Highpeak Energy Inc ( (HPK) ) has released its Q3 earnings. Here is a breakdown of the information Highpeak Energy Inc presented to its investors.
HighPeak Energy, Inc. is a publicly traded independent crude oil and natural gas company based in Fort Worth, Texas, focusing on the acquisition and development of unconventional reserves in the Midland Basin.
In its third-quarter 2024 earnings report, HighPeak Energy reported strong operational and financial performance, marking another positive quarter with increased production guidance and continued cash flow generation.
HighPeak’s average sales volumes increased to 51,346 barrels of crude oil equivalent per day, with net income reaching $49.9 million and EBITDAX of $214.3 million. The company successfully generated free cash flow for the fifth consecutive quarter and reduced its long-term debt by $30 million. Additionally, the company increased its 2024 production guidance and declared a quarterly dividend.
The company continues to focus on cost reduction and operational efficiency, with its production guidance adjusted upwards by 10% from its original 2024 plans. HighPeak’s strategic focus on disciplined operations and shareholder value positions it for continued momentum into the next year.
Looking forward, HighPeak Energy aims to maintain its operational discipline and financial strength, continuing to explore strategic alternatives to maximize shareholder value while focusing on sustainable growth into 2025.
