Fort Worth-based HighPeak Energy said in its recent earnings report that production in 2022Q4 increased to 37,348 boed (85 percent oil) – up 42 percent from 3Q. Forecast for 2023 production is 47,000 boed-to-53,000 boed with capital expenses of $1.15 billion-to-$1.26 billion ($321.6 million in 4Q). “HighPeak’s well performance in 2022 outpaced prior years, and this trajectory continues into 2023,” Michael Hollis, president, said March 7. “Our oil-weighted inventory has some of the smallest parent-child associated risks of all our Permian Basin peers and positions us to maximize our future capital efficiency and returns… The majority of our 4Q production volumes were sourced from about 150 gross producing horizontal wells.”
HighPeak wells in Borden and Howard counties in Midland Basin averaged laterals of nearly 12,000 feet. In 2023 HighPeak expects to average 4-to-5 drilling rigs (6 rigs in 4Q) with 2-to-3 frac crews.