HighPeak Energy reports Q2 adjusted EPS 28c, consensus 50c

Reports Q2 revenue $275.27M, consensus $277.94M. The company said, “HighPeak continued its steadfast commitment to its core values – operating with discipline, strengthening the balance sheet and remaining focused on maximizing value for its shareholders. Our operations team continues to find ways to optimize productivity and efficiency, and combined with our continued strong well performance, we have experienced a meaningful uptick in production – with current volumes averaging over 52,000 Boe per day thus far in the third quarter. In addition, we have been able to drive lease operating costs lower than expected, leading to updating our 2024 development outlook in both areas. Through our four years as a public company, we have assembled and continue to add to a great acreage position. We have 137 thousand acres consisting of undrilled inventory of over 2,600 locations of which more than 1,100 provide a minimum 10% return at $50 per barrel. We then focused on quickly growing our production to a material level of scale while delineating a deep inventory of highly economic locations. In the last year, we transitioned to a measured degree of growth while optimizing our field-wide operations and developing life-of-field infrastructure to sustain efficient and cost-effective operations moving forward. As we follow the natural progression of realizing value for our shareholders, we will continue to strive for excellence in all areas. The scarcity of remaining economic locations amidst the current market consolidation trend reinforces our belief that we are sitting in a prime position to maximize the value of our assets. Our strategic process is progressing nicely, and we remain very excited about what the future holds for HighPeak.”