BATTALION OIL CORP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>BATTALION OIL CORP filed its Q1 2024 10-Q, reporting total assets of $16.5 million and retained earnings of $118,000.</b>

AI Summary

BATTALION OIL CORP (BATL) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. BATTALION OIL CORP reported total assets of $16,456,563 for the period ending March 31, 2024. The company's retained earnings were $118,000 as of March 31, 2024. Additional paid-in capital stood at $98,000 as of March 31, 2024. The filing covers the first quarter of 2024, ending March 31, 2024. Key dates include March 27, 2024, for PIK accrual and annual events related to Series A3 Redeemable Convertible Preferred Stock.

Why It Matters

For investors and stakeholders tracking BATTALION OIL CORP, this filing contains several important signals. This 10-Q filing provides a quarterly update on Battalion Oil Corp's financial position, including asset and equity details, which is crucial for investors to assess the company's performance and stability. The specific mention of redeemable convertible preferred stock and associated PIK accruals indicates potential future financial obligations or equity dilution, requiring investor attention.

Risk Assessment

Risk Level: low — BATTALION OIL CORP shows low risk based on this filing. The filing is a standard quarterly report with no immediate red flags or significant negative financial indicators presented in the provided snippet.

Analyst Insight

Monitor future filings for trends in asset growth, retained earnings, and any changes in the structure or value of redeemable convertible preferred stock.

Key Numbers

• 16456563 — Total Assets (As of March 31, 2024)
• 118000 — Retained Earnings (As of March 31, 2024)
• 98000 — Additional Paid-In Capital (As of March 31, 2024)
• 2024-03-31 — Period End Date (Quarterly Report)
• 2024-05-15 — Filing Date (10-Q Filing)
• 2024-03-27 — PIK Accrual Date (Series A3 Redeemable Convertible Preferred Stock)

Key Players & Entities

• BATTALION OIL CORP (company) — FILER
• HALCON RESOURCES CORP (company) — FORMER COMPANY
• RAM ENERGY RESOURCES INC (company) — FORMER COMPANY
• TREMISIS ENERGY ACQUISITION CORP (company) — FORMER COMPANY
• 820 GESSNER ROAD (location) — BUSINESS ADDRESS STREET 1
• HOUSTON (location) — BUSINESS ADDRESS CITY
• DE (location) — STATE OF INCORPORATION
• TX (location) — BUSINESS ADDRESS STATE

FAQ

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q
• 2024-05-15: Filing Date — Date the 10-Q was filed with the SEC
• 2024-03-27: PIK Accrual / Annual Event — Related to Series A3 Redeemable Convertible Preferred Stock

Key Financial Figures

• $0.0001 B — ch registered Common Stock, par value $0.0001 BATL NYSE American Indicate by check

Filing Documents

• batl-20240331x10q.htm (10-Q) — 1508KB
• batl-20240331xex31.htm (EX-31) — 15KB
• batl-20240331xex32.htm (EX-32) — 7KB
• 0001558370-24-008302.txt (&nbsp;) — 7008KB
• batl-20240331.xsd (EX-101.SCH) — 54KB
• batl-20240331_cal.xml (EX-101.CAL) — 60KB
• batl-20240331_def.xml (EX-101.DEF) — 201KB
• batl-20240331_lab.xml (EX-101.LAB) — 437KB
• batl-20240331_pre.xml (EX-101.PRE) — 303KB
• batl-20240331x10q_htm.xml (XML) — 1273KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 36 ITEM 4.

Controls and Procedures

Controls and Procedures 37 PART II OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 38 ITEM 1A.

Risk Factors

Risk Factors 38 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 ITEM 3. Defaults Upon Senior Securities 38 ITEM 4. Mine Safety Disclosures 38 ITEM 5. Other Information 38 ITEM 6. Exhibits 39

Signatures

Signatures 41 2 Table of Contents Special note regarding forward-looking statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, may be forward-looking statements, should be evaluated as such and may concern, among other things, the structure, timing and completion of the proposed Merger (as defined below); any anticipated effects of the announcement, pendency or completion of the proposed Merger on the value of our common stock; ability to obtain any required regulatory approvals in connection with the proposed Merger; expenses related to the proposed Merger and any potential future costs; planned capital expenditures, potential increases in oil and natural gas production, potential costs to be incurred, future cash flows and borrowings, our financial position, business strategy and other plans and objectives for future operations. These forward-looking statements may be identified by their use of terms and phrases such as "may," "expect," "estimate," "project," "plan," "objective," "believe," "predict," "intend," "achievable," "anticipate," "will," "continue," "potential," "should," "could" and similar terms and phrases. Although we believe that the expectations reflected in forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. Readers should consider carefully the risks described under the "Risk Factors" section of our previously filed Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as the other disclosures contained herein and therein, which describe factors that could cause our actual results to differ from those anticipated in forward-looking statements, which include, but are not limited to, the following factors: volatility in prices for oil, na

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) BATTALION OIL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts) Three Months Ended March 31, 2024 2023 Operating revenues: Oil, natural gas and natural gas liquids sales: Oil $ 42,429 $ 54,215 Natural gas 2,047 2,900 Natural gas liquids 5,056 7,158 Total oil, natural gas and natural gas liquids sales 49,532 64,273 Other 338 869 Total operating revenues 49,870 65,142 Operating expenses: Production: Lease operating 11,586 11,691 Workover and other 888 1,335 Taxes other than income 2,991 3,190 Gathering and other 17,286 16,517 General and administrative 4,071 5,137 Depletion, depreciation and accretion 13,025 16,148 Total operating expenses 49,847 54,018 Income from operations 23 11,124 Other income (expenses): Net (loss) gain on derivative contracts ( 24,187 ) 19,473 Interest expense and other ( 7,039 ) ( 7,786 ) Total other (expenses) income ( 31,226 ) 11,687 (Loss) income before income taxes ( 31,203 ) 22,811 Income tax benefit (provision) — — Net (loss) income $ ( 31,203 ) $ 22,811 Series A preferred dividends ( 5,632 ) ( 1,492 ) Net (loss) income available to common stockholders $ ( 36,835 ) $ 21,319 Net (loss) income per share of common stock available to common stockholders: Basic $ ( 2.24 ) $ 1.29 Diluted $ ( 2.24 ) $ 1.28 Weighted average common shares outstanding: Basic 16,457 16,393 Diluted 16,457 16,535 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 Table of Contents BATTALION OIL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) March 31, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 48,941 $ 57,529 Accoun

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View this 10-Q filing on SEC EDGAR