HighPeaks Story Delineation Phase Transitions Into Full-Scale Field Development and Bolt-On Acquisitions 2020 2021 2022+ Acreage: 51,000 Acreage: 63,000 Acreage:(1) 113,600 Benches Delineated: 2 Benches Delineated: 3 Benches…
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 Top…
HighPeak Overview Northern Midland Basin Pure-Play Capitalized For Oil-Weighted Value Creation Updated Development Plan Acreage Map Q123 production average 37.2 MBoe/d Increased 209% Year Over Year 113,600 net acres (63.2k Flat…
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 EBITDAX(1) company for significant free cash…
HighPeaks Margins Continue to Outpace Peers High oil cut, low-cost structure, and continued scaling of production lead to HPKs peer leading margins Q1 margins are33% above nearest peer HPK Q123 margin (52.56/Boe) is 55% higher vs.…
Enhancing Well Results Across Multiple Benches Continue to demonstrate consistent well results as we Improving Well Performance Year Over Year have expanded development across the acreage position and formations 2022 wells have…
Operations Flat Top Summary Q123 activity areas 5 Key Pads/Areas 2 1 Conrad pad Extended LS/WCA 4 miles northeast of development area 4 1 2 Griffin 48-37 B pad LS wells producing similar to WCA 6 3 Southeast Flat Top…
Operations Signal Peak Summary LowerSpraberry / Wolfcamp A 1 - 2 Delineation in advance of development 3 - 4 Initial development pads Lower Spraberry / Wolfcamp A Phase 1 Development 3 5 Wolfcamp D 3F 5 - 8 Testing additional…
Current ESG Update Power Facilities Fluid Sand Efficient Quality Recycling Environmental Running 1-2 rigs on electric Newly built Can supply 100% of the Local sand mine power, dual fuel frac crew VRU, VRT & instrument air…
Asset Ready for Full Development Central Tank Battery configuration Electrical Infrastructure Large Scalable Sand Mine Efficient Low emissions All electrical, SWD and recycle systems in place for full development Water…
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…
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…
Improving Costs Per BOE LOE Production Taxes G&A Continued Optimization Gains: 13.49 Continued generator removal 1.40 A and solar farm integration 11.49 0.69 4.30 B Volume dilution of fixed costs 4.30 Infrastructure…
Updated 2023 Development Outlook Est. FCF Inflection Point in 2023 Entering FCF Growth Mode Thereafter Production (MBoe/d) 2023 ( in millions) Average production rate 45 51 Exit production rate 55 61 470 240 Capex (mm) 2023…
Debt and Capitalization Overview Current Debt Overview Current Capitalization (MM) 475MM in aggregate senior unsecured notes As of 3/31/2023 225MM February 2024 notes, 10.0% coupon. Pre-payable at par, offering significant…
HighPeak Checks All the Boxes Operational 113,600 net acres in two highly contiguous blocks in the Midland Basin Scale First quarter year over year production growth of 200% Inventory Primary delineated inventory of 1,300…
HIGHPEAK ENERGY, INC. Appendix 21
HighPeak Well Activity Rig Released In Progress(1) Turned in Line Wells 1Q23 As of 03/31/2023 1Q23 Gross Net Gross Net Gross Net OP 25 24.7 OP 62 60.2 OP 26 25.5 Nonop 0 0.0 Nonop 1 0.1 Nonop 6 0.3 Total 25 24.7 Total 63…
Hedges(1) Summary Average oil volumes of 4,492 Bo/d hedged from Q223 Q323 using swaps at an average price of 69.32/bbl Average oil volumes of 7,011 Bo/d hedged from Q223 Q423 using puts at an average price of 58.43/bbl…
SEASONED LEADERSHIP TEAM WITH HIGHLY RELEVANT EXPERIENCE Jack Hightower BLUESTEM ENERGY Chairman & CEO Michael L. Hollis President & Director Rodney L. Woodard Chief Operating Officer Steven W. Tholen Chief Financial…
HighPeak Inventory Analysis Flat WTI/HH 85/4 Remaining Locations ( of wells) Well IRR 20% 40% 60% 80% 100% Total Flat Top 1,067 993 928 811 567 1,095 Signal Peak 1,354 1,153 904 587 353 1,408 Total 2,421 2,146 1,832 1,398…
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…
Q1 2023 Summary Production Q1 2023 Earnings Q1 2023 Total sales volumes (MBoe) 3,350.0 Net Income (MM) 50.3 Total daily sales volumes (MBoe/d) 37.22 GAAP Earnings (per diluted share) 0.39 Oil percentage 85% EBITDAX (MM) 173.9…
Non-GAAP Reconciliation Reconciliation of Net Income to EBITDAX Unhedged Cash Operating Margin Reconciliation (in thousands) Quarter Ended Qtr. (in thousands) 31-Dec-21 31-Dec-22 31-Mar-23 Ended Net income 37,025 67,899 50,257…
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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