HighPeak Energy Q1 net income $50.3M; cuts 2023 drilling rigs from 4 to 2, lowers capex ~$250M

HighPeak Energy, Inc.

2023-Q1 EPS reported $0.39 revenue$223,794,000

Net income $50.3M ($0.39 EPS), EBITDAX $173.9M; production 37,222 Boe/d (85% oil, up >200% YoY).
Reduces 2023 drilling rigs to 2 (from 4) effective June; completion crews to 2; capex lowered ~$250M.
2023 production guidance 45-51k Boe/d avg, exit 55-61k; 2024 guidance 60-66k avg, exit 68-76k.
Cash margin $52.56/Boe (79% of realized); realized price $66.80/Boe (88% of WTI); cash costs $14.25/Boe.
Long-term debt $895M, cash $47.5M; quarterly dividend $0.025/share ($2.8M).

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

HighPeak Energy, Inc. reported the quarter ended March 31, 2023 results: net income $50.3 million, EPS $0.39 per diluted share.

Period: the quarter ended March 31, 2023
Net income: $50.3 million
EPS: $0.39 per diluted share
Result: reported results

Exact text from the filing

HighPeak reported net income of $50.3 million for the first quarter of 2023, or $0.39 per diluted share

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Source: SEC EDGAR

accession 0001437749-23-013574

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