BATTALION OIL CORP BATL
We are an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the U.S. Our properties and drilling activities are currently focused in the Delaware Basin, where we have an extensive drilling inventory that we believe offers attractive long-term economics.
Our working interests in 39,968 net acres in the Delaware Basin as of December 31, 2025 are in Pecos, Reeves, Ward and Winkler Counties, Texas. This resource play is characterized by high oil and liquids-rich natural gas content in thick, continuous sections of source rock that can provide repeatable drilling opportunities and significant initial production rates. Our primary targets in this area are the Wolfcamp and Bone Spring formations. As of December 31, 2025, we had 82 operated wells producing in this area in addition to minor working interests in 22 non-operated wells. Our average daily net production for the year ended December 31, 2025 was 12,096 Boe/d.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $165.0M | $193.2M | $218.5M | $357.4M | $284.2M | $146.8M | — | $225.5M | $375.8M | — |
| SG&A | $14.6M | $18.4M | $19.0M | $17.6M | $16.5M | $18.5M | — | $62.1M | $111.4M | — |
| Total operating expenses | $172.7M | $205.6M | $203.2M | $206.9M | $181.8M | $410.1M | — | $134.5M | -$337.5M | — |
| Operating income | -$6.6M | -$11.7M | $17.6M | $152.1M | $103.4M | -$261.8M | — | $92.1M | $715.4M | — |
| Interest expense | $28.8M | $29.0M | $36.5M | — | — | — | — | — | — | — |
| Pre-tax income | $11.9M | -$31.9M | -$3.0M | $18.5M | -$28.3M | -$229.7M | — | $141.8M | $530.7M | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $95.8M | $5.0M | $0 |
| Net income | $11.9M | -$31.9M | -$3.0M | $18.5M | -$28.3M | -$229.7M | — | $46.0M | $535.7M | — |
| EPS, basic | -2.24 | -3.90 | -0.92 | 1.14 | -1.74 | -14.18 | — | 0.29 | 3.67 | — |
| EPS, diluted | -2.24 | -3.90 | -0.92 | 1.12 | -1.74 | -14.18 | — | 0.29 | 3.65 | — |
| Shares, diluted (wtd. avg.) | 16.5M | 16.5M | 16.4M | 16.5M | 16.3M | 16.2M | — | 157.3M | 133.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $28.0M | $19.7M | $57.6M | $32.8M | $48.4M | $4.3M | $10.3M | $46.9M | $424.1M | $24.0K |
| Receivables | $12.1M | $26.3M | $23.0M | $38.0M | $36.8M | $32.2M | $37.8M | $35.7M | $36.4M | $116.9M |
| Total current assets | $57.2M | $54.1M | $90.5M | $88.2M | $87.9M | $47.8M | $84.8M | $144.7M | $471.8M | $253.2M |
| Property, plant and equipment | $1.9M | $2.2M | $2.8M | $3.2M | $2.4M | $2.4M | $189.0M | $121.9M | $97.2M | $38.1M |
| Total assets | $460.7M | $431.0M | $485.3M | $485.4M | $390.3M | $346.5M | $1.17B | $2.08B | $1.64B | $1.84B |
| Accounts payable | $39.7M | $52.7M | $66.5M | $100.1M | $62.8M | $58.9M | $112.6M | $157.8M | $131.1M | $173.7M |
| Short-term debt | $22.5M | $12.2M | $50.1M | $35.1M | $85.0K | $1.7M | $258.2M | — | — | — |
| Total current liabilities | $63.6M | $77.7M | $134.4M | $165.0M | $121.6M | $83.2M | $379.0M | $161.7M | $150.3M | $178.6M |
| Long-term debt | $181.0M | $145.5M | $140.3M | $182.7M | $181.6M | $158.5M | $130.0M | $613.1M | $409.2M | $1.02B |
| Retained earnings | -$273.0M | -$284.9M | -$253.0M | -$249.9M | -$268.5M | -$240.2M | -$939.0M | $101.7M | $55.7M | -$480.0M |
| Total equity | -$32.8M | $4.1M | $68.0M | $84.6M | $63.7M | $90.0M | $316.6M | $1.20B | $1.07B | $112.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $39.1M | $35.4M | $17.6M | $78.8M | $68.6M | $50.2M | — | $67.2M | $114.6M | — |
| Stock-based compensation | -$109.0K | $152.0K | -$1.1M | $2.2M | $2.0M | $2.6M | — | $15.3M | $36.8M | — |
| Investing cash flow | -$75.0M | -$65.4M | -$51.8M | -$126.1M | -$51.9M | -$72.4M | — | -$706.5M | $598.6M | — |
| Financing cash flow | $44.1M | -$7.7M | $59.1M | $31.8M | $27.4M | $16.2M | — | $262.1M | -$289.1M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-053021.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $375.8M | $225.5M | — | $146.8M | $284.2M | $357.4M | $218.5M | $193.2M | $165.0M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | — | $535.7M | $46.0M | — | -$229.7M | -$28.3M | $18.5M | -$3.0M | -$31.9M | $11.9M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Material agreement signed Item 1.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Other event Item 8.01
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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