HighPeak Energy explores sale after receiving takeover interest
HighPeak Energy is weighing a potential sale, working with Evercore and Texas Capital to engage buyers after receiving acquisition interest from an international party.
S. oil and gas exploration and production company focused on the Permian Basin weighs its options, three people familiar with the matter said. O to engage potential buyers, with talks held in recent weeks, the sources said. The move comes after HighPeak, which operates in the Midland portion of the Permian Basin, received an acquisition offer from an international party, the sources added, declining to identify the bidder.
1 billion of long-term debt as of June 30, according to data provider LSEG. The sources cautioned there was no certainty the sale effort would lead to a transaction, and spoke on condition of anonymity to discuss confidential matters. HighPeak and Evercore did not respond to requests for comment. Texas Capital declined to comment.
Since the Iran war began in February, the conflict has throttled the movement of crude through the Strait of Hormuz, roiling global oil markets. The latest tensions spiked prices this week above $100 per barrel again. Crude assets in stable jurisdictions such as the United States have become more desirable for buyers as a result, energy dealmakers say.