HighPeak Energy, Inc. (HPK): debt financing — HighPeak posts Q3 net income $38.8M, production up 25% QoQ to 52,708 Boe/d; closes $100M revolver

HighPeak Energy, Inc.

2023-Q3 EPS reported $0.90 revenue$810,140,000

Q3 net income $38.8M ($0.28 diluted EPS); EBITDAX $266.2M; free cash flow $75.7M.
Sales volumes 52,708 Boe/d (84% crude), up 25% QoQ and 101% YoY.
Realized price $71.27/Boe (87% of NYMEX WTI, ex-derivatives); cash cost $13.53/Boe.
Completed $1.2B term loan in September; on Nov 1 closed $100M super priority revolver ($75M initial commitments) maturing Sep 2026.
Board declared $0.025/share quarterly dividend payable Nov 22, 2023; added third drilling rig in early November.

item 1.01 item 2.02 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

HighPeak Energy, Inc. incurred revolving credit of $100 million with Fifth Third Bank, National Association at plus an applicable margin ranging from (i) for Adjusted Term SOFR loans, 4.00% t maturing September 30, 2026.

Instrument: revolving credit
Principal: $100 million
Counterparty: Fifth Third Bank, National Association
Rate: plus an applicable margin ranging from (i) for Adjusted Term SOFR loans, 4.00% t
Maturity: September 30, 2026
Event: incurrence

Exact text from the filing

On November 1, 2023, HighPeak Energy, Inc. (the "Company") entered into a revolving credit agreement (the "Senior Revolving Credit Agreement") among the Company, as borrower, Fifth Third Bank, National Association, as administrative agent and as collateral agent, and the lenders from time to time party thereto. The Senior Revolving Credit Agreement has a borrowing capacity of $100 million, elected commitments of $75.0 million and a maturity date of September 30, 2026.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

HighPeak Energy, Inc. reported third quarter ended September 30, 2023 results: net income $38.8 million, EPS $0.28 per diluted share.

Period: third quarter ended September 30, 2023
Net income: $38.8 million
EPS: $0.28 per diluted share
Result: reported results

Exact text from the filing

HighPeak reported net income of $38.8 million for the third quarter of 2023, or $0.28 per diluted share, and EBITDAX of $266.2 million, or $1.90 per diluted share.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

HighPeak Energy, Inc. entered into Senior Revolving Credit Agreement with Fifth Third Bank, National Association valued at $100 million borrowing capacity, $75.0 million elected commitments, maturity September 30, 2026 (effective 2023-11-01).

Action: entry
Agreement: credit facility
Counterparty: Fifth Third Bank, National Association
Value: $100 million borrowing capacity, $75.0 million elected commitments, maturity September 30, 2026
Effective: 2023-11-01

Exact text from the filing

On November 1, 2023, HighPeak Energy, Inc. (the “Company”) entered into a revolving credit agreement (the “Senior Revolving Credit Agreement”) among the Company, as borrower, Fifth Third Bank, National Association, as administrative agent and as collateral agent, and the lenders from time to time party thereto.

View on SEC.gov

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HighPeak Energy, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-030383

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