Customer concentration
Two purchasers accounted for about 90% of 2025 revenue, so losing a major buyer could quickly reduce sales access.
- Scope
- Crude oil, NGL and natural gas marketing
- Materiality
- high
HighPeak Energy, Inc.
HighPeak Energy, Inc. is an independent oil and gas exploration and production company focused on developing crude oil, NGL and natural gas reserves in the Midland Basin of West Texas. Its business is centered on operating contiguous acreage positions in Howard, Borden, Scurry and Mitchell counties and converting that acreage into horizontal wells and production volumes.
66,2 %
2,2 %
−22,7 %
1.13
1.10
| % | |
|---|---|
| Crude oil production | 70% Sales of crude oil produced from the company's Midland Basin wells. |
| NGL production | 15% Natural gas liquids extracted through gathering and processing and sold separately. |
| Natural gas production | 15% Dry natural gas produced and sold from operated wells. |
HighPeak sells most of its production to a very small number of crude oil and gas purchasers, which is typical for...
- Major commodity purchasersprimary
Large buyers that purchase most of the company's crude oil, NGL and natural gas production and provide market access.
- Midstream processors and transport counterpartiesprimary
Gathering, processing and transportation partners that enable gas handling and NGL extraction before sale.
- Refiners and industrial end marketssecondary
Ultimate end users of the hydrocarbons sold through the company's marketing chain.
HighPeak’s operations are concentrated in the Permian Basin, specifically the Midland Basin in West Texas...
- •Operations are concentrated in the Midland Basin of West Texas
- •Core acreage is mainly in Howard and Borden counties
- •Additional exposure exists in Scurry and Mitchell counties
- •Geographic concentration increases local infrastructure dependence
- •Texas regulation and service availability affect execution
HighPeak is prioritizing disciplined development of its contiguous Midland Basin acreage, using horizontal drilling and...
01
Disciplined Midland Basin developmentmedium-term
Concentrated acreage and long-lateral wells support efficient capital deployment and reserve conversion.
02
Liquidity and capital flexibilityshort-term
The business is capital intensive and sensitive to commodity prices, so funding flexibility is essential.
03
Operational efficiency and infrastructure buildoutmedium-term
Infrastructure and processing capacity affect realized prices, throughput and well economics.
HighPeak’s results are highly exposed to commodity prices, customer concentration and the availability of drilling...
Commodity price volatility
Upstream cash flows depend on oil and gas prices, which drive realized revenue and drilling returns.
- Scope
- Crude oil, NGL and natural gas
- Materiality
- high
Service and labor availability
The company needs rigs, frac crews, equipment and skilled personnel to execute its capital plan on time and within budget.
- Scope
- Drilling and completion activity
- Materiality
- high
Financing and interest-rate risk
The business is capital intensive and uses debt facilities, so higher rates or tighter credit can pressure funding.
- Scope
- Senior Credit Facility and Term Loan
- Materiality
- high
Environmental and regulatory compliance
Oil and gas operations are subject to permitting, safety, emissions and hydraulic fracturing rules that can add cost or delay wells.
- Scope
- Texas and federal upstream operations
- Materiality
- medium
Cybersecurity and infrastructure disruption
Operations rely on information systems and third-party infrastructure, making outages or attacks potentially disruptive.
- Scope
- Operational systems and field infrastructure
- Materiality
- medium
Reserve estimation and depletion
Production profile and depreciation expense
Long-lived asset impairment
Non-cash charges and asset base
Asset retirement obligations
Liabilities and accretion expense
Derivative instruments
Reported gains/losses and cash flow protection
Income taxes and tax attributes
Tax expense and deferred tax balances
: 28.4.2026