HighPeak Energy, Inc. (NASDAQ:HPK) Q2 2022 Earnings Conference Call August 9, 2022 11:00 AM ET
Company Participants
Steven Tholen - Chief Financial Officer
Jack Hightower - Chairman & Chief Executive Officer
Michael Hollis - President
Ryan Hightower - Vice President of Business Development
Conference Call Participants
Nicholas Pope - Seaport Research
Jeffrey Robertson - Water Tower Research
Operator
Good day, and thank you for standing by. Welcome to the HighPeak Energy 2022 Second Quarter Earnings Conference Call. [Operator Instructions] Please be advised that today's call is being recorded.
I would now like to hand the conference over to your speaker today, Steven Tholen, Chief Financial Officer. Please go ahead.
Steven Tholen
Good morning, everyone, and welcome to HighPeak Energy's Second Quarter 2022 Conference Call. Representing HighPeak today are Chairman and CEO, Jack Hightower; President, Michael Hollis; Vice President of Business Development, Ryan Hightower; and I am Steven Tholen, the Chief Financial Officer. During today's call, we will make reference to our August investor presentation and in our second quarter 2022 earnings release, which can be found on HighPeak's website.
Today's call participants may make certain forward-looking statements relating to the company's financial condition, results of operations, expectations, plans, goals, assumptions and future performance. So please refer to the cautionary information regarding forward-looking statements and related risks in the company's SEC filings, including the fact that actual results may differ materially from our expectations due to a variety of reasons, many of which are beyond our control.
We will also refer to certain non-GAAP financial measures on today's call. So please see the reconciliations in the earnings release, which was issued yesterday afternoon. Our prepared remarks will begin on Slide 4 of our August investor presentation.
I will now turn the call over to our Chairman and CEO, Jack Hightower.
Jack Hightower
Steve, thank you very much for the introduction, and I am extremely excited about this quarter's performance and our growth -- continued growth strategy, being able to execute that. I'd like everybody to think about the press release and earnings release that we just had. And in looking at that and studying that, it's just been a phenomenal quarter. You could say it's business as usual in terms of executing everything we set out to accomplish in the quarter. We, of course, increased our legacy HighPeak production volumes substantially.
And if you think about going from 12,000 something on a pro forma basis to almost doubling that, we ended up integrating properties and infrastructure into our operations. We ended the quarter with six rigs running and three frac crews running, which was an increase when you think about last year's business of almost 3x the number of -- we had 1 rig running most of last year, and now we have six rigs running. We commissioned our Flat Top electrical substation project, and we're in the process of converting our Flat Top field operations to electrical power. Our sand mine partnership became operational in June, and we're integrating that into our completion operations. We increased our revolving credit facility up to $400 million, and we added multiple banks to our group syndication.