By Connor Hart
Shares of HighPeak Energy rose after the company logged higher-than-expected adjusted earnings in the fourth quarter and said it would further limit capital expenditures in the current year.
The stock gained 5.8%, to $12.50, in after-hours trading Monday. Shares ended the regular session 1.2% lower, at $11.81, having lost nearly one-quarter of their value in the past year.
The Fort Worth, Texas, company posted a profit of $9 million, or 6 cents a share, for its three months ended Dec. 31, compared with $95 million, or 66 cents a share, a year earlier.
Adjusted earnings came in at 19 cents a share, topping the 15 cents a share that analysts surveyed by FactSet expected.
Revenue fell 22%, to $234.8 million, and missed the $251.7 million that analysts modeled.
Chief Executive Jack Hightower called 2024 a solid year for HighPeak, during which it reduced its capital expenditures budget by 40% and increased production by 10%, averaging approximately 50,000 barrels of crude oil equivalent per day.
Looking forward, Hightower said the company's focus on corporate efficiency will keep production flat in 2025, while reducing capital expenditures by an additional 20%.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
March 10, 2025 17:02 ET (21:02 GMT)
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