Battalion Oil Corp (BATL) is an oil and natural gas exploration and production company that acquires, develops, and produces crude oil, natural gas, and natural gas liquids (NGLs). Revenue is generated through the sale of hydrocarbons at market prices, with realized prices influenced by spot markets and settled derivative contracts. The company held total estimated proved reserves of approximately 59.7 MMBoe as of December 31, 2025, down from 64.9 MMBoe at December 31, 2024. Proved developed reserves stood at 35.6 MMBoe and proved undeveloped reserves at 24.1 MMBoe as of December 31, 2025. During FY2025, approximately $61.7 million in capital expenditures went toward development of proved undeveloped reserves, covering drilling, completion, and facility costs. The company holds 2,389 net undeveloped acres as of December 31, 2025. Matthew B. Steele serves as Chief Executive Officer, based in Houston, Texas, as of the 10-K filed March 23, 2026.

Revenue model

Transactional revenue from the sale of crude oil, natural gas, and NGLs at prevailing market prices. Realized prices differ from spot prices due to lease or field quality, location differentials, and marketing expenses. The company uses derivative instruments to hedge commodity price exposure, which affects net realized prices.

Products and services

Crude oil, natural gas, and natural gas liquids (NGLs). As of December 31, 2025, total proved reserves were approximately 59.7 MMBoe, comprising 35.6 MMBoe proved developed and 24.1 MMBoe proved undeveloped. Reserve technologies used include seismic data, wireline openhole log data, core data, log cross-sections, and performance data.

Customers and end markets

End markets include global and domestic consumers of crude oil, natural gas, and NGLs. Demand is driven by consumer energy consumption, industrial activity, and global supply-demand dynamics including OPEC production quotas and macroeconomic conditions. No specific customer concentration data is disclosed in the excerpts.

Value-chain role

Upstream oil and gas producer. The company explores, drills, completes, and operates wells to produce hydrocarbons. It incurs lease operating costs, workover costs, gathering costs, and taxes other than income as part of production operations, and bears future abandonment costs for production facilities and gathering systems.

Geographic exposure

Headquartered in Houston, Texas. The company holds 2,389 net undeveloped acres as of December 31, 2025, with approximately 1,921 acres subject to continuous development clauses and 468 acres held by production. Specific basin or state-level geography is not identified in the excerpts.

Source: SEC 10-K, filed 2026-03-23

Industry: Crude Petroleum & Natural Gas Peers: Empire Petroleum Corp Amplify Energy Corp ConocoPhillips Evolution Petroleum Corp MV Oil Trust North European Oil Royalty Trust Primeenergy Resources Corp VAALCO Energy Inc