9 May 2024quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $287.8 million and net income of $6.4 million for the period ended 2024-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 May 2024quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $287.8 million and net income of $6.4 million for the period ended 2024-03-31.
8 May 2024quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $287.8 million and net income of $6.4 million for the period ended 2024-03-31.
2 Apr 2024debt financing▲ Good
On March 29, 2024, HighPeak amended its November 2023 senior revolving credit agreement with Fifth Third Bank, increasing the commitments from $75 million to $100 million. The filing says there were other changes ('among other things') but does not describe them.
5 Feb 2024dividend declaration▲ GoodMajor
On February 5, 2024, the board authorized a share repurchase program of up to $75 million of common stock and declared a quarterly dividend of $0.04 per share, payable March 25, 2024 to holders of record on March 1, 2024. The dividend is up from the $0.025 paid in 2023.
29 Dec 2023director interest notice● Neutral
HighPeak Energy, Inc. Chief Executive Officer Jack Hightower bought 164,030 shares on the open market.
26 Dec 2023director interest notice● Neutral
HighPeak Energy, Inc. Chief Executive Officer Jack Hightower bought 150,442 shares on the open market.
7 Dec 2023director interest notice● Neutral
HighPeak Energy, Inc. director Jay M. Chernosky sold 3,615 shares at $14.48.
7 Nov 2023quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $345.6 million and net income of $38.8 million for the period ended 2023-09-30.
6 Nov 2023quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $345.6 million and net income of $38.8 million for the period ended 2023-09-30.
6 Nov 2023debt financing● NeutralMajor
On November 1, 2023, HighPeak signed a new senior revolving credit agreement with Fifth Third Bank as agent: $100 million borrowing capacity, $75.0 million elected commitments, maturing September 30, 2026, at SOFR plus 4.00% to 5.00% (or base rate plus 3.00% to 4.00%). It is secured by a first lien on substantially all assets, with the same 1.50x asset coverage and 2.00x net leverage covenants as the term loan. This is the super-priority revolver the September term loan permitted. The filing also furnished third-quarter 2023 results in a press release, but the figures are not in the filing text.
10 Oct 2023dividend declaration● Neutral
The board declared the regular quarterly dividend of $0.025 per share on October 10, 2023, payable November 22, 2023 to holders of record on November 1, 2023. This continues the existing dividend at an unchanged rate.
3 Oct 2023substantial holder notice● Neutral
Jack Hightower, HighPeak Energy Partners, LP, HighPeak Energy Partners II, LP, HighPeak Pure Acquisition, LLC reported a HighPeak Energy, Inc. shareholding of 93,130,910 shares (68.60% of votes) in a periodic institutional filing.
21 Sept 2023director interest notice● Neutral
HighPeak Energy, Inc. Chief Executive Officer Jack Hightower bought 500,000 shares on the open market.
21 Sept 2023director interest notice● Neutral
HighPeak Energy, Inc. President Michael L. Hollis bought 9,829 shares on the open market.
15 Sept 2023debt financing▲ GoodMajor
HighPeak signed a new senior secured term loan agreement on September 12, 2023 (closed September 13), with a $1.2 billion commitment capacity, maturing September 30, 2026, at Adjusted Term SOFR plus 7.50%, with Texas Capital Bank as administrative agent and Chambers Energy Management as collateral agent. It replaces the December 2020 Wells Fargo credit facility, which was paid off in full and terminated, and it requires $30 million quarterly repayments from March 31, 2024. The company also gave notice to redeem all of the February 2024 10% notes and the November 2024 10.625% notes on September 14, 2023 (or a later date no later than October 31, 2023) at par plus accrued interest, with the November notes also carrying a premium for interest through November 15, 2023. This resolves the open thread on refinancing the February notes ahead of the September 1 deadline (the notes were called for redemption; completion is not confirmed in this filing). The new loan has covenants requiring asset coverage of at least 1.50x and total net leverage of no more than 2.00x, and allows a super-priority revolver of up to $100 million.
8 Aug 2023quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $240.8 million and net income of $31.8 million for the period ended 2023-06-30.
7 Aug 2023quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $240.8 million and net income of $31.8 million for the period ended 2023-06-30.
7 Aug 2023quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $240.8 million and net income of $31.8 million for the period ended 2023-06-30.
4 Aug 2023substantial holder notice● Neutral
Jack Hightower, HighPeak Energy Partners, LP, HighPeak Energy Partners II, LP, HighPeak Pure Acquisition, LLC reported a HighPeak Energy, Inc. shareholding of 92,630,910 shares (68.30% of votes) in a periodic institutional filing.
26 July 2023dividend declaration● Neutral
The board declared the regular quarterly dividend of $0.025 per share on July 21, 2023, payable August 25, 2023 to holders of record on August 8, 2023. This continues the dividend at the same rate as the prior quarter.
21 July 2023director interest notice● Neutral
HighPeak Energy, Inc. director Jason A. Edgeworth bought 5,700 shares on the open market at $10.50.
21 July 2023material agreement▲ GoodMajor
The share offering launched July 18, 2023 priced and closed on July 21, 2023: 12,900,000 new shares sold through Roth Capital Partners, plus a further 1,935,000 shares when the underwriter exercised its option in full on July 20. Net proceeds were about $151.2 million, to be used for working capital and near-term liquidity. Existing holders including the John Paul DeJoria Family Trust and Jack Hightower (and associated entities and individuals) bought about 10 million shares in the offering, at a reduced underwriting discount. This resolves the open question of the offering's size and outcome, and the proceeds exceed the $95 million of net equity proceeds the credit facility required before borrowing could resume (inference from the two figures; the filing does not say the condition was met). Existing shareholders are diluted by the new shares.
21 July 2023director interest notice● Neutral
HighPeak Energy, Inc. President Michael L. Hollis received 400,000 shares as an equity award and bought 1,142,542 shares on the open market.
21 July 2023director interest notice● Neutral
HighPeak Energy, Inc. 10%+ owner John Paul Dejoria bought 6,571,428 shares on the open market at $10.50.
21 July 2023director interest notice● Neutral
HighPeak Energy, Inc. Chief Operating Officer Rodney L Woodard received 95,000 shares as an equity award and bought 130,000 shares on the open market.
21 July 2023director interest notice● Neutral
HighPeak Energy, Inc. Vice President and Controller Keith E Forbes received 15,000 shares as an equity award and bought 14,000 shares on the open market.
21 July 2023director interest notice● Neutral
HighPeak Energy, Inc. Chief Financial Officer Steven W Tholen received 70,000 shares as an equity award and bought 9,500 shares on the open market.
21 July 2023substantial holder notice● Neutral
John Paul DeJoria, as trustee of the John Paul DeJoria Family Trust, and in his reported a HighPeak Energy, Inc. shareholding of 19,885,172 shares (15.09% of votes) in a periodic institutional filing.
21 July 2023director interest notice● Neutral
HighPeak Energy, Inc. Chief Executive Officer Jack Hightower received 1,000,000 shares as an equity award and bought 952,380 shares on the open market.