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FORT WORTH, Texas - HighPeak Energy, Inc. (NASDAQ:HPK) reported fourth quarter earnings that beat analyst expectations, sending shares up 1.8% in after-hours trading Monday.
The oil and gas company posted adjusted earnings per share of $0.19, surpassing the consensus estimate of $0.15. However, revenue came in at $234.81 million, falling short of analysts’ projections of $251.48 million.
HighPeak’s fourth quarter sales volumes averaged 50,216 barrels of oil equivalent per day (Boe/d), a 1% increase compared to the same period last year. Crude oil production accounted for 72% of total output.
"As promised, 2024 was a solid, level-set year for HighPeak," said Chairman and CEO Jack Hightower. "We ran a disciplined and efficient drilling program, reduced our capex budget by 40% from the prior year, increased production by 10%, beat and raised guidance on production, and reduced our operating costs and DC&E costs per foot year over year."
For the full year 2024, HighPeak reported net income of $95.1 million, or $0.67 per diluted share. Adjusted EBITDAX, a non-GAAP measure, was $842.9 million.
Looking ahead to 2025, the company expects average production between 47,000 and 50,500 Boe/d. Capital expenditures are projected in the range of $448 million to $490 million.
HighPeak also declared a quarterly dividend of $0.04 per share, payable in March 2025.
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