BATTALION OIL CORP

Listed Company

BATLCIK 0001282648NYSENon-AcceleratedSmaller ReportingCrude Petroleum & Natural GasDelawareFY ends Dec 31

Period

FY 2025

Revenue

$166.04M

Net Income

$11.88M

Total Assets

$460.68M

Equity

$-32.80M

Shares Out

18.26M

Op. Cash Flow

$39.10M

Business

BATTALION OIL CORP is an independent energy company engaged in the acquisition, exploration, development and production of onshore liquids-rich oil and natural gas assets. It produces and markets crude oil, natural gas and natural gas liquids and provides drilling, completion and midstream-related services including participation in a gas treating and sequestration joint venture. The company operates substantially all of its acreage and conducts both operated and non‑operated well activities, with a focus on maintaining and developing its drilling inventory. Its operations and sales are concentrated in the Delaware Basin in Texas, selling production to independent marketers, major oil companies and pipeline companies.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total oil, natural gas and natural gas liquids sales	165	193	219	357	284
Other	1	677,000	2	2	1
Total operating revenues	166	194	221	359	285
Lease operating	45	45	45	48	44
Workover and other	6	5	7	7	3
Taxes other than income	10	11	12	18	12
Gathering and other	44	54	64	64	60
General and administrative	15	18	19	18	17
Depletion, depreciation and accretion	52	53	57	52	45
Asset impairment	1	19	—	—	—
Total operating expenses	173	206	203	207	182
Loss from operations	−7	−12	18	152	103
Net gain on derivative contracts	45	2	13	−110	−126
Interest expense and other	−27	−15	−33	−24	−8
Loss on extinguishment of debt	—	−8	—	—	2
Total other income (expenses)	19	−20	−21	−134	−132
Income (loss) before income taxes	12	−32	−3	19	−28
Income tax benefit (provision)	0	0	0	0	0
Net income (loss)	12	−32	−3	19	−28
Preferred dividends	−49	−32	−12	—	—
Net loss available to common stockholders	−37	−64	−15	19	—
Basic (in dollars per share)	−2.24	−3.9	−0.92	1.14	−1.74
Diluted (in dollars per share)	−2.24	−3.9	−0.92	1.12	−1.74
Basic (in shares)	16	16	16	16	16
Diluted (in shares)	16	16	16	17	16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	28	20	58	33	47
Accounts receivable, net	12	26	23	38	37
Assets from derivative contracts	16	7	9	16	1
Restricted cash	91,000	91,000	90,000	90,000	1
Prepaids and other	892,000	982,000	907,000	1	1
Total current assets	57	54	91	88	88
Evaluated	890	816	755	714	570
Unevaluated	48	49	59	63	64
Gross oil and natural gas properties	938	865	814	776	634
Less - accumulated depletion	−548	−497	−446	−391	−340
Net oil and natural gas properties	390	368	368	385	294
Other operating property and equipment	5	5	5	4	3
Less - accumulated depreciation	−3	−2	−2	−1	−1
Net other operating property and equipment	2	2	3	3	2
Assets from derivative contracts	7	4	5	5	3
Operating lease right of use assets	840,000	453,000	1	352,000	721,000
Other assets	3	2	18	3	2
Total assets	461	431	485	485	390
Accounts payable and accrued liabilities	40	53	67	100	63
Liabilities from derivative contracts	633,000	12	17	29	58
Current portion of long-term debt	23	12	50	35	85,000
Operating lease liabilities	764,000	406,000	594,000	352,000	369,000
Total current liabilities	64	78	134	165	122
Long-term debt, net	181	146	140	183	182
Liabilities from derivative contracts	2	7	16	34	7
Asset retirement obligations	21	19	17	15	12
Operating lease liabilities	104,000	84,000	490,000	—	352,000
Commitments and contingencies (Note 10)	—	—	—	—	—
Redeemable convertible preferred stock: 138,000 shares of $0.0001 par value authorized, issued and outstanding as of December 31, 2025 and 2024	226	178	107	—	—
Common stock: 100,000,000 shares of $0.0001 par value authorized; 16,456,563 shares issued and outstanding as of December 31, 2025 and 2024	2,000	2,000	2,000	2,000	2,000
Additional paid-in capital	240	289	321	335	332
Accumulated deficit	−273	−285	−253	−250	−268
Total stockholders' (deficit) equity	−33	4	68	85	64
Total liabilities, temporary equity and stockholders' (deficit) equity	461	431	485	485	390

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income (loss)	12	−32	−3	19	−28
Stock-based compensation, net	−109,000	152,000	−1	2	2
Unrealized gain on derivative contracts	−29	−11	−22	−20	48
Amortization/accretion of financing related costs	2	6	8	5	379,000
Accrued settlements on derivative contracts	−2	403,000	259,000	4	7
Change in fair value of embedded derivative liability	—	−2	−2	−2	—
Other expense	358,000	324,000	358,000	−77,000	−567,000
Accounts receivable	14	−3	16	594,000	−5
Prepaids and other	91,000	−75,000	202,000	234,000	636,000
Accounts payable and accrued liabilities	−11	−3	−35	18	865,000
Net cash provided by operating activities	39	35	18	79	69
Oil and natural gas capital expenditures	−75	−65	−46	−125	−53
Proceeds received from sales of oil and natural gas assets	—	7	5	332,000	947,000
Acquisition of oil and natural gas properties	—	−47,000	—	—	—
Other operating property and equipment capital expenditures	−15,000	−23,000	−153,000	−1	−371,000
Contract asset	—	−8	−10	—	—
Other	−380,000	−26,000	−25,000	163,000	68,000
Net cash used in investing activities	−75	−65	−52	−126	−52
Proceeds from borrowings	63	162	—	35	374
Repayments of borrowings	−17	−200	−35	−95,000	−332
Payment of deferred financing costs	−2	−8	—	−3	−14
Proceeds from issuance of preferred stock	—	39	95	—	—
Net cash provided by (used in) financing activities	44	−8	59	32	27
Net increase (decrease) in cash, cash equivalents and restricted cash	8	−38	25	−16	44
Cash paid for interest	27	22	29	20	—
Asset retirement obligations	598,000	707,000	1	4	836,000
Capital expenditures in accrued liabilities and accounts payable	2	8	−4	—	—
Deemed dividends on Series A preferred stock	49	32	12	—	—

Filings

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