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BATL Battalion Oil

Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.

Company profile

Ticker
BATL
Exchange
CEO
Richard Little
Employees
Incorporated
Location
Fiscal year end
Former names
HALCON RESOURCES CORP, RAM ENERGY RESOURCES INC, TREMISIS ENERGY ACQUISITION CORP
SEC CIK
Subsidiaries
Battalion Oil Management, Inc. • Halcón Holdings, LLC • Halcón Energy • Halcón Operating Co., Inc. • Halcón Field Services, LLC • Halcón Permian, LLC ...
IRS number
200700684

BATL stock data

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

9 Aug 21
18 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.46M 1.46M 1.46M 1.46M 1.46M 1.46M
Cash burn (monthly) 71K (positive/no burn) 11.31M 23.68M (positive/no burn) (positive/no burn)
Cash used (since last report) 258.22K n/a 41.13M 86.13M n/a n/a
Cash remaining 1.2M n/a -39.67M -84.67M n/a n/a
Runway (months of cash) 16.9 n/a -3.5 -3.6 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
14 Sep 21 Daniel P Rohling Common Stock Buy Acquire P No No 8.5 4,000 34K 9,024
14 Sep 21 Richard H Little Common Stock Buy Acquire P No No 7.902 3,000 23.71K 19,397
10 Sep 21 Grant R Evans Common Stock Buy Acquire P No No 7.9856 6,201 49.52K 9,551
10 Sep 21 Richard H Little Common Stock Buy Acquire P No No 7.846 3,000 23.54K 16,397
10 Sep 21 Richard Kevin Andrews Common Stock Buy Acquire P No No 7.9223 1,550 12.28K 6,574

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 3 3
Opened positions 0 0
Closed positions 0 1 EXIT
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 0 0
Total shares 19.05M 19.05M
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Oaktree 11M $0 0.0%
Gen IV Investment Opportunities 8.04M $0 0.0%
Wilks Brothers 13.09K $0 0.0%
Largest transactions
Shares Bought/sold Change
Oaktree 11M 0 0.0%
Wilks Brothers 13.09K 0 0.0%
Gen IV Investment Opportunities 8.04M 0 0.0%

Financial report summary

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Risks
  • A financial downturn could negatively affect our business, results of operations, financial condition and liquidity.
  • We are substantially dependent upon our drilling success on our Delaware Basin properties.
  • Our exploration and development drilling efforts and the operation of our wells may not be profitable or achieve our targeted rates of return.
  • We may not be able to drill wells on a substantial portion of our acreage.
  • Certain of our undeveloped leasehold acreage is subject to leases that will expire over the next several years unless production is established on units containing the acreage.
  • Our oil and natural gas activities are subject to various risks that are beyond our control.
  • Our ability to sell our production and/or receive market prices for our production may be adversely affected by transportation capacity constraints and interruptions.
  • We could experience periods of higher costs for various reasons, including due to higher commodity prices, increased drilling activity in the Delaware Basin and trade disputes that affect the costs of steel and other raw materials that we and our vendors rely upon, which could adversely affect our ability to execute our exploration and development plans on a timely basis and within budget.
  • Our strategy involves drilling in shale formations, using horizontal drilling and modern completion techniques. The results of our drilling program using these techniques may be subject to more uncertainties than conventional drilling programs. These uncertainties could result in an inability to meet our expectations for reserves and production.
  • Title to the properties in which we have an interest may be impaired by title defects.
  • We depend substantially on the continued presence of key personnel for critical management decisions and industry contacts.
  • Oil and natural gas prices are volatile, and low prices could have a material adverse impact on our business.
  • We may have difficulty financing our planned capital expenditures which could adversely affect our growth.
  • Unless we replace our reserves, our reserves and production will decline, which would adversely affect our financial condition, results of operations and cash flows.
  • Historically, we have had substantial indebtedness and we may incur substantially more debt in the future. Higher levels of indebtedness make us more vulnerable to economic downturns and adverse developments in our business.
  • Estimates of proved oil and natural gas reserves involve assumptions and any material inaccuracies in these assumptions will materially affect the quantities and the value of our reserves.
  • We are subject to various contractual limitations that affect the discretion of our management in operating our business.
  • Federal legislation and rulemaking could have an adverse impact on our ability to use derivative instruments to reduce the effects of commodity prices, interest rates and other risks associated with our business.
  • We cannot be certain that the insurance coverage maintained by us will be adequate to cover all losses that may be sustained in connection with all oil and natural gas activities.
  • Our ability to use net operating loss carryforwards and realized built in losses to offset future taxable income for U.S. federal income tax purposes is subject to limitation.
  • We may be required to take non-cash asset write-downs.
  • Hedging transactions may limit our potential gains and increase our potential losses.
  • There may be circumstances in which the interests of our significant stockholders could be in conflict with the interests of our other stockholders.
  • Future sales of our common stock in the public market or the issuance of securities senior to our common stock, or the perception that these sales may occur, could adversely affect the trading price of our common stock and our ability to raise funds in stock offerings.
  • We are subject to complex federal, state, local and other laws and regulations that frequently are amended to impose more stringent requirements that could adversely affect the cost, manner or feasibility of doing business.
  • Federal, state and local legislation and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays.
  • Regulation related to global warming and climate change could have an adverse effect on our operations and demand for oil and natural gas.
  • Our operations substantially depend on the availability of water. Restrictions on our ability to obtain, dispose of or recycle water may impact our ability to execute our drilling and development plans in a timely or cost-effective manner.
  • We depend on computer, telecommunications and information technology systems to conduct our business, and failures, disruptions, cyber-attacks or other breaches in data security could significantly disrupt our business operations, create liability and increase our costs.
  • Our actual financial results may vary materially from the projections that we filed with the bankruptcy court in connection with the confirmation of our plan of reorganization.
  • Our historical financial information may not be indicative of our future financial performance.
Management Discussion
  • We reported a net loss of $33.9 million and $127.3 million for the three months ended June 30, 2021 and 2020, respectively. The table included below sets forth financial information for the periods presented.
  • Oil, natural gas and natural gas liquids revenues were $64.1 million and $18.0 million for the three months ended June 30, 2021 and 2020, respectively. The increase in revenues in the most recent period is primarily attributable to an approximate $31.35 per Boe increase in our average realized prices (excluding the effects of hedging arrangements). The amount we realize for our production depends predominantly upon commodity prices, which are affected by changes in market demand and supply, as impacted by overall economic activity, weather, transportation take-away capacity constraints, inventory storage levels, quality of production, basis differentials and other factors. For the three months ended June 30, 2021 and 2020, production averaged 15,571 Boe/d and 14,264 Boe/d, respectively. Our average daily production increased in the three months ended June 30, 2021 when compared to the same period in the prior year due to new production brought online as a result of our 2021 capital program as well as production from wells brought back online that were shut-in during May and June 2020 when historically low commodity prices occurred, which was partially offset by third-party processing curtailments and facility upgrades and repairs in the current year period.
  • Lease operating expenses were $10.2 million and $10.3 million for the three months ended June 30, 2021 and 2020, respectively. On a per unit basis, lease operating expenses were $7.18 per Boe and $7.94 per Boe for the three months ended June 30, 2021 and 2020, respectively. The decrease in lease operating expenses in 2021 results from operational efficiencies decreasing our per unit costs.
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