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Battalion Oil USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Oil & gas

Geography: USA

COMM_BATL

Price chart

1.4 USDDay -1.41%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
1.4 USD · -1.41%
Market cap
23 mln USD

Growth

Δ revenue y/y
-17.5%
Δ EBITDA y/y
-37.9%

Multiples

P/E (LTM)
1.9x
P/B (FY)
—
P/E (ann.)
<0
EV/EBITDA (LTM)
3.5x
EV/EBITDA (ann.)
3.3x

Cash return

Dividend yield
—
FCF yield (LTM)
-87.6%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
+26.9%
↓ details

Liquidity

Daily turnover (listing)
20.4 mln USD

Shares: yahoo_fundamentals_timeseries/BATL

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 2 / Err: 14 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1⚠Warn 3
2023-06-30 Q2⚠Warn 2
2023-09-30 Q3✗Errors 1Warn 1
2023-12-31 FY✗Errors 1Warn 1
2023-12-31 Q4✗Errors 1Warn 1
2024-03-31 Q1✗Errors 3Warn 1
2024-06-30 Q2✗Errors 2Warn 1
2024-09-30 Q3✗Errors 2Warn 1
2024-12-31 FY✗Errors 1Warn 1
2024-12-31 Q4✗Errors 1Warn 2
2025-03-31 Q1✗Errors 2Warn 3
2025-06-30 Q2✗Errors 1Warn 3
2025-09-30 Q3✗Errors 2Warn 2
2025-12-31 FY✗Errors 2Warn 1
2025-12-31 Q4✗Errors 3Warn 2
2026-03-31 Q1✗Errors 3Warn 2
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK39.2
y/y -17.5%
-2.1
y/y -162.9%
12.4
y/y -5.5%
10.2
y/y -37.9%
-56.5
y/y -1037.7%
2.1-3.6412.4
y/y -18.5%
157.1
y/y —
-363.4%112.6Link
2025-12-31Q4 2025 (3M)OK32.3
y/y -35.0%
-10.7
y/y 40.4%
11.6
y/y -18.0%
0.9
y/y 123.8%
1.8
y/y 108.1%
-11.8-5.0460.7
y/y 6.9%
-32.8
y/y -895.9%
-44.8%176.3Link
2025-09-30Q3 2025 (3M)OK43.5
y/y -3.9%
0.8
y/y -21.6%
13.5
y/y 7.9%
14.3
y/y 5.6%
-0.7
y/y -103.4%
28.0-16.5491.7
y/y 7.4%
-20.2
y/y -157.9%
7.7%159.0Link
2025-06-30Q2 2025 (3M)OK42.8
y/y -12.8%
-0.2
y/y -103.0%
13.9
y/y 5.5%
13.8
y/y -24.8%
4.8
y/y —
10.2-33.3498.8
y/y 2.4%
-5.2
y/y -123.1%
-548.3%170.1Link
2025-03-31Q1 2025 (3M)OK47.5
y/y -4.8%
3.4
y/y —
13.1
y/y 0.4%
16.5
y/y 26.2%
6.0
y/y —
12.7-19.8506.2
y/y 3.6%
-1.8
y/y -105.6%
2043.4%146.1Link
2024-12-31Q4 2024 (3M)OK49.7
y/y 5.1%
-17.9
y/y -2585.9%
14.2
y/y 14.7%
-3.8
y/y -132.5%
-22.2
y/y -167.9%
6.724.6431.0
y/y -11.2%
4.1
y/y -93.9%
-163.1%138.5Link
2024-09-30Q3 2024 (3M)OK45.3
y/y -16.3%
1.1
y/y -84.5%
12.5
y/y -6.7%
13.6
y/y -32.9%
21.6
y/y —
-5.10.0458.0
y/y 0.3%
35.0
y/y -14.3%
100.0%113.5Link
2024-06-30Q2 2024 (3M)OK49.1
y/y -9.5%
5.1
y/y 1557.0%
13.2
y/y -10.2%
18.3
y/y 22.0%
-0.1
y/y —
29.80.0487.3
y/y 12.5%
22.7
y/y -77.2%
-1.6%100.0Link
2024-03-31Q1 2024 (3M)OK49.9
y/y -23.4%
0.0
y/y -99.8%
13.0
y/y -19.3%
13.0
y/y -52.2%
-31.2
y/y -236.8%
3.9-24.6488.6
y/y 5.3%
31.3
y/y -70.4%
-251.3%133.6Link
2023-12-31Q4 2023 (3M)OK47.2
y/y —
-0.7
y/y —
12.3
y/y —
11.7
y/y —
32.7
y/y —
6.5-14.7485.3
y/y —
68.0
y/y —
-5.6%133.4Link
2023-09-30Q3 2023 (3M)OK54.1
y/y —
6.8
y/y —
13.4
y/y —
20.2
y/y —
-53.8
y/y —
2.4-5.4456.8
y/y —
40.8
y/y —
-102.4%156.5Link
2023-06-30Q2 2023 (3M)OK54.3
y/y —
0.3
y/y —
14.7
y/y —
15.0
y/y —
-4.7
y/y —
9.3-4.0433.2
y/y —
99.3
y/y —
-18.5%188.3Link
2023-03-31Q1 2023 (3M)OK65.1
y/y —
11.1
y/y —
16.1
y/y —
27.3
y/y —
22.8
y/y —
-0.7-27.7464.0
y/y —
105.8
y/y —
—191.7Link
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
59.70 mln boe
2025
Reserve life (R/P)
13.5 yrs
reserves ÷ annual output
Annual production
4.43 mln boe
2025

Production, mln boe

15.37201415.42201513.7420161020175.0920186.6020196.1920206.3520215.8020225.0520234.6420244.432025

Proved reserves

YearReserves, mln boe
202559.70
202464.95
202368.11
202292.02
202195.88
202063.38
201962.05
201885.21
201751.12

Production

YearProduction, mln boeper day
20254.43
−4.5%		12 128
20244.64
−8.1%		12 701
20235.05
−12.9%		13 828
20225.80
−8.7%		15 885
20216.35
+2.6%		17 392
20206.19
−6.3%		16 949
20196.60
+29.8%		18 083
20185.09
−49.1%		13 934
201710
−27.2%		27 397

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2002040602023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-150%-100%-50%0%50%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-50-25025502023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

0501001502002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — WTI Crude Oil

Current 85spot vs LTM +30%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +26.9%

Main driver: WTI Crude Oil +30% vs LTM; revenue ×1.24 vs costs ×1.05; EBITDA 39→63; at 2.6× EV/EBITDA → +27%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+85%84.8865.1476.13+30%+17%
Henry Hub Gas (rev)+15%3.143.533.09-11%-12%
WTI Crude Oil (cost)-3%84.8865.1476.13+30%+17%
Henry Hub Gas (cost)-1%3.143.533.09-11%-12%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue157
LTM EBITDA39
LTM cash costs (revenue − EBITDA)118
2 · Revenue projection
Revenue multiplier — spot×1.241 (+24%)
= Spot revenue195
Revenue multiplier — 3y price×1.125 (+12%)
= 3-year-price revenue177
3 · Costs projection
Cost multiplier — spot×1.046 (+5%)
= Spot cash costs124
Cost multiplier — 3y price×1.042 (+4%)
= 3-year-price cash costs123
4 · EBITDA projection (revenue − costs)
= Spot EBITDA72
= 3-year-price EBITDA54
Conservative EBITDA = min(spot, avg)63
5 · Valuation → target market cap
Historical EV/projected-EBITDA (3-yr average)2.6x
Target EV = EV/EBITDA × conservative EBITDA161
Net debt113
Target market cap = EV − net debt42
Current market cap26

Upside = target market cap ÷ current − 1 = +26.9%

Life of mine: 13 yrs — before haircut +62.1%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q25465-16.0%1525-40.5%
2023 Q35469-22.0%2030-31.8%
2023 Q44761-23.1%1223-48.4%
2024 Q15053-5.6%1316-16.0%
2024 Q24952-6.1%1815+20.8%
2024 Q34547-3.6%1412+12.2%
2024 Q45046+9.6%-411-135.5%
2025 Q14751-6.1%1611+47.7%
2025 Q24344-3.0%146+113.5%
2025 Q34343+0.7%146+141.2%
2025 Q43242-24.6%16-82.9%
2026 Q13945-13.0%1014-27.8%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 2.2x · target 3-yr avg 2.6x · LTM avg 3.7x

EV/EBITDA (LTM)EV/EBITDA (projected)target avg (projected, 3y)

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): -6.3%

13.7813.3612.9412.5212.10202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves CAGR (2 yr): -6.4% · Reserves life (R/P): 13.5 yr

68.1166.0163.9061.8059.70202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-3112.159.735.624.1
2024-12-3112.764.936.328.6
2023-12-3113.868.140.128

2025-12-31 · FY

Production & proved reserves

FY2025 net production (avg 12,096 Boe/d) and YE2025 proved reserves 59.7 MMBoe.

Line itemAmount
Crude oil equivalent (net, Mboe/d)12.1
Proved reserves (net, MMboe)59.7
Proved developed (net, MMboe)35.6
Proved undeveloped (net, MMboe)24.1

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

Battalion Oil 10-K Production Volumes, Sales Prices & Average Costs table (avg price excl. settled derivatives).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil2.3 MMBbls63.51 USD/bbl14386.7%
Natural gas7,452 MMcf0.49 USD/Mcf3.72.2%
NGLs0.9 MMBbls19.90 USD/bbl18.311.1%
Total (implied product revenue)165100.0%

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 net production (avg 12,667 Boe/d) and YE2024 proved reserves 64.9 MMBoe.

Line itemAmount
Crude oil equivalent (net, Mboe/d)12.7
Proved reserves (net, MMboe)64.9
Proved developed (net, MMboe)36.3
Proved undeveloped (net, MMboe)28.6

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

Battalion Oil 10-K Production Volumes, Sales Prices & Average Costs table (avg price excl. settled derivatives).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil2.4 MMBbls73.89 USD/bbl174.689.3%
NGLs1 MMBbls21.44 USD/bbl20.810.7%
Total (implied product revenue)195.4100.0%

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 net production (avg 13,784 Boe/d) and YE2023 proved reserves 68.1 MMBoe.

Line itemAmount
Crude oil equivalent (net, Mboe/d)13.8
Proved reserves (net, MMboe)68.1
Proved developed (net, MMboe)40.1
Proved undeveloped (net, MMboe)28

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

Battalion Oil 10-K Production Volumes, Sales Prices & Average Costs table (avg price excl. settled derivatives).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil2.4 MMBbls76.04 USD/bbl183.684.0%
Natural gas8,718 MMcf1.27 USD/Mcf11.15.1%
NGLs1.2 MMBbls20.48 USD/bbl23.810.9%
Total (implied product revenue)218.5100.0%

Primary SEC filing for this FY (HTML)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)