Welcome to our dedicated page for Battalion Oil Corporation news (Ticker: BATL), a resource for investors and traders seeking the latest updates and insights on Battalion Oil Corporation stock.
Battalion Oil Corporation (Symbol: BATL) is an independent energy company that specializes in the acquisition, production, exploration, and development of onshore oil and natural gas assets in the United States. Established in 2004 and headquartered in Houston, Texas, the company underwent a significant rebranding in January 2020, changing its name from Halcón Resources Corporation to Battalion Oil Corporation.
Battalion Oil's core operational focus is situated in the Delaware Basin, spanning counties such as Pecos, Reeves, Ward, and Winkler in Texas. As of December 31, 2019, Battalion held interests in approximately 52,368 net acres in this prolific region. The company has estimated proved reserves of about 62.1 million barrels of oil equivalent, which includes 39.2 million barrels of crude oil, 10.8 million barrels of natural gas liquids, and 72.3 billion cubic feet of natural gas.
Recently, Battalion has been making strides with its acid gas injection (AGI) project, which is expected to be operational before the end of the year. This project aims to enhance cost efficiency and maximize resource extraction. Additionally, their newest Monument Draw well has significantly outperformed offset wells, producing over 217,000 Boe in its first six months without artificial lift.
For the second quarter of 2023, Battalion reported an average daily net production of 14,253 Boe/d and total operating revenue of $54.3 million. Despite a decrease in both production and revenue compared to the previous year, the company remains focused on optimizing operations and maintaining financial stability. Battalion realized 98% of the average NYMEX oil price during this period, with hedge gains amounting to approximately $2.1 million.
From a financial perspective, Battalion had $220.3 million of indebtedness outstanding as of June 30, 2023, with $18.5 million in total liquidity. They have also secured a commitment from existing equity shareholders for an additional $38 million in preferred equity securities, expected to close in the third quarter of 2023.
Looking forward, Battalion plans to ramp up drilling activities in Monument Draw and other key assets, with an eye toward increasing EBITDA in the latter half of the year. The company's leadership is committed to maintaining a balanced approach to capital expenditure and operational efficiency, ensuring long-term value creation for shareholders.
For more detailed financial information, management discussions, and risk factors, refer to Battalion's filings with the U.S. Securities and Exchange Commission (SEC) and visit their official website at www.battalionoil.com.
Battalion Oil Corporation (NYSEA: BATL) has announced the resignation of CEO Richard Little, who is leaving to pursue other opportunities, effective immediately. The company has appointed Matt Steele, a seasoned executive with significant experience in exploration and production (E&P), as his replacement. Steele's prior roles include CEO at Bruin E&P Partners and Ursa Resources, and he has been recognized for his expertise in capital allocation and operational efficiency. Chairman Jonathan Barrett expressed confidence in Steele's leadership, emphasizing the potential for enhanced internal value creation.
Battalion Oil Corporation (NYSE American: BATL) released its fourth quarter 2022 results, showing average daily net production of 15,696 barrels of oil equivalent per day (Boe/d) and total operating revenue of $76.8 million.
Year-end reserves were approximately 92.0 million barrels, with a valuation of $1.5 billion. The company faced a net loss of $7.7 million in Q4 2022, although Adjusted EBITDA improved to $22.7 million.
Liquidity was bolstered by the issuance of 25,000 preferred shares, raising $24.4 million. An acid gas treating facility is expected to lower processing costs significantly.
On January 20, 2023, Battalion Oil Corporation (NYSEA: BATL) announced the appointment of Kristen McWatters as the new Executive Vice President, Chief Financial Officer, and Treasurer, effective January 26, 2023. She replaces Kevin Andrews, who will continue in an advisory role until the end of Q1 2023. McWatters brings extensive experience in finance and accounting from her previous roles in the energy sector. The company also appointed Walter Mayer as Senior Vice President and General Counsel, promoting him from Vice President, Legal.
CEO Rich Little expressed enthusiasm about McWatters' onboarding, highlighting her skills in M&A and capital management.
Battalion Oil Corporation (BATL) has announced its third-quarter 2022 financial and operational results, showcasing a strong performance amidst challenging market conditions. The company reported a ~8% increase in average daily production compared to Q2 2022 and a 34% rise in Adjusted EBITDA. Despite a general decline in crude oil prices, Battalion achieved an 11% increase in realized prices. Notably, the company is revising its oil production guidance for 2022 to a new range of 7.5 – 8.5 MBopd while maintaining other guidance metrics. A new acid gas treating facility is expected to be operational by Q1 2023.
Battalion Oil Corporation (NYSE American: BATL) reported its second quarter 2022 financial results, with average daily production of 15,044 Boepd and total revenue of $101.5 million. This marks a revenue increase from $64.4 million in Q2 2021, driven by a $28.75 per Boe rise in average realized prices. The company faces realized hedge losses of $44.7 million. Positive developments include five wells brought online, a strategic acid gas treatment facility, and strong projected EBITDA growth. As of June 30, 2022, the company had $220 million in debt and $58.6 million in total liquidity.
Caracara Services, LLC has partnered with Battalion Oil Corporation (NYSE: BATL) to launch a joint venture for the Brazos Amine Treater facility in the Texas Delaware Basin. This facility will treat and sequester acid gases, enhancing operational capacity for E&P companies and aiding in ESG compliance. Phase one will handle 30 MMscfd of acid gas, with plans for an additional processing unit. This initiative is expected to significantly lower operating costs for Battalion and streamline gas treatment processes, paving the way for increased production while addressing environmental concerns.
Battalion Oil Corporation (NYSE American: BATL) has formed a joint venture with Caracara Services, LLC to develop a carbon sequestration facility in Winkler County, Texas. This initiative is expected to boost profitability by cutting costs by 20%-30% annually and enhance environmental sustainability through significant CO2 and H2S capture. With an initial capacity of 30 MMcfd, the facility aims to be operational by early 2023 and could potentially expand to 50 MMcfd. Battalion retains a 5% equity interest in the joint venture, while Caracara covers construction costs.
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