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Sep 30, 2024
HighPeak Energy Q3 2024 Earnings Report
Announced third quarter 2024 financial and operating results.
Key Takeaways
HighPeak Energy reported a positive third quarter in 2024, marked by increased production, positive free cash flow, and debt reduction. The company's well performance led to an increase in full-year production guidance, and operations teams tightened costs, resulting in capital and operating efficiencies.
Sales volumes averaged 51,346 Boe/d, consisting of 88% liquids, a 6% increase over the second quarter 2024.
Net income was $49.9 million, or $0.35 per diluted share, and EBITDAX was $214.3 million, or $1.51 per diluted share.
Generated free cash flow of $36.1 million, marking the fifth consecutive quarter of positive free cash flow generation.
Reduced long-term debt by $30 million during the third quarter and repurchased over 870,000 shares.
Forward Guidance
HighPeak Energy increased its 2024 average production guidance and reaffirmed its LOE range and tightened capital expenditure range for 2024.
Positive Outlook
- Increased 2024 average production guidance by more than 5% from the second quarter guidance revision.
- Increased 2024 average production guidance by 10% from our original 2024 guidance.
- Expects a range of 48,000 to 51,000 Boe/d for the full year 2024.
- Maintaining disciplined operations.
- Strengthening balance sheet and maximizing value for shareholders.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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