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.
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.
Battalion Oil Corporation (NYSE: BATL) reported its Q1 2022 financial results, highlighting strong operational performance with average daily production at 14,767 Boepd and total revenue of $81.6 million. This marks an increase from Q1 2021's production of 14,333 Boepd and revenue of $55.5 million, driven by a $18.42 rise in average realized prices. Despite hedge losses of $32.8 million, adjusted EBITDA was $11.8 million. The company maintains $78.5 million in total liquidity. CEO Richard Little emphasized ongoing efforts in capital discipline amid operational growth.
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.