HighPeak Energy Investor Presentation March 2023 1
HighPeak Overview Northern Midland Basin Pure-Play Capitalized For Profitable Oil-Weighted Value Creation Key Highlights Acreage Position and Select Offset Operators Q422 production average 37.3 MBoe/d Increased 42% QoQ and…
Differentiated Growth Story Now Shifting to FCF Harvest Value Creation Over Time Exit Rate Production (Boe/d) Production growth demonstrates high rock quality and positions the LQA Adj. EBITDAX(1) company for free cash flow…
HighPeak Has Peer Leading Margins High oil cut, low-cost structure, and continued scaling of production lead to HPKs peer leading margins Q4 margins are 34% above nearest peer with continued expansion expected as production scales…
Q422 Costs Per BOE LOE Production Taxes G&A Continued Optimization Gains: 15.11 14.45 1.79 1.01 13.30 Continued generator removal 0.78 12.54 A and solar farm integration 1.93 10.83 0.66 4.61 5.15 4.36 B Volume dilution of…
Current ESG Update Power Facilities Fluid Sand Efficient Quality Recycling Environmental Removal of Generators, First class, newly built Can supply 100% of the Local sand mine running 1-2 rigs on electric VRU, VRT & instrument…
Operations Flat Top Summary Key Pads/Areas 1 Conrad pad 2 well LS/WCA pad online Extended LS/WCA 4 miles northeast of development area 3 2 Fleeman pad 4 well stacked lateral pad online 1 WCD- 3 finger test (1 well) WCB…
Operations Signal Peak Summary Key Pads/Wells 1 Marchbanks/Powell/Partee pad 4 well pad Running ESPs/Gas-lift WCD-3 Finger test (1 well) WCC-Hutto test (1) WCD-Base development (2) 2 St. Rita pad 5 well pad finishing fracs…
Year-End Proved Reserves Summary (1)(2) 2022 SEC Pricing - 93.67/Bbl & 6.358/MMBtu PV10 (mm) YE22 Proved Reserves by Category Multi-year drilling program has driven significant reserves additions and PV10 growth PUD…
HighPeak Exhibiting Leading Results in Howard and South Borden Counties Oil EUR Distributions per Enverus Relative to HPK Results East Howard & South Borden Oil EUR Distribution Delineation and Laterals to Date 1,250 Flat…
Substantial Inventory(1) Results Driven By Excellent Reservoir Performance Across Multiple Targets Remaining Inventory (Gross Locations) 2,500 Total Gross Locations Flat Top Signal Peak Total Primary Upside Primary Upside…
2023 and 2024 Development Outlook FCF Inflection Point in 2023 Entering FCF Growth Mode Thereafter(1) ( in millions) Production (MBoe/d) 2023 2024 Average production rate 47 53 70 76 Exit production rate 58 66 72 80 Capex (mm)…
Attractive Value Proposition Contiguous Acreage Operational & Environmental Focus 112,500 net acres located in two highly contiguous blocks Developed for long-term operations Optimal large-scale development provides for maximum…
HIGHPEAK ENERGY, INC. Contact Information Corporate Headquarters 421 W. 3rd St., Suite 1000 Fort Worth, TX 76102 www.highpeakenergy.com Ryan Hightower Vice President, Business Development (817) 850-9204 IRhighpeakenergy.com 16
HIGHPEAK ENERGY, INC. Appendix 17
HighPeak Well Activity Rig Released In Progress(1) Turned in Line Wells 4Q22 2022 FY As of 12/31/2022 4Q22 2022 FY Gross Net Gross Net Gross Net Gross Net Gross Net OP 33 31.8 113 106.5 OP 59 57.3 OP 25 22.4 87 78.0 Nonop 2…
HighPeak Inventory Analysis Flat WTI/HH 90/4 Remaining Locations Net Remaining Resource (MMBoe) 1,300 primary locations with an 879 MMBoe net undeveloped average 95% IRR resource potential, 73% oil and 89% with additional…
HighPeaks Position Poised For Optimal Development Optimal Acreage To Maximize Deep Inventory Development HighPeak Poised for Optimal Development on Proven Inventory 88% of HPK acreage has 6 or less wells/DSU making it one of the…
Q4 2022 Summary Production Q4 2022 Earnings Q4 2022 Total sales volumes (MBoe) 3,436.0 Net Income (MM) 67.9 Total daily sales volumes (MBoe/d) 37.35 GAAP Earnings (per diluted share) 0.53 Oil percentage 85% EBITDAX (MM) 220.9…
Hedges(1) Summary Average oil volumes of 4,718 Bo/d hedged in 2023 using swaps at an average price of 71.59/bbl Average oil volumes of 5,282 Bo/d hedged through 2023 using puts at an average price of 58.43/bbl Deferred…
SEC Pricing: Year-End 2022 Proved Reserves(1) Year-End 2022 Proved Reserves Net Proved Reserves Oil Gas NGL % of % Reserve Category (MBbl) (MMcf) (MBbl) Total (MBoe) Total Proved Liquids PV-10 (MM) Proved Developed Producing…
Non-GAAP Reconciliation Reconciliation of Net Income to EBITDAX Unhedged Cash Operating Margin Reconciliation (in thousands) Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. (in thousands) Ended Ended Ended Ended Ended Ended 31-Dec-22 31-Dec-21…
Non-GAAP Reconciliation Reconciliation of Proved Reserves PV-10 to Standardized Measure As of As of As of (in thousands) 12/31/20 12/31/21 12/31/22 Reserves PV-10 235,490 1,338,193 3,872,045 Present value of future income…
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