HPK - HighPeak Energy Expects Production To Decline From H2 2023 Levels (Downgrade)

2024-03-08 15:48:22 ET

Summary

• HighPeak Energy, Inc.'s 2024 guidance suggests that its 2024 production may average 10% lower than its Q4 2023 sales volumes.
• HighPeak is expected to generate around $145 million in 2024 free cash flow, but at the cost of those production declines.
• HighPeak's reserve volumes and PV-10 were significantly reduced between its August 2023 estimates and its year-end report.
• HighPeak is also required to make $120 million in term loan repayments per year.

HighPeak Energy, Inc.'s ( HPK ) Q4 2023 earnings report and guidance for 2024 were both disappointing. On the positive side, HighPeak generated some ($33.7 million) free cash flow in Q4 2023 and is projected to generate another $145 million in 2024 free cash flow at current strip prices....

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