Companies /Energy

HighPeak Energy Inc

NASDAQ: HPK Oil & Gas E&p
$8.47
▼ $0.11 (−1.28%) today
Markets closed · 3:04am ET

Q4 2025 Earnings

Reported Mar 11, 2026, 4:21pm ET · SEC source
$-0.21
Miss −200.00%
EPS · est. $-0.07
$165.8M
Miss −12.97%
Revenue · est. $190.6M
−0.8%
Trailing market
HPK vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−5%0+5%+10%Mar 11Mar 12report 4:21pm ETearnings−1.4%+5.0%
−5%0+5%+10%Mar 11Mar 12earnings−1.4%+5.0%
HPK +5.0%S&P 500 −1.4%
−5%0+5%+10%Mar 11Mar 12report 4:21pm ETearnings−1.7%+5.0%
−5%0+5%+10%Mar 11Mar 12earnings−1.7%+5.0%
HPK +5.0%NASDAQ −1.7%
0+20%Mar 10Mar 19report 4:21pm ETearnings−2.2%+29.2%
0+20%Mar 10Mar 19earnings−2.2%+29.2%
HPK +29.2%S&P 500 −2.2%
0+20%Mar 10Mar 19report 4:21pm ETearnings−2.1%+29.2%
0+20%Mar 10Mar 19earnings−2.1%+29.2%
HPK +29.2%NASDAQ −2.1%
−2.74%
Day of report
+5.62%
Next session
+19.86%
One week
+3.51%
30 days

S&P 500 over the same 30 days: +4.26%.

Did HPK Beat Earnings? Q4 2025 Results

HighPeak Energy delivered a sharply disappointing fourth quarter, posting an adjusted loss of $0.21 per share against a consensus estimate of negative $0.07, a miss of 200%, while revenue of $165.84 million fell roughly 13% short of the $190.56 million analysts had expected and slid 29.4% from the year-ago period. The primary culprit was a painful combination of lower commodity prices and shrinking production volumes, with average daily output dropping to 43,680 Boe/d from 50,216 Boe/d a year earlier and crude oil realizations collapsing to $58.95 per barrel from $70.46, leaving the company with a net loss of $25.21 million versus net income of $8.98 million in Q4 2024. The deteriorating results have already drawn sell-side scrutiny, with at least one analyst firm downgrading the stock to a sell rating. In response, management is pivoting hard toward capital discipline for 2026, cutting the capital budget nearly 50% to $255 to $285 million, scaling back to one rig, and suspending the quarterly dividend to preserve $20 to $25 million in annual liquidity, while targeting production of 41,000 to 44,000 Boe/d.

Key Takeaways
  • Lower realized crude oil prices ($58.95/Bbl vs $70.46/Bbl in Q4 2024)
  • Declining production volumes (43,680 Boe/d vs 50,216 Boe/d in Q4 2024)
  • Extremely weak natural gas prices ($0.17/Mcf in Q4 2025)
  • $10 million natural gas severance tax refund recognized in Q4
  • Higher exploration and abandonment expenses of $13.0 million in Q4
  • Gain on derivative instruments of $19.5 million partially offset losses

“In light of the current geopolitical uncertainty and commodity price volatility, we are taking a disciplined and measured approach to 2026. Our priority is clear: protect profitability and maximize free cash flow, not chase production volumes.”

HighPeak Energy CEO, on the earnings call

Forward Guidance & Outlook

For 2026, HighPeak plans to operate one drilling rig and approximately one frac crew, drilling 28-30 operated wells and bringing 36-38 wells online. Average daily production is guided at 41,000–44,000 Boe/d (67%-68% oil). Total capital expenditures are budgeted at $255–$285 million, down nearly 50% year-over-year. The plan is designed to operate within cash flow with crude prices averaging down to the mid-to-upper $50s per barrel. Lease operating expenses are guided at $8.50–$8.90/Boe, GP&T at $4.25–$4.50/Boe, and G&A at $1.50–$1.75/Boe. The dividend has been suspended to increase annual liquidity by an estimated $20-$25 million. The company is expanding its hedging program and will direct any incremental free cash flow toward debt reduction.

HPK YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$70.0M$140.0M$210.0M$234.8M$165.8MRevenue
$0$70.0M$140.0M$210.0MRevenue

HPK Revenue by Segment

Crude Oil Sales$152.1M
NGL and Natural Gas Sales$13.8M

Figures from SEC filings and company reports. Not investment advice.