Highlights
Third Quarter 2023
- Sales volumes, consisting of 84% crude oil and 93% liquids, averaged 52,708 barrels of crude oil equivalent per day (“Boe/d”), representing a 25% increase over second quarter 2023 and a 101% increase over third quarter 2022.
- Net income and EBITDAX (a non-GAAP financial measure defined and reconciled below) were
$38.8 million and$266.2 million , respectively. - Generated
$75.7 million of free cash flow (a non-GAAP financial measure defined and reconciled below). - Completed a
$1.2 billion term loan financing, which streamlined and extended the Company’s debt maturities toSeptember 2026 . - Realized price averaged
$71.27 per Boe, or 87% of the weighted average of NYMEX WTI crude oil prices, excluding the effects of derivatives. - Cash operating margin averaged
$59.17 per Boe, or 83% of the average realized price per Boe, excluding the effects of derivatives.
Recent Event
- On
November 1, 2023 , the Company closed a$100 million super priority revolving credit facility with$75 million of initial commitments, providing additional liquidity and flexibility.
HighPeak Chairman and CEO,
“Consistent with our development strategy, we recently introduced a third rig, which will continue to support our responsible growth profile. Additionally, should market conditions support, we may expand our operations further. Regardless, our primary objectives for the future include generating free cash flow, reducing debt levels significantly, ensuring we maintain a net debt to EBITDA ratio well below one turn, and enhancing the return of capital to our shareholders.”
Third Quarter 2023 Operational Update
HighPeak’s sales volumes during the third quarter of 2023 averaged 52,708 Boe/d, an increase of approximately 25% compared with the second quarter of 2023. Third quarter sales volumes consisted of approximately 84% crude oil and 93% liquids.
The Company averaged two drilling rigs and one frac crew, respectively, during the third quarter, drilled 18 gross (14.4 net) horizontal wells and completed 16 gross (16.0 net) operated producing wells. At
HighPeak President,
“We have increased our production over 100% year over year while maintaining a low leverage ratio. This is a testament to HighPeak’s rock quality and relentless pursuit of excellence and capital efficiency. I want to extend my heartfelt gratitude to our remarkable team of employees who have been the driving force behind our success. Their perseverance, innovation, and unwavering commitment to our mission have made these achievements possible.
“Our dedication to financial discipline and prudent management is reflected in the generation of over
“As a result of our successful drilling program and generation of significant free cash flow, we have now picked up a third drilling rig. At this pace of development, we will continue to grow our average production in 2024 and further reduce our debt.”
Third Quarter 2023 Financial Results
HighPeak reported net income of
Third quarter average realized prices were
HighPeak’s third quarter 2023 capital expenditures to drill, complete, equip, provide facilities and for infrastructure were
Comprehensive Refinancing
On
Hedging
As of
Swaps ($/Bbl) | Deferred Premium Collars & Deferred Premium Puts ($/Bbl) | ||||||||||||||||||||||||
Settlement Month | Settlement Year | Type of Contract | Bbls Per Day | Index | Price | Floor or Strike Price | Ceiling Price | Deferred Premium Payable | |||||||||||||||||
Crude Oil: | |||||||||||||||||||||||||
Oct - Dec | 2023 | Swap | 11,300 | WTI | $ | 77.84 | $ | — | $ | — | $ | — | |||||||||||||
Oct - Dec | 2023 | Collar | 5,000 | WTI | $ | — | $ | 75.50 | $ | 100.00 | $ | 0.35 | |||||||||||||
Oct - Dec | 2023 | Put | 19,000 | WTI | $ | — | $ | 69.46 | $ | — | $ | 5.00 | |||||||||||||
Jan - Mar | 2024 | Swap | 4,000 | WTI | $ | 84.00 | $ | — | $ | — | $ | — | |||||||||||||
Jan - Mar | 2024 | Collar | 6,000 | WTI | $ | — | $ | 80.00 | $ | 100.00 | $ | 3.50 | |||||||||||||
Jan - Mar | 2024 | Put | 20,000 | WTI | $ | — | $ | 66.44 | $ | — | $ | 5.00 | |||||||||||||
Apr - Jun | 2024 | Swap | 4,000 | WTI | $ | 84.00 | $ | — | $ | — | $ | — | |||||||||||||
Apr - Jun | 2024 | Collar | 5,500 | WTI | $ | — | $ | 69.73 | $ | 95.00 | $ | 0.61 | |||||||||||||
Apr - Jun | 2024 | Put | 14,000 | WTI | $ | — | $ | 60.41 | $ | — | $ | 5.00 | |||||||||||||
Jul - Sep | 2024 | Swap | 4,000 | WTI | $ | 84.00 | $ | — | $ | — | $ | — | |||||||||||||
Jul - Sep | 2024 | Collar | 1,500 | WTI | $ | — | $ | 69.00 | $ | 95.00 | $ | 0.85 | |||||||||||||
Jul - Sep | 2024 | Put | 14,000 | WTI | $ | — | $ | 60.41 | $ | — | $ | 5.00 | |||||||||||||
Oct - Dec | 2024 | Swap | 5,500 | WTI | $ | 76.37 | $ | — | $ | — | $ | — | |||||||||||||
Oct - Dec | 2024 | Collar | 10,600 | WTI | $ | — | $ | 65.68 | $ | 90.32 | $ | 1.85 | |||||||||||||
Oct - Dec | 2024 | Put | 2,000 | WTI | $ | — | $ | 58.00 | $ | — | $ | 5.00 | |||||||||||||
Jan - Mar | 2025 | Swap | 5,500 | WTI | $ | 76.37 | $ | — | $ | — | $ | — | |||||||||||||
Jan - Mar | 2025 | Collar | 8,000 | WTI | $ | — | $ | 65.00 | $ | 90.00 | $ | 2.12 | |||||||||||||
Jan - Mar | 2025 | Put | 2,000 | WTI | $ | — | $ | 58.00 | $ | — | $ | 5.00 | |||||||||||||
Apr - Jun | 2025 | Swap | 5,500 | WTI | $ | 76.37 | $ | — | $ | — | $ | — | |||||||||||||
Apr - Jun | 2025 | Collar | 7,000 | WTI | $ | — | $ | 65.00 | $ | 90.08 | $ | 2.28 | |||||||||||||
Apr - Jun | 2025 | Put | 2,000 | WTI | $ | — | $ | 58.00 | $ | — | $ | 5.00 | |||||||||||||
Jul - Sep | 2025 | Swap | 3,000 | WTI | $ | 75.85 | $ | — | $ | — | $ | — | |||||||||||||
Jul - Sep | 2025 | Collar | 7,000 | WTI | $ | — | $ | 65.00 | $ | 90.08 | $ | 2.28 | |||||||||||||
Jul - Sep | 2025 | Put | 2,000 | WTI | $ | — | $ | 58.00 | $ | — | $ | 5.00 |
The Company’s crude oil derivative contracts are based on reported settlement prices on the
Dividends
During the third quarter of 2023, HighPeak’s Board of Directors approved a quarterly dividend of
Conference Call
HighPeak will host a conference call and webcast on
When available, a copy of the Company’s earnings release, investor presentation and Quarterly Report on Form 10-Q may be found on its website at www.highpeakenergy.com.
Conference Participation
About
Cautionary Note Regarding Forward-Looking Statements
The information in this press release contains forward-looking statements that involve risks and uncertainties. When used in this document, the words “believes,” “plans,” “expects,” “anticipates,” “forecasts,” “intends,” “continue,” “may,” “will,” “could,” “should,” “future,” “potential,” “estimate” or the negative of such terms and similar expressions as they relate to
These risks and uncertainties include, among other things, the results of the strategic review being undertaken by the Company’s Board and the interest of prospective counterparties, the Company’s ability to realize the results contemplated by the 2023 and 2024 guidance, volatility of commodity prices, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirus disease pandemic, on global and
Use of Projections
The financial, operational, industry and market projections, estimates and targets in this press release and in the Company’s guidance (including production, operating expenses and capital expenditures in future periods) are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial, operational, industry and market projections, estimates and targets, including assumptions, risks and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements” above. These projections are speculative by their nature and, accordingly, are subject to significant risk of not being actually realized by the Company. Projected results of the Company for 2024 are particularly speculative and subject to change. Actual results may vary materially from the current projections, including for reasons beyond the Company’s control. The projections are based on current expectations and available information as of the date of this release. The Company undertakes no duty to publicly update these projections except as required by law.
Drilling Locations
The Company has estimated its drilling locations based on well spacing assumptions and upon the evaluation of its drilling results and those of other operators in its area, combined with its interpretation of available geologic and engineering data. The drilling locations actually drilled on the Company’s properties will depend on the availability of capital, regulatory approvals, commodity prices, costs, actual drilling results and other factors. Any drilling activities conducted on these identified locations may not be successful and may not result in additional proved reserves. Further, to the extent the drilling locations are associated with acreage that expires, the Company would lose its right to develop the related locations.
Unaudited Condensed Consolidated Balance Sheet Data (In thousands) | ||||||||
2023 | 2022 | |||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 151,807 | $ | 30,504 | ||||
Accounts receivable | 125,982 | 96,596 | ||||||
Inventory | 15,130 | 13,275 | ||||||
Derivative instruments | 3,247 | 17 | ||||||
Prepaid expenses | 1,726 | 4,133 | ||||||
Total current assets | 297,892 | 144,525 | ||||||
Crude oil and natural gas properties, using the successful efforts method of accounting: | ||||||||
Proved properties | 3,151,619 | 2,270,236 | ||||||
Unproved properties | 79,961 | 114,665 | ||||||
Accumulated depletion, depreciation and amortization | (551,373 | ) | (259,962 | ) | ||||
Total crude oil and natural gas properties, net | 2,680,207 | 2,124,939 | ||||||
Other property and equipment, net | 3,539 | 3,587 | ||||||
Other noncurrent assets | 7,229 | 6,431 | ||||||
Total assets | $ | 2,988,867 | $ | 2,279,482 | ||||
Current liabilities: | ||||||||
Current portion of long-term debt, net | $ | 90,000 | $ | — | ||||
Accrued capital expenditures | 60,573 | 91,842 | ||||||
Accounts payable – trade | 50,341 | 105,565 | ||||||
Revenues and royalties payable | 34,086 | 15,623 | ||||||
Other accrued liabilities | 30,457 | 15,600 | ||||||
Derivative instruments | 27,776 | 16,702 | ||||||
Accrued interest | 869 | 13,152 | ||||||
Operating leases | 517 | 343 | ||||||
Advances from joint interest owners | 28 | 7,302 | ||||||
Total current liabilities | 294,647 | 266,129 | ||||||
Noncurrent liabilities: | ||||||||
Long-term debt, net | 1,057,803 | 704,349 | ||||||
Deferred income taxes | 169,414 | 131,164 | ||||||
Asset retirement obligations | 8,022 | 7,502 | ||||||
Derivative instruments | 3,743 | 691 | ||||||
Operating leases | 136 | — | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity | ||||||||
Common stock | 13 | 11 | ||||||
Additional paid-in capital | 1,183,262 | 1,008,896 | ||||||
Retained earnings | 271,827 | 160,740 | ||||||
Total stockholders’ equity | 1,455,102 | 1,169,647 | ||||||
Total liabilities and stockholders’ equity | $ | 2,988,867 | $ | 2,279,482 | ||||
Unaudited Condensed Consolidated Statements of Operations | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Operating revenues: | ||||||||||||||||
Crude oil sales | $ | 338,372 | $ | 189,441 | $ | 790,458 | $ | 467,305 | ||||||||
NGL and natural gas sales | 7,214 | 14,673 | 19,682 | 30,466 | ||||||||||||
Total operating revenues | 345,586 | 204,114 | 810,140 | 497,771 | ||||||||||||
Operating costs and expenses: | ||||||||||||||||
Crude oil and natural gas production | 39,820 | 19,707 | 107,696 | 45,748 | ||||||||||||
Production and ad valorem taxes | 18,839 | 10,526 | 44,395 | 25,833 | ||||||||||||
Exploration and abandonments | 1,728 | 290 | 4,372 | 683 | ||||||||||||
Depletion, depreciation and amortization | 117,420 | 42,624 | 291,562 | 94,531 | ||||||||||||
Accretion of discount | 122 | 125 | 360 | 245 | ||||||||||||
General and administrative | 6,934 | 1,877 | 11,952 | 5,833 | ||||||||||||
Stock-based compensation | 14,057 | 10,655 | 22,095 | 29,210 | ||||||||||||
Total operating costs and expenses | 198,920 | 85,804 | 482,432 | 202,083 | ||||||||||||
Other expense | 540 | — | 8,042 | — | ||||||||||||
Income from operations | 146,126 | 118,310 | 319,666 | 295,688 | ||||||||||||
Interest and other income | 730 | 1 | 923 | 253 | ||||||||||||
Interest expense | (37,022 | ) | (14,608 | ) | (103,278 | ) | (29,142 | ) | ||||||||
Gain (loss) on derivative instruments, net | (29,655 | ) | 35,798 | (30,898 | ) | (42,487 | ) | |||||||||
Loss on extinguishment of debt | (27,300 | ) | — | (27,300 | ) | — | ||||||||||
Income before income taxes | 52,879 | 139,501 | 159,113 | 224,312 | ||||||||||||
Income tax expense | 14,100 | 31,597 | 38,251 | 55,357 | ||||||||||||
Net income | $ | 38,779 | $ | 107,904 | $ | 120,862 | $ | 168,955 | ||||||||
Earnings per share: | ||||||||||||||||
Basic net income | $ | 0.28 | $ | 0.90 | $ | 0.94 | $ | 1.48 | ||||||||
Diluted net income | $ | 0.28 | $ | 0.85 | $ | 0.90 | $ | 1.40 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 123,159 | 108,681 | 115,164 | 102,614 | ||||||||||||
Diluted | 127,006 | 115,118 | 120,531 | 109,144 | ||||||||||||
Dividends declared per share | $ | 0.025 | $ | 0.025 | $ | 0.075 | $ | 0.075 | ||||||||
Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||
(in thousands) | ||||||||
Nine Months Ended | ||||||||
2023 | 2022 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net income | $ | 120,862 | $ | 168,955 | ||||
Adjustments to reconcile net income to net cash provided by operations: | ||||||||
Provision for deferred income taxes | 38,251 | 55,357 | ||||||
Loss on extinguishment of debt | 27,300 | — | ||||||
Loss on derivative instruments | 30,898 | 42,487 | ||||||
Cash paid on settlement of derivative instruments | (21,032 | ) | (64,143 | ) | ||||
Amortization of debt issuance costs | 9,352 | 3,261 | ||||||
Amortization of discounts on long-term debt | 12,660 | 4,609 | ||||||
Stock-based compensation expense | 22,095 | 29,210 | ||||||
Accretion expense | 360 | 245 | ||||||
Depletion, depreciation and amortization | 291,562 | 94,531 | ||||||
Exploration and abandonment expense | 3,747 | 134 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (29,385 | ) | (43,822 | ) | ||||
Prepaid expenses, inventory and other assets | (1,628 | ) | (7,148 | ) | ||||
Accounts payable, accrued liabilities and other current liabilities | 16,700 | 19,130 | ||||||
Net cash provided by operating activities | 521,742 | 302,806 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Additions to crude oil and natural gas properties | (840,663 | ) | (725,107 | ) | ||||
Changes in working capital associated with crude oil and natural gas property additions | (86,468 | ) | 142,299 | |||||
Acquisitions of crude oil and natural gas properties | (9,602 | ) | (258,385 | ) | ||||
Deposit and other costs on pending acquisition | (409 | ) | — | |||||
Other property additions | (103 | ) | (2,158 | ) | ||||
Net cash used in investing activities | (937,245 | ) | (843,351 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Borrowings under Term Loan Credit Agreement, net of discount | 1,170,000 | — | ||||||
Borrowings under Credit Agreement | 255,000 | 450,000 | ||||||
Proceeds from issuance of 10.000% Senior Notes, net of discount | — | 210,179 | ||||||
Repayments under Credit Agreement | (525,000 | ) | (195,000 | ) | ||||
Repayments of 10.000% Senior Notes and 10.625% Senior Notes | (475,000 | ) | — | |||||
Premium on extinguishment of debt | (4,457 | ) | — | |||||
Proceeds from issuance of common stock | 155,768 | 85,000 | ||||||
Proceeds from exercises of warrants | 1,728 | 7,780 | ||||||
Proceeds from exercises of stock options | 148 | 120 | ||||||
Debt issuance costs | (26,401 | ) | (9,221 | ) | ||||
Stock offering costs | (5,371 | ) | (290 | ) | ||||
Dividends paid | (8,706 | ) | (7,636 | ) | ||||
Dividend equivalents paid | (903 | ) | (908 | ) | ||||
Net cash provided by financing activities | 536,806 | 540,024 | ||||||
Net increase (decrease) in cash and cash equivalents | 121,303 | (521 | ) | |||||
Cash and cash equivalents, beginning of period | 30,504 | 34,869 | ||||||
Cash and cash equivalents, end of period | $ | 151,807 | $ | 34,348 | ||||
Unaudited Summary Operating Highlights | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Sales Volumes: | ||||||||||||||||
Crude oil (Bbls) | 4,083,006 | 2,010,799 | 10,147,566 | 4,631,095 | ||||||||||||
NGLs (Bbls) | 433,117 | 232,739 | 1,063,287 | 516,989 | ||||||||||||
Natural gas (Mcf) | 1,997,892 | 1,026,878 | 4,974,202 | 2,117,059 | ||||||||||||
Total (Boe) | 4,849,105 | 2,414,684 | 12,039,887 | 5,500,927 | ||||||||||||
Daily Sales Volumes: | ||||||||||||||||
Crude oil (Bbls/d) | 44,381 | 21,857 | 37,171 | 16,964 | ||||||||||||
NGLs (Bbls/d) | 4,708 | 2,530 | 3,895 | 1,894 | ||||||||||||
Natural gas (Mcf/d) | 21,716 | 11,162 | 18,221 | 7,755 | ||||||||||||
Total (Boe/d) | 52,708 | 26,247 | 44,102 | 20,150 | ||||||||||||
Revenues (in thousands): | ||||||||||||||||
Crude oil sales | $ | 338,372 | $ | 189,441 | $ | 790,458 | $ | 467,305 | ||||||||
Crude oil derivative settlements | (13,772 | ) | (2,676 | ) | (21,032 | ) | (64,518 | ) | ||||||||
NGL and natural gas sales | 7,214 | 14,673 | 19,682 | 30,466 | ||||||||||||
Natural gas derivative settlements | — | 375 | — | 375 | ||||||||||||
Total revenues, including derivative settlements | $ | 331,814 | $ | 201,813 | $ | 789,108 | $ | 433,627 | ||||||||
Average sales prices: | ||||||||||||||||
Crude oil (per Bbl) | $ | 82.87 | $ | 94.21 | $ | 77.90 | $ | 100.91 | ||||||||
Crude oil derivative settlements (per Bbl) | (3.37 | ) | (1.33 | ) | (2.07 | ) | (13.93 | ) | ||||||||
NGL (per Bbl) | 20.08 | 36.59 | 22.23 | 41.23 | ||||||||||||
Natural gas (per Mcf) | 1.89 | 7.73 | 1.58 | 6.47 | ||||||||||||
Natural gas derivative settlements (per Mcf) | — | 0.37 | — | 0.18 | ||||||||||||
Total, including derivative settlements (per Boe) | $ | 68.43 | $ | 83.58 | $ | 65.54 | $ | 78.83 | ||||||||
Total, excluding derivative settlements (per Boe) | $ | 71.27 | $ | 84.53 | $ | 67.29 | $ | 90.49 | ||||||||
Weighted Average NYMEX WTI ($/Bbl) | $ | 82.16 | $ | 90.84 | $ | 77.75 | $ | 98.25 | ||||||||
Weighted Average NYMEX Henry Hub ($/Mcf) | 2.55 | 8.25 | 2.62 | 7.17 | ||||||||||||
Realization to benchmark | ||||||||||||||||
Crude oil | 101 | % | 104 | % | 100 | % | 103 | % | ||||||||
Natural gas | 74 | % | 94 | % | 60 | % | 90 | % | ||||||||
Operating Costs and Expenses (in thousands): | ||||||||||||||||
Lease operating expenses | $ | 38,164 | $ | 17,462 | $ | 99,110 | $ | 43,360 | ||||||||
Expense workovers | 1,656 | 2,245 | 8,586 | 2,388 | ||||||||||||
Production and ad valorem taxes | 18,839 | 10,526 | 44,395 | 25,833 | ||||||||||||
General and administrative expenses | 6,934 | 1,877 | 11,952 | 5,833 | ||||||||||||
Depletion, depreciation and amortization | 117,420 | 42,624 | 291,562 | 94,531 | ||||||||||||
Operating costs per Boe: | ||||||||||||||||
Lease operating expenses | $ | 7.87 | $ | 7.23 | $ | 8.23 | $ | 7.88 | ||||||||
Expense workovers | 0.34 | 0.93 | 0.71 | 0.43 | ||||||||||||
Production and ad valorem taxes | 3.89 | 4.36 | 3.69 | 4.70 | ||||||||||||
General and administrative expenses | 1.43 | 0.78 | 0.99 | 1.06 | ||||||||||||
Depletion, depreciation and amortization | 24.21 | 17.65 | 24.22 | 17.18 | ||||||||||||
Unaudited Reconciliation of Net Income to EBITDAX (in thousands) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net income | $ | 38,779 | $ | 107,904 | $ | 120,862 | $ | 168,955 | ||||||||
Interest expense | 37,022 | 14,608 | 103,278 | 29,142 | ||||||||||||
Interest and other income | (730 | ) | (1 | ) | (923 | ) | (253 | ) | ||||||||
Income tax expense | 14,100 | 31,597 | 38,251 | 55,357 | ||||||||||||
Depletion, depreciation and amortization | 117,420 | 42,624 | 291,562 | 94,531 | ||||||||||||
Accretion of discount | 122 | 125 | 360 | 245 | ||||||||||||
Exploration and abandonment expense | 1,728 | 290 | 4,372 | 683 | ||||||||||||
Stock-based compensation | 14,057 | 10,655 | 22,095 | 29,210 | ||||||||||||
Derivative related noncash activity | 15,883 | (38,098 | ) | 9,866 | (21,656 | ) | ||||||||||
Loss on extinguishment of debt | 27,300 | — | 27,300 | — | ||||||||||||
Other expense | 540 | — | 8,042 | — | ||||||||||||
EBITDAX | $ | 266,221 | $ | 169,704 | $ | 625,065 | $ | 356,214 | ||||||||
Unaudited Cash Margin Reconciliation | ||||||||||||||||
(in thousands, except per Boe data) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Crude oil, NGL and natural gas sales revenue | $ | 345,586 | $ | 204,114 | $ | 810,140 | $ | 497,771 | ||||||||
Less: Lease operating expenses | (38,164 | ) | (17,462 | ) | (99,110 | ) | (43,360 | ) | ||||||||
Less: Workover expenses | (1,656 | ) | (2,245 | ) | (8,586 | ) | (2,388 | ) | ||||||||
Less: Production and ad valorem taxes | (18,839 | ) | (10,526 | ) | (44,395 | ) | (25,833 | ) | ||||||||
Less: General and administrative expenses | (6,934 | ) | (1,877 | ) | (11,952 | ) | (5,833 | ) | ||||||||
Cash Margin | $ | 279,993 | $ | 172,004 | $ | 646,097 | $ | 420,357 | ||||||||
Divide by: Sales volumes (MBoe) | 4,849.1 | 2,414.7 | 12,039.9 | 5,500.9 | ||||||||||||
Cash Margin per Boe, excluding effects of derivatives | $ | 57.74 | $ | 71.23 | $ | 53.66 | $ | 76.42 | ||||||||
Cash Margin | $ | 279,993 | $ | 172,004 | $ | 646,097 | $ | 420,357 | ||||||||
General and administrative expenses | $ | 6,934 | $ | 1,877 | $ | 11,952 | $ | 5,833 | ||||||||
Divide by: Sales volumes (MBoe) | 4,849.1 | 2,414.7 | 12,039.9 | 5,500.9 | ||||||||||||
Cash Operating Margin per Boe, excluding effects of derivatives | $ | 59.17 | $ | 72.01 | $ | 54.66 | $ | 77.48 |
Unaudited Free Cash Flow Reconciliation | ||||
(in thousands) | ||||
Three Months Ended 2023 | ||||
Net cash provided by operating activities | $ | 158,066 | ||
Changes in operating assets and liabilities | 78,837 | |||
Less: Costs incurred excluding acquisitions | (161,231 | ) | ||
Free cash flow | $ | 75,672 | ||
Investor Contact:
Vice President, Business Development
817.850.9204
rhightower@highpeakenergy.com
Source:
Source:
2023 GlobeNewswire, Inc., source