...Highpeak Energy, Inc. (HPK) was placed on Negative Outlook in June 2026, reflecting Fitch Ratings' expectation that refinancing may become more difficult in the next two years if the company is unable to implement its deleveraging priorities. Recent requests for covenant relief at oil prices closer to Fitch's midcycle WTI assumption of $57 per barrel (bbl) indicate limited covenant headroom. The disruption in world oil markets provides HighPeak with an opportunity to capture a premium WTI price on spot unhedged volumes and apply the proceeds toward term loan reduction. Fitch believes that a demonstrated track record of deleveraging would substantially improve HPK's credit quality and refinancing prospects....
