$BATL
BATTALION OIL CORP

2023 Q1 Form 10-K Financial Statement

#000155837023005138 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $65.14M $76.80M $359.1M
YoY Change -20.17% -9.12% 25.9%
Cost Of Revenue $13.03M $14.27M $54.78M
YoY Change 5.14% 7.57% 16.05%
Gross Profit $52.12M $62.53M $304.3M
YoY Change -24.7% -12.22% 27.85%
Gross Profit Margin 80.0% 81.42% 84.74%
Selling, General & Admin $8.327M $6.111M $36.12M
YoY Change -16.19% -2.86% 25.3%
% of Gross Profit 15.98% 9.77% 11.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.15M $15.48M $51.92M
YoY Change 58.0% 22.08% 14.33%
% of Gross Profit 30.98% 24.75% 17.06%
Operating Expenses $40.99M $37.92M $152.2M
YoY Change 15.76% 5.54% 13.01%
Operating Profit $11.12M $24.61M $152.1M
YoY Change -67.09% -30.3% 47.17%
Interest Expense $11.69M -$32.26M -$133.6M
YoY Change -109.24% 248.81% -0.03%
% of Operating Profit 105.06% -131.09% -87.81%
Other Income/Expense, Net $11.69M -$133.6M
YoY Change -109.24% 1.45%
Pretax Income $22.81M -$7.652M $18.54M
YoY Change -124.6% -129.5% -165.47%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $22.81M -$7.652M $18.54M
YoY Change -124.6% -129.5% -165.47%
Net Earnings / Revenue 35.02% -9.96% 5.16%
Basic Earnings Per Share $1.29 $1.14
Diluted Earnings Per Share $1.28 -$0.47 $1.12
COMMON SHARES
Basic Shares Outstanding 16.45M 16.34M 16.33M
Diluted Shares Outstanding 16.54M 16.51M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.25M $32.73M $32.73M
YoY Change -46.55% -30.17% -30.17%
Cash & Equivalents $23.25M $32.73M $32.73M
Short-Term Investments
Other Short-Term Assets $13.00K $75.00K $17.47M
YoY Change -78.69% 7400.0% 311.52%
Inventory
Prepaid Expenses $673.0K $715.0K
Receivables $32.46M $37.97M $33.98M
Other Receivables $3.722M $3.994M $3.994M
Total Short-Term Assets $71.92M $88.17M $88.17M
YoY Change -21.72% 0.29% 0.29%
LONG-TERM ASSETS
Property, Plant & Equipment $3.340M $3.225M $389.0M
YoY Change 31.08% 32.61% 30.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.434M $5.379M $5.379M
YoY Change 4.6% 113.88% 113.88%
Other Assets $3.023M $2.827M $2.827M
YoY Change 53.22% 24.54% 24.54%
Total Long-Term Assets $392.1M $397.2M $397.2M
YoY Change 22.94% 31.37% 31.37%
TOTAL ASSETS
Total Short-Term Assets $71.92M $88.17M $88.17M
Total Long-Term Assets $392.1M $397.2M $397.2M
Total Assets $464.0M $485.4M $485.4M
YoY Change 12.95% 24.37% 24.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.81M $69.72M $69.72M
YoY Change -20.38% 45.01% 45.01%
Accrued Expenses $12.09M $30.73M $30.73M
YoY Change -47.32% 103.27% 103.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $40.11M $35.07M $35.07M
YoY Change 702.12% 41155.29% 41155.29%
Total Short-Term Liabilities $117.2M $165.0M $165.0M
YoY Change -38.29% 35.71% 35.71%
LONG-TERM LIABILITIES
Long-Term Debt $174.5M $182.7M $182.7M
YoY Change -1.65% 0.61% 0.61%
Other Long-Term Liabilities $3.074M $4.136M $53.03M
YoY Change 55.96% 3.32% 126.67%
Total Long-Term Liabilities $177.6M $186.8M $235.7M
YoY Change -1.02% 0.67% 15.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $117.2M $165.0M $165.0M
Total Long-Term Liabilities $177.6M $186.8M $235.7M
Total Liabilities $294.9M $351.8M $400.7M
YoY Change -20.18% 14.54% 22.71%
SHAREHOLDERS EQUITY
Retained Earnings -$227.1M -$249.9M
YoY Change -37.12% -6.91%
Common Stock $2.000K $2.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $105.8M $84.63M $84.63M
YoY Change
Total Liabilities & Shareholders Equity $464.0M $485.4M $485.4M
YoY Change 12.95% 24.37% 24.37%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $22.81M -$7.652M $18.54M
YoY Change -124.6% -129.5% -165.47%
Depreciation, Depletion And Amortization $16.15M $15.48M $51.92M
YoY Change 58.0% 22.08% 14.33%
Cash From Operating Activities -$689.0K $24.99M $78.80M
YoY Change -105.72% 16.54% 14.92%
INVESTING ACTIVITIES
Capital Expenditures $28.88M $38.68M $126.6M
YoY Change -284.14% -775.72% -339.24%
Acquisitions
YoY Change
Other Investing Activities $5.000K $328.0K -$163.0K
YoY Change -96.88% 455.93% 139.71%
Cash From Investing Activities -$27.70M -$38.35M -$126.1M
YoY Change 74.8% 576.96% 142.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $5.017M $95.00K
YoY Change 5802.35% -99.97%
Cash From Financing Activities 18.90M 12.62M 31.79M
YoY Change -2143.68% -58.91% 15.99%
NET CHANGE
Cash From Operating Activities -689.0K 24.99M 78.80M
Cash From Investing Activities -27.70M -38.35M -126.1M
Cash From Financing Activities 18.90M 12.62M 31.79M
Net Change In Cash -9.481M -743.0K -15.54M
YoY Change 100.78% -101.6% -135.27%
FREE CASH FLOW
Cash From Operating Activities -$689.0K $24.99M $78.80M
Capital Expenditures $28.88M $38.68M $126.6M
Free Cash Flow -$29.57M -$13.69M -$47.82M
YoY Change -206.63% -150.4% -139.36%

Facts In Submission

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CY2022 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-234000
CY2021 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-636000
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
18455000
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
865000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
78801000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
68572000
CY2022 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
125465000
CY2021 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
52557000
CY2022 batl Proceeds Payments From Sale Of Oil And Gas Property And Equipment
ProceedsPaymentsFromSaleOfOilAndGasPropertyAndEquipment
332000
CY2021 batl Proceeds Payments From Sale Of Oil And Gas Property And Equipment
ProceedsPaymentsFromSaleOfOilAndGasPropertyAndEquipment
947000
CY2022 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
1160000
CY2021 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
371000
CY2022 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-163000
CY2021 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-68000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-126130000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-51913000
CY2022 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
35200000
CY2021 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
374000000
CY2022 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
95000
CY2021 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
332085000
CY2022 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2887000
CY2021 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
14220000
CY2022 batl Payment Of Offering Costs And Other
PaymentOfOfferingCostsAndOther
432000
CY2021 batl Payment Of Offering Costs And Other
PaymentOfOfferingCostsAndOther
290000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
31786000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
27405000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-15543000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
44064000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48359000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4295000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32816000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48359000
CY2022 batl Interest Received
InterestReceived
-19933000
CY2021 batl Interest Received
InterestReceived
-8485000
CY2022 batl Cash Paid Received For Reorganization Items
CashPaidReceivedForReorganizationItems
744000
CY2022 batl Settlement Of Asset Retirement Obligations Increase Decrease Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsIncreaseDecreaseThroughNoncashPaymentsAmount
3692000
CY2021 batl Settlement Of Asset Retirement Obligations Increase Decrease Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsIncreaseDecreaseThroughNoncashPaymentsAmount
836000
CY2022 batl Accrued Capital Expenditures
AccruedCapitalExpenditures
14883000
CY2021 batl Accrued Capital Expenditures
AccruedCapitalExpenditures
-3733000
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of the Company’s consolidated financial statements in conformity with accounting principles generally accepted in the United States requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the respective reporting periods. Estimates and assumptions that, in the opinion of management of the Company, are significant include oil and natural gas revenue accruals, capital and operating expense accruals, oil and natural gas reserves, depletion relating to oil and natural gas properties, asset retirement obligations, and fair value estimates. The Company bases its estimates and judgments on historical experience and on various other assumptions and information believed to be reasonable under the circumstances. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. Actual results may differ from the estimates and assumptions used in the preparation of the Company’s consolidated financial statement and the results presented in this Form 10-K are not necessarily indicative of future operating results.</p>
CY2022Q4 batl Other Capitalized Costs Of Unproved Properties Incurred In2019 And Prior
OtherCapitalizedCostsOfUnprovedPropertiesIncurredIn2019AndPrior
58784000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
32726000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
46864000
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
90000
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
1495000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32816000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48359000
CY2021Q4 batl Other Capitalized Costs Of Unproved Properties Incurred In2019 And Prior
OtherCapitalizedCostsOfUnprovedPropertiesIncurredIn2019AndPrior
61895000
CY2022Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative
62621000
CY2021Q4 us-gaap Capitalized Costs Of Unproved Properties Excluded From Amortization Cumulative
CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative
64305000
CY2022Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
776206000
CY2021Q4 us-gaap Oil And Gas Property Full Cost Method Gross
OilAndGasPropertyFullCostMethodGross
634191000
CY2022Q4 batl Oil And Gas Property Full Cost Method Accumulated Depletion And Impairment
OilAndGasPropertyFullCostMethodAccumulatedDepletionAndImpairment
390796000
CY2021Q4 batl Oil And Gas Property Full Cost Method Accumulated Depletion And Impairment
OilAndGasPropertyFullCostMethodAccumulatedDepletionAndImpairment
339776000
CY2022Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
385410000
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Concentrations of Credit Risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s primary concentrations of credit risk are the risks of uncollectible accounts receivable and of nonperformance by counterparties under the Company’s derivative contracts. Each reporting period, the Company assesses the recoverability of material receivables using historical data, current market conditions and reasonable and supportable forecasts of future economic conditions to determine expected collectability of its material receivables.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s accounts receivable are primarily receivables from joint interest owners and oil and natural gas purchasers. The purchasers of the Company’s oil and natural gas production consist primarily of independent marketers, major oil and natural gas companies and gas pipeline companies. Historically, the Company has not experienced any significant losses from uncollectible accounts from its oil and natural gas purchasers. In 2022, three individual purchasers of the Company’s production, Western Refining Company L.P., Sunoco Inc. and Targa Resources Inc., each accounted for more than 10% <span style="-sec-ix-hidden:Hidden_bsQL9NoKKEiyE163ICUCVA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">of</span></span> total sales, collectively representing 82% of its total sales for the year. In 2021, three individual purchasers of the Company’s production, Western Refining Company L.P., Sunoco Inc. and Salt Creek Midstream LLC, each accounted for <span style="-sec-ix-hidden:Hidden_jTe9eFt6KUWBd_6PCFncaA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">more</span></span> <span style="-sec-ix-hidden:Hidden_nu4TdBdcJk64g5DleVfkBA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">than</span></span> 10% of total sales, collectively representing 73% of its total sales for the year. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company operates a substantial portion of its oil and natural gas properties. As the operator of a property, the Company makes full payments for costs associated with the property and seeks reimbursement from the other working interest owners in the property for their share of those costs. The Company’s joint interest partners consist primarily of independent oil and natural gas producers. Joint operating agreements govern the operations of an oil or natural gas well and, in most instances, provide for offsetting of amounts payable or receivable between the Company and its joint interest owners. If the oil and natural gas exploration and production industry in general was adversely affected, the ability of the Company’s joint interest partners to reimburse the Company could be adversely affected.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company’s exposure to credit risk under its derivative contracts is varied among major financial institutions with investment grade credit ratings, where it has master netting agreements which provide for offsetting of amounts payable or receivable between the Company and the counterparty. To manage counterparty risk associated with derivative contracts, the Company selects and monitors counterparties based on an assessment of their financial strength and/or credit ratings. At December 31, 2022, the Company’s derivative counterparties include two major financial institutions, both of which are secured lenders under the Amended Term Loan Agreement.</p>
CY2021Q4 us-gaap Oil And Gas Property Full Cost Method Net
OilAndGasPropertyFullCostMethodNet
294415000
CY2022Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
51000000.0
CY2021Q4 us-gaap Oil And Gas Property Full Cost Method Depletion
OilAndGasPropertyFullCostMethodDepletion
44600000
CY2022 batl Maximum Discount Percentage Of Estimated Future Net Revenues For Full Cost Ceiling Limitation
MaximumDiscountPercentageOfEstimatedFutureNetRevenuesForFullCostCeilingLimitation
0.10
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
391000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
444000
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
7972000
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
3152000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
375000
CY2022 us-gaap Lease Cost
LeaseCost
8363000
CY2021 us-gaap Lease Cost
LeaseCost
3971000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
391000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
537000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
841000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y10M24D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0429
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0429
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
359000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
359000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
352000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
352000
CY2022Q4 us-gaap Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
713585000
CY2021Q4 us-gaap Capitalized Costs Proved Properties
CapitalizedCostsProvedProperties
569886000
CY2022Q4 batl Other Capitalized Costs Of Unproved Properties Incurred In2022
OtherCapitalizedCostsOfUnprovedPropertiesIncurredIn2022
1427000
CY2022Q4 batl Other Capitalized Costs Of Unproved Properties Incurred In2021
OtherCapitalizedCostsOfUnprovedPropertiesIncurredIn2021
1427000
CY2021Q4 batl Other Capitalized Costs Of Unproved Properties Incurred In2021
OtherCapitalizedCostsOfUnprovedPropertiesIncurredIn2021
1427000
CY2022Q4 batl Other Capitalized Costs Of Unproved Properties Incurred In2020
OtherCapitalizedCostsOfUnprovedPropertiesIncurredIn2020
983000
CY2021Q4 batl Other Capitalized Costs Of Unproved Properties Incurred In2020
OtherCapitalizedCostsOfUnprovedPropertiesIncurredIn2020
983000
CY2022 batl Schedule Of Oil And Natural Gas Prices Used In Calculation Of Ceiling Test Value Of Reserves
ScheduleOfOilAndNaturalGasPricesUsedInCalculationOfCeilingTestValueOfReserves
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:68.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:68.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td colspan="2" style="vertical-align:bottom;width:12.77%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">West Texas</b><b style="font-weight:bold;"><br/></b><b style="font-weight:bold;">Intermediate</b><b style="font-weight:bold;"><br/></b><b style="font-weight:bold;">(per barrel) </b><sup style="font-size:6pt;font-style:italic;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td colspan="2" style="vertical-align:bottom;width:13.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Henry Hub</b><b style="font-weight:bold;"><br/></b><b style="font-weight:bold;">(per MMBtu) </b><sup style="font-size:6pt;font-style:italic;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p></td></tr><tr><td style="vertical-align:bottom;width:68.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">December 31, 2022</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 94.14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 6.36</p></td></tr><tr><td style="vertical-align:bottom;width:68.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">December 31, 2021</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 66.55</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 3.60</p></td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"/></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:7.5pt;font-style:italic;vertical-align:top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Unweighted average of the first day of the 12-months ended spot price, adjusted by lease or field for quality, transportation fees, and regional price differentials.</i></td></tr></table><div style="margin-top:12pt;"/>
CY2022 batl Oil And Gas Prices First Day Average Of Twelve Months Of West Texas Intermediate Spot Market Price For Ceiling Test
OilAndGasPricesFirstDayAverageOfTwelveMonthsOfWestTexasIntermediateSpotMarketPriceForCeilingTest
94.14
CY2022 batl Oil And Gas Prices First Day Average Of Twelve Months Of Henry Hub Price For Ceiling Test
OilAndGasPricesFirstDayAverageOfTwelveMonthsOfHenryHubPriceForCeilingTest
6.36
CY2021 batl Oil And Gas Prices First Day Average Of Twelve Months Of West Texas Intermediate Spot Market Price For Ceiling Test
OilAndGasPricesFirstDayAverageOfTwelveMonthsOfWestTexasIntermediateSpotMarketPriceForCeilingTest
66.55
CY2021 batl Oil And Gas Prices First Day Average Of Twelve Months Of Henry Hub Price For Ceiling Test
OilAndGasPricesFirstDayAverageOfTwelveMonthsOfHenryHubPriceForCeilingTest
3.60
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
235190000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
200085000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
35067000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
85000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
17447000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
18435000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
182676000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
181565000
CY2022Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
35000000.0
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
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Files In Submission

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batl-20221231_def.xml Edgar Link unprocessable
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0001558370-23-005138-index.html Edgar Link pending
0001558370-23-005138.txt Edgar Link pending
0001558370-23-005138-xbrl.zip Edgar Link pending
batl-20221231.xsd Edgar Link pending
batl-20221231x10k.htm Edgar Link pending
batl-20221231xex10d31.htm Edgar Link pending
batl-20221231xex10d7.htm Edgar Link pending
batl-20221231xex10d7002.jpg Edgar Link pending
batl-20221231xex10d8.htm Edgar Link pending
batl-20221231xex21d1.htm Edgar Link pending
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