Battalion Oil Corporation reports company developments tied to its onshore oil and natural gas operations in the Delaware Basin, with activity centered on the Monument Draw area in Ward and Winkler counties, Texas. News commonly covers production performance, gas treating and sour-gas compression capacity, midstream reliability projects, drilling inventory, reserves, and operating results.
Company updates also address completed asset transactions, including acquisitions that expand the Monument Draw position and dispositions of noncore assets, as well as balance-sheet actions, equity and warrant transactions, debt repayment, material agreements, and governance matters affecting the NYSE American-listed common stock.
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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.