HighPeak Energy, Inc. reported its financial and operating results for the third quarter ended September 30, 2026, and updated its full-year 2026 guidance. The company announced a net loss of $55.7 million for the quarter, or ($0.44) per diluted share. Adjusted net income was reported at $38.5 million, or $0.32 per diluted share, with EBITDAX reaching $163.8 million, or $1.23 per diluted share.
Operational metrics for the quarter included average sales volumes of 44.2 thousand barrels of oil equivalent per day (MBoe/d), consisting of approximately 67% crude oil and 84% liquids. During the quarter, the company drilled 9 gross (8.6 net) company-operated horizontal wells, completed 5 gross (4.8 net) company-operated horizontal wells, and turned-in-line 13 gross (12.8 net) company-operated producing wells. As of September 30, 2026, there were 18 gross (13.3 net) horizontal wells in progress, including 16 gross (11.4 net) horizontal wells in various stages of completion.
Financially, the company reported free cash flow of $22.4 million and free cash flow before changes in working capital of $58.4 million for the quarter. It also reduced debt by $30 million. Average realized prices for the third quarter were $86.86 per barrel of crude oil, $22.20 per barrel of NGL, and $1.42 per thousand cubic feet of natural gas, resulting in an overall realized price of $63.18 per Boe. Cash costs were reported at $17.64 per Boe, including lease operating costs of $6.70 per Boe.
In a recent development, HighPeak announced a comprehensive refinancing transaction on October 6, 2026, consisting of a $450 million preferred equity investment and an $800 million credit facility. The company plans to use these funds to pay off its existing $1.2 billion term loan upon closing, which is expected later this month. Based on this refinancing, HighPeak updated its 2026 outlook to include an increased average daily production range of 44,500 – 45,500 Boe/d, a reduced lease operating expenses range of $8.00 – $8.25 per Boe, and an increased total capital expenditures range of $310 – $320 million.
The company also provided details on its hedging positions as of September 30, 2026, including derivative instruments for crude oil and natural gas covering various periods through 2028. HighPeak will host a conference call and webcast on Tuesday, November 10, 2026, at 10:00 a.m. Central Time to discuss the results.
