armed conflict in crude oil or natural gas producing regions such as the ongoing war between Russia and Ukraine, the ongoing conflict between Israel and Hamas, OPEC+ policy decisions, inflationary pressures on costs of oilfield goods, services and personnel, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirusdisease 2019 (“COVID-19”) pandemic, on global and U.S. economic activity, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company’s drilling and operating activities, access to and availability of transportation, processing, fractionation, refining and storage facilities, HighPeak Energy’s ability to replace reserves, implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to any credit facility and derivative contracts entered into by HighPeak Energy, if any, and purchasers of HighPeak Energy's oil, NGL and gas production, uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future, the assumptions underlying forecasts, including forecasts of production, expenses, cash flow from sales of oil and gas and tax rates, quality of technical data, environmental and weather risks, including the possible impacts of climate change, cybersecurity risks and acts of war or terrorism. These and other risks are described in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2025 (the “Annual Report”), and in its other filings with the SEC. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. See “Risk Factors,” “Business,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures About Market Risk” in the Registration Statement for a description of various factors that could materially affect the ability of HighPeak Energy to achieve the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no duty to publicly update these statements except as required by law. •RESERVE INFORMATION •Reserve engineering is a process of estimating the recovery of underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. Reserves estimates included herein may not be indicative of the level of reserves or PV-10 value of oil and natural gas production in the future. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions could impact HighPeak’s strategy and change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from thequantities of oil and natural gas that are ultimately recovered. •Estimated Ultimate Recoveries, or “EURs,” refers to estimates of the sum of total gross remaining reserves per well as of a given date and cumulative production prior to such given date for developed wells. “Resource” refers to gross volumes of hydrocarbons without giving effect to recovery efficiency or the economic viability of production. Neither EURs nor resource constitute or represent reserves as defined by the SEC and neither is intended to be representative of anticipated future well results or aggregate production volumes. Each such metric is inherently more uncertain than proved reserve estimates prepared in accordance with SEC guidelines. •USE OF PROJECTIONS •The financial, operational, industry and market projections, estimates and targets in this presentation (including production, operating expenses, capital expenditures, EBITDAX and Free Cash Flow in future periods) are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial, operational, industry and market projections, estimates and targets, including assumptions, risks and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements” above. These projections are speculative by their nature and, accordingly, are subject to significant risk of not being actually realized by the Company. Projected results of the Company for 2025 are particularly speculative and subject to change. Actual results may vary materially from the current projections, including for reasons beyond the Company’s control. The projections are based on current expectations and available information as of the date of this release. The Company undertakes no duty to publicly update these projections except as required by law. •In particular, you should be aware that, unless otherwise indicated, projections shown herein are based on management's "flat" commodity price parameters rather than SEC pricing guidelines or current NYMEX forward pricing. HighPeak believes that the useof flat pricing provides useful information as the flat prices reflect what management believes to be reasonable assumptions as to future commodity prices over the projection periods shown. However, HighPeak cautions you that the flat pricing used in preparing its projections is not necessarily a projection of future oil and natural gas prices, and should be carefully considered in addition to, and not as a substitute for, other commodity price assumptions held by third parties. Disclaimer
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3 •USE OF NON-GAAP FINANCIAL MEASURES •This presentation may include non-GAAP financial measures, including EBITDAX and adjusted EBITDAX, free cash flow, unlevered free cash flow, operating margin and unhedged cash operating margin, and PV-10. HighPeak believes these non-GAAP measures are useful because they allow HighPeak to more effectively evaluate its operating performance and compare the results of its operations from period to period and against its peers without regard to financing methods, capital structure or tax status. HighPeak does not consider these non-GAAP measures in isolation or as alternatives to similar financial measures determined in accordance with GAAP. HighPeak’s computations of these non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. •HighPeak defines EBITDAX as net income before interest expense, income taxes, depreciation, depletion and amortization, exploration and other expenses, impairment and abandonment expenses, non-cash gains or losses on derivatives, stock-based compensation, gain on exchange of debt, gains and losses from the sale of assets, transaction costs and nonrecurring workforce reduction severance payments. HighPeak defines Adjusted EBITDAX as EBITDAX excluding cash G&A expenses. HighPeak’s management believes EBITDAX is useful as it allows them to more effectively evaluate HighPeak’s operating performance and compare the results of its operations from period to period and against its peers without regard to financing methods or capital structure. HighPeak excludes the items listed above from net income in arriving at EBITDAX because these amounts can vary substantially from company to company within the industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. HighPeak also periodically presents EBITDAX on an “annualized” basis, which represents EBITDAX for a fiscal quarter annualized for a 12-month period as if EBITDAX for each fiscal quarter in such period was equal to the quarter specified. HighPeak defines cash operating margin as realized price less lease operating expenses, gathering, processing and transportation expenses and production taxes, on a per-Boe basis. HighPeak defines cash margin as realized price less lease operating expense, gathering, processing and transportation expenses, cash general and administrative expenses and production taxes, on a per-Boe basis. HighPeak defines unhedged as excluding the effects of derivatives and hedged as including the effects of derivatives. HighPeak defines Free Cash Flow as discretionary cash flow less capex excluding acquisitions. HighPeak defines Unlevered Free Cash Flow as EBITDAX less Capex. HighPeak defines PV-10 as the present value of estimated future net revenues to be generated from the production of proved reserves, without giving effect to non-property related expenses, discounted at 10% per year before income taxes. For reconciliations of each such non-GAAP measure as presented herein to its most comparable measure prepared in accordance with GAAP, see the Appendix to this presentation. •In the case of non-GAAP financial measures presented for future periods, HighPeak advises that it is unable to provide reconciliations of such measures without unreasonable efforts. Accordingly, such measures should be considered in light of the fact that no GAAP measure of performance or liquidity is available as a point of comparison to such non-GAAP measures. •INDUSTRY AND MARKET DATA •This presentation has been prepared by HighPeak and may include market data and other statistical information from sources believed by HighPeak to be reliable, including independent industry publications, governmental publications or other published independent sources. Some data is also based on HighPeak’s good faith estimates, which are derived from its review of internal sources aswell as the independent sources described above. Although HighPeak believes these sources are reliable, they have not independently verified the information and cannot guarantee its accuracy and completeness. •DRILLING LOCATIONS •The Company has estimated its drilling locations based on well spacing assumptions and upon the evaluation of its drilling results and those of other operators in its area, combined with its interpretation of available geologic and engineering data. Thedrilling locations actually drilled on the Company’s properties will depend on the availability of capital, regulatory approvals, commodity prices, costs, actual drilling results and other factors. Any drilling activities conducted on these identified locations may not be successful and may not result in additional proved reserves. Further, to the extent the drilling locations are associated with acreage that expires,the Company would lose its right to develop the related locations. Disclaimer (Cont’d)
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4 2024 Key Realizations and Improvements Production (MBoe/d) Proved Reserves (MMBoe) LOE ($/Boe) Total Debt ($mm) Capex ($mm) +10% +29% -17% -10% -40% Net Acreage +8% $1,200 $1,080 $8.74 $7.23 $1,000 $600 45.6 50.0 154.2 199.0 132k 143k 2023 2024
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5 2025 Key Objectives Pillars of Success ~ Flat Production >20% Lower Capex Debt Reduction Quarterly Dividends Share Buybacks Lower Interest Expense Increase Levered FCF 2-rig Maintenance Level Program Corporate Efficiency Capital StructureCapital Discipline Shareholder Value
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6 ▪ FY’24 Production avg. 50 MBoe/d ▪ 10% increase Y/Y ▪ Q4’24 Production avg. 50 MBoe/d ▪ Q1’25 Quarter to Date Production avg. >52 MBoe/d ▪ FY’24 Lease Operating Expenses2 $6.81/Boe ▪ YE’24 Proved Reserves PV-103 $3.4 Billion ▪ 17% increase Y/Y ▪ Net Acres1 ~143,000 ▪ FY’24 EBITDAX4 $842.9 Million ▪ Q4’24 EBITDAX4 $179.4 Million ▪ YE’24 Net Debt / 2024 EBITDAX 1.18x ▪ Reduced long-term debt by $120 million ▪ Paid quarterly dividend of $0.04/share ▪ Repurchased 2.4 million shares Company Highlights Note: Acreage map per Enverus and company data. (1) Net acres and map as of 3/1/25. (2) LOE excluding workover expenses. (3) Per year-end 2024 3rd party reserve report using SEC pricing of $75.48/Bbl & $2.130/Mcf. (4) EBITDAX is a non-GAAP financial measure. See appendix for reconciliation. Operational Financial Shareholder Value HighPeak Acreage Offset Operators Include: APA Corp Bayswater Birch Diamondback Exxon Langford & Brigham Occidental Ovintiv SM Energy Surge Vital
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7 •Year-End 2024 Proved Reserves(1) 1) Year-end reserves per third-party reserve report prepared by Cawley Gillespie & Associates. Assumes effective date of 01-Jan for YE. SEC Pricing: YE20: $39.57/Bbl & $1.985/Mcf. YE21: $66.56/Bbl & $3.598/Mcf. YE22: $93.67/Bbl & $6.358/Mcf. YE23: $78.22/Bbl & $2.637/Mcf. YE24: $75.48/Bbl & $2.130/Mcf Proved Developed Reserves Continue an Upward Trajectory •Net Reserves (MMBoe) •Proved Reserves (MMBoe) Reserves replacement ratio of 345% 72% Net Proved Reserves Reserve Category Oil (MBbl) Gas (MMcf) NGL (MBbl) Total (MBoe) % of Total Proved % Liquids PV-10 ($MM) Proved Developed Producing (PDP) 59,394 112,734 21,709 99,892 50% 81% $2,094 Proved Developed Non-Producing (PDNP) 6,238 5,668 1,044 8,227 4% 89% $198 Total Proved Developed Reserves 65,632 118,402 22,753 108,119 54% 82% $2,292 Proved Undeveloped (PUD) 69,639 59,252 11,365 90,879 46% 89% $1,095 Total Proved Reserves 135,271 177,654 34,118 198,998 100% 85% $3,387
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8 Red stars represent Judith 67-5 A Unit A 3H and Kallus 34-39 A Unit M 2H wells •Notes ◼ 23 wells brought online in Q4’24 + Jan’25 are demonstrating strong well performance across all areas of our acreage position Improving Well Performance Across the Board New 01/25 (4 wells) Normalized Cumulative Oil for 1st Six Months
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9 Target Zone Locations Rig Years1 L. Spraberry 354 14.8 Wolfcamp A 352 14.7 Wolfcamp B 518 21.6 Wolfcamp D 525 26.2 Upside 950 39.6 Total ~2,700 >116 Over 14 years2 of low cost, high margin WCA and LS inventory Approximately 2,700 total locations across all zones Organically replaced WCA & LS locations Y/Y Upside includes Middle Spraberry, Jo Mill and Wolfcamp C (1) Rig Years assume 20 wells per year for Wolfcamp D and 24 wells per year for all other zones. Location count as of 12/31/24. (2) Assumes current 2-rig development cadence. High Quality, Inventory Rich Portfolio Continued successful delineation of Middle Spraberry potentially adds >200 locations to sub $50/Bbl break- even inventory
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10 •Prioritize Capital Efficiency and Capital Discipline (1) Free Cash Flow is a non -GAAP financial measure and is presented excluding changes in working capital and estimated as EBITDA X less Capex at various oil prices combined with gas price of $3.00/Mcf and includes the effects of our existing derivatives. We are unable to present a quantitative reconciliation because we cannot reliably predict certain of the necessary components of free cash flow, such as changes in working capital. See “Forward-Looking Statements and Non -GAAP Financial Measures” in our Disclaimer language on Slides 1 & 2 of this presentation f or additional cautionary information. (2) Total Capital Expenditure range does not include acquisition capex. •2025 Guidance 2025 Outlook Development Plan – Majority of program focused on high-return co-development of Wolfcamp A and Lower Spraberry zones – + additional delineation of Middle Spraberry – 2025 Capex weighted to 1H’25 due to infrastructure projects – 30%-35% of full-year capex budget realized in Q1’25 – One-time infrastructure projects includes: – Expanding low-pressure gas gathering system to all areas of the field – Connecting to additional takeaway outlets with other midstream providers – Extending field-wide overhead electric distribution system ($ in millions) •Illustrative 2025E Unlevered FCF at Various WTI Oil Prices(1) Average Rigs Running: Average Frac Crews: Production (MBoe/d) 2025 Average production rate 47.0 - 50.5 Capex ($mm) 2025 Net Operated Wells TIL 52 - 56 Average Lateral Length ~13,500' Capital Expenditures D,C,E&F $375 - $405 Capital Expenditures, Infra/Other $40 - $50 2025 HPK Development Capital $415 - $455 One-Time Infrastructure Projects $33 - $35 2025 Total Capital Expenditures $448 - $490 Unit Measures ($/Boe) 2025 Lease Operating Expenses (incl. w/o) $7.00 - $7.50 General and Adminstrative $1.25 - $1.35 ~$10mm / $1 per Bbl
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11 Capitalization Overview (1) Market Cap as of 3/7/25 per Bloomberg. (4) Based on oil prices of $70/Bbl - $75/Bbl and flat gas price of $3/Mcf. (2) PD & Total Proved PV-10 amounts assume SEC pricing from year-end 2024 3rd party reserve report. (3) Liquidity exclusive of ~$6.9mm of Letters of Credit. ◼High Cost of Capital Term Loan: SOFR + 750 bps –2024 cash interest expense of ~$150mm –Mandatory $30mm/quarter amortization –Expiration of make-whole penalty in March’25 ◼2025 Goal to Optimize Capital Structure –Lower annual interest expense –Increase levered free cash flow –Extend debt maturity and increase liquidity ◼Strong Credit Attributes: Great loan coverage Healthy balance sheet, reasonable leverage Track record of spending within cash flow and paying down debt 2025 2-rig program approximates 60%-65% re-investment rate4 ✓ ✓ ✓✓ Capitalization as of 12/31/24 (in $MMs) Cash & Cash Equivalents $87 Super Priority RBL - Term Loan (principal balance @ YE'24) 1,080 Total Debt $1,080 Net Debt $993 Market Capitalization (1) 1,513 Enterprise Value $2,506 Financial statistics: 2024 EBITDAX $843 PD PV-10 $2,292 Total Proved PV-10 $3,387 YE'24 Net Debt / 2024 EBITDAX 1.18x PD PV-10 / Net Debt 2.3x Total Proved PV-10 / Net Debt 3.4x Liquidity Super Priority RBL $100 Less: Drawn Amount $0 Plus: Cash and Cash Equivalents $87 Total Liquidity $187
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12 Positioned for sustainable long-term success Strong balance sheet with reasonable leverage and liquidity Peer leading margins driven by operational efficiency and life of field infrastructure • Positioned for Value Creation Large contiguous acreage position with oil-weighted, multi-zone inventory Long runway of high-value inventory relative to peers 1) Primary zones include Lower Spraberry and Wolfcamp A & B. Primary zones exclude >200 potential Middle Spraberry locations. 2) Represents full year 2024 unhedged EBITDAX per Boe. ✓ ✓ ✓ ✓ ✓ >140,000 net acres >1,000 sub $50/Bbl break-even in primary zones1 $46.87/BOE 2024 EBITDAX Per BOE2 1.18x YE’24 Leverage Ratio
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13 HIGHPEAK ENERGY , INC. Appendix
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14 In Progress . HighPeak Well Activity As of 12/31/2024 Gross Net OP 21 20.9 Non-Op 0 0.0 Total 21 20.9 SWD 1 1.0 Rig Released Wells Turned in Line 4Q24 FY 2024 Gross Net Gross Net OP 17 16.9 66 64.5 Non-Op 0 0.0 6 0.3 Total 17 16.9 72 64.8 SWD 0 0.0 1 1.0 4Q24 FY 2024 Gross Net Gross Net OP 18 17.8 60 58.6 Non-Op 0 0.0 9 0.6 Total 18 17.8 69 59.2 SWD 0 0.0 1 1.0
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15 Hedge Profile Summary 17.2 MBo/d 2025 Avg. Oil Hedged Average Daily Oil Hedged Hedges as of 3/01/25. OIL SWAPS OIL PUTS OIL COLLARS HENRY HUB GAS SWAP VOL (Mbbl) Price VOL (Mbbl) Price VOL (Mbbl) Low High Daily (bopd) VOL (BBtu) Price 2025/Q1 672 $74.69 810 $65.78 990 $63.64 $86.66 930 $4.43 2025/Q2 501 $76.37 819 $65.78 727 $64.38 $88.55 2,730 $4.43 2025/Q3 276 $75.85 828 $65.78 644 $65.00 $90.08 2,760 $4.43 2025/Q4 0 $0.00 $0.00 Avg Swap Avg Put Avg Collar 2,760 $4.43 2025 1,449 $75.50 2,457 $65.78 2,361 $64.24 $88.17 3,968 6,732 6,468 9,180 $4.43 2026/Q1 23% 39% 38% 1,770 $4.43 2026/Q2 2026/Q3 2026/Q4 2026 1,770 $4.43 27,400 MMBtu/d 2025 Avg. Gas Hedged Hedge Profile
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16 Earnings 4Q’24 FY’24 Net Income ($MM) $9.0 $95.1 Earnings Per Diluted Share $0.06 $0.67 EBITDAX ($MM) $179.4 $842.9 EBITDAX Per Diluted Share $1.27 $6.01 Adjusted Net Income ($/MM) $28.2 $144.8 Adjusted Earnings Per Diluted Share $0.19 $1.05 Other Capex ($MM) 1 $152.5 $604.3 Rig Released / Turn in Line 2 17 / 18 67 / 60 (1) Excludes acquisition capex. (2) Rig Released / Turn in Line includes gross operated wells. FY’24 Rig Released includes 1 operated SWD. Summary Production 4Q’24 FY’24 Total sales volumes (MBoe) 4,619.9 18,285.4 Total daily sales volumes (MBoe/d) 50.2 50.0 Oil percentage 72% 76% Liquids percentage 86% 88% Realized Pricing Oil per Bbl $70.46 $76.42 NGL per Bbl $22.30 $22.06 Gas per Mcf $0.29 $0.49 Total per Boe (excluding derivatives) $50.83 $58.48 Total per Boe (including derivatives) $50.32 $57.71 Costs (per Boe) LOE $6.81 $6.76 Workover expenses $0.50 $0.47 Production & Ad Valorem taxes $2.87 $3.26 G&A (Cash) $1.30 $1.12 Total cash costs $11.48 $11.61 EBITDAX per Boe (excluding derivatives) $39.35 $46.87 EBITDAX per BOE (including derivatives) $38.84 $46.10
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17 •Reconciliation of Net Income to EBITDAX Non-GAAP Financial Measures Reconciliations (in thousands) Year Ended Quarters Ended Year Ended 31-Dec-23 Q1'24 Q2'24 Q3'24 Q4'24 31-Dec-24 Net income $215,866 $6,438 $29,717 $49,933 $8,981 $95,069 Interest expense $147,901 $43,634 $42,991 $42,579 $39,508 $168,712 Interest and other income ($2,908) ($2,392) ($2,400) ($2,172) ($1,721) ($8,685) Income tax expense (benefit) $65,905 $2,297 $14,250 $15,438 $3,866 $35,851 Depletion, depreciation and amortization $424,424 $130,850 $127,693 $136,578 $105,631 $500,752 Accretion of discount $522 $239 $242 $241 $244 $966 Exploration and abandonment expense $5,234 $498 $167 $362 $449 $1,476 Stock based compensation $25,957 $3,798 $3,775 $3,753 $1,375 $12,701 Derivative-related noncash activity ($51,796) $47,895 ($2,606) ($33,775) $20,704 $32,218 Loss on extinguishment of debt $27,300 — — — — — Other expense $8,262 $1 $2,000 $1,404 $390 $3,795 EBITDAX $866,667 $233,258 $215,829 $214,341 $179,427 $842,855
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18 Non-GAAP Financial Measures Reconciliations •2024 Reserve Replacement Computations (in thousands, except percentages) Year Ended 31-Dec-24 Proved Reserves, beginning of year 154,162 Extensions, discoveries and revisions 63,121 Production (18,285) Proved Reserves, end of year 198,998 Reserve Replacement Ratio: With the drill bit 345% Net Debt ($mm) As of 31-Dec-24 Long-term debt $ 1,080 Cash and cash equivalents (87) Net debt $ 993 Adjusted Net Income Reconciliation Prices under SEC Guidelines 2024 2023 Y/Y % Change Oil ($/bbl) $75.48 $78.22 (4)% Gas ($/MMBtu) $2.13 $2.64 (19)% NGLs ($/bbl) $20.53 $17.33 18% •Reconciliation of Standardized Measure to PV-10 (in thousands) As of 31-Dec-24 Standardized Measure $ 2,994,997 Present Value of future income taxes and certain abandonment costs discounted at 10% 392,077 Present Value of estimated future cash flows (PV-10) $ 3,387,074 4Q’24 ($mm) 4Q’24 ($/Share) FY 2024 ($mm) FY 2024 ($/Share) Net Income $ 9.0 $ 0.06 $ 95.1 $ 0.69 Derivative loss 23.0 0.15 46.4 0.34 Stock-based compensation 1.4 0.01 12.7 0.09 Other expense 0.4 0.01 3.8 0.03 Income tax adj. for above items ($5.6) (0.04) (13.2) (0.10) Adjusted net income $ 28.2 $ 0.19 $ 144.8 $ 1.05