Battalion Oil Corp

battalionoil.com

What Do They Do?

Produces oil, natural gas and natural gas liquids from onshore properties for energy-market buyers.

How Do They Make Money?

Buyers pay for each unit of oil, natural gas or natural gas liquids delivered; sales are recorded when production is delivered. Oil is priced using an index adjusted for market differences and other deductions.

revenue

Segment	Share	How money arrives
Oil Sold outright	87% FY2022: 75%	Sold outright
Natural gas Sold outright	2.2% FY2022: 13%	Sold outright
Natural gas liquids Sold outright	11% FY2022: 12%	Sold outright

Who Are Their Customers?

Production is sold to independent marketers, major oil and natural gas companies, and gas pipeline companies.

Do Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

−4% of revenue

▼ −43% (Loss) vs FY2024 (−$11.7M, −6%)

Net income, FY2025

7% of revenue

▲ Now profitable vs FY2024 (−$31.9M, −16%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +12%; vs $42.8M in Q2 FY2025
Net income: ▲ +223%; vs $4.8M in Q2 FY2025

Oil share of revenue from contract with customer, excluding assessed tax vs 85.2% in Q2 FY2025

Sep 16, 2026 Battalion regained compliance with NYSE American listing standards The exchange resolved the previously reported listing deficiency and returned Battalion to normal continued-listing monitoring.
Jun 30, 2026 Battalion replaced Deloitte with BDO as its independent auditor The company said there were no disagreements with Deloitte or reportable events during the periods described.

Shrinking. Revenue fell 42% in 4 years, from $285.2M in FY2021 to $166M in FY2025, about 13% a year.

Revenue over time

Oil Natural gas Natural gas liquids

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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