HighPeak is a concentrated, oil-weighted (~85%) Permian pure-play developing Wolfcamp/Spraberry stacked pay across contiguous Howard and Borden County acreage (Flat Top and Signal Peak). Its single-asset focus delivers strong well economics but leaves it fully exposed to one play and WTI prices.
After years of debt-funded growth (2022-23 capex >$1bn/yr), management pivoted to capital discipline and deleveraging: FY2025 revenue fell ~23% to $0.86bn on lower prices and moderated activity, EBITDA ~$0.52bn, and net income compressed to ~$19m. High leverage (~$1.2bn gross debt) and founder control remain the key risk/optionality for any M&A or take-private.
Its EV/EBITDA of 3.5x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of -0.4% is lower than the 6.5% median, and at $11.49/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, HighPeak Energy scores 48/100, strongest on growth (85/100). Sub-scores: value 44, quality 54, growth 85, risk 67 (higher = riskier).
HighPeak Energy holds approximately 0.17 billion boe of proved (1P) reserves with FY2025 production of about 48 thousand boe/d (84% liquids), a reserve life of roughly 9.9 years. Break-even: ~$45 (WTI FCF breakeven) — Reduced FY2025 capex (~$0.52bn) kept FCF roughly neutral; sub-$45 WTI pressures free cash flow and debt paydown capacity.
Using HighPeak Energy's SEC-disclosed after-tax standardized measure of proved reserves ($1.9bn) less net debt ($1.0bn) gives an equity-NAV floor of about $0.9bn — the current market capitalisation sits +14% versus that floor. Disclosed pre-tax PV-10: $2.1bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Asset | Country | Type | note |
| Flat Top | United States | Oil — Permian | Core Howard County development area; Wolfcamp/Lower Spraberry |
| Signal Peak | United States | Oil — Permian | Borden County secondary core area |
| Wolfcamp A/B | United States | Horizontal oil | Primary development target zones |
| Lower Spraberry | United States | Horizontal oil | Stacked-pay co-development |
| Owned infrastructure | United States | Midstream/SWD | Company-owned water, gathering and disposal assets |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 11 | 26 | 44 | 50 | 48 |
| Proved reserves (bnboe) | 0.15 | 0.27 | 0.48 | 0.47 | 0.17 |
| Revenue ($bn) | 0.2 | 0.8 | 1.1 | 1.1 | 0.9 |
| EBITDA ($bn) | 0.1 | 0.5 | 0.7 | 0.6 | 0.6 |
| Net income ($bn) | 0.1 | 0.2 | 0.2 | 0.1 | 0.0 |
| Free cash flow ($bn) | -0.1 | -0.5 | -0.2 | 0.1 | 0.0 |
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✓ FY2025 figures verified against primary sources: