HighPeak Energy (HPK) Hikes Dividend, Announces $75M Share Buyback

HighPeak Energy, Inc. (NASDAQ: HPK) today announced a 60 percent increase to its quarterly dividend to $0.04 per share and a $75 million share repurchase authorization.

Quarterly Dividend

The Company’s Board of Directors declared a quarterly dividend of $0.04 per share to be paid on March 25, 2024 to stockholders of record on March 1, 2024.

Stock Repurchase Program

HighPeak’s Board of Directors approved a repurchase program of up to $75 million of the Company’s common shares. The approval grants HighPeak’s management the authority to repurchase shares opportunistically in the open market from time to time, through block trades, in privately negotiated transactions or by such other means which comply with applicable state and federal laws. This is the Company’s first authorization for a stock repurchase program since its founding.

The Company intends to fund the repurchases from available working capital, cash provided from operations and borrowings under its super priority revolving credit facility. The timing, number and value of shares repurchased under the program will be at the discretion of management and the Board of Directors and will depend on a number of factors, including general market and economic conditions, business conditions, the trading price of the Company’s common stock, the nature of other investment opportunities available to the Company and compliance with the Company’s debt and other agreements. The stock repurchase program does not obligate HighPeak to acquire any particular dollar amount or number of shares of its common stock and the stock repurchase program may be suspended from time to time, modified, extended or discontinued by the Company’s Board of Directors. The stock repurchase program authority will expire December 31, 2024.

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