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.
HighPeak Energy increased its 2024 average production guidance and reaffirmed its LOE range and tightened capital expenditure range for 2024.
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