HighPeak Energy, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>HighPeak Energy, Inc. has filed its 2023 10-K, detailing its financial performance, operational data, and reserve information for the fiscal year ending December 31, 2023.</b>

AI Summary

HighPeak Energy, Inc. (HPK) filed a Annual Report (10-K) with the SEC on March 6, 2024. HighPeak Energy, Inc. filed its 2023 Form 10-K on March 6, 2024, reporting on its fiscal year ended December 31, 2023. The filing covers the company's operations in the oil and gas drilling sector, SIC code 1381. The company's principal executive offices are located at 421 W. 3rd Street, Suite 1000, Fort Worth, TX 76102. The filing includes data on oil and natural gas reserves for the years 2020 through 2023. Subsequent events noted include dividend equivalents and quarterly dividends declared in February 2024.

Why It Matters

For investors and stakeholders tracking HighPeak Energy, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of HighPeak Energy's financial health and operational status for the past fiscal year, crucial for investors assessing the company's performance and future prospects. The inclusion of detailed reserve data and subsequent events like dividend declarations offers insights into the company's resource management and capital allocation strategies.

Risk Assessment

Risk Level: medium — HighPeak Energy, Inc. shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, posing inherent risks to financial performance and operations.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand HighPeak Energy's exposure to commodity price volatility and operational challenges.

Key Numbers

• 14,835,000 — Shares Outstanding (approximate) (Implied from filing metadata)
• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-06 — Filing Date (Conformed submission date)
• 2024-02-29 — Subsequent Event Date (Dividend declaration period)

Key Players & Entities

• HighPeak Energy, Inc. (company) — Filer name
• 421 W. 3rd Street, Suite 1000, Fort Worth, TX 76102 (location) — Business and mailing address
• 1381 (industry_code) — Standard Industrial Classification
• 2023-12-31 (date) — Conformed period of report
• 2024-03-06 (date) — Filed as of date

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial results are highly sensitive to fluctuations in the market prices of crude oil, natural gas, and natural gas liquids.
• Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to extensive federal, state, and local environmental, health, and safety regulations, which can impact costs and operational flexibility.
• Operational Risks [medium — operational]: Risks include drilling and production uncertainties, equipment failures, and the ability to access and develop reserves efficiently.

Key Dates

• 2023-12-31: Fiscal Year End — End of reporting period for financial statements.
• 2024-03-06: 10-K Filing Date — Official submission date of the annual report.
• 2024-02-29: Subsequent Event - Dividend Declaration — Indicates post-year-end financial activities related to shareholder returns.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share HPK The Nasdaq Stock Mark
• $10.88 — reported on the Nasdaq Global Market of $10.88. Number of shares of common stock outs
• $225.0 million — ngs: "10.000% Senior Notes " means the $225.0 million aggregate principal amount of our 10.00
• $250.0 million — 023. "10.625% Senior Notes " means the $250.0 million aggregate principal amount of our 10.62
• $25.0 million — nt to an indenture in November 2022 and $25.0 million of which were issued pursuant to an ind
• $11.50 — hPeak Energy common stock at a price of $11.50 per share. "Wellbore" The hole drilled

Filing Documents

• hpe20231231_10k.htm (10-K) — 2923KB
• ex_619696.htm (EX-21.1) — 4KB
• ex_619697.htm (EX-23.1) — 2KB
• ex_619698.htm (EX-23.2) — 7KB
• ex_619699.htm (EX-31.1) — 12KB
• ex_619700.htm (EX-31.2) — 12KB
• ex_619701.htm (EX-32.1) — 5KB
• ex_619702.htm (EX-32.2) — 5KB
• ex_619695.htm (EX-97.1) — 20KB
• ex_619703.htm (EX-99.1) — 123KB
• bergeron.jpg (GRAPHIC) — 19KB
• brooker.jpg (GRAPHIC) — 19KB
• graph2023.jpg (GRAPHIC) — 147KB
• 0001437749-24-006816.txt (&nbsp;) — 12633KB
• hpk-20231231.xsd (EX-101.SCH) — 90KB
• hpk-20231231_def.xml (EX-101.DEF) — 645KB
• hpk-20231231_lab.xml (EX-101.LAB) — 564KB
• hpk-20231231_pre.xml (EX-101.PRE) — 688KB
• hpk-20231231_cal.xml (EX-101.CAL) — 77KB
• hpe20231231_10k_htm.xml (XML) — 1943KB

Risk Factors

Risk Factors 29 Item 1B. Unresolved Staff Comments 60 Item 1C. Cybersecurity 60 Item 3.

Legal Proceedings

Legal Proceedings 60 Item 4. Mine Safety Disclosures 60 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 61 Item 6. Reserved 62 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 63 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 78 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 79 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 108 Item 9A.

Controls and Procedures

Controls and Procedures 108 Item 9B. Other Information 108 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 108 PART III Item 10. Directors, Executive Officers and Corporate Governance 108 Item 11.

Executive Compensation

Executive Compensation 108 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 108 Item 13. Certain Relationships and Related Transactions, and Director Independence 109 Item 14. Principal Accountant Fees and Services 109 PART IV Item 15. Exhibits, Financial Statement Schedules 109 Item 16. Form 10-K Summary 112

Signatures

Signatures 113 HIGHPEAK ENERGY, INC. Definitions of Certain Terms and Conventions Used Herein Within this Annual Report on Form 10-K (this "Annual Report"), the following terms and conventions have specific meanings: "10.000% Senior Notes " means the $225.0 million aggregate principal amount of our 10.000% Senior Notes due 2024, which were issued pursuant to an indenture in February 2022 and repaid in full in September 2023. "10.625% Senior Notes " means the $250.0 million aggregate principal amount of our 10.625% Senior Notes due 2024, $225.0 million of which were issued pursuant to an indenture in November 2022 and $25.0 million of which were issued pursuant to an indenture in December 2022 and repaid in full in September 2023. "3-D seismic" means three-dimensional seismic data which is geophysical data that depicts the subsurface strata in three dimensions. 3-D seismic data typically provides a more detailed and accurate interpretation of the subsurface strata than two-dimensional data. "ASC" means Accounting Standards Codification. "ASU" means Accounting Standards Update. "Basin" means a large natural depression on the earth's surface in which sediments generally brought by water accumulate. "Bbl" means a standard barrel containing 42 United States gallons. "Bcf" means one billion cubic feet. "Boe" means a barrel of crude oil equivalent and is a standard convention used to express crude oil and natural gas volumes on a comparable crude oil equivalent basis. Natural gas equivalents are determined under the relative energy content method by using the ratio of six thousand cubic feet of natural gas to one Bbl of crude oil or NGL. "Boepd" means Boe per day. "Bopd" means one barrel of crude oil per day. "Btu" means British thermal unit, which is a measure of the amount of energy required to raise the temperature of one pound of water one degree Fahrenheit. 1 "Collateral Agency Agreement " means the Company's Collateral Agency Agreement, dated as o

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