HighPeak Energy, Inc. reported a net loss of $18.3 million for the third quarter of 2025, translating to a loss of $0.15 per diluted share, a significant decline from the net income of $49.9 million, or $0.36 per diluted share, recorded in the same period of 2024. The decrease in profitability was primarily driven by an $82.7 million drop in revenues from crude oil, NGL, and natural gas sales, attributed to a 25% decline in average realized commodity prices per barrel of oil equivalent (Boe) and a 7% decrease in daily sales volumes. The company’s total operating revenues for the quarter amounted to $188.9 million, down from $271.6 million year-over-year.
In terms of operational metrics, HighPeak's average daily sales volumes fell to 47,839 Boepd from 51,346 Boepd in the prior year. The company experienced a notable decrease in crude oil sales due to reduced activity and natural decline, although this was partially offset by increased sales volumes of NGL and natural gas, thanks to third-party midstream expansions. The average realized price for crude oil decreased to $65.63 per barrel, while NGL prices fell to $17.40 per barrel. Conversely, natural gas prices saw a significant increase to $1.07 per Mcf, up from $0.42 in the previous year.
Strategically, HighPeak Energy made several significant moves during the quarter, including the amendment of its Term Loan Credit Agreement and Senior Credit Facility Agreement, which extended the maturity dates to September 2028 and increased the borrowing capacity to $1.2 billion. This amendment resulted in a loss on extinguishment of debt amounting to $25.4 million. The company also incurred $4.5 million in acquisition costs for undeveloped crude oil and natural gas leases, while divesting non-core properties for $570,000.
The company’s financial position improved with cash and cash equivalents rising to $164.9 million as of September 30, 2025, compared to $86.6 million at the end of 2024. Current liabilities decreased significantly from $284.6 million to $152.7 million, primarily due to reduced long-term debt obligations. Looking ahead, HighPeak Energy plans to maintain flexibility in its capital expenditures, with a budget of approximately $375 to $405 million for drilling and completion activities in 2025, while continuing to evaluate its operational strategies in response to market conditions and commodity price volatility.
About HighPeak Energy, Inc.
HighPeak Energy, Inc. is an independent oil and natural gas exploration and production company focused on the Permian Basin's Midland region in Texas. It develops and operates horizontal wells in the Wolfcamp and Spraberry formations, utilizing modern drilling and hydraulic fracturing techniques. The company owns and manages extensive acreage, producing hydrocarbons for domestic markets with a competitive edge in efficient, high-quality resource development.
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