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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 (NYSE American: BATL) announced it will release its first quarter 2022 financial results on May 9, 2022, after trading closes. A conference call is scheduled for May 10, 2022, at 10:00 a.m. Central Time to discuss these results. Local participants can dial +1 (646) 828-8193, while others may call (888) 220-8474 for toll-free access. The event will also be accessible via the Company's website, with a replay available until June 30, 2022.
Battalion Oil Corporation (NYSE: BATL) reported strong financial and operational results for Q4 and full year 2021. Average daily production reached 17,283 Boepd in Q4, with proved reserves increasing by 51% to 95.9 MMBoe. The company completed a strategic refinancing, enhancing liquidity for future growth. Full-year revenues rose to $285.2 million, driven by higher commodity prices. Although the company posted a net loss of $28.3 million, adjusted net income of $17.1 million reflects operational efficiency. The upcoming capital program aims for double-digit growth in average daily oil production by year-end 2022.
Battalion Oil Corporation (NYSE American: BATL) announced its operational update and preliminary 2022 capital plan on February 28, 2022. The company closed a strategic refinancing, allowing for a multi-year drilling program. Battalion plans to spud 12 wells in 2022 with capital expenditures estimated between $130 million to $150 million, focusing 90% on drilling and completion activities. Although annualized production is expected to remain flat, daily oil production is projected to grow by double digits by year-end 2022. The fourth quarter earnings will be released on March 7, 2022.
Battalion Oil Corporation (NYSE American: BATL) announced a new first lien delayed draw term loan facility of up to $235 million, with initial borrowings of $200 million to fully repay its previous credit facility and enhance liquidity. The remaining $35 million will support the Monument Draw asset's future development. CEO Richard Little emphasized the strategic refinancing will allow for growth and improved returns through a strong hedge program. Macquarie Group acted as lead arranger for the loan, with legal guidance from Weil, Gotshal & Manges LLP and Sidley Austin LLP.
Battalion Oil Corporation (NYSE American: BATL) reported strong operational results for Q3 2021, achieving an average daily production of 17,728 Boepd, a 14% increase from Q2 2021. The company also posted an adjusted EBITDA of $23.0 million, up 63% year-over-year. Revenue reached $80.8 million, driven by higher realized oil prices. Battalion increased its 2021 capital expenditure guidance by $5 million, now forecasting total capex between $45.0 million and $55.0 million. The company effectively reduced net debt by over $10 million during the quarter.
Battalion Oil Corporation (NYSE American: BATL) reported its second quarter 2021 operational results, showing a significant increase in production and revenue. Average daily net production reached 15,571 Boepd, a rise from 14,264 Boepd in Q2 2020, largely due to new wells brought online. Total operating revenue jumped to $64.4 million from $18.5 million year-over-year, thanks to higher realized oil prices. Despite a net loss of $33.9 million, adjusted net income was $0.6 million. The company also upgraded facilities to enhance performance in the second half of 2021.
Battalion Oil Corporation (BATL) reported its Q1 2021 operational results, achieving an average daily production of 14,333 Boepd and total revenue of $55.5 million, up from $47.4 million in Q1 2020 despite production declines. The company spud two new wells and completed four DUCs, lowering completion costs to $395/lateral ft. Adjusted EBITDA rose to $15.3 million. However, a net loss of $33.4 million reflected ongoing challenges, including Winter Storm Uri and COVID-19 impacts. Battalion is positioned to meet its production targets for 2021.
Battalion Oil Corporation (NYSE American: BATL) reported its 2020 operational results, highlighting key developments and guidance for 2021.
The company achieved a 12% reduction in adjusted operating unit costs and a significant free cash flow outlook for FY2021, with a capital expenditure plan of $40-$50 million.
Despite a net loss of $63.8 million in Q4 2020, Battalion maintains a strong balance sheet, with $190 million borrowing capacity and notable hedge positions. 2021 production guidance estimates oil production between 8.8 and 9.8 MBopd.
Battalion Oil Corporation (NYSE: BATL) announced a significant boost in liquidity following the sale of its Northern West Quito Assets for $26.3 million. This sale, completed in December 2020, involved assets that contributed less than 5% of the company's average daily oil production. As of year-end 2020, Battalion reported a liquidity position of $31.6 million, comprising $27.3 million in credit availability and $4.3 million in cash. CEO Richard Little expressed confidence in the company’s operational progress and its strategic focus on capital discipline for growth.
Battalion Oil Corporation (NYSEA: BATL) reported its third quarter 2020 results, with average daily net production at 17,076 Boe per day, 56% from oil. Total revenue reached $39.8 million, predominantly from crude oil. Despite a reported net loss of $153.1 million, the Company adjusted G&A costs significantly to $2.09 per Boe, down from $4.92 in Q3 2019. Battalion has oil hedged for 2021 at an average price of $45.51 per barrel, improving price stability. The conference call is scheduled for November 10, 2020, to discuss these results further.
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