HPK · CIK 1792849
What HighPeak Energy, Inc. told the SEC could break it.
HighPeak's disclosures describe a small oil and gas producer concentrated at nearly every level. It sells almost all of its production to just two purchasers — about 90% of 2025 revenue, with Delek alone roughly 82% — and its entire asset base sits in one play, the northeastern Midland Basin in Howard and Borden Counties, Texas. That undiversified production is fully exposed to market-driven crude, NGL and natural gas prices, which drove a $254 million revenue decline in 2025. On the cost side, tariffs on steel, aluminum and imported materials could raise its oilfield supply-chain costs, even though crude and gas themselves are exempt from import tariffs.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- two purchasers = ~90% of revenue (Delek ~82%)high
HighPeak sells nearly all production to two purchasers — ~90% of revenue in 2025, with Delek alone ~82% — so loss of a key purchaser (though crude is fungible) is a concentration risk.
“For the years ended December 31, 2025, 2024 and 2023, there were two purchasers that accounted for approximately 90%, 94% and 96% of our revenue, respectively (one at approximately 82%, 76% and 82%, respectively, and one at approximately 8%, 18% and 14%, respectively).”
SEC filing →As of 2026
Geographic concentration
- assets concentrated in the Midland Basin (Howard/Borden Counties, TX)medium
HighPeak's entire asset base is in the northeastern Midland Basin (chiefly Howard and Borden Counties, Texas), concentrating its operations and reserves in a single play.
“The Company's assets are located in the northeastern part of the Midland Basin.”
SEC filing →As of 2026
Regulatory & policy
- tariffs on steel/aluminum and imported materials (oilfield supply chain)medium
Tariffs on steel, aluminum and imported materials could raise HighPeak's oilfield supply-chain costs (crude/gas are exempt from import tariffs), with risk if it cannot adapt its supply strategy.
“We may be materially adversely impacted by tariffs if we are not able to adapt our supply chain strategy.”
SEC filing →As of 2026
Commodity & input dependence
- crude oil / NGL / natural gas priceslow
HighPeak's revenue (85% liquids) is fully exposed to market-driven crude oil, NGL and natural gas prices; revenue fell $254M in 2025 on lower prices and volumes.
“Prices are market driven and future prices will fluctuate due to supply and demand factors, availability of transportation, seasonality, geopolitical developments and economic factors, among other items.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Energy Transfer LP (Energy Transfer Crude Marketing, LLC)
“Energy Transfer Crude Marketing, LLC (“ETC”) accounted for approximately 8 %, 18 % and 14 % of the Company's revenues during the years ended D”
Cited →“Delek accounted for approximately 82 %, 76 % and 82 % of the Company's revenues during the years ended December 31, 2025, 2024 and 2023, respectively.”
Cited →
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