HighPeak Energy, Inc. (NASDAQ:HPK) Q3 2023 Earnings Conference Call November 7, 2023 11:00 AM ET
Company Participants
Steven Tholen – Chief Financial Officer
Jack Hightower – Chairman and Chief Executive Officer
Mike Hollis – President
Ryan Hightower – Vice President-Business Development
Conference Call Participants
John White – ROTH MKM Capital
Jeff Robertson – Water Tower Research
Nicholas Pope – Seaport Research
Operator
Good day and thank you for standing by. Welcome to the HighPeak Energy 2023 Third Quarter Earnings Call. At this time all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.
And I would now like to hand the conference over to your first speaker today, Steven Tholen, CFO.
Steven Tholen
Good morning, everyone, and welcome to the HighPeak Energy’s third quarter 2023 earnings call. Representing HighPeak today, our Chairman and CEO, Jack Hightower; President, Michael Hollis; Vice President of Business Development, Ryan Hightower; and I’m Steven Tholen, the Chief Financial Officer. During today’s call, we will make reference to our November investor presentation and our third quarter 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 and in our November investor presentation.
I will now turn the call over to our Chairman and CEO, Jack Hightower.
Jack Hightower
Thank you, Steve, and good morning, ladies and gentlemen, and I want to thank you for joining our third quarter earnings call today. My prepared remarks will begin on Slide 4 of our presentation. Historically, I always start off saying it’s an exciting time to talk about HighPeak. And there is no question that this is an exciting – but beyond that exciting time, this is a transformational quarter for HighPeak Energy. It’s perhaps our best quarter in the history of the company today.
Our production averaged over 52,000 Boe a day for the quarter. Our third quarter EBITDAX translates to over $1 billion on an annual run rate. We transitioned from a historical capital outspend of generating a material amount of positive free cash flow, and we secured necessary capital and liquidity needed to accomplish our long-term strategic plan. We definitely are substantially a different company today than where we were just a few short months ago and we’ll further discuss these points in greater detail as we go through the presentation.