Here are 1-3 brief analogies for HighPeak Energy (HPK):

• Like a focused oil and gas driller, akin to a pure-play Diamondback Energy (FANG) or EOG Resources (EOG), but exclusively developing properties in the Permian Basin.
• An independent energy company, similar to Chesapeake Energy (CHK) or Marathon Oil (MRO), but specializing in exploring and producing crude oil and natural gas primarily from the Permian Basin.

• Crude Oil: HighPeak Energy produces and sells crude oil extracted from its Permian Basin properties.
• Natural Gas: The company also extracts and markets natural gas, primarily methane, from its drilling operations.
• Natural Gas Liquids (NGLs): HighPeak Energy separates and sells valuable natural gas liquids, such as ethane, propane, and butane, derived from its natural gas production.

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Michael L. Hollis, President and Chief Executive Officer

Michael L. Hollis was appointed Interim Chief Executive Officer of HighPeak Energy in September 2025 and subsequently made permanent President and CEO. He has served as President and a director of the Board since August 2020. Prior to joining HighPeak, Mr. Hollis served as President and Chief Operating Officer of Diamondback Energy, Inc., a Permian focused oil and gas producer, from 2017 to 2019, having previously been COO since 2015 and Vice President of Drilling from 2011 to 2014. He also served on the Board of Directors for Diamondback and Viper Energy Partners LP. Before his time at Diamondback, Mr. Hollis was a Drilling Manager at Chesapeake Energy Corporation and held various engineering roles at ConocoPhillips and Burlington Resources Inc.. He led Pure Acquisition Corp., a publicly traded special purpose acquisition company, as President from December 2019 to August 2020, which acquired the assets of HighPeak Energy partnerships, leading to the formation of HighPeak Energy, Inc.. Mr. Hollis has over 25 years of experience in the oil and gas industry. He is also part of the committee managing the HighPeak Funds, which are private equity entities.

Steven W. Tholen, Chief Financial Officer

Steven W. Tholen has served as HighPeak Energy's Chief Financial Officer since its inception in October 2019. He is a corporate finance executive with over 30 years of experience in building, leading, and advising corporations through complex restructurings, purchase and sales transactions, and capital market transactions. Mr. Tholen also served as the CFO for the HighPeak Funds, which are private equity companies, since 2014. Previously, he co-founded and served as Executive Vice President – Finance of Fieldco Construction Services, Inc., providing oilfield construction services from 2011 to 2014. From 2009 to 2013, Mr. Tholen was the founder and President of SDL&T Energy Partners, which provided equity and debt financing to energy companies globally. His prior experience also includes serving as Senior Vice President & CFO of Harvest Natural Resources, Inc. (2001-2008), Vice President and CFO of Penn Virginia Corporation (1995-2000), and Treasurer/Manager of Business Administration of Cabot Oil & Gas Corporation (1990-1995).

Jack D. Hightower, Founder and Former Chairman & Chief Executive Officer

Jack D. Hightower, the founder of HighPeak Energy, retired as Chief Executive Officer and Chairman of the Board in September 2025. He brings over 49 years of experience in managing multiple E&P platforms in the oil and gas industry. Mr. Hightower founded Titan Exploration in 1995, which later became Pure Resources, Inc., serving as its Chairman, President, and CEO. Pure Resources, Inc. grew to be the 11th largest publicly traded independent E&P company in North America before being sold to Unocal in October 2002. He also founded and served as Chairman, President, and CEO of several other energy companies, including Celero Energy, LP (2004-2005), Celero Energy II, LP (2006-2009), Bluestem Energy Partners, LP (2011-2013), and Enertex Inc. (1991-1994). Mr. Hightower has a history of profitably selling companies he founded. He was also the founder of HighPeak Energy Partners LP (2017) and HighPeak Energy Partners II LP, which are private equity funds and were involved in the formation of HighPeak Energy.

Rodney L. Woodard, Executive Vice President and Chief Operating Officer

Rodney L. Woodard has served as HighPeak Energy's Executive Vice President and Chief Operating Officer since the company's inception in October 2019. He contributes over 40 years of experience in the oil and gas industry, having held roles as CEO, COO, and leader of Engineering and Operations for numerous exploration and production companies. Mr. Woodard also served as Executive Vice President & COO for the HighPeak Funds, a group of private equity companies, since 2017. Before the HighPeak business combination, he was the COO and a director of Pure Acquisition Corp..

Ryan Hightower, Executive Vice President

Ryan Hightower serves as Executive Vice President of HighPeak Energy, Inc., where he is responsible for driving company growth through new business opportunities and strategic expansion initiatives, as well as overseeing investor relations, marketing, and midstream activities. He previously served as Vice President – Business Development from August 2020 through September 2025. From 2014 to 2020, Mr. Hightower was instrumental in founding HighPeak Energy Partners, LP and HighPeak Energy Partners II, LP, which are private equity companies that formed HighPeak Energy, Inc.. He was also involved with Pure Acquisition Corp.. Mr. Hightower has over 18 years of experience in the oil and gas industry, primarily focused on land acquisitions and business development. Following Jack Hightower's retirement, he became part of the committee managing the HighPeak Funds.

The key risks to HighPeak Energy's business (HPK) are primarily related to its financial health, the volatility of commodity prices, and operational execution.

1. Financial Health and High Leverage: HighPeak Energy's financial structure is currently stressed, and the company carries a higher leverage profile compared to many of its peers. Its Altman Z-Score, a predictor of bankruptcy, is in the distress zone, indicating potential financial instability. The company has approximately $1.2 billion in total debt. While management has taken steps to stabilize the balance sheet and extended debt maturities to September 2028, its ability to generate significant free cash flow is minimal. The company's liquidity could diminish once quarterly term loan repayments of $30 million restart in September 2026, particularly if crude oil prices remain at lower levels.
2. Commodity Price Volatility: As an independent oil and natural gas company, HighPeak Energy's financial position, revenues, operating results, profitability, liquidity, future growth, and asset value are highly dependent on prevailing commodity prices, which are inherently volatile and uncertain. Sustained periods of low crude oil prices, such as West Texas Intermediate (WTI) crude oil prices staying below $60 per barrel for an extended period, could lead to a significant decline in HighPeak Energy's production and only a marginal reduction in its net debt.
3. Operational and Execution Challenges: HighPeak Energy has faced operational headwinds, including a significant revenue miss in Q3 2025, with a 30.5% year-over-year decline. The percentage of total sales volume that is crude oil ("oil cut") also dropped from 70% in Q2 2025 to 66% in Q3 2025, which impacts revenue. While the company is undertaking a strategic pivot to address these issues, including restructuring corporate governance and adopting a scenario-based business approach tied to oil prices, the gap between financial expectations and actual results highlights ongoing execution risks.

Crude Oil Market (Permian Basin, U.S.)

Natural Gas Market (Permian Basin, U.S.)

Share Repurchases

• HighPeak Energy repurchased over 2.4 million shares of common stock during 2024.
• The company's stock repurchase authorization of up to $75.0 million has been extended through December 2025.

Share Issuance

• HighPeak Energy filed a registration statement in November 2025 for a primary offering of up to $300,000,000 of common stock, which the company may sell over time for general corporate purposes, including debt repayment, acquisitions, capital expenditures, and working capital.
• The company's Principal Stockholder Group purchased approximately one million shares in connection with an underwritten equity offering in July 2023.
• As of November 4, 2025, a resale registration covered 79,706,576 shares of common stock issued from a May 2020 Business Combination Agreement and 29,057,783 shares from a July 2020 Forward Purchase Agreement, though the company will not receive proceeds from these selling securityholder sales.

Capital Expenditures

• HighPeak Energy's 2025 capital budget is projected to be approximately 20% lower than its 2024 capital expenditure spend, with an expected expenditure of $375 to $405 million for drilling, completion, facilities, and equipping costs, along with $40 to $50 million for field infrastructure and $33 to $35 million for one-time infrastructure expenditures.
• In 2024, the company reduced its capital expenditure budget by 40% from the prior year, while increasing production by 10%.
• For the third quarter of 2025, capital expenditures, excluding acquisitions, were $86.6 million, representing a reduction of over 30% compared to the second quarter of 2025.