$930.6M
USD
Market cap · 2026–07 · week 29
🇺🇸 United States, Fort Worth
Country
Oil & Gas
Sector
Producer · Mid-Tier · Upstream · Oil-weighted · Oil · USA
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Overview:
HighPeak Energy, Inc. is an independent crude oil and natural gas exploration and production company headquartered in Fort Worth, Texas, operating in the Permian Basin's Midland Basin in West Texas. The company's portfolio consists of a single concentrated operating position organized into two contiguous core areas, Flat Top and Signal Peak, located primarily in Howard and Borden Counties (and to a lesser extent Scurry and Mitchell Counties), Texas. Key assets include the oil-rich Flat Top area in the north and the Signal Peak area in the south, developed across the Lower Spraberry, Wolfcamp A and related formations. The business model is a capital-intensive horizontal-development program that converts a deep proved-undeveloped inventory into producing wells through modern high-intensity completions, supported by company-owned water-handling and central-tank-battery infrastructure across a mostly contiguous acreage base. Production is heavily oil-weighted, with proved reserves approximately 83% crude oil and NGL. The company markets the bulk of its crude by pipeline, including under a long-term marketing agreement with Delek/DKL carrying a minimum-volume commitment. As a leveraged single-basin developer, the enterprise is exposed to oil-price cycles, the need to fund a large future development program (PUD development cost of roughly US$1.3 billion over five years), credit-facility covenant compliance, and the concentration risk of operating in one basin.
Strategy:
Strategic direction centers on developing the company's contiguous Midland Basin acreage in a capital-efficient manner to grow production, reserves and cash flow while managing leverage. Near-term priorities shifted toward financial discipline: following covenant amendments in December 2025, the company reduced its drilling program from a two-rig, one-frac-crew pace in 2025 to a planned average of one rig and one frac crew in 2026, suspended its common dividend, and reduced capital expenditures to improve its asset-coverage and net-leverage ratios. Growth drivers are the conversion of proved undeveloped locations to producing wells through continued horizontal drilling and completion across Flat Top and Signal Peak, supplemented by bolt-on leasehold acquisitions contiguous to the existing position. Capital allocation in 2025 directed US$366.1 million of development capital primarily to converting PUDs to PDP, alongside continued investment in water-infrastructure and salt-water-disposal systems to lower future water costs. The forward outlook is gated by commodity prices and capital availability, with the development pace explicitly subject to change based on market conditions and the company's ability to meet credit-facility covenants and delivery commitments.
Management:
Executive leadership underwent significant change in 2025: founder Jack Hightower, who served as Chairman and Chief Executive Officer, retired and resigned from the Board in September 2025, and President Michael Hollis was named Interim CEO and then, on November 4, 2025, President and Chief Executive Officer. Other named executives include Chief Financial Officer Steven Tholen, who has served since the company's 2019 inception and previously held CFO roles at Harvest Natural Resources and Penn Virginia; Chief Operating Officer Rodney Woodard, a 40-year industry veteran; Executive Vice President William R. Hightower; and Executive Vice President Daniel Silver, who was also appointed to the Board following Jack Hightower's retirement. The Board includes directors with extensive Permian and energy-finance backgrounds, such as Mr. Oldham (founder of Parallel Petroleum) and Mr. Chernosky (former Wells Fargo Securities energy banking Managing Director). HighPeak Energy is a Delaware corporation formed on October 29, 2019, and is a controlled company under Nasdaq standards, with the HighPeak Funds owning approximately 64% of common stock.
Structure:
HighPeak Energy is a Delaware corporation formed on October 29, 2019 through the HighPeak Pure Acquisition business combination, and remains a controlled company in which the affiliated HighPeak Funds (HighPeak Energy Partners, LP and HighPeak Energy Partners II, LP) collectively own approximately 64% of the common stock; following Jack Hightower's September 2025 retirement, the Funds are managed by a committee comprising Michael Hollis, Daniel Silver and William R. Hightower. The company markets the majority of its crude oil under an amended and restated marketing agreement with Delek as purchaser and DKL Permian Gathering as gatherer/transporter, which carries a minimum-volume commitment of 23,500 Bopd over ten years (remaining monetary commitment of approximately US$115.9 million at year-end 2025). The company is financed through a Term Loan Credit Agreement and a Senior Credit Facility Agreement; effective December 30, 2025 it entered the Second Term Loan Amendment and Third Facility Amendment, which provided temporary covenant relief, increased required oil hedging to 75% of PDP oil production for April 2026-March 2027 (and 60% for April-September 2027), and prohibited common dividends until September 30, 2026. In connection with Jack Hightower's retirement, HighPeak Pure Acquisition distributed 1,532,478 shares in redemption of his interest.
Hedge:
The company maintains an active commodity-price hedging program using crude oil swaps, crude oil basis swaps, crude oil roll swaps and natural gas swaps to manage exposure on a portion of expected production, and hedging is now contractually mandated by its credit agreements: effective December 30, 2025 the company is required to maintain hedges covering 75% of its proved developed producing oil production for the period April 1, 2026 to March 31, 2027 and 60% for April 1, 2027 to September 30, 2027, in each case based on the January 1, 2026 reserve report. Reported average realized prices exclude the effects of derivatives. The increased hedging requirement was part of a package of amendments designed to ensure continued compliance with the asset-coverage and net-leverage covenants under the Term Loan and Senior Credit Facility agreements.
Source:
HighPeak Energy, Inc. - 10-K Filing - 2025
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
HighPeak Energy Midland Basin
Portfolio · Ownership 96%
United States, Howard and Borden Counties, Texas, Midland Basin
Oil Gas
Type
Operating
Status
🇺🇸 United States, Howard and Borden Counties, Texas (Midland Basin)
Country
Project information
As at 31 December 2025
Aggregation level:
Company portfolio
Aggregation level:
Company portfolio
Report standard:
Sec S K 1200
Report standard:
Sec S K 1200
Ownership %:
96
Ownership %:
96
Operator:
Yes
Operator:
Yes
Extraction:
Unconventional Shale
Extraction:
Unconventional Shale
Producing wells (net):
499.6
Producing wells (net):
499.6
Description
As at 31 December 2025
Consolidated upstream portfolio of HighPeak Energy, Inc., a Delaware-incorporated (2019) independent E&P focused on the crude-oil-rich northeastern Midland Basin of the Permian, primarily in Howard and Borden Counties (and to a lesser extent Scurry and Mitchell Counties), Texas. Operations are organized into two largely contiguous core areas, Flat Top (north) and Signal Peak (south), developed with modern horizontal drilling and high-intensity hydraulic fracturing of the Lower Spraberry and Wolfcamp A (and other) formations. Total net proved reserves at year-end 2025 were 173,891 MBOE (114,198 MBbl oil, 30,444 MBbl NGL, 175,494 MMcf gas), 83% crude oil and NGL and 55% developed. PV-10 (pre-tax) was US$2,057.0 million and the standardized measure US$1,912.8 million. 2025 net sales were 17,628 MBOE. Estimated future development cost for PUDs is approximately US$1.3 billion over five years.
Portfolio Aggregate
Multiple effective dates · 1P
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Oil & Gas inventory & footprint
Multiple effective dates
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Reserves & resources — detail
As at 31 December 2025
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Reserves walk · Gross (disclosed)
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Reserves walk · Net change by year
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Operating · 2 projects
Flat Top
District · Ownership 96%
United States, Howard and Borden Counties (northern), Texas, Midland Basin
Oil Gas
Type
Operating
Status
🇺🇸 United States, Howard and Borden Counties (northern), Texas (Midland Basin)
Country
Project information
As at 31 December 2025
Aggregation level:
District / complex
Aggregation level:
District / complex
Report standard:
Sec S K 1200
Report standard:
Sec S K 1200
Ownership %:
96
Ownership %:
96
Operator:
Yes
Operator:
Yes
Extraction:
Unconventional Shale
Extraction:
Unconventional Shale
Description
As at 31 December 2025
HighPeak Energy's northern core operating area in the Midland Basin, located primarily in the northern portion of Howard County and extending into southern Borden County, southwest Scurry County and northwest Mitchell County. Flat Top is one of two largely contiguous acreage blocks that make up the company's position and is developed via horizontal drilling of the Lower Spraberry and Wolfcamp A (and other) formations, supported by company-owned salt-water disposal pipeline and water-handling infrastructure. Reserves and production for Flat Top are reported within HighPeak's consolidated Midland Basin totals.
Oil & Gas metrics
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Signal Peak
District · Ownership 96%
United States, Howard County (southern), Texas, Midland Basin
Oil Gas
Type
Operating
Status
🇺🇸 United States, Howard County (southern), Texas (Midland Basin)
Country
Project information
As at 31 December 2025
Aggregation level:
District / complex
Aggregation level:
District / complex
Report standard:
Sec S K 1200
Report standard:
Sec S K 1200
Ownership %:
96
Ownership %:
96
Operator:
Yes
Operator:
Yes
Extraction:
Unconventional Shale
Extraction:
Unconventional Shale
Description
As at 31 December 2025
HighPeak Energy's southern core operating area in the Midland Basin, located in the southern portion of Howard County. Signal Peak is the second of the company's two contiguous acreage blocks and is developed with modern horizontal drilling and high-intensity hydraulic fracturing; some Signal Peak crude is still transported by truck while pipeline gathering is built out. Reserves and production for Signal Peak are reported within HighPeak's consolidated Midland Basin totals.
Oil & Gas metrics
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Oil & Gas sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Oil & gas
- 1P/2P/3P — cumulative uncertainty. 1P = Proved (≥90%); 2P = Proved+Probable (≥50%, primary non-SEC metric); 3P adds Possible (≥10%). SEC filers often publish 1P only.
- Contingent (1C/2C/3C) = discovered, sub-commercial. Prospective (1U/2U/3U) = undiscovered. Neither feeds economic models without further work.
- Developed vs Undeveloped: PDP (producing), PDNP (developed non-producing), PUD (undeveloped). Reserves walk PUD→PDP is reclassification, not new discovery.
- BOE uses 6 Mcf gas : 1 bbl oil (thermal, not economic). Some issuers use 5.8:1 — read footnotes.
- Pricing case: Forecast vs Constant (NI 51-101/PRMS) or SEC 12-month average. Do not add cases together.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Oil equivalent (BOE)
Oil equivalent (BOE)
-
See commodity documentation in the domain package.
Oil
Generic crude (undifferentiated)
WTI
Use West Texas Intermediate directly as a coarse benchmark when the filing does not split product quality.
Natural gas
Pipeline natural gas
Henry Hub
Henry Hub is the reference US benchmark for US pipeline gas; use it directly when the disclosure is Hub-indexed.
NGL
NGL barrel (mixed NGLs)
Mont Belvieu NGL basket vs WTI
NGL barrels often track a fraction of crude; order-of-magnitude context is commonly cited around two-fifths to three-fifths of WTI.
Shale gas
Gas from shale / tight reservoirs
Henry Hub plus regional basis
Regional hubs price as Henry Hub plus or minus basis; shale supply broke tight coupling to oil, so do not back-solve shale gas from WTI.
Light oil
Light sweet crude
WTI / Brent
WTI and Brent are often treated as roughly 1:1 for light sweet barrels when a single anchor is enough.
Heavy oil
Heavy sour crude
WCS vs WTI
Western Canadian Select–style heavy blends often trade on the order of $10–20/bbl below WTI when differentials are in a normal range.
Bitumen
Oil-sands bitumen blend
WCS vs WTI
Same broad idea as heavy oil: bitumen blends anchor to wide differentials versus light sweet benchmarks such as WTI.
Synthetic crude
Upgraded oil-sands synthetic crude (SCO)
SCO vs WTI
Synthetic crude typically tracks WTI within a few dollars — sometimes near par, sometimes a small premium or discount.
Condensate
Field condensate / diluent
US condensate vs WTI
Field condensate can trade below WTI; some multi-year averages have been in the high single-digit dollars per barrel under WTI.
Coal bed methane
Coalbed methane (CBM)
Regional hub vs Henry Hub
CBM is usually quoted off a regional benchmark versus Henry Hub; it is a distinct product stream from tight shale gas in many filings.
Hydrocarbon commodity — notes
- The Commodity column shows normalized labels; values are stored as snake_case CommodityCode strings in pkg/domain and project resource rows (for example shale_gas, oil_equivalent).
- Benchmarks and typical relationship cells are informal market context for reading disclosures — they are not MetalPilot price inputs.
Crude grade primer
- API gravity — lower = heavier. Light crude is ≥ 31.1° API (≤ 870 kg/m³); heavy is 22.3–31.1° API; extra-heavy is < 22.3°. Bitumen is ≤ 10° API.
- Sulphur — sweet vs sour. Sweet crude has ≤ 0.5% sulphur; sour > 0.5%. Refineries price the discount on sour crude into the differential.
- WTI vs Brent vs WCS. WTI (West Texas Intermediate, Cushing OK) is the U.S. light-sweet benchmark; Brent (North Sea) is the global light-sweet benchmark; WCS (Western Canadian Select) is the heavy/sour benchmark for Canadian production.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil equivalent (BOE)
1 / 5
0–0.5 MMboe/yr
0–5 MMboe
2 / 5
0.5–5 MMboe/yr
5–25 MMboe
3 / 5
5–20 MMboe/yr
25–100 MMboe
4 / 5
20–75 MMboe/yr
100–500 MMboe
5 / 5
≥ 75 MMboe/yr
≥ 500 MMboe
Oil
1 / 5
0–0.5 MMbbl/yr
0–5 MMbbl
2 / 5
0.5–5 MMbbl/yr
5–25 MMbbl
3 / 5
5–20 MMbbl/yr
25–100 MMbbl
4 / 5
20–75 MMbbl/yr
100–500 MMbbl
5 / 5
≥ 75 MMbbl/yr
≥ 500 MMbbl
Natural gas
1 / 5
0–4 Bcf/yr
0–50 Bcf
2 / 5
4–20 Bcf/yr
50–500 Bcf
3 / 5
20–75 Bcf/yr
500–2000 Bcf
4 / 5
75–180 Bcf/yr
2000–10000 Bcf
5 / 5
≥ 180 Bcf/yr
≥ 10000 Bcf
NGL
1 / 5
0–0.1 MMbbl/yr
0–2 MMbbl
2 / 5
0.1–0.5 MMbbl/yr
2–10 MMbbl
3 / 5
0.5–2 MMbbl/yr
10–25 MMbbl
4 / 5
2–5 MMbbl/yr
25–100 MMbbl
5 / 5
≥ 5 MMbbl/yr
≥ 100 MMbbl
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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