The following is a summary of the HighPeak Energy, Inc. (HPK) Q3 2024 Earnings Call Transcript:

Financial Performance:

• HighPeak Energy reported positive free cash flow for the fifth consecutive quarter.

• The company has raised its full-year '24 production guidance to 48,000-51,000 BOEs per day, marking over a 10% increase from the initial guide.

• HighPeak continues to execute an opportunistic share buyback program, simultaneously reducing absolute debt using the substantial portion of its free cash flow.

Business Progress:

• Achieved significant cost reductions in drilling and completions, operating below the cost levels of earlier in the year and significantly lower than Midland Basin peers.

• Expanded infrastructure system to extension areas, enhancing operational efficiency and supporting life-of-field development.

• More than 300 potential Middle Spraberry locations identified, with the Kallus well exhibiting excellent initial performance reinforcing future drilling prospects.

Opportunities:

• Significant increases in production volumes and ongoing optimization efforts led to the increase of full-year '24 production guidance.

• Continued expansion of HighPeak's infrastructure, facilitating operational efficiencies and sustainable development in newly accessed acreage areas.

• Strong performance of new wells in extension areas and potential upside zones underlines room for inventory growth and operational expansion.

Risks:

• Production was temporarily impacted by a major storm, described as a 100-year flood, causing operational disruptions and additional expenses due to necessary remedial work.

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