Earnings release
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Exhibit 99.1 HIGHPEAK ENERGY HighPeak Energy , Inc. Announces Second Quarter 2026 Financial and Operating Results Fort Worth , Texas , August 10 , 2026 ( GLOBE NEWSWIRE ) - HighPeak Energy , Inc. ( “ HighPeak ” or the “ Company ” ) ( NASDAQ : HPK ) today announced financial and operating results for the quarter ended June 30 , 2026 . A statement from our President and CEO , Michael Hollis : Our first - half 2026 results demonstrate the strength of our asset base and the disciplined execution of our strategy . We have delivered production 7 % above the midpoint of our guidance while keeping our development program on budget . Meanwhile , our continued focus on operational efficiency , cost control and base production optimization drove first - half operating expenses that were 13 % below the midpoint of our guidance . This combination of higher production and lower costs , aided by favorable commodity pricing , is translating into stronger free cash flow generation and further balance sheet improvement . As we execute our plan through the remainder of the year , we remain committed to disciplined capital allocation and creating durable long - term value for our shareholders . Second Quarter 2026 Operational Update HighPeak's sales volumes averaged 45.3 MBoe / d during the second quarter of 2026 consisting of approximately 64 % crude oil and 83 % liquids . The Company averaged one ( 1 ) drilling rig and ( 1 ) one frac crew throughout the second quarter , drilled 8 gross ( 7.7 net ) horizontal wells , completed 16 gross ( 16.0 net ) horizontal wells and turned - in - line 8 gross ( 8.0 net ) producing wells . On June 30 , 2026 , the Company had 21 gross ( 20.4 net ) horizontal wells in progress , including 16 gross ( 15.6 net ) horizontal wells in various stages of completion . Second Quarter 2026 Financial Results HighPeak reported net income of $ 82.3 million for the second quarter 2026 , or $ 0.59 per diluted share , and EBITDAX ( a non - GAAP financial measure defined and reconciled below ) of $ 147.6 million , or $ 1.06 per diluted share . Second quarter 2026 average realized prices were $ 98.82 per Bbl of crude oil , $ 24.14 per Bbl of NGL and negative $ 1.50 per Mcf of natural gas , resulting in an overall realized price of $ 66.11 per Boe , or 71 % of the weighted average of NYMEX crude oil prices , excluding the effects of derivatives . Including the effects of derivatives , second quarter 2026 average realized prices were $ 76.59 per Bbl of crude oil , $ 24.14 per Bbl of NGL and negative $ 0.61 per Mcf of natural gas , resulting in an overall realized price of $ 52.82 per Boe . HighPeak's cash costs for the second quarter 2026 were $ 17.02 per Boe , including lease operating costs of $ 6.43 per Boe , expense workovers of $ 1.49 per Boe , gathering , processing and transportation expenses of $ 4.18 per Boe , production and ad valorem taxes of $ 3.22 per Boe and G & A expenses of $ 1.70 per Boe . As a result , the Company's unhedged EBITDAX per Boe was $ 49.09 per Boe . HighPeak's total capital expenditures , excluding acquisitions , for the second quarter were $ 107.5 million . 1
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Hedging Crude oil. As of June 30, 2026 and factoring in derivative instruments entered into subsequent to quarter end, HighPeak had the following outstanding crude oil derivative instruments and the weighted average crude oil prices per barrel (“Bbl”): Settlement Month Settlement Year Type of Contract Bbls Per Day Index Swap Price per Bbl Costless Collar Floor Price per Bbl Costless Collar Ceiling Price per Bbl Crude Oil: Jul – Sep 2026 Costless Collar 13,000 WTI Cushing $ — $ 61.38 $ 69.39 Jul – Sep 2026 Swap 5,000 WTI Cushing $ 63.45 $ — $ — Jul – Sep 2026 Roll Swap 26,011 NYMEX WTI Roll $ 4.30 $ — Jul – Sep 2026 Basis Swap 23,000 Argus WTI Midland $ 1.37 $ — $ — Oct – Dec 2026 Costless Collar 10,800 WTI Cushing $ — $ 61.67 $ 68.52 Oct – Dec 2026 Swap 5,000 WTI Cushing $ 63.45 $ — $ — Oct – Dec 2026 Roll Swap 25,000 NYMEX WTI Roll $ 4.23 $ — $ — Oct – Dec 2026 Basis Swap 23,000 Argus WTI Midland $ 1.37 $ — $ — Jan – Mar 2027 Costless Collar 8,900 WTI Cushing $ — $ 59.78 $ 65.24 Jan – Mar 2027 Swap 4,400 WTI Cushing $ 62.14 $ — $ — Jan – Mar 2027 Basis Swap 10,000 Argus WTI Midland $ 1.00 $ — $ — Apr – Jun 2027 Costless Collar 4,000 WTI Cushing $ — $ 52.00 $ 62.85 Apr – Jun 2027 Swap 6,470 WTI Cushing $ 59.61 $ — $ — Apr – Jun 2027 Basis Swap 10,000 Argus WTI Midland $ 1.00 $ — $ — Jul – Sep 2027 Swap 8,950 WTI Cushing $ 61.46 $ — $ — Jul – Sep 2027 Basis Swap 10,000 Argus WTI Midland $ 1.00 $ — $ — Oct – Dec 2027 Swap 7,500 WTI Cushing $ 70.42 $ — $ — Oct – Dec 2027 Basis Swap 10,000 Argus WTI Midland $ 1.00 $ — $ — The Company’s crude oil derivative contracts detailed above are based on reported settlement prices on the New York Mercantile Exchange for West Texas Intermediate (“WTI Cushing”) pricing, the NYMEX WTI Roll or the basis differential between WTI Cushing and Argus WTI Midland pricing which represents the premium to WTI Cushing. Natural gas. As of June 30, 2026 and factoring in derivative instruments entered into subsequent to quarter end, the Company had the following outstanding natural gas derivative instruments and the weighted average natural gas prices payable per MMBtu. Settlement Month Settlement Year Type of Contract MMBtu Per Day Index Price per MMBtu Natural Gas: Jul – Sep 2026 Swap 30,000 HH $ 4.300 Oct – Dec 2026 Swap 30,000 HH $ 4.300 Oct – Dec 2026 Basis Swap 25,000 WAHA $ (1.455) Jan – Mar 2027 Swap 19,667 HH $ 4.300 Jan – Mar 2027 Basis Swap 25,000 WAHA $ (1.487) Apr – Jun 2027 Basis Swap 25,000 WAHA $ (1.487) Jul – Sep 2027 Basis Swap 25,000 WAHA $ (1.487) Oct – Dec 2027 Basis Swap 25,000 WAHA $ (1.487) The Company’s natural gas derivative contracts detailed above are based on reported settlement prices on the New York Mercantile Exchange for Henry Hub (“HH”) pricing and the basis differential between Henry Hub and the West Texas WAHA Hub pricing. 2
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Conference Call HighPeak will host a conference call and webcast on Tuesday, August 11, 2026, at 10:00 a.m. Central Time for investors and analysts to discuss its results for the second quarter of 2026. Conference call participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on the HighPeak Energy website at www.highpeakenergy.com under the “Investors” section of the website. A replay will also be available on the website following the call. When available, a copy of the Company’s earnings release, investor presentation and Quarterly Report on Form 10-Q may be found on its website at www.highpeakenergy.com. About HighPeak Energy, Inc. HighPeak Energy, Inc. is a publicly traded independent crude oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of unconventional crude oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com. Cautionary Note Regarding Forward-Looking Statements The information in this press release contains forward-looking statements that involve risks and uncertainties. When used in this document, the words “believes,” “plans,” “expects,” “anticipates,” “forecasts,” “intends,” “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 2026 guidance, volatility of commodity prices, political instability or armed conflicts in crude or natural gas producing regions such as the ongoing war between Russia and Ukraine and conflicts in the Middle East, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirus disease pandemic, on global and U.S. economic activity, competition, OPEC+ policy decisions, potential new trade policies, such as tariffs, could adversely affect the Company’s operations, business and profitability, inflationary pressures on costs of oilfield goods, services and personnel, 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, natural gas liquids and natural 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, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and other filings with the SEC. The Company undertakes no duty to publicly update these statements except as required by law. 3
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Reserve engineering is a process of estimating 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 the quantities of oil and natural gas that are ultimately recovered. Use of Projections The financial, operational, industry and market projections, estimates and targets in this press release and in the Company’s guidance (including production, operating expenses and capital expenditures 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 2026 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. 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. The drilling 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. 4
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HighPeak Energy, Inc. Unaudited Condensed Consolidated Balance Sheet Data (In thousands) June 30, 2026 December 31, 2025 Current assets: Cash and cash equivalents $ 146,346 $ 162,075 Accounts receivable 83,064 55,546 Derivative instruments 27,815 29,574 Prepaid expenses 3,817 7,648 Inventory 3,217 5,054 Total current assets 264,259 259,897 Crude oil and natural gas properties, using the successful efforts method of accounting: Proved properties 4,663,607 4,477,368 Unproved properties 57,439 59,285 Accumulated depletion, depreciation and amortization (1,832,511) (1,606,217) Total crude oil and natural gas properties, net 2,888,535 2,930,436 Other property and equipment, net 3,259 3,012 Derivative instruments 3,349 4,197 Other noncurrent assets 15,182 16,172 Total assets $ 3,174,584 $ 3,213,714 Current liabilities: Current portion of long-term debt $ 120,000 $ 60,000 Accounts payable – trade 52,609 84,313 Accrued capital expenditures 45,471 30,921 Revenues and royalties payable 32,610 30,665 Derivative instruments 25,652 380 Other accrued liabilities 13,877 20,927 Derivative settlements payable 11,960 — Advances from joint interest owners 2,867 2,205 Operating leases 448 845 Total current liabilities 305,494 230,256 Noncurrent liabilities: Long-term debt, net 1,068,913 1,132,807 Deferred income taxes 228,433 239,636 Asset retirement obligations 16,659 15,944 Derivative instruments 3,881 360 Operating leases 75 142 Stockholders’ equity Common stock 13 13 Additional paid-in capital 1,163,740 1,162,007 Retained earnings 387,376 432,549 Total stockholders’ equity 1,551,129 1,594,569 Total liabilities and stockholders’ equity $ 3,174,584 $ 3,213,714 5
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HighPeak Energy, Inc. Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Operating revenues: Crude oil sales $ 260,361 $ 196,723 $ 459,516 $ 443,147 NGL and natural gas sales 12,058 19,749 28,788 45,636 Total operating revenues 272,419 216,472 488,304 488,783 Operating costs and expenses: Crude oil and natural gas production 32,641 33,726 62,165 69,288 Gathering, processing and transportation 17,234 16,072 34,967 30,935 Production and ad valorem taxes 13,254 12,391 25,154 27,543 Exploration and abandonments 4,444 1,109 5,186 1,373 Depletion, depreciation and amortization 113,429 101,226 226,443 210,551 Accretion of discount 302 256 597 500 General and administrative 7,004 5,671 12,749 12,016 Stock-based compensation 868 88 1,733 265 Total operating costs and expenses 189,176 170,539 368,994 352,471 Other expense 3,000 2,489 3,050 2,489 Income from operations 80,243 43,444 116,260 133,823 Interest and other income 1,032 361 1,981 1,171 Interest expense (35,978) (36,412) (71,016) (73,400) Gain (loss) on derivative instruments, net 53,426 26,446 (103,601) 18,519 Income (loss) before income taxes 98,723 33,839 (56,376) 80,113 Provision for income taxes 16,448 7,663 (11,203) 17,602 Net income (loss) $ 82,275 $ 26,176 $ (45,173) $ 62,511 Earnings per share: Basic net income (loss) $ 0.60 $ 0.19 $ (0.36) $ 0.46 Diluted net income (loss) $ 0.59 $ 0.19 $ (0.36) $ 0.45 Weighted average shares outstanding: Basic 125,286 123,930 125,276 123,922 Diluted 126,409 126,095 125,276 126,169 Dividends declared per share $ — $ 0.04 $ — $ 0.08 6
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HighPeak Energy, Inc. Unaudited Condensed Consolidated Statements of Cash Flows (in thousands) Six Months Ended June 30, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (45,173) $ 62,511 Adjustments to reconcile net (loss) income to net cash provided by operations: Provision for deferred income taxes (11,203) 17,602 Loss (gains) on derivative instruments 103,601 (18,519) Cash (paid) received on settlement of derivative instruments (72,201) 4,341 Amortization of debt issuance costs 2,238 4,091 Amortization of discounts on long-term debt — 4,879 Stock-based compensation expense 1,733 265 Accretion expense 597 500 Depletion, depreciation and amortization 226,443 210,551 Exploration and abandonment expense 4,656 859 Changes in operating assets and liabilities: Accounts receivable (27,519) 13,817 Prepaid expenses, inventory and other assets 5,401 4,977 Accounts payable, accrued liabilities and other current liabilities (8,027) (7,609) Net cash provided by operating activities 180,546 298,265 CASH FLOWS FROM INVESTING ACTIVITIES: Additions to crude oil and natural gas properties (186,372) (306,157) Changes in working capital associated with crude oil and natural gas property additions (818) (12,907) Acquisitions of crude oil and natural gas properties (2,558) (3,584) Proceeds from sales of properties 18 570 Other property additions (413) — Net cash used in investing activities (190,143) (322,078) CASH FLOWS FROM FINANCING ACTIVITIES: Debt issuance costs (6,132) — Borrowings under Senior Credit Facility Agreement — 30,000 Repayments under Term Loan Credit Agreement — (60,000) Dividends paid — (9,922) Dividend equivalents paid — (1,062) Proceeds received from exercise of warrants — 1 Net cash used in financing activities (6,132) (40,983) Net decrease in cash and cash equivalents (15,729) (64,796) Cash and cash equivalents, beginning of period 162,075 86,649 Cash and cash equivalents, end of period $ 146,346 $ 21,853 7
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HighPeak Energy, Inc. Unaudited Summary Operating Highlights Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Average Daily Sales Volumes: Crude oil (Bbls) 28,952 33,913 29,884 36,056 NGLs (Bbls) 8,429 7,462 7,919 7,592 Natural gas (Mcf) 47,423 43,642 45,921 43,371 Total (Boe) 45,285 48,649 45,456 50,876 Average Realized Prices (excluding effects of derivatives): Crude oil per Bbl $ 98.82 $ 63.74 $ 84.95 $ 67.90 NGL per Bbl $ 24.14 $ 20.34 $ 20.92 $ 22.30 Natural gas per Mcf $ (1.50) $ 1.50 $ (0.14) $ 1.91 Total per Boe $ 66.11 $ 48.90 $ 59.35 $ 53.08 Margin Data ($ per Boe): Average price $ 66.11 $ 48.90 $ 59.35 $ 53.08 Lease operating expenses (6.43) (6.55) (6.48) (6.58) Expense workovers (1.49) (1.06) (1.08) (0.94) Gathering, processing and transportation expenses (4.18) (3.63) (4.25) (3.36) Production and ad valorem taxes (3.22) (2.80) (3.06) (2.99) General & administrative expenses (1.70) (1.28) (1.55) (1.30) $ 49.09 $ 33.58 $ 42.93 $ 37.91 HighPeak Energy, Inc. Unaudited Earnings Per Share Details Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) as reported $ 82,275 $ 26,176 $ (45,173) $ 62,511 Participating basic earnings (7,575) (2,546) — (6,086) Basic earnings (loss) attributable to common shareholders 74,700 23,630 (45,173) 56,425 Reallocation of participating earnings 61 32 — 78 Diluted net income (loss) attributable to common shareholders $ 74,761 $ 23,662 $ (45,173) $ 56,503 Basic weighted average shares outstanding 125,286 123,930 125,276 123,922 Dilutive warrants and unvested stock options — — — 82 Dilutive unvested restricted stock 1,123 2,165 — 2,165 Diluted weighted average shares outstanding 126,409 126,095 125,276 126,169 Net income (loss) per share attributable to common shareholders: Basic $ 0.60 $ 0.19 $ (0.36) $ 0.46 Diluted $ 0.59 $ 0.19 $ (0.36) $ 0.45 8
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HighPeak Energy, Inc. Unaudited Reconciliation of Net Income to EBITDAX, Discretionary Cash Flow and Net Cash Provided by Operations (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) $ 82,275 $ 26,176 $ (45,173) $ 62,511 Interest expense 35,978 36,412 71,016 73,400 Interest and other income (1,032) (361) (1,981) (1,171) Provision for income taxes 16,448 7,663 (11,203) 17,602 Depletion, depreciation and amortization 113,429 101,226 226,443 210,551 Accretion of discount 302 256 597 500 Exploration and abandonment expense 4,444 1,109 5,186 1,373 Stock based compensation 868 88 1,733 265 Derivative related noncash activity (108,154) (19,034) 31,400 (14,178) Other expense 3,000 2,489 3,050 2,489 EBITDAX 147,558 156,024 281,068 353,342 Cash interest expense (34,624) (31,902) (68,778) (64,430) Other (a) (2,213) (2,382) (1,599) (1,832) Discretionary cash flow 110,721 121,740 210,691 287,080 Changes in operating assets and liabilities 15,624 19,473 (30,145) 11,185 Net cash provided by operating activities $ 126,345 $ 141,213 $ 180,546 $ 298,265 (a) includes interest and other income net of current tax expense, other expense and operating portion of exploration and abandonment expenses. HighPeak Energy, Inc. Unaudited Reconciliation of Net Cash Provided by Operations and Free Cash Flow (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net cash provided by operating activities $ 126,345 $ 141,213 $ 180,546 $ 298,265 Add back net change in operating assets and liabilities (15,624) (19,473) 30,145 (11,185) Operating cash flow before working capital changes 110,721 121,740 210,691 287,080 Additions to crude oil and natural gas properties (107,593) (126,338) (186,372) (306,157) Changes in working capital associated with crude oil and natural gas property additions 34,508 (38,079) (818) (12,907) Free cash flow $ 37,636 $ (42,677) $ 23,501 $ (31,984) Investor Contact: Ryan Hightower Executive Vice President 817.850.9204 rhightower@highpeakenergy.com Source: HighPeak Energy, Inc. 9