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FORT WORTH, Texas - HighPeak Energy, Inc. (NASDAQ:HPK) reported first quarter earnings that beat expectations, but revenue fell short of analyst estimates, sending shares down 3.4% in after-hours trading.
The oil and gas company posted adjusted earnings per share of $0.31, topping the consensus estimate of $0.29. However, revenue came in at $257.45 million, missing the $258.63 million analysts were expecting.
HighPeak’s sales volumes averaged 53,128 barrels of oil equivalent per day (Boe/d) in Q1, up 6% from the previous quarter. Crude oil made up 72% of total production.
"HighPeak delivered another strong quarter of results, beating production guidance and consensus estimates, while also realizing higher levels of operating efficiencies in our development program," said Jack Hightower, Chairman and CEO.
The company narrowed and raised its 2025 production guidance, now expecting 48,000-50,500 Boe/d compared to its previous outlook.
HighPeak generated $10.7 million in free cash flow during the quarter, allowing it to reduce long-term debt by $30 million. The company also declared a quarterly dividend of $0.04 per share.
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