HighPeak Energy (HPK) Q3 2026 Earnings
Adjusted EPS of $0.32 excludes a $107.5 million ($0.86/share) net loss on derivative instruments, $10.7 million ($0.09/share) of abandoned LHC, dry hole costs and P&A expense, $875 thousand stock-based compensation and $37 thousand other expense, less a $25.0 million ($0.20/share) tax adjustment; GAAP diluted EPS was ($0.44).
How Did HPK Stock React to Q3 2026 Earnings?
Did HPK Beat Earnings? Q3 2026 Results
Yes. HighPeak Energy reported Q3 2026 earnings of $0.32 a share on Nov 9, 2026, beating the $0.07 consensus estimate by 357.1%. Revenue was $256.8M against a $251.9M estimate.
HighPeak Energy delivered a sharply stronger-than-expected third quarter of 2026, posting adjusted EPS of $0.32 against a consensus estimate of just $0.07, a beat of 357.14%, while revenue of $256.82 million edged past the $251.85 million estimate and climbed 36.00% from a year ago. The driving force behind the outperformance was a dramatic improvement in commodity realizations, with the unhedged overall price reaching $63.18 per Boe compared to $47.43 in the prior-year quarter, more than compensating for a volume decline to 44,181 Boe/d from 47,839 Boe/d. A $107.53 million net derivative loss, however, pushed GAAP diluted EPS to a loss of $0.44, compared to a small gain on hedges a year earlier. EBITDAX reached $163.80 million on a margin of $45.54 per Boe, and free cash flow before working capital changes was $58.41 million, supporting $30.00 million in debt repayment. Looking ahead, management raised full-year production guidance to 44,500 to 45,500 Boe/d and expects a pending $450.00 million preferred equity investment and new $800.00 million credit facility to retire its existing term loan later in November.
- Unhedged realized crude oil price of $86.86/Bbl vs $65.63/Bbl in Q3 2025
- Overall unhedged realized price of $63.18/Boe vs $47.43/Boe a year earlier
- Unhedged EBITDAX margin of $45.54/Boe vs $30.94/Boe a year earlier
- G&A expense of $1.49/Boe vs $2.12/Boe a year earlier
- Production came in above expectations, with improving drilling efficiencies
- $107.5 million net loss on derivative instruments drove the GAAP net loss
- Exploration and abandonment expense of $11.0 million vs $2.3 million a year earlier
- Free cash flow of $22.4 million; free cash flow before working capital changes of $58.4 million
- Debt reduced by $30 million in the quarter
“Operationally, the team continued to execute at a high level, delivering production above expectations and improving efficiency. Financially, we generated meaningful free cash flow, reduced debt, and took a major step toward strengthening our balance sheet with the comprehensive refinancing transaction we recently announced.”
HighPeak Energy CEO, on the earnings call
What Is HighPeak Energy's Outlook?
HighPeak updated its full-year 2026 guidance: - **Production:** average daily production raised to 44,500–45,500 Boe/d. - **Lease operating expenses:** reduced to $8.00–$8.25 per Boe. - **Capital expenditures:** total increased to $310–$320 million. Rather than releasing a rig, management plans to keep drilling activity steady and reinvest efficiency gains into additional high-return opportunities. The comprehensive refinancing ($450 million preferred equity plus a new $800 million credit facility) is expected to close later in November 2026. On closing, the existing $1.2 billion term loan will be repaid.
HPK YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $256.8M | $188.9M | +36.0% |
| Operating Income | $71.7M | $32.6M | +119.9% |
HPK Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.