HighPeak Energy, Inc. Common Stock 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- HighPeak Energy reported second quarter 2026 production was essentially flat with the first quarter and above the high end of guidance.
- Capital spending in Q2 2026 was the highest of the year due to pulling forward completion activities to lock in attractive pricing and efficiencies.
- Lease expense unit costs were approximately 13% below the midpoint of full year guidance for the first half of 2026.
- The Workover program added production by investing modest capital into low cost, high return projects, turning 20 wells into sales in the first half with a full year target of 37.
- Adjusted EBITDA and free cash flow grew sequentially despite approximately $55 million of net cash hedge losses in Q2.
- Production averaged 45,500 boe per day in the first half of 2026, exceeding guidance.
- Unit operating costs averaged $7.56 per boe, about 13% below guidance levels, reflecting durable operational efficiencies.
- Capital invested in the first half was $185.9 million, aligned with the full year budget despite accelerated completions.
- Ebitdax for the first half was approximately $281 million, demonstrating strong asset quality and operational execution.
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Transcript
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day, and welcome to HighPeak Energy 2026 second quarter earnings conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Also, the call is being recorded. I would now like to turn the call over to Steven Tholen, CFO.
Please go ahead. Good morning, everyone, and welcome to HighPeak Energy second quarter 2026 earnings call.
Representing HighPeak today are President and CEO, Michael Hollis, Executive Vice President, Daniel Silver, Senior Vice President, Chris M. Mundy, and I am Steven Tholen, the Chief Financial Officer. During today's call, we may refer to our August investor presentation and press release, which can be found on HighPeak's website. Today's call participants may make certain forward-looking statements relating to the company's financial condition, results of operations, expectations, plans, goals, assumptions, and future performance. Please refer to the cautionary information regarding forward-looking statements and related risks in the company's SEC filings, including the fact that actual results may differ materially from our expectations due to a variety of reasons, many of which are beyond our control.
We will also refer to certain non-GAAP financial measures on today's call. Please see the reconciliations in the earnings release and in our August investor presentation. I will now turn the call over to our President and CEO, Mike Hollis.
Thank you, Steve. Good morning, everyone, and thank you for joining us today to discuss our second quarter 2026 results. It was another strong quarter for HighPeak. Our team continued to do what they have consistently done, execute the development plan, operate efficiently, spend capital responsibly, and focus on creating long-term value for our shareholders. Production during the quarter was essentially flat with the first quarter, and once again, came in above the high end of our guidance range. That performance reflects the quality of our assets and more importantly, the ability of our operations team to consistently deliver results. From a capital spending perspective, the second quarter was expected to be our highest spending quarter of the year when we built our 2026 plan. During the quarter, we also chose to pull forward some completion activity that was originally scheduled later in the year.
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