HighPeak Energy (NYSE: HPK) is an independent oil and natural gas company that acquires, develops, and produces crude oil, natural gas liquids, and natural gas in the continental United States. Revenue comes entirely from the sale of crude oil, NGL, and natural gas production, with crude oil accounting for approximately 91% of total operating revenues in FY2025 and NGL and natural gas sales making up the remaining 9%. The company carries a term loan credit agreement and a senior credit facility, making the capital structure debt-heavy. Average daily sales volumes totaled 48,297 Boepd in FY2025, a 3% decrease from FY2024, driven by natural decline and reduced drilling activity in a lower commodity price environment. Weighted average realized crude oil prices fell to $65.43 per barrel in FY2025 from $76.42 in FY2024. A single purchaser accounted for approximately 82% of total crude oil, NGL, and natural gas sales revenues in FY2025, representing material customer concentration. Approximately 72% of the company's net acreage was held by production as of December 31, 2025.

Revenue model

Transactional commodity sales. HighPeak Energy sells crude oil, NGL, and natural gas produced from its working interest acreage. Crude oil sales generated approximately 91% of total operating revenues in FY2025, with NGL and natural gas sales contributing 9%. Pricing is tied to spot market benchmarks, adjusted for quality and location differentials.

Products and services

Crude oil, natural gas liquids (NGL), and natural gas produced from company-operated wells. The company holds developed and undeveloped acreage, with approximately 72% of net acreage held by production as of December 31, 2025.

Customers and end markets

The company sells to crude oil and natural gas purchasers in the continental United States. One purchaser accounted for approximately 82% of total crude oil, NGL, and natural gas sales revenues in FY2025. A minimum volume commitment of 23,500 Bopd gross was established under a crude oil marketing agreement beginning May 2024, with approximately 31,594 Bopd delivered under that contract from May 1, 2024 through December 31, 2025.

Value-chain role

Upstream oil and gas producer. HighPeak Energy drills, completes, and operates wells to extract and sell crude oil, NGL, and natural gas. It owns working interests in gross and net acreage and incurs development costs for access to proved reserves, extraction, gathering, and storage.

Geographic exposure

All revenues originated in the continental United States as of FY2025, per the FY2025 10-K filed March 11, 2026.

Source: SEC 10-K, filed 2026-03-11

Industry: Drilling Oil & Gas Wells Peers: Black Stone Minerals LP California Resources Corp Callon Petroleum Co Permian Resources Corp CNX Resources Corp ConocoPhillips STR Sub Inc. Northern Oil and Gas Inc Kosmos Energy Ltd