2 unchanged sentences
Pricing for crude oil, NGL and natural gas has been volatile and unpredictable for several years, and HighPeak Energy expects this volatility to continue in the future.
−Removed: During the period from January 1, 2021 through June 30, 2025, the calendar month average NYMEX WTI crude oil price per Bbl ranged from a low of $52.10 to a high of $114.34, and the last trading day NYMEX natural gas price per MMBtu ranged from a low of $1.58 to a high of $9.35.
−Removed: A $1.00 per barrel increase (decrease) in the weighted average crude oil price for the six months ended June 30, 2025 would have increased (decreased) the Company’s revenues by approximately $14.0 million on an annualized basis, excluding the effects of derivatives, and a $0.10 per Mcf increase (decrease) in the weighted average natural gas price for the six months ended June 30, 2025 would have increased (decreased) the Company’s revenues by approximately $1.6 million on an annualized basis, excluding the effects of derivatives.
+Added: During the period from January 1, 2021 through September 30, 2025, the calendar month average NYMEX WTI crude oil price per Bbl ranged from a low of $52.10 to a high of $114.34, and the last trading day NYMEX natural gas price per MMBtu ranged from a low of $1.58 to a high of $9.35.
+Added: A $1.00 per barrel increase (decrease) in the weighted average crude oil price for the nine months ended September 30, 2025 would have increased (decreased) the Company’s revenues by approximately $13.5 million on an annualized basis, excluding the effects of derivatives, and a $0.10 per Mcf increase (decrease) in the weighted average natural gas price for the nine months ended September 30, 2025 would have increased (decreased) the Company’s revenues by approximately $1.6 million on an annualized basis, excluding the effects of derivatives.
Due to this volatility, the Company uses commodity derivative instruments, such as collars, puts, swaps and basis swaps, to hedge price risk associated with a portion of anticipated production.
5 unchanged sentences
Counterparty and Customer Credit Risk.
−Removed: The Company’s derivative contracts, if any, expose it to credit risk in the event of nonperformance by counterparties.
+Added: The Company’s derivative contracts, if any, expose it to credit risk in the event of nonperformance by the counterparties.
It is anticipated that if the Company enters into any commodity contracts, the collateral defined in the Collateral Agency Agreement may be used as collateral for the Company’s commodity derivatives.
3 unchanged sentences
The inability or failure of the Company’s significant customers to meet their obligations to the Company or their insolvency or liquidation may adversely affect the Company’s financial results.
−Removed: The average forward prices based on June 30, 2025 market quotes were as follows:
+Added: The average forward prices based on September 30, 2025 market quotes were as follows:
Average forward NYMEX crude oil price per Bbl
Average forward NYMEX natural gas price per MMBtu
−Removed: The average forward prices based on August 7, 2025 market quotes were as follows:
+Added: The average forward prices based on October 31, 2025 market quotes were as follows:
Average forward NYMEX crude oil price per Bbl
10 unchanged sentences
Interest Rate Risk.
−Removed: As of June 30, 2025, we had $1.02 billion outstanding under the Term Loan Credit Agreement and had $63.1 million of available borrowing capacity under the Senior Credit Facility Agreement.
+Added: As of September 30, 2025, we had $1.2 billion outstanding under the Term Loan Credit Agreement and had $93.1 million of available borrowing capacity under the Senior Credit Facility Agreement.
The Company is subject to interest rate risk on its variable rate debt from our Term Loan Credit Agreement and Senior Credit Facility Agreement.
−Removed: The Company also periodically has fixed rate debt but does not currently utilize derivative instruments to manage the economic effect of changes in interest rates.
−Removed: The impact of a 1% increase in interest rates on our outstanding debt as of June 30, 2025 would have resulted in an annual increase in interest expense of approximately $10.5 million.
+Added: The Company also has fixed rate debt for short periods that is periodically adjusted, but does not currently utilize derivative instruments to manage the economic effect of changes in interest rates.
+Added: The impact of a 1% increase in interest rates on our outstanding debt as of September 30, 2025 would have resulted in an annual increase in interest expense of approximately $12.0 million.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.