This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
HighPeak Energy, Inc. is an independent crude oil and natural gas exploration and production company. Its entire business is the acquisition, development, and production of fossil fuels from unconventional reserves in the United States. The company’s 2025 annual report detailed proved reserves of approximately 174 million barrels of oil equivalent and a pre-tax present value of those reserves (PV-10) near $2.06 billion, underscoring the scale of its upstream fossil fuel operations.
The company provides no indication of a strategic transition away from fossil fuel extraction. Its recent financial guidance and operational reports focus exclusively on production growth and reserve development for oil and natural gas. In its public risk disclosures, HighPeak Energy acknowledges increasing financial risks for fossil fuel producers from investor concerns about climate change, but it frames these as external market risks to be managed, not as a catalyst for business model transformation.
HighPeak Energy, Inc. is an independent oil and natural gas exploration and production company focused on the Permian Basin. Its core business is the acquisition, development, and production of crude oil, natural gas, and natural gas liquids. As a pure-play upstream operator, the company’s entire revenue and business model are derived from fossil fuel extraction.
The company is the subject of an ongoing investigation by Robbins LLP, announced in September 2023, to determine whether certain officers and directors violated securities laws and breached fiduciary duties to shareholders. This follows the company’s public exploration of a potential sale in early 2023. HighPeak Energy’s operations are concentrated in the Midland Basin, a major oil-producing region with no announced plans to transition away from fossil fuel production.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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