Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 14, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | HighPeak Energy, Inc. | |
Entity Central Index Key | 0001792849 | |
Trading Symbol | hpk | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 92,675,898 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 9,638,000 | $ 19,552,000 |
Accounts receivable | 16,915,000 | 7,722,000 |
Subscription receivable | 0 | 3,596,000 |
Prepaid expenses | 816,000 | 2,254,000 |
Inventory | 109,000 | 121,000 |
Deposits | 50,000 | 50,000 |
Total current assets | 27,528,000 | 33,295,000 |
Oil and natural gas properties, using the successful efforts method of accounting: | ||
Proved properties | 433,693,000 | 367,372,000 |
Unproved properties | 131,709,000 | 152,741,000 |
Accumulated depletion, depreciation and amortization | (30,392,000) | (17,477,000) |
Total oil and natural gas properties, net | 535,010,000 | 502,636,000 |
Other property and equipment, net | 1,044,000 | 1,092,000 |
Other noncurrent assets | 745,000 | 907,000 |
Total assets | 564,327,000 | 537,930,000 |
Current liabilities: | ||
Accounts payable - trade | 12,760,000 | 7,581,000 |
Accrued liabilities | 20,525,000 | 12,374,000 |
Other current liabilities | 1,520,000 | 2,480,000 |
Total current liabilities | 34,805,000 | 22,435,000 |
Noncurrent liabilities: | ||
Deferred income taxes | 40,013,000 | 38,898,000 |
Asset retirement obligations | 2,481,000 | 2,293,000 |
Other | 52,000 | 78,000 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding at March 31, 2021 and December 31, 2020 | ||
Common stock, $0.0001 par value, 600,000,000 shares authorized, 92,675,898 and 91,967,565 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 9,000 | 9,000 |
Additional paid-in capital | 589,432,000 | 581,426,000 |
Accumulated deficit | 102,465,000 | 107,209,000 |
Total stockholders' equity | 486,976,000 | 474,226,000 |
Total liabilities and stockholders' equity | $ 564,327,000 | $ 537,930,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 92,675,898 | 91,967,565 |
Common stock, shares outstanding (in shares) | 92,675,898 | 91,967,565 |
Condensed Consolidated and Comb
Condensed Consolidated and Combined Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Revenues: | ||
Operating revenues | $ 25,717,000 | $ 4,623,000 |
Operating Costs and Expenses: | ||
Oil and natural gas production | 2,227,000 | 2,389,000 |
Production and ad valorem taxes | 1,664,000 | 308,000 |
Exploration and abandonments | 191,000 | 3,000 |
Depletion, depreciation and amortization | 12,963,000 | 3,356,000 |
Accretion of discount on asset retirement obligations | 35,000 | 34,000 |
General and administrative | 1,759,000 | 2,861,000 |
Stock-based compensation | 966,000 | |
Total operating costs and expenses | 19,805,000 | 8,951,000 |
Income (loss) from operations | 5,912,000 | (4,328,000) |
Interest income | 1,000 | |
Interest expense | (54,000) | |
Other expense | (76,503,000) | |
Income (loss) before income taxes | 5,859,000 | (80,831,000) |
Income tax expense | 1,115,000 | |
Net income (loss) | $ 4,744,000 | $ (80,831,000) |
Earnings per share: | ||
Basic net income (in dollars per share) | $ 0.05 | |
Diluted net income (in dollars per share) | $ 0.05 | |
Basic (in shares) | 92,592 | |
Diluted (in shares) | 95,482 | |
Crude Oil Sales [Member] | ||
Operating Revenues: | ||
Operating revenues | $ 24,870,000 | $ 4,524,000 |
Natural Gas and NGL Sales [Member] | ||
Operating Revenues: | ||
Operating revenues | $ 847,000 | $ 99,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Changes in Stockholders' Equity (Successor) (Unaudited) - 3 months ended Mar. 31, 2021 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 91,968,000 | |||
Balance at Dec. 31, 2020 | $ 9 | $ 581,426 | $ (107,209) | $ 474,226 |
Exercise of warrants (in shares) | 554,000 | |||
Exercise of warrants | 5,466 | $ 5,466 | ||
Shares issued upon options being exercised (in shares) | 154,000 | 154,268 | ||
Shares issued upon options being exercised | 1,574 | $ 1,574 | ||
Compensation costs included in net income | 966 | 966 | ||
Net income (loss) | 4,744 | 4,744 | ||
Balance (in shares) at Mar. 31, 2021 | 92,676,000 | |||
Balance at Mar. 31, 2021 | $ 9 | $ 589,432 | $ (102,465) | $ 486,976 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Partners' Capital (Predecessors) (Unaudited) - 3 months ended Mar. 31, 2020 - USD ($) $ in Thousands | Total | General Partner [Member] | Limited Partner [Member] |
Balance at Dec. 31, 2019 | $ 464,716 | $ 464,716 | |
Cash capital contributions | 54,000 | 54,000 | |
Net income (loss) | (80,831) | (80,831) | |
Balance at Mar. 31, 2020 | $ 437,885 | $ 437,885 |
Condensed Consolidated and Co_2
Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 4,744,000 | $ (80,831,000) |
Adjustments to reconcile net income (loss) to net cash provided by operations: | ||
Exploration and abandonment expense | 49,000 | 3,000 |
Depletion, depreciation and amortization | 12,963,000 | 3,356,000 |
Accretion expense | 35,000 | 34,000 |
Stock-based compensation expense | 966,000 | |
Amortization of debt issuance costs | 29,000 | |
Loss on terminated acquisition | 76,500,000 | |
Deferred income taxes | 1,115,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (9,193,000) | 1,019,000 |
Inventory and other current assets | (12,000) | (834,000) |
Accounts payable and accrued liabilities | 677,000 | 6,781,000 |
Net cash provided by operating activities | 11,373,000 | 6,028,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to oil and natural gas properties | (44,875,000) | (47,658,000) |
Changes in working capital associated with oil and natural gas property additions | 13,263,000 | 8,933,000 |
Acquisitions of oil and natural gas properties | (309,000) | (3,333,000) |
Issuance of notes receivable | (3,982,000) | |
Other property additions | (50,000) | |
Extension payment on acquisition | (11,000,000) | |
Net cash used in investing activities | (31,921,000) | (57,090,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercises of warrants | 5,466,000 | |
Proceeds from subscription receivable from exercises of warrants | 3,596,000 | |
Proceeds from exercises of stock options | 1,574,000 | |
Debt issuance costs | (2,000) | |
Contributions from partners | 54,000,000 | |
Net cash provided by financing activities | 10,634,000 | 54,000,000 |
Net (decrease) increase in cash and cash equivalents | (9,914,000) | 2,938,000 |
Cash and cash equivalents, beginning of period | 19,552,000 | 22,711,000 |
Cash and cash equivalents, end of period | 9,638,000 | 25,649,000 |
Supplemental disclosure of non-cash transactions: | ||
Interest paid | 4,000 | |
Income taxes paid | ||
Additions to asset retirement obligations | $ 153,000 | $ 97,000 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Operations | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. HighPeak Energy, Inc. ("HighPeak Energy" the "Company," or the “Successor”) is a Delaware corporation, initially formed in October 2019 November 2017, one 10 December 31, 2020 HighPeak Energy's common stock and warrants are listed and traded on the Nasdaq Global Market (the "Nasdaq") under the ticker symbols “HPK” and “HPKEW,” respectively. HighPeak Energy's Contingent Value Rights (“CVRs”) are currently traded on the Over-The-Counter market, although the Company has applied for listing on the Nasdaq. The Company is an independent oil and natural gas exploration and production company that explores for, develops and produces oil, NGL and natural gas in the Permian Basin in West Texas, more specifically, the Midland Basin. Our acreage is composed of two |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2. Presentation. March 31, 2021 December 31, 2020 three March 31, 2021 ( three March 31, 2020 ( three March 31, 2021 not Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These unaudited interim condensed consolidated and combined financial statements should be read together with the consolidated and combined financial statements and notes thereto included in the Company's Annual Report on Form 10 December 31, 2020. Principles of consolidation. August 22, 2020, August 21, 2020. Use of estimates in the preparation of financial statements. not Cash and cash equivalents. 90 may Accounts receivable. not As of March 31, 2021 December 31, 2020, $13.4 $4.2 $3.2 $3.2 $311,000 $345,000, March 31, 2021 December 31, 2020, no Subscription receivable. 505 10 45 2, Receivables for Issuance of Equity, December 31, 2020 December 31, 2020 December 31, 2020, 312,711 $3.6 December 2020 December 31, 2020. December 31, 2020. no March 31, 2021 Inventory. March 31, 2021 December 31, 2020 $109,000 $120,000, not Oil and natural gas properties. The Company does not Due to the capital-intensive nature and the geographical location of certain projects, it may not 5 The capitalized costs of proved properties are depleted using the unit-of-production method based on proved reserves for leasehold costs and proved reserves for drilling, completion and other oil and natural gas property costs. Costs of unproved leasehold costs are excluded from depletion until proved reserves are established or, if unsuccessful, impairment is determined. Proceeds from the sales of individual properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depletion, depreciation and amortization, if doing so does not no The Company performs assessments of its long-lived assets to be held and used, including proved oil and natural gas properties accounted for under the successful efforts method of accounting, whenever events or circumstances indicate that the carrying value of those assets may not Unproved oil and natural gas properties are periodically assessed for impairment on a project-by-project basis. These impairment assessments are affected by the results of exploration activities, commodity price outlooks, planned future sales or expirations of all or a portion of such projects. If the estimated future net cash flows attributable to such projects are not Other property and equipment, net. $285,000 $237,000 March 31, 2021 December 31, 2020, March 31, 2021 December 31, 2020 Land $ 725 $ 725 Information technology 250 292 Transportation equipment 39 41 Leasehold improvements 20 24 Field equipment 10 10 Total other property and equipment, net $ 1,044 $ 1,092 Other property and equipment is depreciated over its estimated useful life on a straight-line basis. Land is not three five seven The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not Debt issuance costs. $407,000 $2,000 three March 31, 2021, $29,000 zero three March 31, 2021 2020, March 31, 2021 December 31, 2020, 6 Leases. not may 12 not 9 Accounts payable and accrued liabilities. March 31, 2021 December 31, 2020 $34.8 $22.4 Asset retirement obligations. 7 Revenue recognition . 606, 606” The Company enters into contracts with purchasers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five 606. one two March 31, 2021 December 31, 2020, $13.4 $4.2 Oil Contracts. Natural Gas Contracts. The Company does not 606. 606 10 50 14 not Income taxes. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not 50 not not March 31, 2021 December 31, 2020. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 12 The Company records any tax-related interest charges as interest expense and any tax-related penalties as other expense in the condensed consolidated and combined statements of operations of which there have been none Prior to August 21, 2020, not 1065 2017 2019 The Predecessors recognize in their condensed consolidated and combined financial statements the effect of a tax position, if that position is more likely than not not not August 21, 2020. 2017, may The Company is also subject to Texas Margin Tax. The Company realized no not Stock-based compensation. Stock-based compensation for HighPeak Energy common stock issued to directors with no may Segments. one Impact of the COVID- 19 2019 19" 2019 March 2020, 19 19 19 19 February 2020. 19 Adoption of new accounting standards. December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes (Topic 740 2019 12 January 1, 2021, not New accounting pronouncements. not not |
Note 3 - Acquisitions
Note 3 - Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Acquisitions [Text Block] | NOTE 3. During the three March 31, 2021 2020, $309,000 $3.3 2020 three two Grenadier Acquisition. June 2019, June 1, 2019, $615.0 October 1, 2019. $61.5 2019 $15.0 2020 May 2020. April 2020 not $76.5 three March 31, 2020. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 4. The Company determines fair value based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company's own market assumptions, which are used if observable inputs are not The three ● Level 1 ● Level 2 not ● Level 3 Assets and liabilities measured at fair value on a recurring basis. The Company did not March 31, 2021 December 31, 2020. Assets and liabilities measured at fair value on a nonrecurring basis. not 2 10 3 3 may not not The Company has other financial instruments consisting primarily of cash equivalents, accounts receivable, accounts payable, long-term debt and other current assets and liabilities that approximate fair value due to the nature of the instrument and their relatively short maturities. Impact of the COVID- 19 Proved Properties. may not The Company performed an impairment assessment of its proved oil and natural gas properties as of March 31, 2021 December 31, 2020 not may There is significant uncertainty surrounding the long-term impact to global oil demand due to the effects of the COVID- 19 |
Note 5 - Exploratory Well Costs
Note 5 - Exploratory Well Costs | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Exploratory Well Costs [Text Block] | NOTE 5. The Company capitalizes exploratory well and project costs until a determination is made that the well or project has either found proved reserves, is impaired or is sold. The Company's capitalized exploratory well and project costs are included in proved properties in the condensed consolidated balance sheets. If the exploratory well or project is determined to be impaired, the impaired costs are charged to exploration and abandonments expense. The changes in capitalized exploratory well costs are as follows (in thousands): Three Months Ended March 31, 2021 2020 Successor Predecessor Beginning capitalized exploratory well costs $ 32,592 $ 11,427 Additions to exploratory well costs 42,098 46,865 Reclassification to proved properties (67,445 ) (17,315 ) Exploratory well costs charged to exploration and abandonment expense - - Ending capitalized exploratory well costs $ 7,245 $ 40,977 All capitalized exploratory well costs have been capitalized for less than one |
Note 6 - Long-term Debt
Note 6 - Long-term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 6. Revolving Credit Facility December 2020, June 17, 2024. $40 $20 $40.0 $20.0 $500.0 March 31, 2021 December 31, 2020, no 0.5 3.25 0.125 0.50 first April October. March 2021, $50 The Revolving Credit Facility requires the maintenance of a ratio of total debt to EBITDAX, subject to certain adjustments, not 3.00 1.00 June 30, 2021 1.00 1.00 The Company has limited equity cure rights for a breach of the above-listed financial covenants. Additionally, the Revolving Credit Facility contains additional restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness, incur additional liens, make investments and loans, enter into mergers and acquisitions, make or declare dividends and other payments, enter into certain hedging transactions, sell assets and engage in transactions with affiliates. The Revolving Credit Facility contains customary mandatory prepayments, including a monthly mandatory prepayment if the Consolidated Cash Balance (as defined in the Revolving Credit Agreement) is in excess of $20.0 may |
Note 7 - Asset Retirement Oblig
Note 7 - Asset Retirement Obligations | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | Note 7. The Company's asset retirement obligations primarily relate to the future plugging and abandonment of wells and related facilities. Market risk premiums associated with asset retirement obligations are estimated to represent a component of the Company's credit-adjusted risk-free rate that is utilized in the calculations of asset retirement obligations. Asset retirement obligations activity is as follows (in thousands): Three Months Ended March 31, 2021 2020 Successor Predecessor Beginning asset retirement obligations $ 2,293 $ 2,212 Liabilities incurred from new wells 163 97 Revision of estimates (a) (10 ) - Accretion of discount 35 34 Ending asset retirement obligations $ 2,481 $ 2,343 (a) The revisions to the Company's asset retirement obligation estimates are primarily due to changes in estimated costs based on experience with the properties and their expected useful lives. As of March 31, 2021 December 31, 2020, |
Note 8 - Incentive Plans
Note 8 - Incentive Plans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 8. 401 401 “401 401 1986, October 1, 2020, 401 three may 80 401 401 100 401 four 401 three March 31, 2021 2020, $56,000 zero 401 Long-Term Incentive Plan. 2020 March 31, 2021 Approved and authorized awards 11,907,006 Awards granted under plan (9,767,995 ) Awards available for future grant 2,139,011 Stock Options. August 24, 2020. three March 31, 2021 2020 $966,000 zero March 31, 2021 December 31, 2020 $2.9 $3.8 two The Company estimates the fair values of stock options granted on the grant date using a Black-Scholes option valuation model, which requires the Company to make several assumptions. The expected term of options granted was determined based on the simplified method of the midpoint between the vesting dates and the contractual term of the options. The risk-free interest rate is based on the U.S. treasury yield curve rate for the expected term of the option at the date of grant and the volatility was based on the volatility of a peer group of companies with similar characteristics of the Company on the date of grant since the Company did not Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at August 22, 2020 - Awards granted 9,705,495 $ 10.00 Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Exercised (154,268 ) $ 10.00 Outstanding at March 31, 2021 9,551,227 $ 10.00 9.4 $ - Vested at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Exercisable at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Vested at March 31, 2021 7,049,895 $ 10.00 9.4 $ - Exercisable at March 31, 2021 7,049,895 $ 10.00 9.4 $ - Stock Issued to Directors. November 2020 12,500 62,500 no $302,000 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9. Leases. 842, January 1, 2020 zero March 31, 2021 December 31, 2020 $371,000 $506,000, $374,000 $508,000, $322,000 $430,000, $52,000 $78,000, not March 31, 2021 Remainder of 2021 $ 328 2022 53 Total lease payments 381 Less present value discount (7 ) Present value of lease liabilities $ 374 Legal actions. may not Indemnifications. Environmental. no not Salt-Water Disposal Commitments. 5.5 two third 2.5 September 30, 2020 September 30, 2021 3.0 July 24, 2020 July 24, 2022. March 31, 2021, 2.1 1.7 two not not $760,000 March 31, 2021. 2021 2022, |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 10. General and Administrative Expenses. three March 31, 2020, $1.5 $2.2 three March 31, 2020. no |
Note 11 - Major Customers
Note 11 - Major Customers | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 11. Lion Oil Trading and Transportation, LLC (“Lion”) purchased approximately 96% three March 31, 2021. 88% three March 31, 2020. not |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 12. On March 27, 2020, may The Company's income tax expense attributable to income from operations consisted of the following (in thousands): Three Months Ended March 31, 2021 Current tax expense $ - Deferred tax expense 1,115 Income tax expense $ 1,115 The reconciliation between the income tax expense computed by multiplying pre-tax income by the U.S. federal statutory rate and the reported amounts of income tax expense is as follows (in thousands, except rate): Three Months Ended March 31, 2021 Income tax expense at U.S. federal statutory rate $ 1,230 Limited tax benefit due to stock-based compensation (109 ) Other (6 ) Income tax expense $ 1,115 Effective income tax rate 19.0 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows as of March 31, 2021 December 31, 2020 ( March 31, 2021 December 31, 2020 Deferred tax assets: Net operating loss carryforwards $ 15,300 $ 9,725 Stock-based compensation 3,234 3,124 Other 31 31 Less: Valuation allowance - - Net deferred tax assets 18,565 12,880 Deferred tax liabilities: Oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (58,578 ) (51,778 ) Net deferred tax liabilities $ (40,013 ) $ (38,898 ) The effective income tax rate differs from the U.S. statutory rate of 21 August 22, 2020 not not 1065 2017 2020 As required by ASC Topic 740, 740” not” not not may not March 31, 2021 December 31, 2020, not not” 740. may not $18.6 $12.9 March 31, 2021 December 31, 2020, On December 27, 2020, 100% 2021 2022, 50% December 31, 2020. March 11, 2021, not three March 31, 2021. The Company is also subject to Texas Margin Tax. The Company realized no not |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 13. The Company uses the treasury stock method of calculating earnings per share because certain of the Company's unvested stock-based awards qualify as participating securities. The Company's basic earnings per share attributable to common stockholders is computed as (i) net income as reported attributable to common stockholders, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The Company's diluted earnings per share attributable to common stockholders is computed as (i) basic earnings attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted shares outstanding. The components of basic and diluted earnings per share attributable to common stockholders are as follows (in thousands): Successor Three Months Ended March 31, 2020 Net income attributable to common stockholders $ 4,744 Participating share-based earnings (a) - Basic and diluted net income attributable to common stockholders $ 4,744 Basic weighted average shares outstanding 92,592 Dilution attributable to stock-based compensation awards 2,890 Diluted weighted average shares outstanding 95,482 (a) Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unexercised stock option awards do not not The calculation for weighted average shares reflects shares outstanding over the reporting period based on the actual number of days the shares were outstanding. |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Successor) | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 14. Equity (Successor) At March 31, 2021 December 31, 2020, 92,675,898 91,967,565 9,500,174 10,225,472 $11.50 August 21, 2025 10,209,300 10,209,300 2.125 21,694,763 |
Note 15 - Partners' Capital (Pr
Note 15 - Partners' Capital (Predecessors) | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Partners' Capital Notes Disclosure [Text Block] | NOTE 15. Capital (Predecessor) Allocation of partner s net profits and losses. $80.8 three March 31, 2020. Partner s distributions. |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 16. Commodity Derivative Financial Instruments. April 2021, 2021 2022 Second Quarter Third Quarter Fourth Quarter Total First Quarter Second Quarter Total Oil Price Swaps - WTI: (a) Volume (Bbls) 152,500 230,000 230,000 612,500 225,000 75,000 300,000 Price per Bbl $ 61.40 $ 61.40 $ 61.40 $ 61.40 $ 61.40 $ 61.40 $ 61.40 (a) These oil derivative contracts are settled based on the NYMEX – WTI calendar month average futures price. Crude oil marketing contract. May 2021, October 2021. October 2021 5,000 first 7,500 second 10,000 eight Natural gas purchasing replacement contract. May 2021, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Presentation. March 31, 2021 December 31, 2020 three March 31, 2021 ( three March 31, 2020 ( three March 31, 2021 not Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These unaudited interim condensed consolidated and combined financial statements should be read together with the consolidated and combined financial statements and notes thereto included in the Company's Annual Report on Form 10 December 31, 2020. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation. August 22, 2020, August 21, 2020. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates in the preparation of financial statements. not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents. 90 may |
Accounts Receivable [Policy Text Block] | Accounts receivable. not As of March 31, 2021 December 31, 2020, $13.4 $4.2 $3.2 $3.2 $311,000 $345,000, March 31, 2021 December 31, 2020, no |
Subscription Receivable [Policy Text Block] | Subscription receivable. 505 10 45 2, Receivables for Issuance of Equity, December 31, 2020 December 31, 2020 December 31, 2020, 312,711 $3.6 December 2020 December 31, 2020. December 31, 2020. no March 31, 2021 |
Inventory, Policy [Policy Text Block] | Inventory. March 31, 2021 December 31, 2020 $109,000 $120,000, not |
Industry Specific Policies, Oil and Gas [Policy Text Block] | Oil and natural gas properties. The Company does not Due to the capital-intensive nature and the geographical location of certain projects, it may not 5 The capitalized costs of proved properties are depleted using the unit-of-production method based on proved reserves for leasehold costs and proved reserves for drilling, completion and other oil and natural gas property costs. Costs of unproved leasehold costs are excluded from depletion until proved reserves are established or, if unsuccessful, impairment is determined. Proceeds from the sales of individual properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depletion, depreciation and amortization, if doing so does not no The Company performs assessments of its long-lived assets to be held and used, including proved oil and natural gas properties accounted for under the successful efforts method of accounting, whenever events or circumstances indicate that the carrying value of those assets may not Unproved oil and natural gas properties are periodically assessed for impairment on a project-by-project basis. These impairment assessments are affected by the results of exploration activities, commodity price outlooks, planned future sales or expirations of all or a portion of such projects. If the estimated future net cash flows attributable to such projects are not |
Property, Plant and Equipment, Policy [Policy Text Block] | Other property and equipment, net. $285,000 $237,000 March 31, 2021 December 31, 2020, March 31, 2021 December 31, 2020 Land $ 725 $ 725 Information technology 250 292 Transportation equipment 39 41 Leasehold improvements 20 24 Field equipment 10 10 Total other property and equipment, net $ 1,044 $ 1,092 Other property and equipment is depreciated over its estimated useful life on a straight-line basis. Land is not three five seven The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not |
Debt, Policy [Policy Text Block] | Debt issuance costs. $407,000 $2,000 three March 31, 2021, $29,000 zero three March 31, 2021 2020, March 31, 2021 December 31, 2020, 6 |
Lessee, Leases [Policy Text Block] | Leases. not may 12 not 9 |
Accounts Payable and Accrued Liabilities, Policy [Policy Text Block] | Accounts payable and accrued liabilities. March 31, 2021 December 31, 2020 $34.8 $22.4 |
Asset Retirement Obligation [Policy Text Block] | Asset retirement obligations. 7 |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition . 606, 606” The Company enters into contracts with purchasers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five 606. one two March 31, 2021 December 31, 2020, $13.4 $4.2 Oil Contracts. Natural Gas Contracts. The Company does not 606. 606 10 50 14 not |
Income Tax, Policy [Policy Text Block] | Income taxes. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not 50 not not March 31, 2021 December 31, 2020. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 12 The Company records any tax-related interest charges as interest expense and any tax-related penalties as other expense in the condensed consolidated and combined statements of operations of which there have been none Prior to August 21, 2020, not 1065 2017 2019 The Predecessors recognize in their condensed consolidated and combined financial statements the effect of a tax position, if that position is more likely than not not not August 21, 2020. 2017, may The Company is also subject to Texas Margin Tax. The Company realized no not |
Share-based Payment Arrangement [Policy Text Block] | Stock-based compensation. Stock-based compensation for HighPeak Energy common stock issued to directors with no may |
Segment Reporting, Policy [Policy Text Block] | Segments. one |
Effect of Covid-19 Pandemic [Policy Text Block] | Impact of the COVID- 19 2019 19" 2019 March 2020, 19 19 19 19 February 2020. 19 |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of new accounting standards. December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes (Topic 740 2019 12 January 1, 2021, not New accounting pronouncements. not not |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2021 December 31, 2020 Land $ 725 $ 725 Information technology 250 292 Transportation equipment 39 41 Leasehold improvements 20 24 Field equipment 10 10 Total other property and equipment, net $ 1,044 $ 1,092 |
Note 5 - Exploratory Well Cos_2
Note 5 - Exploratory Well Costs (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Capitalized Exploratory Well Costs, Roll Forward [Table Text Block] | Three Months Ended March 31, 2021 2020 Successor Predecessor Beginning capitalized exploratory well costs $ 32,592 $ 11,427 Additions to exploratory well costs 42,098 46,865 Reclassification to proved properties (67,445 ) (17,315 ) Exploratory well costs charged to exploration and abandonment expense - - Ending capitalized exploratory well costs $ 7,245 $ 40,977 |
Note 7 - Asset Retirement Obl_2
Note 7 - Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Three Months Ended March 31, 2021 2020 Successor Predecessor Beginning asset retirement obligations $ 2,293 $ 2,212 Liabilities incurred from new wells 163 97 Revision of estimates (a) (10 ) - Accretion of discount 35 34 Ending asset retirement obligations $ 2,481 $ 2,343 |
Note 8 - Incentive Plans (Table
Note 8 - Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Shares Available Under Long-term Incentive Plan [Table Text Block] | March 31, 2021 Approved and authorized awards 11,907,006 Awards granted under plan (9,767,995 ) Awards available for future grant 2,139,011 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at August 22, 2020 - Awards granted 9,705,495 $ 10.00 Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Exercised (154,268 ) $ 10.00 Outstanding at March 31, 2021 9,551,227 $ 10.00 9.4 $ - Vested at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Exercisable at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Vested at March 31, 2021 7,049,895 $ 10.00 9.4 $ - Exercisable at March 31, 2021 7,049,895 $ 10.00 9.4 $ - |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | March 31, 2021 Remainder of 2021 $ 328 2022 53 Total lease payments 381 Less present value discount (7 ) Present value of lease liabilities $ 374 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three Months Ended March 31, 2021 Current tax expense $ - Deferred tax expense 1,115 Income tax expense $ 1,115 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended March 31, 2021 Income tax expense at U.S. federal statutory rate $ 1,230 Limited tax benefit due to stock-based compensation (109 ) Other (6 ) Income tax expense $ 1,115 Effective income tax rate 19.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | March 31, 2021 December 31, 2020 Deferred tax assets: Net operating loss carryforwards $ 15,300 $ 9,725 Stock-based compensation 3,234 3,124 Other 31 31 Less: Valuation allowance - - Net deferred tax assets 18,565 12,880 Deferred tax liabilities: Oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (58,578 ) (51,778 ) Net deferred tax liabilities $ (40,013 ) $ (38,898 ) |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Successor Three Months Ended March 31, 2020 Net income attributable to common stockholders $ 4,744 Participating share-based earnings (a) - Basic and diluted net income attributable to common stockholders $ 4,744 Basic weighted average shares outstanding 92,592 Dilution attributable to stock-based compensation awards 2,890 Diluted weighted average shares outstanding 95,482 |
Note 16 - Subsequent Events (Ta
Note 16 - Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | 2021 2022 Second Quarter Third Quarter Fourth Quarter Total First Quarter Second Quarter Total Oil Price Swaps - WTI: (a) Volume (Bbls) 152,500 230,000 230,000 612,500 225,000 75,000 300,000 Price per Bbl $ 61.40 $ 61.40 $ 61.40 $ 61.40 $ 61.40 $ 61.40 $ 61.40 |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | 20 Months Ended | |
Dec. 31, 2020USD ($)shares | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 21, 2020USD ($) | |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 7,722,000 | $ 16,915,000 | $ 16,915,000 | $ 7,722,000 | ||
Income Taxes Receivable | 3,200,000 | 3,200,000 | 3,200,000 | 3,200,000 | ||
Oil and Gas Joint Interest Billing Receivables | 345,000 | 311,000 | 311,000 | 345,000 | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 0 | 0 | 0 | 0 | ||
Class of Warrant or Right, Exercised During Period (in shares) | shares | 312,711 | |||||
Proceeds from Warrant Exercises | $ 3,600,000 | 5,466,000 | ||||
Subscription Receivable, Current | 3,596,000 | 0 | 0 | 3,596,000 | ||
Inventory, Raw Materials and Supplies, Gross, Total | 120,000 | 109,000 | 109,000 | 120,000 | ||
Inventory, LIFO Reserve | 0 | 0 | 0 | 0 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | 237,000 | 285,000 | 285,000 | 237,000 | ||
Payments of Debt Issuance Costs | 2,000 | |||||
Amortization of Debt Issuance Costs | 29,000 | |||||
Accounts Payable and Accrued Liabilities, Current, Total | 22,400,000 | 34,800,000 | 34,800,000 | $ 22,400,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | 0 | ||||
Income Tax Expense (Benefit), Total | $ 1,115,000 | $ 0 | ||||
Number of Operating Segments | 1 | |||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||||
Open Tax Year | 2017 2018 2019 2020 | |||||
Minimum [Member] | ||||||
Oil and Natural Gas Marketing Contracts, Term Over Which Consideration is Received from Purchaser (Month) | 30 days | |||||
Maximum [Member] | ||||||
Oil and Natural Gas Marketing Contracts, Term Over Which Consideration is Received from Purchaser (Month) | 60 days | |||||
Revolving Credit Facility [Member] | ||||||
Payments of Debt Issuance Costs | $ 2,000 | 407,000 | ||||
Amortization of Debt Issuance Costs | $ 29,000 | $ 0 | ||||
Technology Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||
Transportation Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||
Field Equipment [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||||
Crude Oil, Natural Gas and Natural Gas Liquids [Member] | ||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 4,200,000 | $ 13,400,000 | $ 13,400,000 | $ 4,200,000 |
Note 2 - Basis of Presentatio_4
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Other Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other property and equipment, net | $ 1,044 | $ 1,092 |
Land [Member] | ||
Other property and equipment, net | 725 | 725 |
Technology Equipment [Member] | ||
Other property and equipment, net | 250 | 292 |
Transportation Equipment [Member] | ||
Other property and equipment, net | 39 | 41 |
Leasehold Improvements [Member] | ||
Other property and equipment, net | 20 | 24 |
Field Equipment [Member] | ||
Other property and equipment, net | $ 10 | $ 10 |
Note 3 - Acquisitions (Details
Note 3 - Acquisitions (Details Textual) | Jun. 01, 2019USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Oct. 31, 2019USD ($) |
Payments to Acquire Oil and Gas Property and Equipment, Total | $ 309,000 | $ 3,300,000 | |||
Number of Vertical Producing Properties Acquired | 3 | ||||
Number of Salt Water Disposal Wells Acquired | 2 | ||||
HighPeak Energy Assets II, LLC [Member] | Grenadier Acquisition [Member] | |||||
Payments to Acquire Businesses, Gross | $ 615,000,000 | ||||
Business Combination, Escrow Deposit | $ 61,500,000 | ||||
Business Combination, Escrow Deposit Not Credited Toward Purchase Price | $ 15,000,000 | ||||
HPK, LP [Member] | Grenadier Acquisition [Member] | |||||
Business Combination Terminated, Charge to Expense | $ 76,500,000 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Impairment of Oil and Gas Properties | $ 0 | $ 0 |
Fair Value, Recurring [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Note 5 - Exploratory Well Cos_3
Note 5 - Exploratory Well Costs (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Capitalized Exploratory Well Costs, Maximum Term (Year) | 1 year |
Note 5 - Exploratory Well Cos_4
Note 5 - Exploratory Well Costs - Exploratory Well Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Beginning capitalized exploratory well costs | $ 32,592 | $ 11,427 |
Additions to exploratory well costs | 42,098 | 46,865 |
Reclassification to proved properties | (67,445) | (17,315) |
Exploratory well costs charged to exploration and abandonment expense | ||
Ending capitalized exploratory well costs | $ 7,245 | $ 40,977 |
Note 6 - Long-term Debt (Detail
Note 6 - Long-term Debt (Details Textual) - Fifth Third Bank, National Association [Member] $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | $ 50,000 | $ 40,000 |
Line of Credit Facility, Commitment Fee Amount | 20,000 | ||
Debt Instrument, Face Amount | 500,000 | 500,000 | |
Long-term Debt, Gross | $ 0 | 0 | $ 0 |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ||
Debt Instrument, Covenant, Minimum Cash Threshold for Prepayment to be Due | $ 20,000 | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument, Covenant, Maximum Total Debt to EBITDAX Ratio | 3 | ||
Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument, Covenant, Minimum Current Ratio | 1 | ||
Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||
Letter of Credit [Member] | London Interbank Offered Rate (LIBOR), Applicable Margin [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.125% |
Note 7 - Asset Retirement Obl_3
Note 7 - Asset Retirement Obligations - Asset Retirement Obligations Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Beginning asset retirement obligations | $ 2,293 | $ 2,212 | |
Liabilities incurred from new wells | 163 | 97 | |
Revision of estimates (a) | [1] | (10) | |
Accretion of discount on asset retirement obligations | 35 | 34 | |
Ending asset retirement obligations | $ 2,481 | $ 2,343 | |
[1] | The revisions to the Company's asset retirement obligation estimates are primarily due to changes in estimated costs based on experience with the properties and their expected useful lives. |
Note 8 - Incentive Plans (Detai
Note 8 - Incentive Plans (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Nov. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expense | $ 302,000 | $ 966,000 | ||
Each Outside Director [Member] | ||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 12,500 | |||
Outside Directors [Member] | ||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 62,500 | |||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Expense | 966,000 | 0 | ||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 2,900,000 | $ 3,800,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||
The 401K Plan [Member] | ||||
Defined Contribution Plan, Period of Employment for Eligibility (Month) | 90 days | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 80.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 56,000 | $ 0 |
Note 8 - Incentive Plans - Numb
Note 8 - Incentive Plans - Number of Shares Available for Grant Pursuant to Long-term Incentive Plan (Details) - shares | Mar. 31, 2021 | Dec. 31, 2020 | Aug. 21, 2020 |
Awards granted under plan (in shares) | (9,551,227) | (9,705,495) | |
The 2020 Long-term Incentive Plan [Member] | |||
Approved and authorized awards (in shares) | 11,907,006 | ||
Awards granted under plan (in shares) | (9,767,995) | ||
Awards available for future grant (in shares) | 2,139,011 |
Note 8 - Incentive Plans - Stoc
Note 8 - Incentive Plans - Stock Options Activity (Details) - USD ($) | 3 Months Ended | 4 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Outstanding balance (in shares) | 9,705,495 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 10 | |
Awards granted (in shares) | 9,705,495 | |
Awards granted, weighted average exercise price (in dollars per share) | $ 10 | |
Outstanding, remaining term (Year) | 9 years 146 days | 9 years 255 days |
Outstanding, intrinsic value | $ 57,942 | |
Exercised (in shares) | (154,268) | |
Exercised, weighted average exercise price (in dollars per share) | $ 10 | |
Outstanding balance (in shares) | 9,551,227 | 9,705,495 |
Outstanding, weighted average exercise price (in dollars per share) | $ 10 | $ 10 |
Vested (in shares) | 7,049,895 | 7,204,163 |
Vested, weighted average exercise price (in dollars per share) | $ 10 | $ 10 |
Vested, remaining term (Year) | 9 years 146 days | 9 years 255 days |
Vested, intrinsic value | $ 43,009 | |
Exercisable (in shares) | 7,049,895 | 7,204,163 |
Exercisable, weighted average exercise price (in dollars per share) | $ 10 | $ 10 |
Exercisable, remaining term (Year) | 9 years 146 days | 9 years 255 days |
Exercisable, intrinsic value | $ 43,009 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) bbl in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($)bbl | Dec. 31, 2020USD ($) | Jan. 01, 2020USD ($) | |
Contractual Obligation, Total | $ 760,000 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (102,465,000) | $ (107,209,000) | |
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 0 | ||
The Salt-Water Disposal Supply Agreement [Member] | |||
Number of Barrels to be Delivered (Barrel of Oil) | bbl | 5.5 | ||
The Salt-Water Disposal Supply Agreement Due on September 30, 2021 | |||
Number of Barrels to be Delivered (Barrel of Oil) | bbl | 2.5 | ||
Number of Barrels, Delivered (Barrel of Oil) | bbl | 2.1 | ||
The Salt-Water Disposal Agreement Due on July 24, 2022 [Member] | |||
Number of Barrels to be Delivered (Barrel of Oil) | bbl | 3 | ||
Number of Barrels, Delivered (Barrel of Oil) | bbl | 1.7 | ||
Other Noncurrent Assets [Member] | |||
Operating Lease, Right-of-Use Asset | $ 371,000 | 506,000 | |
Other Liabilities [Member] | |||
Operating Lease, Liability, Total | 374,000 | 508,000 | |
Other Current Liabilities [Member] | |||
Operating Lease, Liability, Noncurrent | 322,000 | 430,000 | |
Other Noncurrent Liabilities [Member] | |||
Operating Lease, Liability, Noncurrent | $ 52,000 | $ 78,000 |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Operating Lease Obligations (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Remainder of 2021 | $ 328,000 | |
2022 | 53,000 | |
Total lease payments | 381,000 | |
Less present value discount | (7,000) | |
Other Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 374,000 | $ 508,000 |
Note 10 - Related Party Trans_2
Note 10 - Related Party Transactions (Details Textual) - HPK, LP [Member] - Reimbursement of Costs Incurred by Management Company [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
HighPeak I [Member] | |
Related Party Transaction, Amounts of Transaction | $ 1.5 |
HighPeak I and HighPeak II [Member] | General and Administrative Expense [Member] | |
Related Party Transaction, Amounts of Transaction | 2.2 |
HighPeak II [Member] | |
Related Party Transaction, Amounts of Transaction | $ 1.5 |
Note 11 - Major Customers (Deta
Note 11 - Major Customers (Details Textual) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Lion Oil Trading and Transportation, LLC [Member] | ||
Concentration Risk, Percentage | 96.00% | 88.00% |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 0 | $ 0 |
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 12,880 | $ 12,880 | $ 18,565 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Open Tax Year | 2017 2018 2019 2020 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Benefit and Effective Tax Rate (Details) - USD ($) | 3 Months Ended | 20 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Aug. 21, 2020 | |
Current tax expense | |||
Deferred tax expense | 1,115,000 | ||
Income tax expense | $ 1,115,000 | $ 0 |
Note 12 - Income Taxes - Effect
Note 12 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 3 Months Ended | 20 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Aug. 21, 2020 | |
Income tax expense at U.S. federal statutory rate | $ 1,230,000 | ||
Limited tax benefit due to stock-based compensation | (109,000) | ||
Other | (6,000) | ||
Income tax expense | $ 1,115,000 | $ 0 | |
Effective income tax rate | 19.00% |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Net operating loss carryforwards | $ 15,300 | $ 9,725 |
Stock-based compensation | 3,234 | 3,124 |
Other | 31 | 31 |
Less: Valuation allowance | 0 | 0 |
Net deferred tax assets | 18,565 | 12,880 |
Oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes | (58,578) | (51,778) |
Net deferred tax liabilities | $ (40,013) | $ (38,898) |
Note 13 - Earnings Per Share -
Note 13 - Earnings Per Share - Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Net income (loss) | $ 4,744 | $ (80,831) | |
Participating share-based earnings (a) | [1] | ||
Basic and diluted net income attributable to common stockholders | $ 4,744 | ||
Basic weighted average shares outstanding (in shares) | 92,592 | ||
Dilution attributable to stock-based compensation awards (in shares) | 2,890 | ||
Diluted weighted average shares outstanding (in shares) | 95,482 | ||
[1] | Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unexercised stock option awards do not participate in undistributed net losses as they are not contractually obligated to do so. |
Note 14 - Stockholders' Equit_2
Note 14 - Stockholders' Equity (Successor) (Details Textual) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 92,675,898 | 91,967,565 |
Class of Warrant or Right, Outstanding (in shares) | 9,500,174 | 10,225,472 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | $ 11.50 |
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 21,694,763 | |
Contingent Value Right [Member] | ||
Class of Warrant or Right, Outstanding (in shares) | 10,209,300 | 10,209,300 |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 2.125 | 2.125 |
Note 15 - Partners' Capital (_2
Note 15 - Partners' Capital (Predecessors) (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
HPK, LP [Member] | |
Net Income (Loss) Allocated to Limited Partners | $ 80.8 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - Subsequent Event [Member] | 1 Months Ended |
May 17, 2021bbl | |
Crude Oil Marketing Contract, Barrels of Oil Per Day in First Year [Member] | |
Significant Supply Commitment, Minimum Volume Committed (Barrel of Oil) | 5,000 |
Crude Oil Marketing Contract, Barrels of Oil Per Day in Second Year [Member] | |
Significant Supply Commitment, Minimum Volume Committed (Barrel of Oil) | 7,500 |
Crude Oil Marketing Contract, Barrels of Oil Per Day in Remaining Eight Years [Member] | |
Significant Supply Commitment, Minimum Volume Committed (Barrel of Oil) | 10,000 |
Note 16 - Subsequent Events - C
Note 16 - Subsequent Events - Commodity Derivative Contracts (Details) - Designated as Hedging Instrument [Member] - Subsequent Event [Member] | Apr. 30, 2021$ / item | |
Crude Oil Derivative Swap Q2 2021 [Member] | ||
Volume (Bbls) | 152,500 | |
Price per Bbl (in USD per Per Share) | 61.4 | [1] |
Crude Oil Derivative Swap Q3 2021 [Member] | ||
Volume (Bbls) | 230,000 | |
Price per Bbl (in USD per Per Share) | 61.4 | [1] |
Crude Oil Derivative Swap Q4 2021 [Member] | ||
Volume (Bbls) | 230,000 | |
Price per Bbl (in USD per Per Share) | 61.4 | [1] |
Crude Oil Derivative Swap 2021 [Member] | ||
Volume (Bbls) | 612,500 | |
Price per Bbl (in USD per Per Share) | 61.4 | [1] |
Crude Oil Derivative Swap Q1 2022 [Member] | ||
Volume (Bbls) | 225,000 | |
Price per Bbl (in USD per Per Share) | 61.4 | [1] |
Crude Oil Derivative Swap Q2 2022 [Member] | ||
Volume (Bbls) | 75,000 | |
Price per Bbl (in USD per Per Share) | 61.4 | [1] |
Crude Oil Derivative Swap 2022 [Member] | ||
Volume (Bbls) | 300,000 | |
Price per Bbl (in USD per Per Share) | 61.4 | [1] |
[1] | Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unexercised stock option awards do not participate in undistributed net losses as they are not contractually obligated to do so. |