HighPeak Energy Founder, Chairman and CEO Jack Hightower retired from the Midland Basin producer, the company announced in a news release on Sept. 16.
Jack Hightower, HighPeak Energy founder and former chairman and CEO.
The board of directors named Michael Hollis, HighPeak’s president, as interim CEO, effective immediately. Hollis joined HighPeak in 2020 as president and a member of the board.
HighPeak disclosed that it was exploring a sale in early 2023. Since then, the company’s stock price has tumbled 76% since a high of $35.58 a share in April. It opened at $7.13 on Sept. 16 and was up 2 cents a share in early trading.
HighPeak reported a 12% drop in net income compared to the same quarter in 2024 in its second-quarter earnings report. Crude oil production was off 8.4% from a year ago, though natural gas production was up 34%.
Hollis was previously president and COO of Diamondback Energy from January 2017 through September 2019. He joined the Permian Basin pureplay in 2015 as COO and vice president of drilling.
“Michael has been well-respected in the industry for decades, and as I have worked closely with him over the last several years, I have been impressed by his depth of knowledge and tireless work ethic,” Hightower said in the release. “Stepping away from my roles affords me the time I need to focus on my health and personal endeavors. With Michael at the helm, I believe HighPeak is poised to build on its past successes and continue as an industry leader.”
Michael Hollis, HighPeak Energy president and interim CEO.
Hightower founded the Fort Worth, Texas-based company in 2019. In the release, Hollis said Hightower’s vision and leadership built the company “into what it is today.”
“I am truly honored to step into the role of CEO and look forward to working closely with the board and leadership team to advance our strategic priorities.”
Hightower is also retiring from his role in managing HighPeak Energy Partners; HighPeak Energy Partners II; and HighPeak Pure Acquisition. Collectively, the HighPeak Funds own about 64% of the shares of HighPeak’s common stock.
The HighPeak Funds will be managed by a committee comprised of Hollis; Daniel Silver, vice president of finance; and Ryan Hightower, vice president of business development. Silver will represent HighPeak Funds as its board appointee to replace Hightower, effective immediately.