Overview

• U.S. oil and gas producer posted Q4 net loss and negative EPS as revenues declined yr/yr

• Company cut 2026 capital budget by nearly 50% to align spending with cash flow

• Board suspended dividend in Q1 2026 to boost annual liquidity by $20-$25 mln

Outlook

• HighPeak expects 2026 capital expenditures of $255-$285 mln, down nearly 50% yr-over-yr

• Company forecasts 2026 average daily production of 41,000–44,000 Boe/d, with oil at 67-68%

Result Drivers

• LOWER REALIZED PRICES - Co said Q4 average realized prices for crude oil and NGLs declined compared to prior periods, affecting revenues

• HIGHER OPERATING COSTS - Lease operating expenses per Boe increased in Q4, partially offsetting cost reductions elsewhere

Company press release: ID:nGNXwj4GQ

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 EPS		-$0.21
Q4 Net Income		-$25.2 mln
Q4 EBITDAX		$113.9 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", no "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the oil & gas exploration and production peer group is "buy."

• Wall Street's median 12-month price target for Highpeak Energy Inc is $8.50, about 54.5% above its March 10 closing price of $5.50

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