HighPeak Energy, Inc. (HPK)
The company now
HighPeak Energy announced on 6 October 2026 a refinancing built on a $450 million preferred stock sale and a new $800 million credit facility 4.
Two buyers, PT Danantara Energy International and PT Tunas Harapan Perkasa, agreed to take 250,000 and 200,000 shares, and each may name one director 3.
The company expects the proceeds, new borrowing and cash to repay its $1.17 billion term loan in full 4.
Second-quarter net income was $82.3 million, up from $26.2 million, as realized prices per barrel of oil equivalent rose 35 percent and volumes fell 7 percent 2.
The same report said it was uncertain the company could meet its debt covenants, the tests its lenders set, once required ratios reset in the third quarter of 2026 2.
As of Oct 28, 2026. Written by the desk, an AI model, from the sources listed. Nothing here is advice.
Newer filings are on file since this was written; an update is queued.
Where the revenue comes from
fiscal 2025, as filedRevenue by product, fiscal 2025
| Product | Fiscal 2025 | Fiscal 2024 | Share of revenue |
|---|---|---|---|
| Crude Oil Sales | $786M | $1.06B | 91.0% |
| Natural Gas and NGL Sales | $77.4M | $56.7M | 9.0% |
As tagged in its annual report (Form 10-K, filed Mar 11, 2026 ↗), read from the SEC's financial statement data sets. The year before is the figure the record holds for the prior fiscal year.
The desk's written account, in full. As of Oct 28, 2026. Written by the desk, an AI model, from the sources listed. Nothing here is advice.
Past
HighPeak Energy was formed in Delaware on 29 October 2019 1.
Its chief operating officer has served since August 2020, after the HighPeak business combination 1.
The company drills in the Midland Basin of West Texas, where older vertical wells gave way over the last decade to modern horizontal drilling 1.
Crude oil sales were $1.09 billion in 2023, $1.06 billion in 2024 and $786 million in 2025 1.
The 2025 drop came as average realized prices per barrel of oil equivalent fell 20 percent and daily volumes fell 4 percent while drilling slowed 1.
Net income fell to $19.0 million in 2025 from $95.1 million in 2024 1.
In August 2025 the company extended its term loan maturity two years to September 2028 and upsized the loan to $1.2 billion 1.
Chief executive Jack Hightower retired in September 2025, and Michael Hollis was named chief executive on 4 November 2025 1.
In January 2023 the board began a review of strategic alternatives, including a possible sale of the company, and it has set no timetable 2.
Present
What it does
HighPeak Energy is an independent oil and gas producer, not part of a larger energy group, drilling in the Midland Basin of West Texas 1.
Crude oil brought in $786 million of its $863 million revenue in 2025, and natural gas and natural gas liquids added $77 million 1.
Acreage and rigs
At the end of 2025 it held about 142,560 net acres, the acreage counted by its ownership share, in two blocks called Flat Top and Signal Peak 1.
About 72 percent was held by production, and it operated about 98 percent of the net acreage 1.
At 30 June 2026 it used one drilling rig and one frac crew, and second-quarter sales averaged 45,285 barrels of oil equivalent a day, 7 percent below a year earlier 2.
Customers
Delek bought about 88 percent of its revenue in the first half of 2026 2.
A twelve-year contract with Delek sets a minimum of 23,500 barrels of oil a day for the first ten years 1.
People and problems
The company had fifty full-time employees at the end of 2025 1.
Michael Hollis has been chief executive since November 2025 and a director since August 2020 1.
Debt is the main pressure: it owed $1.2 billion on its term loan at the end of 2025, and lenders eased its covenant tests more than once 12.
The umbrella, in words
The HighPeak Funds own about 64 percent of the common stock, so the company is a controlled company under Nasdaq rules 1.
A committee of Michael Hollis, Daniel Silver and William R Hightower, who are also company officers, manages those funds 1.
The funds are set to expire at the end of 2026 unless extended, so their shares could go to partners in early 2027 1.
The two preferred buyers are subsidiaries of larger companies, PT Danantara Investment Management and PT Energi Mega Persada Tbk, tied to HighPeak by agreed purchases, not ownership 3.
Future
The company expects the preferred sale to close in the fourth quarter of 2026 4.
A new $800 million credit facility is expected to be completed at that closing 4.
Each buyer may nominate one director, and transfers of the preferred stock are restricted for two years after closing 3.
Michael Hollis said the company expects the deal to improve its liquidity and materially cut annual interest expense 4.
The 2026 capital budget is expected to be about $255 to $285 million, the annual report said 1.
The company plans to keep one drilling rig through 2026, depending on market conditions 2.
What it may be looking into
No clue on file points to a new direction yet.
How the company works
The desk has not read this company's annual report yet.
The record in brief
The desk has not written this company's report yet.
Sources
a number beside a sentence opens its entry in its own document's listThe written account 4 sources · as of Oct 28, 2026
- Form 10-K, annual report for the year ended 31 December 2025 ↗HighPeak Energy, Inc. (SEC filing) · filed Mar 11, 2026
- Form 10-Q, quarterly report for the quarter ended 30 June 2026 ↗HighPeak Energy, Inc. (SEC filing) · filed Aug 10, 2026
- Form 8-K, current report of 6 October 2026 (securities purchase agreements) ↗HighPeak Energy, Inc. (SEC filing) · filed Oct 6, 2026
- HighPeak Energy Announces Comprehensive Refinancing (Exhibit 99.1 to Form 8-K) ↗HighPeak Energy, Inc. (company news release) · Oct 6, 2026